Thanks Alan, we sure agree. by the way, in short time will start Yom Kipur, which is the day - the jews believes - God judge the humanity - each one for their destiny. so let me use this opportunity to wish all of you - to be signed for good - and we as a community and each of us as well will gain success in DNOTES journey and any journey you choose
"a multi-currency card"---is a great idea Alan. more than that - we might find out that if side A removes some cultural obstacles - than side B might remove some "regulatory hurdles". I think these might be uncovered as 2 parts of one equation
Banks have traditional way to keep their money: safe. the new innovative tech - which keeps the money on air - is a great difference -cultural and practical - to the banks tradition. guess this is the pre gap that should be closed toward reaching the aim of DC's acceptance by banks.
Here is an interesting article in that the author, like everyone at DNotes, agrees with the necessity of educating people on digital currency and blockchain technology.
FinTechEDU | Financial Giants Flock To Blockchain Technology, While Employees Left Clueless?
The underlying technology of bitcoin called, ‘the blockchain’ has disrupted & rocked the foundation of traditional finance to its very core! It seems mainstream media is reporting financial institution’s adoption of blockchain technology in nanoseconds. Only months ago many of these same outfits were opposed to change labeling the bitcoin community, ‘An underground group of criminals, geeks & misfits.’
Amid diverse opinion mainstream venture capital continues to flow through this market from financial giants such as; Capital One Financial, Citi Ventures, NASDAQ, VISA & others ‘solidifying’ the advancement of blockchain technology within the financial sector.
Problem… I recently spoke with a ‘highly’ recognized banker from Citi clueless to her employers involvement in blockchain technology? Later, I met with a money manager also with Citi who first heard of bitcoin/blockchain during our meeting? The guy manages $500M USD yet light years behind information? Conclusion…
‘FINANCIAL INSTITUTIONS ALIKE ARE IN SERIOUS NEED OF FINTECH EDUCATIONAL DEVELOPMENT, RESOURCES & TOOLS FOR EMPLOYEES WHO ARE FRONTLINE ENGAGING WITH THEIR CONSUMERS.’
CitibankBanks have gotten very lax with conventional means of operation & security while many employed by them seem ‘oblivious’ to change & innovation going on all around them. Banks severe need for blockchain awareness & education leaves a huge void for community members to fill via FinTechEDU initiatives.
Solution… EDUCATION! The bitcoin/blockchain academic sector is ‘exploding’ with many prestigious global colleges adopting, embracing & teaching this technology as a bonafide class or course. ‘Canada McGill University, University of Cumbria, Cyprus’ University of Nicosia, Duke University, Imperial College, London, Massachusetts Institute of Technology (MIT), New York University, Pompeu Fabra University, Simon Fraser University, Canada & others’ are laying the initial foundation of blockchain curriculums & digital lab type workshops for future generations to come.
We are building a digital economy & education is ‘key’ to ‘adoption through understanding’, if not, we are vulnerable to mistakes of the past.
https://news.bitcoin.com/fintechedu-financial-giants-flock-blockchain-technology-employees-left-clueless/
That article raises some great points. The tricky part will be catering the educational material to the intended user. Bankers and money managers probably don't need to, nor want to, know the underlying technology that digital currency is built upon intimately. This is something that has been in the back of my mind since I first learned about cryptocurrency.
"Clueless" about Bitcoin, Blockchain technology and digital currency? Harsh but close. Unfortunately, this applies to more than just the front office bank employees but senior bankers as well. There is no easy answer. Our industry certainly could do more by presenting a united front to minimize further confusion with a serious attempt to promote a clear and consistent message.
Mati, I can see that. One can touch, feel, and smell money. We can say the same thing about debit and credit card. It has indeed crossed my mind that to help bridge the "comfort" gap at this nascent phase we could offer a multi-currency card before migrating 100% to smart phone -100% virtual currency. There are no technical limitations to do that, but we can not say the same about regulatory hurdles.
Mati,those are very good points "["a multi-currency card"---is a great idea Alan. more than that - we might find out that if side A removes some cultural obstacles - than side B might remove some "regulatory hurdles". I think these might be uncovered as 2 parts of one equation]"
The process of change and the associated complexities, especially as it relates to mass global changes in consumer behavior is often under estimated and misunderstood. Cost savings and convenience are not the only governing factors. There are certainly "some culture obstacles" as you pointed out. Retaining some level of "comfort factors" is a prudent thing to do. Most people will be quite surprised to learn that AOL still has over 2 million dial-up subscribers paying an average of $20 per month. Could it help clear up some regulatory hurdles? Quite possible, perhaps some might be more comfortable that there is some physical matter one can see and touch so the word "virtual (currency)" doesn't bother them quite as much.
