With the arrival of film productions such as Spider-Man No Way Home, Loki, or the CW series (The Flash, Arrow, etc.), the concept of “multiverse” has become more understandable to different people. In these productions, the multiverse reflects how there are different universes with their respective planet Earth. Still, each planet has certain “variations” according to the universe to which it belongs; for example, in a universe, things on planet earth happened differently than the Second World War (where the other side won, which caused many future events to happen to change). At the same time, in another land, the great meteorite that hit the dinosaurs never made it to Earth, which means that mammals never reach to develop, among many other outcomes. Taking this concept into account and focusing on the banking and financial sector, in this article, we will talk about 3 possible realities or “Lands” related to Fintech.

Warning: All of the following are simple mental exercises to imagine what the world would be like if a certain system prevailed.

Earth 1: The crypto system is predominant

In this parallel Earth, the cryptosystem displaced the FIAT system. Cryptocurrencies were gradually adopted by different countries due to constant inflation and poor monetary policies of different governments until a point came where most people started to stop using FIAT money to use only cryptocurrencies.

It is important to note that, in this reality, there is not a single predominant cryptocurrency, but there are different cryptocurrencies; the most used cryptocurrencies are those that have the following characteristics: greater value, decentralization, low energy consumption, lower commissions, and speed in their operations, Free crypto competition has made cryptocurrencies improve all these indicators constantly, allowing users to have more efficient and versatile cryptocurrencies at their disposal.

In this environment, the FIAT system tried to get its own cryptocurrencies to compete, but without success, since the same supply and demand left centralized, inefficient, or high-commission cryptocurrencies aside. On the other hand, the system awarded the most decentralized, efficient, and reliable cryptocurrencies. In this type of land, Fintech companies constantly prosper since they have an environment in their favor, which allows them to create different financial products and services with high added value, taking the banking and financial system to a higher level; On Earth 1, blockchain technology has been able to prosper and develop, reaching its maximum potential, influencing almost all sectors such as public administration, justice, politics, energy, travel, work, health, defense, and others.

Earth 2: The FIAT system is predominant

In this parallel Earth, the FIAT system never let the cryptosystem emerge; after cryptocurrencies were adopted by different countries (due to constant inflation and poor monetary policies of different governments), the FIAT system “fought back” with regulations. And strict laws, which made the advancement and development of cryptocurrencies very difficult. On Earth 2, the fight between both systems (FIAT and crypto) was very tough since the FIAT system could only prosper or win after implementing a single common currency globally. The banking and financial system realized that the only way to confront the cryptosystem was by joining. Despite having a single currency at the global level, on Earth, 2 financial problems continue since monetary policy depends on the organization, entity, or state behind the global monetary system.

On Earth 2, Fintech companies cannot reach their full potential since they are very limited or regulated, which prevents them from creating new financial products and services since they are “obliged” to work in the FIAT environment. In this parallel Earth, blockchain technology also has certain limitations; however, it has many potentials; due to what happened in the financial sector (and the strong repression of the traditional banking system), other sectors prefer not to get into trouble and not support its incorporation.

Earth 3: Both systems coexist Crypto + FIAT

In this parallel Earth, the cryptosystem and FIAT coexist since, after a struggle that lasted several years, both systems “shook hands” and decided to live together to find a balance between the two sides. In this reality, each country has 4 to 5 official currencies: The national FIAT currency, an international FIAT currency, and the 3 most relevant cryptocurrencies at a global level (which meet the parameters of best value, efficiency, reputation, speed, and low energy consumption).

The competition has caused only these 3 cryptocurrencies to be recognized, but the rest are relegated. Although in Earth 3 some countries want to be 100% crypto, in practice, it is difficult for them to do so since precisely part of this “agreement or truce” consists of each country having at least one FIAT currency to generate a certain balance. In this parallel Earth, Fintech companies can operate and develop in both systems. Still, they have the limitation of only working with the most “recognized” cryptocurrencies and having an obligation to work with the FIAT system. Despite these limitations, Fintech manages to develop different financial products and services. In Earth 3, blockchain technology has developed, but with certain limitations, influencing only some sectors such as public administration, work, health, and health.

Do any of those Earths reflect a possible future?

As we can see, each of these Earths or worlds represents a possible future; only time will tell us if future events approach some of these realities (or a combination of them at different times); however, we must take into Note that many variables can influence a system to prosper or not and that in the end, the decision is made by the users themselves, who are the ones who finally decide which system they will use, support or support.

What do you think about this topic? What other realities do you think are possible regarding the banking and financial sector?

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