This Week in Fintech ending 8 October 2021

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This week our experts brought you the following insights based on their experience as investors, entrepreneurs & executives.

Monday Ilias Hatzis our Greece-based crypto entrepreneur (Founder & CEO at  Kryptonio a “keyless” non-custodial bitcoin and cryptocurrency wallet, that lets users manage bitcoin and crypto, without private keys or passwords and Weekly Columnist at Daily Fintech) @iliashatzis wrote Bitcoin will Eat Everything

Between 1990 and 2000 the Internet went from zero to really big numbers. During this period it had its fastest growth, growing at 63% a year. It had the fastest adoption compared to anything before it in history. Then the dotcom crash came and everyone said it was the end of the Internet. But actually, it was not the end, but only the beginning. It gave birth to billion and trillion-dollar companies like Amazon, Google, Twitter, Facebook and Uber, and a few others. At the end of the month, bitcoin will have its 13th  birthday, and crypto’s numbers are around the same number of users the Internet had in 1997. Depending on the source you look at, crypto is between 150 and 200 million users. It’s growing at 120% a year. That’s double the adoption rate of the Internet. That’s hockey stick growth. We are looking at over one billion people in the next three years and 3.5 billion people by 2027. That’s half the world’s population by the end of the decade. That is truly extraordinary!

Editor note: Ilias makes the long term bull case for bitcoin.

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Tuesday Bernard Lunn, CEO of Daily Fintech and author of The Blockchain Economy wrote: Part 1 what is Ethereum 2.0?

Ethereum is a blockchain platform born in 2014 that enables programmers to build decentralized ledger applications (DApps). Confusingly there is both a native currency/token “ether,” only for  transactions on the platform, and an investable asset called ETH.

The Ethereum 2.0 upgrade began many years ago and got some reality with Beacon Chain in December 2020,  existing alongside Ethereum’s mainnet. This is like a public beta where validators can register their interest by staking  32 ETH (worth over USD 96k as I write). Staking means committing funds for two years or more only to be released when Ethereum 2.0 is fully ready; it is a big committment that few retail investors can do.

Editor note: Some subjects are too complex for our short attention spans, so we do 4 posts one week apart, each one short enough not to lose your attention but in aggregate doing justice to the complexity of the subject. Stay tuned to Parts 2-4 by subscribing.

Wednesday Alan Scott Managing Director EMEA at 24 Exchange @Alan_SmartMoney wrote his weekly roundup of Stablecoin news.

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Thursday

Rintu Patnaik, an Insurtech expert based in India, wrote: The State of the Claims Technology Modernization Market

With the spread of digital claims, major changes are upon us, such as rising adoption in virtual estimates for auto and property claims and telemedicine for injury claims. For simple claims, fully digital processes are taking center stage with claims staff tasked with covering blind spots from artificial intelligence (AI) and ensuring superior customer experience. For complex claims, handlers continue as usual, bolstered by AI-led decisions to improve automation.

Editor note: Making complex technology easy to use is hard and makes a massive difference to customer traction.

Christian Dreyer @x3er, the Swiss based CFA who focusses on how XBRL changes our world wrote his weekly roundup of XBRL news.

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Friday Howard Tolman, a well-known banker, technologist and entrepreneur in London, wrote his weekly roundup of Alt Lending news.

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