Bitcoin- The Internet of Money

Right now Bitcoin feels like the Internet before the browser - Wences Casares   &nbs...

1,476 views Apr, 2017
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Chirag Saigal
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  • 26 Apr 2017
    If banks cannot offer something valuable than Amazon Prime, then we are probably in the wrong business as quoted by Bradley Leimer is exactly where FinTech comes into the picture as a knight in shining armor, galloping down with the might of technology, disrupting the financial ecosystem of today and creating the banking utopia that everyone craves about. And then the clock strikes midnight and gone is that knight which brings me to the question, what exactly is this FinTech we hear about and everyone wants to talk about everywhere these days? A customary google search defines Fintech(Financial Technology) as computer programs and other technology used to support or enable banking and financial services and rightly so. In the past decade, we observed tremendous changes in the way banking industry operated and now most of us cannot even recall the last time we had to visit a bank. All of that happened because of the use of technology and yet when it comes to technology, banking is still amongst the sectors that has much explore. A recent report from PWC found that over 80% of financial institutions believe business is at risk to innovators, with 82% of expect to increase FinTech partnerships in the next three to five years as Fintech is usually getting applied to the segment of the technology startup scene that is disrupting sectors such as mobile payments, money transfers, loans, fundraising, etc. IMPACT IN BUSINESSES The rise of FinTech has forever changed the way companies do business. From crowdsourcing to mobile payments, there has never been as much choice to entrepreneurs as there is right now and it’s never been cheaper to not only set-up your business, but also to expand it. FinTech ventures (like TransferWise) have turned the traditional (and expensive) banking solution to sending money across borders on its head, enabling small firms and individuals to transfer money far cheaper than was previously possible solving what has always been one of the biggest challenges entrepreneurs faced. The main advantage with Fintech firms is that they can pass on huge savings as they are far more agile than traditional banks, not having the same overheads and commitment banks are burdened with, as their relative lack of size allows them to innovate and adapt in a way bigger corporations can only dream of.   CHANGE IN CONSUMER BEHAVIOUR The rise of the smartphone has given birth to the always online culture we live in today with people being able to access information and data they had never previously been able to and they can do so anywhere and almost everywhere. People want to access all the financial services just like they way they do anything else, ie via a simple and convenient mobile app. It presents the businesses an area to innovate, grab this opportunity and gain a competitive advantage as the time period when no enterprise will flourish without the right FinTech services in place is approaching at much faster rate than it could’ve been anticipated. In short, FinTech has opened up a world full of possibilities where businesses can not only offer more services than ever, but also offer it for a fraction of the price of what it would have cost before. And thus its of utmost importance for businesses to keep themselves aligned with the innovations in FinTech in order to stay competitive in the current as well as future market.  
    872 Posted by Chirag Saigal
  • 26 Apr 2017
    FinTech is a relatively young line of business, with a lot of changes happening around us every second. Professionally all of us would like to keep ourselves updated with the news and trends around our industry.  So, here's a list of blogs that will keep you updated with the latest happenings in the world of FinTech   Finanser by Chris Skinner. Skinner is one of the Top 40 most influential people in FinTech by the Wall Street Journal’s Financial News. He is an independent commentator on the financial markets and author of a number of books on FinTech.   Jessica Ellerm will guide you along down the industry’s tracks. Her blog highlights first-person perspectives in the “fintech trenches,” as she calls it, along with insights on technology’s role in transforming the way we use financial services and banking products.   Finiculture  is a blog created and written by Pascal Bouvier. He is French and an ex banker who now invests in high technology finance companies that provide digital banking and insurance services along with other products. He analyses high end technologies and provides relevant insights to entrepreneurs as well as investors.   Fintastico  is a daily online news project, which brings in latest Fintech news from almost over fifty different sources.    Coindesk is the global leader in news and information on digital currencies such as bitcoin, and its underlying technology – the blockchain. They cover news and analysis on the trends, price movements, technologies, companies and people in the bitcoin and digital currency world.   Disruptive Finance blog hosts conversations around such topics as lending innovation, new financial models and digital currencies. It’s run by Huy Nguyen Trieu, a mentor who serves on the board of several fintech organizations.    Duenablomstrom Blog  posts include intriguing concepts such as “emotional banking,” and she hones in on the intersection of technology and behavioral science within financial services.   Consult Hyperion by Dave Birch. Birch writes insightful posts on FinTech trends and is an internationally-recognised thought leader in digital identity and digital money. He was named one of the 2014 “Power 50” in European digital financial services and one of WIRED magazine’s global top 15 favourite sources of news from the world of business and finance.    Cisco Financial Services  has a dedicated group that caters to financial services, and as part of that work, they produce a blog that includes useful insights into industry trends and Cisco products.   The Fintech Blog focuses on wealth management, mobile lending, and innovation differentiation among startups and incumbents. The posts covers various FinTech events, interviews as well as analysis by the top Fintech entrepreneurs and executives. One can also read on Q&A’s with some of the well-known CEOs of different companies that are coveredin the blog.    
    777 Posted by Chirag Saigal
  • 05 May 2017
    There is no such thing in planet earth as enough money, unless ofcourse you are there in the Forbes's richest list. Everyone is looking out for money, for one of many reasons. It can be for      A trip to Vegas  or Studying in an Ivy League University  or Funding for the growth of your company. Crowdfunding is a method of raising capital through the collective effort of friends, family, customers, and individual investors—primarily online via social media and crowdfunding platforms—and leverages their networks for greater reach and exposure. But just starting a crowdfunding campaign doesnot necessarily means you will be swimming in a pool of gold coins like Uncle Scrooge at the end of the campaign. But, it's more about getting Uncle Scrooge care enough to spare some of his coins for your purpose. Now for that to happen, you need to make sure that you follow certain etiquettes to impress your backers and make sure that you are able to make that offer that can't be refused. Here are some of the mantras that may help you run a successful crowdfunding campaign. Share your story Your audience wants to know how you got there, and why you decided it was important to carry it out.  They need to be clear that it is necessary and must pass it in the best way possible. Explain the project, the advantages of support and how essential is the funding to achieve the ultimate goal. The campaign must appear attractive enough so that the audience wants to be part of it.   Don't ask for a fortune Imagine yourself browsing campaigns and you came accross this:- FUNDS FOR VACATION raising $10 millions!! Sounds ridiculous right? Will you ever want to be a part of such campaign? NO?  Hence, before going for a crowdfunding campaign, it's highly essential for you to come up to a genuine figure you want to raise and which you can justify to your audience if asked. Socialize If you launch your campaign with zero audience, you are launching to crickets. Use social networks to publicize your campaign. The exposure on the web can yield new investors.  Using social networks to mailing and other marketing techniques can help boost the campaign. If possible, public relations may work to appear in the media. Video Video clips give visitors a better idea of your project — they can see you or your product in action rather than clicking through a series of static images. They are also labor-intensive, so don’t attempt to put together a clip if you don’t have the time, resources and expertise required. An amateur-looking video isn’t going to convince anyone to get involved, and at worst, could damage your campaign’s credibility. Update regularly Keep everyone, especially backers, informed and updated on how things are going. Whether it’s good news or bad, keep your backers and potential backers in the loop. Sure, a few may ask you to stop spamming but the vast majority will welcome news of progress. Make sure you update your page to reflect any changes to the original plan. Don't release a unique idea unprotected Protect your idea with a patent if you think it's unique as once you release your crowdfunding campaign with an idea, it's there for others to copy and maybe even implement a better version and making it there own. Sounds a bit dark, but it may happen, so better safe than sorry. Don't over-focus on the "Crowd" just because it says Crowdfunding Your first goal always should be to focus on individuals, rather than masses.Your early backers are the ones who might play a critical role that will either make or break your campaign. Positive feedback from early backers tend to attract investment form this so called "Crowd". As once the funds starts rolling in, others tend to follow.   To sum it, approach a crowdfunding campaign as one of your job interviews, not a daily facebook status update and you'll have all the success you want.   Disclaimer- I am not an expert on the subject, these are just some observations going through various successful campaigns.  
    770 Posted by Chirag Saigal
Bitcoin- The Internet of Money

