{"id":191,"date":"2014-07-07T12:00:00","date_gmt":"2014-07-07T12:00:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/why-bitcoin-may-re-write-banking\/"},"modified":"2022-01-31T18:45:18","modified_gmt":"2022-01-31T16:45:18","slug":"why-bitcoin-may-re-write-banking","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2014\/07\/why-bitcoin-may-re-write-banking.html","title":{"rendered":"Why Bitcoin may re-write banking practice"},"content":{"rendered":"

(BusinessTech<\/a>) Bitcoin has grown from an experiment in digital cash to a vibrant, global economy supporting multi-million dollar companies with a market cap of $10 billion.<\/p>\n

\u201cWhile the road has been bumpy, and quite a rollercoaster ride, it is still nascent and holds immense promise to change the world in unprecedented ways,<\/em>\u201d said Simon de la Rouviere, speaking at the recent Nedgroup Investments Cash Solutions Treasurers Conference.<\/p>\n

\u201cIn 2013, the hockey-stick growth often found in the technology space kicked off for Bitcoin<\/a>, seeing adoption increase worldwide.<\/em>\u201d De la Rouviere, a technology entrepreneur who develops cryptocurrency applications, believes that Bitcoin\u2019s global, public, distributed asset ledger is a fundamental innovation that could upset various industries \u2013 from banking to public records<\/a>. \u201cAny business in the field of recording information fit into a ledger that charges fees to be a middleman is at risk of becoming obsolete,<\/em>\u201d he said. As copy of Bitcoin\u2019s ledger exists on every network participant\u2019s computer, and is continually updated, reconciled and synchronized in real-time. Each member can make entries into the ledger, which records transactions of a certain amount of currency from one participant to another. Each entry is propagated to the network, so that every copy on every computer is updated near simultaneously and all copies of the ledger remain synchronized. \u201cThis blockchain technology could easily be adopted to work with title deeds, physical keys, private equity, derivatives, escrow, dispute mediation, passports<\/a>, wills, domain names, and sim cards \u2013 to name but a few,<\/em>\u201d De la Rouviere said.<\/p>\n

The future<\/strong><\/p>\n

Looking farther ahead, the technology could potentially bring about a new apolitical reserve currency that allows programs and machines to own forms of value without the requirement of human intervention.<\/p>\n

This could herald an almost sci-fi era, where machines earn their keep by providing services to humanity at an even more cost-efficient, break-even level than currently possible, De la Rouviere said.<\/p>\n

\u201cBy thinking of Bitcoin not as a currency, but as a single solution to a previously unsolved algorithmic problem in distributed systems, colloquially known as the Byzantine Fault Tolerance, humanity can create global systems of consensus powered by mathematics<\/em>.\u201d Bitcoin is a grand experiment, currently at the forefront of showing the equalizing force that the internet brought about. \u201cIt might still one day fail<\/em>,\u201d he added, \u201cbut rest assured, it is spurring innovative thinking across the board.<\/em>\u201d Sean Segar, head of cash solutions at Nedgroup Investments, said that while the bank\u00a0 believes in staying abreast of trends or fads that may affect the industry, \u201cwe have no plans to launch a Bitcoin fund<\/em>\u201d.<\/p>\n

Open your free digital wallet here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n","protected":false},"excerpt":{"rendered":"

(BusinessTech) Bitcoin has grown from an experiment in digital cash to a vibrant, global economy supporting multi-million dollar companies with a market cap of $10 billion. \u201cWhile the road has been bumpy, and quite a rollercoaster ride, it is still nascent and holds immense promise to change the world in unprecedented ways,\u201d said Simon de […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,76,77,299],"tags":[764,765,975],"yoast_head":"\nWhy Bitcoin may re-write banking practice -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/holytransaction.com\/blog\/2014\/07\/why-bitcoin-may-re-write-banking.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Bitcoin may re-write banking practice\" \/>\n<meta property=\"og:description\" content=\"(BusinessTech) Bitcoin has grown from an experiment in digital cash to a vibrant, global economy supporting multi-million dollar companies with a market cap of $10 billion. \u201cWhile the road has been bumpy, and quite a rollercoaster ride, it is still nascent and holds immense promise to change the world in unprecedented ways,\u201d said Simon de […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/holytransaction.com\/blog\/2014\/07\/why-bitcoin-may-re-write-banking.html\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/holytransaction\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/holytransaction\" \/>\n<meta property=\"article:published_time\" content=\"2014-07-07T12:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-01-31T16:45:18+00:00\" \/>\n<meta name=\"author\" content=\"Satoshi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/holytransaction\" \/>\n<meta name=\"twitter:site\" content=\"@holytransaction\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Satoshi\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/holytransaction.com\/blog\/2014\/07\/why-bitcoin-may-re-write-banking.html\",\"url\":\"https:\/\/holytransaction.com\/blog\/2014\/07\/why-bitcoin-may-re-write-banking.html\",\"name\":\"Why Bitcoin may re-write banking practice -\",\"isPartOf\":{\"@id\":\"https:\/\/holytransaction.com\/blog\/#website\"},\"datePublished\":\"2014-07-07T12:00:00+00:00\",\"dateModified\":\"2022-01-31T16:45:18+00:00\",\"author\":{\"@id\":\"https:\/\/holytransaction.com\/blog\/#\/schema\/person\/1643e2c0c2df67ae0d6eacff8a185e69\"},\"breadcrumb\":{\"@id\":\"https:\/\/holytransaction.com\/blog\/2014\/07\/why-bitcoin-may-re-write-banking.html#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/holytransaction.com\/blog\/2014\/07\/why-bitcoin-may-re-write-banking.html\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/holytransaction.com\/blog\/2014\/07\/why-bitcoin-may-re-write-banking.html#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/holytransaction.com\/blog\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"bitcoin\",\"item\":\"https:\/\/holytransaction.com\/blog\/tag\/bitcoin\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Why Bitcoin may re-write banking practice\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/holytransaction.com\/blog\/#website\",\"url\":\"https:\/\/holytransaction.com\/blog\/\",\"name\":\"\",\"description\":\"HolyTransaction's Blog - 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