Saturday, 15 July 2017

The Banker's Nightmare - Cryptocurrency

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The time is now! The waves of change in the way we manage our funds has come sooner than expected. Be sure that in the next 8 years, approximately by 2025, the use of digital currencies would be widely known and accepted.

You need to ask yourself questions like:
  • What will happen when digital currencies completely replaces physical ones?
  • How can you prepare for this change
  • How can you take advantage of this prior knowledge 

Take note of this three classes of people:
  1. Category #1: People who have been uninformed of the changes in the particular fields that affect them are often taken unawares and end up as losers as they get to know when it becomes  too late.
  2. Category #2: The second group is persons who have a prior knowledge but could not take actions until its too late.
  3. Category #3: This class of people are persons that have the prior knowledge and took decisive steps to either benefit from the change or to mitigate any negative impact to this change.

So which group will you like to belong? The answer is yours. My role as a Tech Pro is to enlighten you on what the technologies is all about and that is what I have been doing. I have talked about cryptocurrency on an number of article as in the links below:

A Typical Example(In Africa - 2000-2015)
Lets take a typical example, still from the banking industry. In the 15-year period between 2000 and 2015, the banking industry underwent a complete migration from analog operation to digital/automated operation. This period saw the introduction of Automatic Teller Machines, used of POS terminals, use of Internet Banking, proliferation of Mobile Banking Applications among others. What was the effect of all of this to the personnel requirement of the bank? It means that since many of the tasks are now automated, then two things follows:

1. Many of the employees of banks would be thrown out of their jobs
2. Employees with skills related to digital banking becomes indispensable
3. Need for new employees who have  requisite skills to manage the new digital-revolution.

A New Change(In Africa - 2010-2025)
An new digital-revolution is staring us in the face. That is the move from physical currencies to digital currencies and move from a centralized financial system to a decentralized financial system. It is only in this way we can achieve concepts such as 'Cashless Policy', 'Zero Cash' and 'Anti-Money-Laundry' and so on in the fullest sense. Without used of a decentralized system, to achieve these objectives would be difficult. This is the same way the problem of Ghost Workers was solved by biometric verification technology. So you can't stand in the way of technology. 

The fact is: if you want to remain relevant, you get to first be informed. Learn what the digital currency technology is all about and how you leverage on its benefits.  As a cryptocurrency analyst, I would always be there to enlighten the public. That is what I owe everyone. The rest is for you.

Message to All Bankers
The time is now to understand the technologies. Get it on your finger tips. Learn about some existing cryptocurrencies. Learn which one is genuine and buy some. Watch the values increase overtime as its acceptance level improves. Let me know what areas you need more explanation. You may need to invest a little on one or more, name them Bitcoin, Ethereal, ZCoin etc.

Final Notes
In the next few years, the change would continue. This is not time to fold our hands and relax. Take steps to ensure you are not taken unawares. So get some materials, read, get enlightened. Maybe you can invest a little in a well-known cryptocurrency and see how things turn out. More importantly, try to understand the underlying technology behind it.
Thanks for reading though and be sure to check frequently for more on The Tech Pro.

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