Future Finances - Post 1

Fintech - an emerging industry that uses technology for financial activities.

The most known and used form of financial activity is online banking. Not directly a 'fintech' but still an evolution of technology and finance.

A branch of online banking is cryptocurrency, the most famous being Bitcoin. They are a virtual currency in which 'mining' is the method to generate new coins. Many companies and people accept them as a real world currency now so it has become more and more popular.

Something similar to Bitcoin that is more recent and engaging for a wider audience is Crypto Kitties. They are virtual images of cats that are unique. Breeding them and creating new combinations of cats makes them more expensive and rare. There is one interesting thing about this though. If you buy a Crypto Kitty, you don't technically own the cat. You own the image, that's it.

I personally feel like Cyrpto-currencies are not the way forward. As a comparison it could be looked at in the same way as subscription services. Netflix for example, sure you can watch it whilst you're paying but at soon as it goes, you lose it. it's gone...until you pay again.

Sources:
BITCOIN (2018) How does Bitcoin work? [Online] Available at: https://bitcoin.org/en/how-it-works [Accessed 19 December 2018]
CRYPTOKITTIES (2018) About CryptoKitties [Online] Available at: https://www.cryptokitties.co/about [Accessed 19 December 2018]