Recently a lot of buzz has been around cryptocurrencies and Bitcoin especially. Do we need to care?
You might know Revolut – bank card and application that claims to provide modern day banking ease to everyday customers as well as offer ‘better’ currency exchange rates while traveling or paying online. They have recently added and do plan to add other services as well and is applying for banking license in Lithuania. (more https://techcrunch.com/2017/11/07/revolut-is-applying-for-a-european-banking-license-to-become-a-true-bank/)
Recently Revolut has started offering also purchase of cryptocurrencies in the same easy manner. Not sure, but I have a pretty well-grounded feeling that this is the first commonly used and popular application and payment tool in Europe that provides such possibilities. https://blog.revolut.com/were-about-to-start-unlocking-cryptcurrencies-for-everyone/
So why we should care? My guesstimate is that by having alternative payment means accessible to wider audiences it might be so that for different services (not only airBaltic tickets, guns and drugs) it will be possible to pay with cryptocurrencies. For further reading study by T. Putnins, University of Sydney Business School, “Sex, Drugs, and Bitcoin: How Much Illegal Activity Is Financed Through Cryptocurrencies?” https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3102645
If we speak about cryptocurrencies (and distributed ledger as such), then worth mentioning that Bitcoin has depreciated for more than 50% since it’s skyrocketing price increases in Q4, 2017. Though considering that countries like Estonia are considering issue of their own crypto coins (ICO) – we should not underestimate potential of distributed ledger technology and government backed cryptcurrencies as such. Think about having unified currency in Asia and Europe or whole World – doesn’t it sound interesting, what potential could be unfolded? What if there are customers and service providers that choose to use cryptocurrency instead of EUR?