Did you know that on May 22 ten years ago, the first real bitcoin transaction took place when someone bought two pizzas for 10,000 bitcoins. Can you believe that today?
The Disrupting CryptoCurrencies
Cryptocurrencies became more valuable because of the changing customer behavior and expectations that shift towards a more demanding attitude. The trust in the banking sector is decreasing at the same time the fees the banks charge for transactions are increasing as well, which is very annoying for the customers. If there is a possibility to send the amount I owe to another party without much transaction costs, of course, I’ll choose that option. There are many more who think the same as me. But this payment method is not available yet in all jurisdictions. There are a few who have completely reject it and are making it difficult to even consider using it.
It’s a threat to the middleman (bank) but payments are not the only services banks offers. They would probably have to change their business structure if they want to survive. Many are waiting for the crypto bubble to burst but it won’t happen soon. As the days go by there are many altcoins and other type of cryptocurrencies created. Once the bitcoins are completely mined there will be another currency valuable to mine. It will depend on the market value of the bitcoin when that happens but either you will be very happy or sad having bitcoins in your wallet. If the demand is higher than the supply the price will go up. Right?
The Crypto Valley
It is amazing how forward thinking the government of Switzerland was to even establish legislation for cryptocurrencies and create the infrastructure for their circulation. The crypto valley is located there. All businesses wishing to work with blockchain and cryptocurrencies establishing themselves there. The country is benefiting from its investor program but is also because of its culture.
People there are educated in investing and are applying what they learn from a very young age. We are used to buy gifts for a birthday, a promotion or whatever. Depending on the person the gift could be either expensive or not. In Switzerland, it is very common to gift shares of a company. You may be thinking that those are expensive right? Well no, there are shares that cost as low as one dollar. This is one of the reasons their capital market is so active and well. Their advantage is that all the key players follow the same vision. How long will it take for other countries to follow Switzerland’s example?
Cryptocurrencies are continually evolving; ignoring their presence would be a mistake.