Bitcoin versus Traditional Money: A Debate Weighing Crypto's Mettle in FinTech
March 29, 2019
Since its inception, Bitcoin has been the glamour factor for FinTech revolutionizing everything that the market stands for and more. The year of 2017 proved to be the year of Cryptocurrency Exchanges when Bitcoin hit an all-time-high and sent cash registers ringing in a frenzied rush.
Bitcoin has come a long way since then. It has stumbled, grappled and jumped money lapses all the while successfully scaling massive new heights every day.
The immense popularity has exposed Bitcoin to unprecedented innovative outgrowths successfully establishing itself as a pacesetter for other cash schemes, a harbinger that is relentless and not looking to stop anytime soon. And owing to Bitcoin's allegiance with gargantuan amenities such as oil and gold, Bitcoin seems to have set high standards for other cash schemes looking to carve a niche in FinTech and scale unimaginable heights as well. So what's the uptake? Has Bitcoin brought over a new wave of frenzied money craze? Or is this all a facade whipped in shape to portray the worst of other currencies?
Allow us to shine some light on this matter.
It's been a while since Bitcoin has been around and after all these years we assume it is safe to say that it has advanced to the point where spectators now proudly refer to it as "digital gold". It's not difficult to understand why.
The similarities between gold and Bitcoin are inconsiderable as they both are available in rare quantities and are extremely valuable when mined. No sole entity controls them and falsifying the assets is impossible. On top of that, both the assets started without having linkage to any ETFs. As for the negatives, they are borderline pretty similar as well when it comes to owning insignificant fungibility.
However, researchers predict that a possible ETF launch could send Bitcoin spiralling on top of the charts just like gold did the same thing once.
Bitcoin and gold, both of the assets belong to the elitist club of assets yet however regarding transactional sizing up, Bitcoin takes the crown and sits atop the throne as compared to the latter. Surprisingly, during market downcrashes, many investors prefer to opt for cryptocurrencies such as Bitcoin instead of gold.
Crypto's Possible Allegiance with Tech Sector
Taking Bitcoin to a whole new level may be made into a possibility if its potential allegiance with the tech sector takes shape and if their conveniences blend smoothly.
Blockchain is crypto's powerful network that has connected crypto traders from near and afar to get crypto trading active. Companies servicing their businesses on the internet saw double the revenue boost so much so that even small-scale companies and start-ups basked in the glory of soaring share market prices and token economic boom. The point is, technology seemed to work in the favour of major Cryptocurrency Exchange Platforms.
When certain tech stocks experienced drastic fall in numbers, all hope was not lost.
The downfall saw remarkable tech companies to finally get respect for all credit that was long overdue as the crypto motivation led these companies to release more innovative technological revolutions aimed at upping crypto.
The Final Verdict Determining Crypto's Mettle in FinTech
When it comes to interchangeability, crypto has proved its mettle time and time again. The process of mining has brought Bitcoin closer to the place where Blockchain is progressing at an unprecedented albeit good rate.
Bitcoin took the entire world by surprise when its value skyrocketed to mouth-watering numbers in 2017. Crypto has a tendency of surprising markets when they least expect it and if that is not enough traditional money market altering mettle then we don't know what is.