Dr. Joseph Chen-Yu Wang: Bank fix
1/09/2021 – 09:10
Cryptocurrency allows instant movement of money and to conduct trades instantly and continuously, with little transaction cost. It is a new and better system, but the newness brings with it more issues. Ultimately, simply trying to move the entire legacy system over to crypto is not going to work, so what will likely happen is that some of the systems will be built on new foundations with interfaces to the old system. This is what is happening now, but the process will take some years to complete. The problem is not with the new systems, but adapting old systems to use new and better processes. Ultimately cryptocurrencies are simply a better way of doing things, and people will figure out how to connect them with existing systems. Technologies based on cryptocurrency or blockchain based systems will almost certainly win out in the end, and this will prove profitable for people who get involved at the early stages of this development.