Institutions that have been around longer than ourselves have changed very little throughout our lifetime.
Envisioning the future of Money
Not only does the lack of trust, and stagnant change of banks allow Bitcoin to thrive, but also the possibility of eliminating inflation. Bitcoin saw the opportunity to take the power out of the institutions and provide a better service, and the people responded. Bitcoin operates universally, meaning for the first time, there is a possibility of a global currency.
With a truly international currency possibilities for global economic growth, and social equality are endless.
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Bitcoin emerged as economies across the world starting losing trust in the current banking model. New York is currently debating if and how they should regulate Bitcoin. The decision that New York comes to may be influential globally because of the financial power New York holds.
So far, the decision to require a license for Bitcoin mining is in motion, which will limit the amount of Bitcoin activity almost immediately. Russia has outwardly opposed the use of Bitcoin since the beginning of this year.
The country has warned citizens that anyone who uses Bitcoin may be promoting illegal activities. The country is currently in the midst of drafting a bill that would not only ban Bitcoin, but also any activity pertaining to Bitcoin: mining, looking at related websites, trading, etc.
Recently, the Russian government confiscated Bitcoin mining tools from a resident near the Chinese boarder. Money is increasingly becoming frictionless, almost invisible.
The Future of Money - Wikipedia
A number of era-defining innovations have emerged changing the way people experience and interact with cash. From Bitcoins to facial recognition payments the way consumers engage with money is rapidly changing. Traditional banking is being upstaged by new banks which offer technological convenience, a new visual language and baking in social good for the millennial clientele. The Future of Money zeros in on the rapidly changing finance landscape: from consumer demands to new banking models.
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