Right now Bitcoin feels like the Internet before the browser - Wences Casares



Bitcoin, as described by it's inventor, Satoshi Nakamoto, is a Peer-to-Peer Electronic Cash System. It is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, it is digital cash, cryptocurrency, an international payment network, the internet of money – but whatever you call it, Bitcoin is a revolution that is changing the way everyone sees and uses money.


The beauty of Bitcoin is that it requires no central servers or third-party clearing houses to settle transactions – all payments are peer-to-peer (P2P) and are settled in about 10 minutes – unlike credit card payments, which can take weeks or months before they’re finally settled.

All Bitcoin transactions are recorded permanently on a distributed ledger called the “blockchain” – this ledger is shared between all full Bitcoin “miners” and “nodes” around the world, and is publicly-viewable. These miners and nodes verify transactions and keep the network secure. For the electricity they use to do this, miners are rewarded with new bitcoins with each 10-minute block (the reward is currently 12.5 BTC per block).

The Bitcoin protocol is also hard-limited to 21 million bitcoins, meaning that no more than that can ever be created. This means that no central bank, individual or government can come along and simply ‘print’ more bitcoins when it suits them. In this sense Bitcoin is a deflationary currency, and as such is likely to grow in value based on this property alone.

Bitcoin is still a cutting-edge experiment in technology and economics, and like the worldwide web in 1995, its myriad potential, purposes and applications are yet to be decided. Is it just electronic money? A foundation for smart contracts and electronic shares? Is it underground and subversive, challenging the power of governments, or will it integrate into mainstream finance and go unnoticed? If you know the answers to any of these questions, or if you can figure out how to capitalize on them there may be many lucrative opportunities for you in the Bitcoin space.


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