Top Stories in Accounting and Finance
Bitcoin Split is Nothing to Fear — Bloomberg
Bloomberg reports on a buzz-worthy shift surrounding cryptocurrency: a so-called “hard fork" in the market with the entrance of Bitcoin cash. But what's often misunderstood about cryptocurrency is its potential for longevity. The split will help speed up efforts to bring bitcoin to the masses, prompted in part by the lagging transactional pace of Bitcoin. The article draws parallels to the ebb and flow of over 140 physical currencies over the last century, and how bitcoin differs little in valuation and depreciation risk by comparison.
Finally, a resource that explains blockchain in layman's terms that isn't frustratingly vague. With clever graphics and a consumable layout, Mohit Mamoria (@mohitmamoria) shows us the why behind blockchain, and the incremental steps to a distributed ledger that make it so brilliant. You'll want to share this with everyone you know who struggles to understand blockchain.
The Fintech Entrepreneur's Need for Speed — Entrepreneur
While growth is a factor in measuring a startup's success, Eyal Lifshitz (@BluevineCapital) for Entrepreneur warns fintech leaders not to get too carried away. Explosive growth can be dangerous. Haste is a common pitfall for fintechs seeking to prove themselves to investors and the public with dazzling revenue growth. Lifshitz, instead, suggests that fintech should focus on data security, risk management, and compliance.
The Federal Reserve confirms that non-cash payments are on the rise. A growing popularity for ACH in business-to-business payments is one finding, and the number of check payments, as expected, is down. The data shows the value of B2B payments doubled between the years of 2000 and 2015, weighing in at $148.5 trillion. PYMTS.com reports “Businesses wrote an average of 24.1 checks a month in 2015, down from an average of 66 per month in 2000."
Banking's Fintech Fears — Financial Times
Fintech is making big waves in the banking industry now that there are 22 fintech companies around the world worth more than a billion dollars. The playing field between banks and fintech is shrinking and banks are taking notice. Fintechs are gaining a larger share of the customer relationships in banking, and as fintechs move from niche corners of banking to full-fledged services, a trend towards partnership becomes imperative.
See what you missed in the previous edition: Weekly Ledger 46
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