Technology always disrupts the status quo

Introduction:

• All technology is disruptive, in that history shows technological innovation gives birth to new industries and kills other industries.

Body

• If you look at the tractor replacing the horse drawn plow, cars replacing horses and online shopping replacing in person shopping. One common theme is winners and losers.
• Even the replacement of horses and carriages by cars, once called horseless carriages, horses faded into history as a form of daily transportation, cars won and horses lost.
• This trend continues when you look at Renting Movies from Blockbuster Movies, versus simply streamimg a movie into your home. Blockbuster lost and faded into history, while NetFlix and Hulu are now household names.
• In the case of cryptocurrency, you could say the cryptocurrency and the blockchain could relegate modern banks, in their current form, to the dust bin of history.
• while I have no doubt banks will evolve and survive, they will have to evolve, and probably move to the blockchain to stay competitive.
• Banks will need to up their game, to speed up transfers, improve safety, reduce errors and facilitate cross border payments.

Summary

• Cryptocurrency has the potential to disrupt modern finance.
• Cryptocurrency is more accurate, as the transaction is the record.
• Cryptocurrency settlement is instantaneous, something banks can’t compete with.
• Cryptocurrency removes the ability of the bank or government yo freeze or seize your account, and thus your money.
• Cryptocurrency can complete cross border payments instantly, and makes the world smaller.

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