All technology is disruptive, in that history shows technological innovation gives birth to new industries and kills other industries.
Body
If you look at the tractor replacing the horse drawn plow, cars replacing horses and online shopping replacing in person shopping. One common theme is winners and losers.
Even the replacement of horses and carriages by cars, once called horseless carriages, horses faded into history as a form of daily transportation, cars won and horses lost.
This trend continues when you look at Renting Movies from Blockbuster Movies, versus simply streamimg a movie into your home. Blockbuster lost and faded into history, while NetFlix and Hulu are now household names.
In the case of cryptocurrency, you could say the cryptocurrency and the blockchain could relegate modern banks, in their current form, to the dust bin of history.
while I have no doubt banks will evolve and survive, they will have to evolve, and probably move to the blockchain to stay competitive.
Banks will need to up their game, to speed up transfers, improve safety, reduce errors and facilitate cross border payments.
Summary
Cryptocurrency has the potential to disrupt modern finance.
Cryptocurrency is more accurate, as the transaction is the record.
Cryptocurrency settlement is instantaneous, something banks can’t compete with.
Cryptocurrency removes the ability of the bank or government yo freeze or seize your account, and thus your money.
Cryptocurrency can complete cross border payments instantly, and makes the world smaller.
@shortsegments