Max is a business developer with a strong management background. He expects to fund a new generation of cutting-edge tech companies in bitcoin space, contributing to a major social change in the years to come.
The following data compilation gives us an overview on why the bitcoin, blockchain and financial tech industry might have found its innovation sweetest spot in Asia.
[#1] Asia’s wealth creation capacity is on its way Up!:
–> Asia-Pacific is projected to hold one third of global wealth in 2019.
[#2] Population numbers present advantages when compared to other regions:
–> Asia represents 1/2 of the world’s population. Six of the top 10 countries in population size are Asian.
–> Most developing countries in Asia count with a great percentage of young population, seeing their spending waves peaking around the 2060/70s decades.
[#3] Bullish bitcoin adoption and industry development show signs of commitment and growth:
–> China registers 800,000 bitcoin users and concentrates 70% of global bitcoin trading volume
–> China holds 50% of the global mining power
–> 20 bitcoin companies are based in China. Among them, 3 of the world’s largest exchanges.
–> More than 80% of bitcoin transactions take place in Chinese Yuan.
–> Increasing investments in the bitcoin, blockchain & financial technology sectors will accelerate developments in the APAC region. Only in 2015, the fintech sector received $3.5 billion during the first three trimesters. Some of those companies are actively incorporating bitcoin and/or blockchain technology into their operations.
[#4] Governments starting to shape adequate environments while studying/evaluating best approach towards innovation adoption
Singapore prime minister and Chinese authorities have publicly recognized bitcoin and blockchain technology as a new reality and innovation landscape that represents a big opportunity to their country’s future development.
[#5] Internet accessibility still presenting challenges. Nevertheless, largest internet user bases are Asians:
–> Internet regional overview
–> China leads with 667+ million users having access to internet connectivity.
–> In december 2015, India scaled positions and now has the second largest internet user base. Mobile phones are user’s preferred browsing device.
–> Asia’s internet broadband and mobile speed. Some countries have performed considerable progress, while others are lagging behind.
Remittances are a hot industry to focus on for companies and startups in the block chain tech and finTech sectors.
Previously in 2013, a press release published by the World Bank stated that global remittances represented a $550 billion dollars industry, with India and China receiving $131 billion (see graph below).
The same article stated that by year 2016 we could expect a record number in remittances, registering a flow of $707 billion.
This year (2015), the Goldman Sach’s Investment Research Report part III – “The Socialization of Finance” featured that:
– According to the World Bank, there is an estimated roughly $550bn sent internationally in 2014. We estimate the fees generated by banks and other money transfer platforms to be roughly $30bn, or roughly 6% of the total principal amount. –
We expect block chain companies to be able to offer lower fees and faster transfer with solutions that are easily accessible to everybody. These must not rely entirely on having a smart phone or fast internet connectivity since that equals (in most cases) to a relatively high entry cost for many people in the developing countries.
Five key facts explain why Millenials are the major agent of change in the future of the global financial industry. We see endless opportunities for innovation in several FinTech areas like payments, credit/financing and insurance.
5 KEY FACTS
– 33% of Millennials think banks will be unnecessary in five years from now
– 14% of Millenial small business owners use alternative financing rather than traditional banks
– Less than half of Millenials have a credit card
– Only half expect to use cash on a weekly basis by 2020
– 50% are counting on tech startups to overhaul banks
The infographic is part of the recently published Goldman Sachs’ Investment Research Report – The Future of Finance – Part III “The Socialization of Finance”. Find the full report in our Knowledge Center.
Following Wikipedia’s publication, “Millennials (also known as the Millennial Generationor Generation Y) are the demographic cohort following Generation X. There are no precise dates when the generation starts and ends. Researchers and commentators use birth years ranging from the early 1980s to the early 2000s.”
Cryptocurrency is a new thing for almost everybody. It is a revolutionary way of thinking money as well as using it. In this quick guide we review three options to buy bitcoin all over the world.
> 1st Option – Buy Bitcoin Face to Face from a Seller
Nowadays there are firm possibilities of finding other bitcoin enthusiasts in your city town that would like to make a face to face deal with you. This could be a great first experience since it allows you to research who the seller is before taking your chances, and spend some time exchanging ideas and personal experiences if you arrange the meeting.
For this purpose you can find people in many places. From eBay to Facebook and Linkedin groups, Twitter and local Meetups.
There are also companies in the bitcoin ecosystem that have seen this need and created a marketplace to connect bitcoin buyers and sellers. Two of them are LocalBitcoins and TradeBitcoin.
> 2nd Option – Buy Bitcoin Using Exchanges
Bitcoin exchanges have popped up everywhere. You can use global exchanges widely accepted in many regions, or choose a local dedicated bitcoin exchange at your country. Both options have positive and negative connotations, so you should try to make the most informed decision.
Take this three suggestions to help your decision:
A- Local exchanges are incorporated as local companies, meaning that while bitcoin might not be recognized by the local government, companies are still regulated under the jurisdiction. They pay taxes, adjust to the local legal frame and have responsibility towards customers.
B- Regional or global exchanges do not provide the advantage above, but might have enough social/user proof on their records to justify your choice. Have in mind that some of them have received large sums of money in VC funding to support their operations and take it to the next level, what doesn’t provide 100% assurance but is an element that others might not have.
[Would you add other suggestions to this list? Please let me know in the comments section!]
> 3rd Option – Buy Bitcoin as an Exchange for Goods or Services
This is probably a zero risk way to build your bitcoin first capital. I’m sure you might be an specialist in something that somebody else could need and would accept as a payment for his bitcoin. In the same way, if you have goods not currently in use, you can exchange them for bitcoin. The benefits of bitcoin for small business owners are encouraging!