It is only a matter of time, before the importance and utility of cryptocurrencies comes knocking on your door. Don’t be unprepared. Be better informed. Watch this short video to understand why you need to ‘understand’ the crypto/cryptocurrency space.
Hello. My Name is Faisal Khan. I am a banking and a payment consultant.
I want to talk today about crypto. Why as a regular fiat based money transfer operator, you may be big or small, if you are not thinking about cryptocurrency I think you are going to lose out. In the world that we have today, payments are very fragmented. They’re very broken. They’re about 1900 payment systems in the world. If you’ve got a banking as one payment system, Visa is two, MasterCard is three etc, then there are 1900 payment systems in the world. Less than three percent are connected. And there’s a reason why that happens is because we do not have a unified platform to connect all those payment systems. We have it for email, we have it for the web, we have it for the Internet, but to move money, we do not have a unified platform. And if you ask the or give the argument, well there is SWIFT, well SWIFT is a messaging service. It’s not a money moving platform, and it is not a money moving service.
So, why is cryptocurrency important? Cryptocurrency is important it’s because the first time in our lives we have the ability to move money between party A and party B, two parties that do not have any sort of a pre based arrangement and they can move value. They can move value without the need of an intermediary. That is what, you know, Satoshi Nakamoto’s paper solved the bitcoin thing and you don’t have to think Bitcoin, just understand the technology, understand the various coins that are out there or the various tokens that are out there what they can do.
If you are not thinking Bitcoin it’s like you in the middle of, let’s say, the 1980s not thinking about e-mail. And guess what happened in the 90s and then in the 2000, email took over. If you were still thinking that typewriters would rule and letters would still go out and the fax machine would never go out of business etc. Well, guess what? They all lost, email won.
So, cryptocurrency is the email of money. It is going to take over. It is slowly taking over, and you need to start thinking about it. Now you may say well, you know, not in this day and age or my regulator doesn’t allow me or whatever. How can you possibly… it would be conniving off you not to think about this thing for your customers. Not to think about how that technology can help you in various markets. You don’t have to go big, you can start small or very small. You can say OK I am going to limit myself to an exposure of $1000 a month on cryptocurrency and see how it can benefit my network. Until you don’t put your hands into it and start playing with the door you will never ever be able to mke this bread.
So, I think it’s very important for you to start looking at cryptocurrency. There are, if not, hundreds, thousands tens of thousands of videos on YouTube that explain the whole concept. Take your time, take six months. Watch a video every single day. At the end of six months you will be so, so better informed as to what cryptocurrency is, and all about.
The advantages to disadvantages, the multiple types of currencies, what may fit your model, what may fit about an idea that you have, but you could never execute it. And then above all, go and buy some. See how it may.. how fascinating it is to move money across the world in a matter of seconds, for a fraction of the fee. You really, really have to start playing with cryptocurrency. Don’t buy into the whole investment schemes of cryptocurrency, and it’s a fraud or it’s a scam. Forget that part, just ignore it. That’s noise.
It took the United States dollar something like 36 years to stabilize. Go read about it. Thirty six years for the US dollar. To stabilize. Cryptocurrencies are 10 years old today. Ten years this year. So we have a long, long way to go. And they will go through maturity cycles, they will become seasoned, they will become mature, they will evolve just like anything else. Just like remember that the Web 1.0 and look at how we use the web today. So this is currencies 1.0. You know, it will evolve. But I think the most important message is despite your age, because I know a lot, a lot of people who are in this money transfer operators or small business operators are above 40, above 50 years until some of them are even 60 years old and they’re thinking, you know, not now, you know, we’ve been doing something, why do you want… no. It is now. You need to read about it because otherwise you will go out of business and you’ll go out of business so fast, you will not, you could, you will not be employable, you will not be able to partake in a society for money transfers because whatever you’re bringing onto the table is long obsolete.
Try and imagine, trying to compete and open up a shop that does fax communications, in a world of email or letter of communications in the world of email. You will fail miserably.
So, I urge you to invest your time. One video a day. Set aside 15 minutes, 15 minutes every single day. Watch some random youtube video explaining what crypto currencies are. Make sure the videos are not more than four or five minutes in length, and if you watch two videos a day at the end of six months, you will be a whole lot better informed.
I hope you will take into that message, and actually go and educate yourself. Till next time, have a good one.
This page was last updated on September 1, 2022.