There’s no denying that our current financial system has its benefits, such as affordable and fast banking and payment processes for some consumers, but it also has many drawbacks that, until recently, were not possible to address.
By reducing inefficiencies in the current system, it also allows us to concentrate on more important societal matters like reducing financial crime, achieving better financial inclusion and, perhaps most importantly, promoting values designed to empower its users to be more responsible.
We have the chance to shape its culture into something that’s driven by values; something that encourages and enables us to act in a more sustainable, reliable and inclusive way than anything that’s gone before.
Indeed, the basis for such a culture is embedded in the Bitcoin code: Bitcoin doesn’t discriminate on the basis of race, creed, gender or nationality.
Some people may think this is a little idealistic, but I’m confident we can bring about these cultural changes and become a truly great industry.
We’re not there yet, of course, and there are obstacles in the way that we need to overcome; I’ll explore these in more detail in my next post.