SWIFT, otherwise known as the Society for Worldwide Interbank Financial Telecommunications is a messaging network that financial institutions use. Prior to SWIFT, TELEX, was the only available means of message confirmation for international transfers. The problem – it was slow and unsecure. To circumvent these problems SWIFT was established in 1974 and by using standarized system of codes became one of the leading inter-institutional financial messaging network.
CryptoCurrency and the New World
For many years the term ‘new world order’ was used as a means of describing the hegemony of the United States and the influence of the dollar, today it is possibly a term that coins the decline of traditional, and the rise of digital currencies. Blockchain has certainly unveiled a plethora of financial possibilities – a new world order, a people oriented order, a more transparent means of wealth distribution. The blockchain public ledger technology is nothing short of genius.
Stable Demand for a Valid Product
In October of 2016 the total market capitalization of cryptocurrencies was roughly $12.5 billion, by June 2017 it surpassed $100 billion. It’s now October 2017, what has changed? The market cap is now above $140 billion, a twelve-fold increase in just a year – Bitcoin is 51% of the market.
Overall, consumer confidence is increasing in spite of ICO bans. Altcoins in general, have demonstrated the test of confidence. It seems that the negative news is there only to create volatility, whereas the true trend is up. The financial landscape is under stress as central banks figure out a way to regulate a public currency.
Crypto maniacs rejoice, as regulation, means market acceptance. The more countries accept, the more the value, the more indebted fiat currencies fail, the more the value and there’s more. Currency used to be backed by gold. Now, nothing is. What is left is belief, speculation and a bloated mess. Cryptocurrencies are supposedly the answer to the accumulating global debt crisis.
The Probable CryptoCurrency Reality
This is it, the end of October will dictate what’s next in finance, both Sibos a SWIFT conference and Swell a Ripple conference are happening simultaneously in Toronto. Great people will participate at both events. The fate of currencies is now uncertain, personally, growing evidence suggests that cryptocurrencies will eventually replace physical currency.
There are currently thousands of crypto coins in the world and the list keeps growing, regardless the recent crackdown on ICO’s. The total market capitalization now exceeds $150 billion, what is next? Is there a cryptocurrency bubble.