The biggest mammoths of technology Google, Facebook and Apple constantly watch for new ways to expand their revenue.
It is obvious that they have been watching the banking and financial services sector in order to dip their toe. However, while they have been sitting on the sidelines bitcoin has gained a great position In the Fintech sector and its future looks even more optimistic.
Like any sector of the economy, Googles and Facebooks ad market were hit hard by the corona crisis. Even if the ad market recovers, regulators in the US and Europe are going behind their surveillance business model which is likely to be squeezed hard in the coming years.
Especially because of blockchain-based alternatives like the brave browser which has default shields to block data collectors and it is 3 to 6 times faster than chrome.
Apple’s iPhone sales have also declined not only because of the coronavirus crisis but also because the company, even being the biggest moneymaker in the world, is struggling to come up with new ideas and improvements, while other cheaper alternatives are gaining market share.
Therefore, Apple already launched its own credit card in 2019 and Google is looking to do the same with its so-called smart debit card. Facebook is looking to launch Libra, a centralized cryptocurrency.
Bitcoin, which Facebook’s Libra aims to compete with, has demonstrated to the world that it is possible to have a decentralized digital currency without a central bank, government or a company behind it.
Bitcoin has no CEO, no advertising budget and no company behind, to sell your private information. Still, it managed to grow on a global scale and become an important component in the world of finance.
Bitcoin can not be confiscated and has a fixed monetary policy.
Bitcoin functions because of a mathematical protocol that maintains a decentralized network, called blockchain, in constant evolution and stability without relying on authority.
But for companies that want to generate revenue decentralization is not a good thing. This is why these big tech companies like Google, Facebook and Apple will create centralized products that will not be too much different from the traditional banks we already have.
On the other side, there are others like the CEO of Twitter Jack Dorsey who maybe understands better the innovation in technology and the revolution that is coming in the financial industry. Jack has placed his bet on bitcoin’s success, putting Twitter and his payments company Square in a position to benefit from the success of bitcoin.
Bitcoin was launched in the middle of the 2008-2009 crisis as an antithesis of our monetary system. Now we are heading to another bigger crisis that was labeled by IMF as the Great Lockdown. It remains to be seen how it will behave.
Bitcoin is only 10 years old and it went from buying one pizza with 10,000 BTC on May 22, 2010, to 610 barrels of oil today April 20, 2020, with just 1 BTC.
Bitcoin is doing great in the way to disrupt the traditional financial system, however many argue that bitcoin is not real money, but as Satoshi said:
“If you don’t believe it or don’t get it, I don’t have the time to try to convince you, sorry.”
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