An article about Crypterium - The banking tech that will cross the crypto-chasm from early adopters to the majority

Blockchain technology is set to change the world. Bitcoin is just the proof of concept - everyday new coins are being developed that have the potential to change the world with their revolutionary use-cases.

The future is now!

I have been invited by one such coin, Crypterium, to write an article about the future of banking with their new blockchain technology.

The Present

We live in a golden age of crypto - everyone in the world is waking up to hear about Bitcoin and Etherium, and maybe even some of the plentiful other altcoins. The news is reporting on it, institutional investors want in, smart people are even designing complicated derivatives to bet on these markets. Scores of lawyers are employed around the world to try to fit new tech into old laws; these are exciting times!

But only a very few innovators and early adopters have gotten into the crypto-realm in a practical way. Sure, many have heard about it, but the barriers to entry are still quite high. A survey conducted by Macromill in Japan indicates this quite well.

_{Source Macromill study}

This clearly shows us that Cryptocurrencies have a long way to go in order to breech main stream and main street adoption. Additionally, Bitcoin, the most well known and front-runner of the cryptos, is feeling its growing pains, with expensive and lengthy transactions and two finalized hard forks this year.

Adoption

According to the Diffusion of Innovation by Everett Rogers, there are distinct phases which new innovations have to go through. These phases identify different types of users as well as different classes of needs.


Innovators join because they have a love for new technology; they want to take part in the making and creating of new worlds and spaces.

Early adopters, and most of us on the steem platform are just that, love to see features and design being experimented with and implemented. But to get into the early and late majorities, any new technological innovation, like cryptocurrencies, must be further developed in order to 'Cross the Chasm', with vast improvements to things like usability and user experience. We are almost there with cryptocurrencies, not quite.

Crossing the Chasm

At the end of 2017, we find ourselves attempting to leap this metaphorical chasm with new implementations of the blockchain and smart contract technologies proven conceptually with Bitcoin, Ether and others.

How can cryptocurrencies be used by everyday ordinary people? How can we build a bridge across the chasm of adoption to reach the early and late majority waiting to enter the market? Crypterium has the answer.

Banking in an age of decentralization

Crypterium promises to bridge these gaps with a technological platform. As a banking intermediary, Crypterium can provide exchange liquidity between all cryptos on the market, never again will we have to worry about the double coincidence of crypto-acceptance! With their lowest cost conversion algorithm, the tiny 0.5% fee will pay for itself.

The network of Crypterium partner businesses will continue to grow, as more and more realize how easy it is for customers to pay in any exchange-listed currency and for the business to recieve in whichever they decide as well.

The ability to pay bills, such as utilities, taxes, rent or mortgages in cryptocurrencies opens the door to large scale usability. Fiat currency transactions means the days are numbered when we will have to worry about means of payment; just make sure you bring your smartphone!

Add to all this the planned implementation of traditional banking services such as interest bearing deposits and loans, and we are really talking about the Future of Banking.

Making it Personal

I personally am very interested in Crypterium, as my life is subjected to a long logistical line of banking and financial services stretched between six primary currencies and two continents. I have multiple bank accounts, at multiple banks, paypals, exchange and brokerage accounts, dozens of hot and cold wallets, a lock box, debit and credit cards and a nice safe spot under my mattress. I have and maintain a vast network in order to manage my finances.

To give you all a concrete example, the mortgage on our farm is denominated in US Dollars, but the taxes on the farm are paid in Colombian Pesos, and my primary source of income is Steem and SBD, which I must convert to litecoin to be able to transfer back into dollars.

I think I might be the poster boy for Crypterium. I am also very fond of their Open API, which will allow developers to develop apps on top of Crypterium's innovative banking platform.

_{The future is bright!}

Love and Light to All! Happy Holidays!

crypterium2017