Banks & Big Business on Bitcoin
For a long time Bitcoin has been something that has been seen as some new thing for geeks. Something that cannot possibly bring any value to the wider audience. Often in the past when I’ve talked about Bitcoin and Blockchain I’ve been stared at with a blank look in the recipients’ eyes. Why would anyone use this? Is this something you can pay with in Minecraft? This is something for nerds to play around with. These are some of the questions and responses I’ve received from people who first heard of Bitcoin.
Let’s think back to the early days of the internet – people said there is no reason for anyone except maybe some computer guys with long pony tails to use this. Look at us now. My grandfather reads his papers and pays the bills online.
We here at HitBTC have been involved in cryptocurrencies for a long time now. Even though our area is trading we’re happy to see that the wider public and big corporations are getting more and more involved in Bitcoin and blockchain-tech as well.
Big Business on Bitcoin
I am truly elated that this is starting to shift. More and more large companies and also banks are getting interested in Bitcoin and the possibilities that blockchain-tech can bring. Recently Microsoft unveiled their interest in blockchain based encryption. They are working together with a startup called ConsenSys and playing around on Ethereum. Microsoft already started accepting Bitcoin payments in January this year, however this is even more exciting.
Previously Sir Richard Branson has clearly stated that we should be looking closely at the development of cryptocurrencies. You could for example go to space with Virgin Galactic and pay for the trip in Bitcoin. Branson has also stated at an interview with Bloomberg that Bitcoin is working and Bitcoin’s volatility can be seen as risky however people make a great deal of money out of volatility.
In addition to Microsoft and Virgin Group other big players have also announced their interest. IBM revealed in the beginning of September this year that they are starting a new project involving blockchain. More specifically to do with smart contracts. Smart contracts is another great innovation that blockchain brings us. It can simplify and also make so many transactions much more affordable than they are now. For example it could possibly significantly cut down the need for notarized transactions.
Banks on Bitcoin
So far the banks have seen Bitcoin and blockchain as something not proper or legitimate. Possibly because of the fear of the possible loss of earnings that could cause them. However this too is starting to shift fortunately. More and more banks and financial institutions are starting to see the possibilities that blockchain can bring them. Being it making their services safer and more secure from possible malicious attacks or providing transactions at a lower cost and faster to their clients – blockchain-tech can help.
Blockquotes : “ Above all the banks see the opportunity that the technology behind Bitcoin brings. Blockchain that Bitcoin is based on allows you to move funds quickly regardless of your location. It can also efficiently automate business processes. Most of the banks all over the world are already working some pilot project involving blockchain or Bitcoin or are at least looking into the field. Banks are also already trying to integrate it with the systems already in place. LHV Bank has already built a mobile payment system for moving euros using the bitcoin transaction system as a platform.” Asse Sauga, LHV Bank, Estonia.
HitBTC on Bitcoin
We are full on crypto enthusiasts and it’s truly great to see how this field is growing and developing. We expect to see a rapid growth of this industry in the upcoming years and are excited to see what the future brings. Bitcoin and blockchain can bring a huge change in how we do things.