Kimberly Rosales explains how FinTech and cryptocurrencies are becoming increasingly intertwined
Cryptocurrency expert Kimberly Rosales provides insight into how FinTech and cryptocurrencies continue to merge as both mature.
QUéBEC, CANADA, Feb. 1, 2023 /EINPresswire.com/ — The world of finance has changed dramatically over the past decade thanks to advances in FinTech, blockchain technology and cryptocurrencies. Once seen as a risky investment, digital currencies are now increasingly mainstream and accepted by more traditional institutions. At the same time, the intersection between FinTech and cryptocurrencies is growing ever stronger. Kimberly Rosales, an expert on cryptocurrency and FinTechs, explores how the two are becoming increasingly intertwined.
The definition of FinTech is quite simple; it is the use of technology to provide financial services. This can include everything from developing new financial products to using big data to make better investment decisions.
Cryptocurrencies are just one example of how FinTech is changing the way we think about money. These digital assets are created and managed using blockchain technology, which offers a secure and transparent way to store and transfer value.
Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and control the creation of new entities. Cryptocurrencies are decentralized, meaning they are mostly not under the control of governments or financial institutions. Bitcoin, the first and most famous cryptocurrency, has been around for about 14 years.
Cryptocurrencies are often traded on decentralized exchanges and are increasingly used to purchase goods and services. For example, Bitcoin can be used to book hotel rooms, buy furniture or even order pizza. Some providers accept cryptocurrency payments directly; others use third-party service providers to process fiat currency (i.e. government-issued currency) payments.
Cryptocurrencies have been subject to volatile price swings over the years. Their prices are determined by supply and demand on exchanges; However, because there is no central authority controlling the supply of cryptocurrencies, their prices can be subject to manipulation by large traders (aka whales).
Cryptocurrencies have become increasingly popular as an alternative to traditional fiat currencies, due to their decentralized nature and the fact that they can be used anonymously. This has made them attractive to investors and traders looking for an alternative to the traditional financial system.
FinTech companies are constantly innovating and finding new ways to use technology to improve financial services. For example, mobile payments have become increasingly popular in recent years thanks to the development of apps such as Apple Pay and Venmo. And as more people move away from traditional banking products, FinTech companies are there to provide alternative solutions.
Explains Rosales, “As the use of crypto-assets grows, so does the need for reliable and secure ways to store and manage them. This is where FinTech comes in, as many companies now offer cryptocurrency wallets and other tools that make everyday life easier. investors to get involved.”
In addition, the rise of Initial Coin Offerings (ICOs) has shown how FinTech can be used to raise capital for new projects. By selling digital tokens in exchange for funding, ICOs provide a new way for startups to raise money without having to go through traditional channels such as venture capitalists or banks.
In recent years, there has been a growing trend of FinTechs and cryptocurrencies becoming more intertwined. This is primarily because both FinTech and cryptocurrencies are based on blockchain technology, which allows for secure, transparent and efficient transactions.
FinTech companies have also begun to embrace cryptocurrencies. Many now accept Bitcoin as a payment method, and some are even developing their own blockchain-based solutions. The combination of FinTech and cryptocurrencies gives users more choice and flexibility when it comes to managing their finances.
There are many benefits to the growing intertwining of FinTech and cryptocurrencies. Most notably, perhaps, is the fact that it provides more opportunities for people to invest in innovative new technologies and services. In addition, it also helps to create a more level playing field for startups and small businesses that may not have access to traditional forms of financing.
Another major benefit is the increased security that comes from using cryptocurrency assets as a form of collateral. In the event that a financial institution were to collapse, the crypto assets could be used to cover losses and protect depositors. This extra layer of security is especially important in today’s climate of economic uncertainty.
Finally, the interweaving of these two industries also helps promote transparency and accountability. With all transactions being recorded on a public blockchain, there is little room for financial institutions to engage in shady practices. This can help restore faith in the global financial system and encourage more people to use common services.
About Kimberly Rosales
Kimberly Rosales is an entrepreneur and technology lover who early on understood the full possibilities that cryptocurrency could offer. She founded ChainMyne, a FINTRAC registered company, in 2020 as a means to provide an easier method to access digital currency as well as to empower cryptocurrency holders. While most of her time is devoted to ensuring that her business ventures are constantly running smoothly, she enjoys spending time with her family and exploring new places when she has some free time.
Kimberly Rosales
kimberlyrosales.com
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