The Banks don’t want to acknowledge the existence of bitcoin, but they are all eagerly waiting in a line to implement the Bitcoin technology. Do the banks realize that there would have been no blockchain without the bitcoin? The endless opportunities these banks are seeing, where they can potentially save millions of dollars every year by using a much faster, economical and secure alternative to existing infrastructure is being made possible by the very digital currencies they are trying to ignore.
The growth of Bitcoin as an alternative currency has been a very uncomfortable development for the mainstream banking and financial sector. Even though the use of bitcoin is still limited, mainly due to slow adoption rate, its advantages against the present monetary system is well known among the people. It has been ages since a disruptive technology made inroads to the well-established financial system, which has so far been ruled by banks. They have been acting as the gatekeepers of the financial system, sometimes making decisions for the individuals about how they should save or spend the money.
Enter bitcoin and people now have an option which they never believed could exist. The democratization of the economy, where the individuals have the freedom to decide how and what they want to do with their money without having to rely upon or go through the institutionalized monetary channels. Since bitcoin became popular, it has undermined the authority of banks and financial institutions on the financial system. People no longer have to rely upon the bankers who have been handling their money for generations to make a transaction. They can do it by themselves. If someone wants to send funds to a relative or a friend staying abroad, they no longer have to go to the bank, fill up forms stating reasons […]
