Time tends to be the most suitable ally for innovation to occur. No matter how fantastic an idea is, we tend to be afraid of change.
The most revolutionary inventions took years to develop, and more years to get mass adoption, mainly because they lacked the infrastructure to run.
When the car came out, people were skeptical because there were no similar means of displacement by then. Eventually, we figure it out and built asphalt roads, highways, and tunnels. After that, innovation in the automobile industry has not stopped.
History has shown us over and over again that innovations if they are good enough and helpful, will incentives us to build the necessary infrastructure for it to run smoothly.
Just as sending an email is more convenient than writing and delivering a letter, the daily use of cryptocurrencies for the transfer and management of value can be more favorable than traditional banking. An open financial market where individuals can transfer value among each other in a secure, efficient, and peer-to-peer manner.
Sounds utopian, but we now have the technology for it to be a possible reality and Bitcaribe is working on it.
Currently, the digitized version of fiat money (USD, EUR, or other central bank monies) represents 93% of the currency circulation worldwide. At the same time, around 2 billion adult individuals on this planet cannot access essential finance tools, or even open a simple bank account.
If you don’t have a bank account, then you are limited. Even if you do, but you live in a country where the banking ecosystem is shattered by corruption or ineffective services (like occurs in many nations in Latin America and the Caribbean), you have minimal access to the global economy.
The rise of blockchain and cryptocurrency technology has become a game-changer in the finance world. Millions of people have adopted them as a fast and convenient manner for transferring and managing funds.
The mass adoption of blockchain technology for the transfer of value will enable human collaboration to increase.
Money is a belief system based on trust. Societies cooperation is based on trust, between them and toward institutions.
Just as religion is based on and managed by, churches, creeds, and prophets, the financial system is based, and tightly controlled by a few big players.
Instead of basing our trust in individuals running a bank or politicians running a government, the blockchain alternative of money base its trust on foreseeable algorithms.
The transformation of the banking system is imminent, is occurring here and now, in front of our eyes.
Just think about how we now depend on Google Maps or Moovit to confirm where we are. We trust these apps because we know they are more reliable than our human instinct of orientation.
Trusting blockchain for the management of money instead of people will not feel so unnatural to us, because, in a way, we already began the process of replacing our trust in human instincts for data and technology.
Digitalization increase the accessibility, productivity, and reach of products and services. The camera is a prime example.
Only a few decades ago, having a camera was complicated and was reserved for those who could afford it. The act of taking a photo, processing it, and obtaining the physical photographs was an odyssey. Now, the camera is continuously improved by software and is within reach of one click, in the hands of billions of people.
The digitization of money is a process which can have similar results to the digitalization of the camera. It can bring financial inclusion to communities that never had access to traditional finance.
You can send $50,000 from Curaçao to Japan, or from Venezuela to the United States, in a matter of minutes (or seconds), not days, like it would take if done via international bank transfer. Things like that will be possible with the tools that Bitcaribe will offer.
With this perspective, it is then easy to imagine how mass adoption of these technologies for the transfer of value can increase economic productivity, allowing people to collaborate more efficiently.
Bitcaribe firmly believes in the potential of such economic progress, one that can transform societies.
That is why Bitcaribe is bringing the best technology, innovative, efficient, and safe systems to the Caribbean and Latin America is our mission.
Blockchain technology is here to stay. We will help build the necessary infrastructure so that our communities have access to the new digital economy. Access that vigorously defends values such as transparency, justice, and honesty.