[Bit]coin flipping: “Blockchain will go mainstream in the next 5-10 years”
According to a recent article written by the International Monetary Fund’s Andreas Adriano and Hunter Monroe, blockchain “may end up helping” banks despite its original ‘no banks involved’ policy. We talked to Spiros Margaris, one of the top social influencers in FinTech, about the future of blockchain and Bitcoin and the former’s long-term benefits.
Spiros Margaris, founder of Margaris Advisory and Senior Advisor to FinTech Forum, the first and the largest community for FinTech in Continental Europe, has faith in blockchain’s potential. We asked him about the IMF’s latest piece, if blockchain can help the FinTech movement and how it will inevitably change things for the better.
JAXenter: Do you think blockchain will go mainstream anytime soon?
Spiros Margaris: It will take time before blockchain goes mainstream. I do not foresee it happening before 5-10 years, but I believe that is quite a common timeframe prediction shared by many in our industry.
JAXenter: Is Bitcoin part of that equation or will blockchain outshine this digital currency?
Spiros Margaris: For me it is not a question who will outshine whom. I strongly believe in Bitcoin and I see the obvious great potential of blockchain.
And I share Marc Andreessen twitter statement: “Big companies desperately hoping for blockchain without Bitcoin is exactly like 1994: Can’t we please have online without Internet??”
JAXenter: Speaking of the IMF’s latest piece called The Internet of Trust, can blockchain become “the next internet”?
Spiros Margaris: The title ‘The Internet of Trust’ I think it was meant to show the benefits and disruptive impact blockchain will have. Besides I think it is a great title that sums it up quite nicely.
If you look at the impact of the Internet as a disruptive technology with obviously all its great benefits for all of us I can agree that the blockchain technology has the same potential.
[Blockchain] will change things for the better in our lives.
JAXenter: How can blockchain help the FinTech movement?
Spiros Margaris: Any FinTech success story helps the whole industry build trust. And with trust comes easier and wider adaptation of new things to come from the FinTech industry. People always need time to get used to new things that have the potential to change things so dramatically although hopefully in positive ways in their lives.
JAXenter: What are the key challenges of blockchain and why should the FinTech movement take this technology with a grain of salt?
Spiros Margaris: Of course blockchain has its challenges (costs, scalability, standards, regulation, security, etc.) and it will take time to overcome them but we all know that once we overcome those challenges — which many banks and startups work hard on to do — it will change things for the better in our lives.
JAXenter: Is the FinTech game only beginning or has it started to mature?
Spiros Margaris: We are only at the very beginning of what will come out of the FinTech industry in the years to come. We will see things with AI, blockchain, payments, insurance, lending, etc. that we cannot imagine now that those things could have been or will be possible.
Thank you very much!