In the book “The Money of Tomorrow”, Frank Schwab explains why cryptocurrencies will be as commonplace in the near future as the smartphone has already become. Bank Blog readers have a chance to win a copy.
The money of tomorrow is lighter than paper, faster than PayPal, cheaper than Visa, rarer than gold and as secure as Fort Knox – or so Frank Schwab thinks. It sees us in the midst of a cryptocurrency and digital token revolution.
Even if we didn’t suspect it now, cryptocurrencies would be as mainstream for us in the near future as the smartphone has become. These are ideally built for our increasingly digitized world and would initially complement the banking and financial system we know and eventually largely replace it.
Blockchain and crypto are changing the world
According to Schwab, Bitcoin and other cryptocurrencies and the blockchain technology behind them are fundamentally changing the world as we know it, but very few people seem to have noticed so far. .
For many who hear about cryptocurrencies for the first time, they initially seem much more precarious, more manipulable and easier to develop than any other form of money they have known to date. Bitcoin is probably the most secure currency the world has ever seen, and blockchain is probably the most revolutionary invention since the printing press over 500 years ago.
This technology prevents, thanks to its structure, that even a single digital coin can be stolen. Currency cannot be destroyed in a fire or natural disaster. It cannot decay or change state, and especially with Bitcoin: it cannot be reprinted.
Decentralized freedom on the smartphone
In addition, Bitcoin is distinguished from any other form of payment by its unlimited protection against manipulation and its free infrastructure, as well as by its greater rarity.
Bitcoin shares these characteristics with most cryptocurrencies: they are more robust than any previous form of money. Not all, but more of them are also rarer than gold.
Tomorrow’s Money is also open source and completely decentralized – this allows for the greatest possible freedom. The author sees a future in which we all have our own bank in our pockets – on our smartphones.
Web 3.0 is blockchain-based
Frank Schwab sees the future of Web 3.0 based on blockchain technology. It will replace long-established goods and make goods, products and services that were previously difficult to obtain more affordable and accessible to a wider mass.
Bitcoin, blockchain technology and the resulting businesses would change our world more dramatically in the next few years than the Web 2.0 giants Amazon, Google, Facebook, Netflix and Co. combined. It will provide financial services and stable currencies to everyone in the world and give everyone access to global markets.
Facebook, Google, and long-established banks may come up with a new business model, but their old one is already obsolete, at least from a technical standpoint. Schwab even goes so far as to call BigTechs like Google, Amazon and Facebook, but also companies like Uber, Airbnb or Spotify obsolete in their current form. Blockchain and the solutions it offers are so disruptive that they could make these businesses completely redundant.
About the Author Frank Schwab
Frank Schwab is a strategic advisor to international financial institutions and a speaker. He is a co-founder of the Frankfurt FinTech Forum and a member of numerous supervisory and advisory boards. Previously, he was CEO of Fidor Solutions, GIZS GmbH and Head of Online Banking at Deutsche Bank.
Buy or earn tomorrow’s money
The book has 191 pages. You can get it on Amazon, among other places:
Bank Blog readers have a chance to win a free copy. Write in a comment under the article by March 11, 2022 what particularly interests you in the book.
The book will be raffled off among all readers who have submitted a comment. The winner will be notified by email and must provide their full address within one week. The book prize will then be sent directly to the winner.
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