Bakkt will not save the cryptocurrency. It will save wall street

Rumor has it that Bakkt will pause in attempts to get the approval of the American authorities, having applied to cryptocurrency licensed at the state level. According to the belief of some analysts, it means death Bakkt. At the same time, the platform will not save the cryptocurrency. The latter develops slowly, naturally and organically without Bakkt.

The following text is a translation of an article by Mark Helfman for Altcoin Magazine on Medium.

The contents

How Bakkt will save wall street?

Bakkt interesting because it allows financial professionals to buy, sell and trade bitcoin with trading infrastructure, enterprise-level, focused on the unique demands of capturegraph. According to the plan, it will be something like Coinbase on steroids — derivatives, investment services and sophisticated tools are needed for big investors to properly manage the funds. And most importantly, Bakkt will take care of all regulatory and operational risks of the purchase and sale of cryptocurrencies, including custody, security, insurance and clearing all transactions.

In fact, the platform allows institutional big investors “safe” to pursue a transaction with clear rules, regulation and expectations. At a certain stage becomes available commercial solutions on the type of credit card and payment processing. Bakkt builds its entire market from scratch with only one goal: to dominate kaptarenko, just as the new York stock exchange dominates the stock markets.

If you use cryptocurrency, you should understand that Bakkt completely superfluous and unnecessary. When you buy shares, do a calculation of the transaction, buying collateralized debt obligations or dealing with derivatives and other financial products, you need to wall street. You need a broker. You need a dealer. You need an investment company. You need a mediator.

But download a Bitcoin wallet? It can be anyone. Register on Coinbase or Gemini? Easy. If you are able to learn how to use a checkbook, and a wallet of Bitcoin will learn exactly. If you are able to learn to order food online, and checking in on the cryptocurrency exchange problems you will have. Wall street you do not need.

The whole point of cryptocurrency: it can use any

How important is wall street?

Source: Unsplash

Yes, of course. It plays an important role in the global economy. It collects small amounts of money from many people and invests them in large funds. Governments, businesses, farmers and banks use these funds to grow, make money and create jobs. Allowing wall street to do this, investors receive a small reward.

In turn, wall street gets a small profit and watching a fair game. Clearing houses, design companies, accountants, lawyers, traders, brokers and many others get their share.

Actually so wall street began. In 1792 the us stock markets were terribly disorganized and a complete Scam. In the same building on wall street group entered into an agreement that will only deal among themselves using a fixed transparent fee. They created the wall street small businesses, helping them with the calculations, clearing, certification, notarization and all legal and administrative actions necessary for the orderly efficient operation. Over time, the street became the financial center of the United States, and financial institutions – in the center of a large profit.

Crypt kills profit

Cryptocurrency makes service wall street obsolete.

When the assets are licenzirovanie and recorded in the blockchain clearing house will not be needed. When developers create easy to use smart contracts and decentralized exchanges, brokers and dealers will not be needed. When you get the spread of distributed financial application trading company will not be needed.

See also: Bitcoin for 5 months in a row bypasses the traditional assets for profitability.

You will no longer need wall street to obtain legal and administrative services, such as clearing, processing, certification and mediation in your financial transactions. Perhaps the need for wall street and all will disappear.

Finances in General can go to reminiscent of the Airbnb network of professionals and small companies, United technologies. We are already seeing in financial technology the move from cumbersome, bureaucratic firms to more flexible competitors according to the type of Personal Capital, SoFi, Circle and other startups, among which, incidentally, is the daughter of the firms on wall street. Cryptocurrency will accelerate this trend.

Bakkt is the best hope for wall street to preserve their profits

Source: Coincentral

Bakkt can not change this trend, but it can get ahead of her. It can nurture technologies that make smart contracts are more beneficial. It can form a network connecting entrepreneurs and cryptocurrency companies. It can develop the infrastructure required for mass adoption of cryptocurrency. It can use its image and reputation to enhance public trust in the legitimacy of the cryptocurrency. Remember the famous quote of Mahatma Gandhi.

First ignore you, then they laugh at you, fight with you, and eventually you win.

Bakkt does the opposite. Instead of ignore, laugh or fight with cryptocurrency, it is trying to win. There are some of the most influential and respected players in the world. It is supported by some of the most vocal supporters of the cryptocurrency in the world. She has a bold vision and strong partnerships. She has the attention of the entire cryptocurrency market. It has the world’s attention. Whether it will succeed?

Wall street need to succeed. Otherwise wall street will disappear.

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