Cryptocurrency: Following These 5 Industries Disrupted By The Internet

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Many question the how cryptocurrency will affect the world of banking. Will it really have any impact and, if so, what will it be?


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Fortunately, we have enough experience with the Internet to learn what to expect. The lessons of what happens are clear when this medium shows up at an industry's doorstep.

To start, we know it does a couple of things. This occurred in each situation and continues to keep repeating.

They are:

  • obliterates whatever is there
  • creates abundance

We can expect a similar trend to take place over the next decade in a number of other sectors. At the moment, we are seeing the foundation laid for this to take place within not only the banking industry but the entire financial arena.

Here are the 5 industries that were already radically altered.

Information

Decades ago, information was slow and costly to come by. From a personal perspective, we had access to very little. There were only a few distributors of information that we received on a daily basis. People either watched the news, read a newspaper, or perhaps opened up a book. This was basically the limit of what they were exposed to.

Within the business world, things were much the same. Information was produced in hard document form either via a typewriter or printer. Then it was copied, mailed, or filed away. We received reports on paper which took time to generate. Correcting errors required going back and redoing the document. This led to the process taking place all over again.

Today, we have access to more information than we could consume in 10,000 lifetimes. At the same time, most of it is free. We simply click on a site and there it is. It comes to us through a variety of mediums.

We also distribute it very easily. Through email, text, messengers or cloud, we can instantly send information to most anyone in the world, again with little to no cost.

Communication

One of the main reasons we can do this with information is the advancement of our communication systems. It has gone multi-media as bandwidth improved.

How many of us remember long distance phone service? There was a time where it cost each minute to talk to someone outside our local calling areas. In the United States, companies like AT&T, MCI, and Sprint made a fortune off this service.

Today, we have multitudes of ways to communicate. No longer are we relegated to just using the telephone. We also can distribute all kinds of media for free. We simply click a few buttons and it is on its way.

Music

Does anyone remember Napster? That was a company that opened up a can of worms.

For those too young to remember, Napster was a file sharing application that came on like a hurricane. People started sharing music with each other, sending the record companies into a frenzy. Obviously, their sales plummeted as people were downloading the songs they wanted online.

At that time, we were in a world where music distribution was via compact disc; each one costing $13-$15 and containing 10 or 12 songs. Naturally, we also needed a physical piece of equipment to play them on (conveniently called a compact disc player).

Fast forward to today. We now have services that enable us to access millions of songs. Between YouTube, Pandora, and Spotify, we can enjoy music (along with other audio recordings) for next to nothing. Many of the platforms are free if we want to endure ads. We can have them removed for a nominal fee though.

Hence, for the cost of one CD, we can access tens of millions of audio recording without the disruption of ads.

Movies

This followed a similar pathway as music.

Like the CD, the DVD was the medium a couple decades ago. People would get videos on disc and watch them through a player. This often required going to a physical store and renting what was desired.

YouTube was the first to start to change this. Like with music, a lot of copyrighted video was (is) found on there. However, it also allowed people all over the world to post their content, again for free. This opened up the door for an entirely new set of "stars".

Naturally, as technology advanced, most due to streaming, the video rental establishments went out of business. The biggest was Blockbuster which found its way to bankruptcy court after basically dominating the most of this sector.

We also have the situation where, for the cost of a few video rentals in the past, we can enjoy round the clock access to thousands of movies and television shows. Services like Netflix and Amazon Prime have nominal subscription fees yet a full platform of video content.

Photography

The final area that radically changed was picture taking. For the average individual, the transition was incredible.

We take somewhere around 2 trillion pictures a year. This is an astronomical amount of photos. The cost to do this is almost zero.

There was a time when people not only bought cameras but also had to supply them with costly film. In addition, after the roll was done, the photos were developed, requiring more money. Therefore, each photo had a cost of a few dimes.

Today, the average individual has none of this. Certainly, there are professional and hardcore hobbyists who still pay thousands of dollars on cameras and the associated lenses. However, for most of us, our smartphones do the job. Since it is all digital, we simply press the button and the photo is on our phone.

Of course, this eliminated the need to get an extra set of photos developed for grandma. There is also no cost associated with distributing them. In the past, we would go to the post office and mail the set of photos. Now, because of the advancements in our communication systems, we simply send it electronically.

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As we can see, each of these industries looks remarkably different than it did before the Internet.

Going back to the two characteristics that we see, it is obvious what happened to the liked of Blockbuster, Kodak, and the long distance phone divisions at Sprint and AT&T. We also watched the downfall of many record companies and closing of hundreds of newspapers. Of course, the encyclopedia and atlas companies didn't do so well either.

Not only has the Internet come to finance, it has come to the world of money. This is something that is evident. While we are in the early stages of development, we can already start to understand how cryptocurrency coupled with Decentralized Finance (DeFi) is going to have a major impact.

The same behavior is being repeated as the threat to these companies business models grows. They are turning to governments and regulators for protection. There are court cases. Politicians are espousing how "dangerous" this all is. We see FUD being spread by the media, warning people of the perils of this new technology.

In short, we are seeing history repeat itself.

For that reason, we can count on two things happening as a result of what is taking place. The world of finance and money is about to experience abundance. At the same time, whatever is standing in the way, if it does not adapt, is going to get obliterated.

This is the lesson from the Internet. We can add the retail shopping sector as another one that is in the process of realizing this inevitability.

