Cryptocurrencies have experienced high global uptake since early 2015 and are expected to reach critical mass over the next five years.2 As per February 2018, there are more than 1500 cryptocurrencies listed and traded on 180 crypto- exchanges. Currently ≥ 6 million people in the world use Cryptocurrencies everyday. That figure is expected to rise to as many as 580 million people, or 7.25% of the world population by 2022, as more and more households and people are discovering the power of going beyond fiat currencies. Deloitte even predicts that up to 25% of the world will use Cryptocurrency by 2025.
The Problem
Most of the world’s banking system is based on older technology- mainframe computers, massive central databases, and slow antiquated systems. They are increasingly difficult to maintain, update, and they are, for the most part, incapable of being adapted for the mobile crypto and blockchain / distributed ledger future. One needs look no further than the Lloyds TSB recent loss of online and mobile operations for days, when they tried to ‘upgrade’ their mobile operations to new databases. This level of complication, multiple systems that don’t talk to each other, and slow antiquated systems and infrastructure mean banks will not be early adopters and support new technology. It wasn’t until April 2018 that a major US financial institution, American Express, announced the complete change over and use of smart cards- something that most of the rest of the world had adopted in the 1990s. Smart cards make payments faster, more secure (cutting fraud substantially) and less expensive, but took literally decades to be adopted in one of the worlds richest and most technology savvy country. This shows that the traditional financial services players are not motivated to provide faster, more reliable, less costly products and services to all, but focuses on charging high fees and protecting their interests. This could explain their ‘love/hate’ relationship with Fintech and crypto playing out in the press by the CEOs of everyone from Goldman Saches to Warren Buffet.
Baanx Solution
The goal is to ensure that everyone has access to full-service cryptocurrency banking services they need in the years to come and delivered as quickly as possible, while encouraging worldwide adoption of crypto in personal and merchant services. Through our decentralised growth structure we can expect rapid adoption of Cryptobank services throughout the world. Utilising Blockchain technology and being a decentralised Crypto-Financial Services and Cryptobank Network, Baanx.com will be able to offer secure, faster, better, cheaper full-service banking, payments, deposit, investment and lending services, as well as better returns on savings. We have started building a secure blockchain bank from the ground up, with a ‘mobile first’ approach, and offering the products and services from the best Fintechs from around the world, in order to take banking into the 21st century.
The Baanx model
The adaptation and growth of cryptocurrency is following the classic hockey stick growth path. Prior key developments that make the crypto currency adoption surge now and in the coming years includes, mass internet adoption, smart phone mobile adoption, and blockchain. The pattern of mass adotion of these technologies over the last 20 years follows a pattern: A slow start followed by an inflection point, and then many years of double digit growth- mass adoption. That inflection point for blockchain and crypto was 2017.
Project Details
Bitcointalk ANN: https://bitcointalk.org/index.php?topic=3052592.0
Website: https://baanx.com
Whitepaper: https://baanx.com/request-whitepaper
Telegram: https://t.me/Baanxcom01
Twitter: https://twitter.com/baanxcom
Facebook: https://www.facebook.com/baanx.io
ETH: 0x83d621b5615DfAa5E150Bc85eFC1bc938E8c21eB
Bitcointalk username: The Planner
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=2037457
