Currently, insurers must compete not only among themselves, but also with insurtech startups and disruptors. This event focuses on the latest trends in channel management, digitization, customer-centric strategies, digital customer journeys as well as product innovation.
Bitcoin: A currency without a government?
In one of his speeches, Jon Matonis, Founder of the Bitcoin Foundation, summed up the basic benefits of Bitcoin for both consumers and merchants, and listed its similar characteristics to paper cash.
During the presentation, he made the audience familiar with a controversial quote:
“Bitcoin is to legal tender as BitTorrents are to copyrights.” - Jon Matonis
Bitcoin Benefits for Consumers:
▪ Personal control of your assets (w/backup) ▪ Protection from identity theft ▪ Protection from financial surveillance
▪ Bypass certain payment blockades ▪ Unrestricted cross-border transactions ▪ Fixed supply of 21 million (no inflation)
▪ Protection from confiscation
Bitcoin Benefits for Merchants
▪ Extend acceptance to 60+ countries not reached by Visa, MasterCard, PayPal ▪ Provide a payment method for the unbanked
▪ Not subject to payments embargo ▪ No disallowed merchant category codes (MCCs) ▪ Eliminate chargeback and fraud risk
▪ Processing fees approaching zero ▪ Near immediacy of settlement
Attributes Similar to Paper Cash:
▪ Reasonable privacy (user-defined) ▪ Immediate settlement (bearer) ▪ Transaction irreversibility
▪ Minimal traceability ▪ Fungibility ▪ Selective disclosure of ownership
Jon Matonis is also one of the speakers at the BankInno 2016 - let's see if he has any surprises prepared for his presentation “Cryptocurrency issues: What is going to be the next digital currency?”
These are some other famous quotes about Bitcoin:
Bitcoin is the most important invention in the history of the world since the Internet. - Roger Ver
Every informed person needs to know about Bitcoin because it might be one of the world's most important developments. - Leon Louw
Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative. - Nassim Taleb
I think the fact that within the bitcoin universe an algorithm replaces the functions of [the government]... is actually pretty cool. - Al Gore
Interested in this topic?
Liquidity and Balance Sheet Management Forum
The 12th Annual Liquidity Forum brings you current liquidity issues, know-how to implementation of Basel III regulation and incorporation of stress testing in strategic planning. Understand what you need for the right liquidity buffer and extend your knowledge of current IRRBB calculations.
Advanced Analytics Forum
Join us at the first Advanced Analytics Forum to make the most out out of Big Data. Improve your data-driven decision-making, bring front-line changes by utilizing data insights and determine the optimal operating model for your analytics team.
Insurance Innovations 2017 - Post Show Report
Insurance Innovations 2017 took place on 13 March 2017 Nassima Royal Hotel, Dubai
Why Should We Invest in AI?
When surveyed whether chatbots should tolerate abuse or bad language a surprising 34% said no. Chatbots can't get hurt ‘feelings’, so why should a financial institution care about the tone used with their chatbots?
8th Annual World Islamic Retail Banking Conference - Post Show Report
8th Annual World Islamic Retail Banking Conference, 28 - 29 November 2016 | Dusit Thani Hotel, Dubai, U.A.E