FREEPORT, BAHAMAS / ACCESSWIRE / June 4, 2020 / Change is inevitable. We can see it everywhere and it happens all the time. This is the reality of many of us face in a world that is constantly adapting to new realities of today. While most changes occur gradually over time, some happen so abruptly and without warning that we are often caught unaware and unprepared to adjust accordingly and in a timely manner. Those who lack the foresight or unwilling to prepare for these eventualities are the first ones to go. The prevailing antiquated banking and financial system we have today is a prime example of a powerful industry unwilling to adapt to these changes just to protect the status quo.
This industry has grown so powerful and influential that it has stubbornly ignored signs that may indicate that the current financial model may not be as sustainable as they would like to think it to be. The global financial crisis of 2007 -08 sent a powerful message that shook the entire world’s financial system, triggering worldwide market disarray. Surprisingly instead of addressing the problem at its core, worldwide financial regulators opted to initiate an experimental solution, dubbed as quantitative easing (printing of money), to bail out banks and further perpetuated the already failed financial system.
Without real alternative options at the time, the flawed financial system persisted. However, the global financial crises of 2007-2008 and the subsequent failure to relevantly address its failings served as precursors to the creation of a new revolutionary public financial infrastructure that is set to disrupt the way we do our banking and financial activities. The release of Bitcoin has shown the world that there can be an effective and secure alternative to the old, outdated, and seemingly unfair financial system we have today. An alternative financial system that does not require intermediaries that can restrict access to financial services or inflate the cost of value transfer.
This was made possible through the use of blockchain technology, an emerging technology that can simply be described as “codified trust,” allowing innovators and pioneers to create a whole new way of moving value through decentralized networks that no single entity can control, stop or manipulate. With this, Bitcoin has become the first globally accessible public money where anyone regardless of race, nationality, religion, gender, association, or creditworthiness can use it. However, despite its obvious and compelling use case this new asset class as yet to achieve mass adoption.
Like any human construct, bitcoin is far from perfect. The decentralized and distributed nature of its underlying technology makes it difficult for its architects to make it scalable to mass adoption. Moreover, it presents a steep learning curve for new users who suddenly find themselves empowered to have the sole custody and responsibility to protect their own money. Moreover, there is also a growing concern about the total amount of wasted energy the bitcoin network use, which is comparable to the power usage of a whole country with 161 million citizens.
While these reasons most certainly are valid, the existential risk posed by cryptocurrencies to the prevailing financial structure is perhaps the greatest reason why mass adoption has not yet been achieved. Because of this, banks and traditional financial institutions with the exception of a very few, have been antagonistic towards the nascent industry. It is no secret that the financial industry has significant clout and influence over policymakers and regulators, and maybe partly to blame for cryptocurrencies not having regulatory clarity up until now.
As the world pivots towards a more digitized social and financial interaction amidst the ongoing pandemic, there is an increasing need to find solutions that will enable people to conduct their business without overly depending on centralized entities that might be prone to a single point of failure. Blockchain technology and cryptocurrency are best suited to address this challenge but have not yet reached the same level of maturity and convenience traditional banks offer its customers. The dichotomy between centralized and decentralized solutions cannot be ignored nonetheless, being able to leverage both approaches will surely benefit customers going forwards.
This is exactly what a new startup is trying to achieve. Virsymcoin bank (VSC) describes itself as a blockchain-based multifunctional banking services platform. VSC is designed to address the flaws of the current traditional financial system such as high fees, lengthy transaction time, territorial limitations, and currency barriers. It will allow users to use fiat and cryptocurrencies in their day-to-day transactions without having to concern themselves about the underlying technology that enables them to do so. This hybrid approach will enable their users to leverage blockchain technology while at the same time enjoy familiar and convenient banking service features.
By combining digital and traditional currencies Virsymcoin seeks to address the shortcomings of both traditional financial systems and cryptocurrencies. This account combination will empower their clients to choose the suitable financial system that will be able to cater to their specific needs while at the same time benefit from both. Digital currencies will ensure faster operations, lower fees, and no territorial limitations while traditional currencies guarantee less volatility and worldwide acceptance and validity. VSC bank will make this possible through an integrated and accessible set of services.
These services include Multi-currency exchange, Online banking and mobile crypto bank, ATM infrastructures for both fiat and cryptocurrencies, Virtual Card/Debi Card, Loans, and P2P Loans, Money transfer, Crypto Acquiring, and Bank Deposits. All of which will be developed using their very own proprietary Distributed Ledger Technology (DLT) or Blockchain Technology. By doing so they hope to implement innovative technical solutions to address the main drawbacks of other blockchain networks.
The Virsymcoin team is made up of accomplished professions with numerous years of experience in the industry. They are led by their CEO, Dario Roberts who has over 15+ years of experience as senior management at his own international company Bahabeach in the USA. Its eWallet system is already built as well as its VirSymPay payment platform that allows merchants to accept both crypto and fiat.
The blockchain startup is currently doing a fundraising campaign to help them realize their goal of building their blockchain-based bank which is expected to be fully operational by the fall of next year offering full banking and crypto features. Those who are looking to invest in a one of a kind blockchain startup might want to dig a little deeper into this project which has the potential to create the right mix of products and services that might bring mass adoption into cryptocurrencies. To learn more about them you can check their pitch deck here.
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