Like these other industries before it, cryptocurrency is going to bring abundance and obliteration. It is the trend the Internet follows.

The only question is how long until it shows up in a particular industry. For the banking and financial sector, there is a knocking at the door.

Sadly for most of them, they are not prepared for what is coming.


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19 comments
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Bang, I did it again... I just rehived your post!
Week 62 of my contest just started...you can now check the winners of the previous week!
!BEER
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Yesterday I received Western Union for the first time and it took "only" 4 days to get here from Europe, AFTER two failed transactions in the past that spanned 8 days. So in essence, I spent 12 whole days waiting for $800 to reach Nigeria from Europe. Throughout the ordeal, all I could think about was how easy this would have been if it were just sent to me in HBD

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And what was the cost of the transaction?

We know it wasnt fast, I am betting it wasn't fee-less either.

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I could only access $785. $10 is my minimum balance for the domiciliary account and then charges and shit took the rest. It is horrible.

Crypto is a far better upgrade to banking. People that still go to bank for "security" are just kidding themselves. The only reason I need banks is because I can't pay for everything directly with crypto.

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The on and off ramp to fiat is where the hangup still is. It will likely be a while before that is resolved.

However, if we can get that right, we will see things change a great deal. Perhaps a first step is being able to pay for a lot of everyday things in crypto.

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Technology tends to be a deflationary force. In this case, blockchain technology is deflationary for the banking industry. There will still be money to be made in finance. But, the high overhead will be cut out.

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That is true about the banking industry. It is cutting out the intermediary services much in the same way that online shopping cut out retailers. Of course, FinTech started this process with applications years ago. So it is really a continuing of the pattern.

The concept of crypto being "internet money" is new though. That is the area to watch. As the platforms are built, the wealth there can head into abundance. Now we are dealing with the network effect since that is what the online world is about.

It will be interesting to see this unfold.

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Sorry to be late,
well the technology are changing, but i remember that when you in the past gots a movie from blockbooster, you meeting with family and friends in front of the tv, to see the movie, and this was a time that the value of families, were really really very hight.
unfortunately right now the child and young man, have a smartphone and see separately the program without company, and the people gets a solitudine very hight, and this discoordine with the family, let that the society do not get the value of family, and we have the fortune to was grown up in this enviroment very cordial, and with hot of family.
well the times are changuing every second and we need to envolved, with this.
but as my father say, the last time were betther than this times.

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I don't think technology can be blamed for the shift in family time you mentioned. It's still a parents' role to structure the environment they want their children raised in, and a parents' responsibility to ensure their children adhere to the guidelines set forth.

I often hear people complaining about how much time their kids spend watching youtube or playing video games, but the reality often is they just don't want to make the effort to redirect. It's easier to complain about perceived obstacles than it is to roll up your sleeves and do the work.

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this is sadly and really true, a lot of father are delegated the cafe of their child in a smartphones and tv, but well i spoke about the mayority that are always do not enjoy and educate adecuate their child.

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Those are some really great observations. Kinda took me for a walk down memory lane there too! It certainly makes it easier to see how all of this is going to cause disruptions in the status quo. I especially like you pointing out the stages of hesitancy. The lawsuits and then eventually the capitulation.

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Because this is such an awesome post, here is a BBH Tip for you. . Keep up the fantastic work

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Beautifully articulated!

The winds of change are certainly blowing in the world of finance. The hurricane is approaching, are you watching it blow in and gather strength, preparing accordingly, or do you have your windows shut, out of site, out of mind..

We see FUD being spread by the media, warning people of the perils of this new technology.

I think you're post pairs well with my post today on the central bank FUD I came across this morning. They've begun their public attack on crypto and positioning of their CBDC's. I don't think the establishment will go quietly into the night on this one.

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It's not industry so I don't think anyone can fault you for leaving it out... and it is directly related to information and communication, so it was touched on, or at least the implication can be found there, but communities have been disrupted by the internet, as well.

They've been obliterated and empowered, in that, now that I have access to all the information I want about a geographical location or culture, and I have the ability to directly communicate with people who exist within it, I'm not restricted to the same circle of friends I'd be stuck with if my physical location dictated who I could talk to.

So in this way it obliterated the ability for the people around us to impose their interpretation of our value onto us, which is great for people who are historically oppressed, but also carries with it the ability for people to shield themselves from criticism, even though sometimes we need to be criticized for the sake of our own personal growth, as well as, the good of society as a whole.

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Quite right and they deserve what is coming to them. You go into a bank today and many have no personal services which they were known for and have retrenched most of their staff. We only use banks now as that is how you pay your bills as there is no other use. We have been raised up only knowing this way so it will be strange when they do start disappearing.

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I remember how we used to print pictures and created heavy albums. We used to show them to a few people who visit the house. After digitization & the internet, everything's changed.

I have very few pictures from my childhood that are still intact. All of them are hard copies, now converted to digital form as well.

On the other hand, now I take pictures and videos of my son everyday and push them into the cloud. It's so freaking easy!

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I am wondering if there will be some changes to the current subscription model for Netflix and etc. As it is right now, I find it kind of bulky since you can only watch certain series and you have to change to a different series for other TV series.

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Great written.
I think thet like technology is going fast , then some day the crypto will by in day life . People want to do thinks faster and crypto will do it for them. Sorry for my English.

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