Cryptocurrency is a digital-only currency that can be used to buy goods and services, typically online. The universal currency can also be used for trading or investing. With cryptographic techniques, cryptocurrency transactions are completely secure and remove the need for third party intermediaries such as banks to oversee transactions. The lack of government oversight put this decentralised system as a popular option for those looking to make transactions securely and privately.
Cryptocurrency regularly relies on blockchain technology (digital distributed database that allows a decentralised peer-to-peer network to review and verify new transactions). Due to its lack of big body regulation, although the currency can be used to pay for things, many retail sites are not yet open to adding a crypto option payment method. But in order to pay for something, a customer must have a digital wallet that comes with public keys (that is universally known on the system) and private keys (only known by the user) that can be used for spending and receiving crypto. Whilst there are over 6,000 cryptocurrencies in circulation, the most notable are Bitcoin, Ethereum and Litecoin.
The value of cryptocurrency can rise or fall rather dramatically within a short period of time, and it’s this element that has led many to be wary and warn of its unstable nature. It’s a financial market built on supply and demand with value rising if people suddenly flock to a cryptocurrency. Cryptocurrencies are appealing to many because of its high security associated with blockchain and lack of human involvement. The speed of transactions, lack of regulation, and the potential to make profits, are also what turns people to the crypto market.
But, crypto has its fair share of critics. From its lack of intrinsic economic value, investment schemes and crypto not being backed by tangible assets, the currency was initially dismissed by traditional bankers. One banker, German billionaire, Michael Gastauer, was one of the first to offer Bitcoin as a form of deposit and conversion into 28 government-issued (FIAT) currencies. 2015 saw the launch of Gastauer’s digital banking service, Black Banx, where private and business clients can open accounts in 180 countries with a range of financial services accessible via a smartphone app. As well as offering general digital banking services, its crypto position is unique. Black Banx offers its customers complete autonomy by connecting the banking platform with the features of the crypto exchange. Customers are able to pay third parties directly from the Black Banx platform. Gauster’s aim with Black Banx is to provide a flawless integration between cryptocurrency and a regular banking environment.
What’s next for cryptocurrency?
Economic Secretary to the UK Treasury, Andrew Griffith told CNBC that Britain could introduce laws aimed at crypto regulation within the next 12 months. Referring to the UK’s exit from the European Union, he said, “We’ve got control back of our rulebook, not something the UK has had for decades.” At the same time, the country is hoping to place itself as a global hub for crypto asset technology.
Last year saw a cryptocurrency crisis of sorts. The world’s largest cryptocurrency, Bitcoin, declined by 64% and Ethereum by 67%. However, this year, the crypto world is already seeing a brighter crypto climate. Since the beginning of 2023, Bitcoin has risen by 80% and Ethereum by 74%.
What’s next for Black Banx?
As Black Banx continues to grow year upon year, 2023 will be no different for the fintech giant. With a 2022 year end revenue of $1.1bn, this will rise to more than $1.9bn by the end of 2023. The company hopes that by 2025, employee numbers will grow from their current 3,000 to over 8,000 and a 40% female share rate. Black Banx is working to achieve net zero operations and reducing supply chain emissions, investing in the continued decarbonisation of our operations, and in the development of a net zero pathway for emissions from its supply chain.
What does Black Banx offer?
Providing accounts to individuals and businesses, customers can access features such as a Black Banx debit card, budget tracking, international payment in 28 FIAT and two cryptocurrencies, banking accessible from anywhere in the world, inter-platform instant payments and interest bearing savings accounts. All potential customers need is either a passport or driver’s licence for identification purposes. If interested, please visit BlackBanx.com or download their mobile app.
As a critical feature in the crypto banking industry, Black Banx’s unique crypto proposition puts it ahead of the game.
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