Bitcoin As Legal Tender And The Willingness To Embrace Change
(Edited)
FinTech was not always of great impact. There was a time when it was a mess. However, over the last couple decades, we saw the banking industry severely affected by this.
In this video I discuss how we are going to see the same thing in cryptocurrency. Things look a little slow right now but that will change in time. As more is rolled out, the growth will eat away at the existing industry.
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Lots of excitement coming from the El-Salvador adoption. These are interesting times. What I like is the way all the doomsayers have gone quiet.
Have no fear, they will be back. They are rarely silent for long.
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Check out the last post from @hivebuzz:
Working apps and real life use case blockchains will attract more users and the more users and demand for crypto we will have the more these currencies will be adopted as legal tender. That's how we get to 1 billion of users in a few years. It's a domino effect.
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I agree completely. It is a building process. Starts with the infrastructure then moves to applications and then to people.
Of course, it all happens at the same time.
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I think this will be longterm interesting and the lawmakers will hate it :D
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Well the initial idea of cryptocurrency was that the lawmakers were not invited.
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it should not stop them to fuck around :D
Summary:
Task discusses the upcoming implementation of Bitcoin as legal tender in El Salvador, emphasizing its significance as a potential game-changer. He highlights the evolution of the banking and financial system due to the rise of fintech, stressing how technology has weakened traditional banking institutions over the past two decades. Task predicts that cryptocurrency will continue chipping away at the existing financial system, drawing parallels to the impact of fintech on banking. He underscores the importance of embracing these changes and encourages early adoption of cryptocurrency to drive its widespread acceptance.
Detailed Article:
In this video, Task delves into the pivotal moment of Bitcoin being adopted as legal tender in El Salvador, deeming it a significant breakthrough in the realm of cryptocurrencies. He points out that El Salvador's utilization of the US dollar as its currency distinguishes it from other nations like Venezuela, which have faced challenges with their native currencies. Task stresses the importance of this development as a potential game-changer in the financial landscape.
Furthermore, Task shifts focus to the evolution of the banking and financial system over the past 17 years in the United States, citing the transformative impact of fintech on traditional banking institutions. He notes how technologies like fintech have eroded the once firm grip of established banks, leading to a weaker banking system overall. Task highlights that the emergence of fintech has altered financial transactions, with more mortgage originations occurring outside the traditional banking system.
Task draws parallels between the disruption caused by fintech in banking and the prospective impact of cryptocurrency on the financial system. He explains that the increasing involvement in decentralized finance (DeFi), with over 200 billion in total value locked, showcases a trend of funds moving away from conventional asset classes. Task predicts further growth in the cryptocurrency space, anticipating the total value locked to potentially reach 300 or 400 billion by the year-end, depending on market conditions.
Moreover, Task emphasizes the need to embrace the changing landscape of finance brought about by cryptocurrencies. He encourages early adoption and adaptation to the evolving financial ecosystem, drawing comparisons to the gradual but eventual dominance of fintech in the banking sector. Task underscores the importance of foresight and persistence in navigating these changes and advocates for broader participation in the cryptocurrency space to drive a significant shift within the next five years.
In conclusion, Task highlights the positive developments in the cryptocurrency sphere and envisions a substantial transformation in financial systems globally in the near future. He stresses the importance of collective participation and proactive engagement to drive the widespread acceptance and integration of cryptocurrencies into mainstream financial operations.