Banks want blockchain but not bitcoin and friends
Bitcoin is not only money but also a freedom of finacial system from central bank.Banks like to innovate their service to customers.Blockhain tech that backs bitcoin has attracted banks to create apps that comply with banking and financial regulation. Bitcoin is free and decentralized money that banks are not able to control. Most banks argue that bitcoin is a tool for illegal activities. In fact, bitcoin is not illegal platform. Only few users use bitcoin for criminal actoviies. Most bitcoin users enjoy the protected privacy when they shop with bitcoin. That is why demand of bitcoin is high.
It eradicates the need for a centralized entity and transfers the power from the government to the people.This lead banks to be afraid and fearful of bitcoin
https://101blockchains.com/why-banks-love-blockchain-but-not-bitcoin/amp/
Bitcoin has little intrinsic value according to Andrew Bailey the Bank of England Governor.
Ripple took the opportunuty to make partnership with banks. The company offers centralized cryptocurrency. While bitcoin and other currencies remain decentralized. Beo will issue CBDC in July. https://cointelegraph.com/news/boe-governor-continues-to-assert-bitcoin-has-little-intrinsic-value/amp
Stable coin from banks answer volatility. Banks still do not accept anonymity that is why KYC is compulsory to all banks services.
It is clear that banks like blockchain but not for bitcoin and friends.Will the banks commitment not to accept bitcoin affect to bitcoin users? It does not affect at all. Bicoin holders grow fast. The main idea of bitcoin when Satoshi nakamoto us to free from centralizef money. Like or dislike will not influence bitcoin users. Many people have misconception about bitcoin. They think if banks do not accept bitcoin, users of bitcoin will leave their asset? That is completely wrong. Bitcoin will be bitcoin whether banks like it or not.
I think its the Governments not the banks that have final say on this... but Bitcoin is here to stay only, its too old school now for Governments to reject the idea, its a trend because blockchain revolution has started a while ago.
Ripple is good actually... it has real utility and compared to BTC low transaction fees. At the end practial usage of asset matter, in that BTC is just a monument of a old digital currency that's going to be thought as gold, but its actually not useful, just for store of value, that's all. Kind of dissapointing.
That's why I am not so much bitcoin enthusiast thesedays, looking towards other crypto project coins... lets see
Governments and regulators should get adapted to the tech layers behind bitcoin and other cryptocurency. Yeah bitcoin is just old store value , it is too expensive.
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It is an interesting topic, my friend, I believe that bitcoin will always have a lot of acceptability, even if it is not recognized by the banks. Having such a transparent management of resources is not convenient for many governments, which is why some governments have wanted to become the stone in the bitcoin shoe, but have not been able to achieve it.
See you later for a great week !
Bitcoin is a representative of other cryptocurrencies Like or not crypto communities are growing
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to totalitarian governments I attach interested in controlling the btc, and that's why they are trying to impose regulations and taxes on its use But the blockchain and the btc were born free and will remain so more there is with all the humor of Defi and everything that comes.
New innovation will make regulators stressful because they stuck on old tech. If they plunge into crypto world they will win the competetion in the future
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Hi @lebahThis is literally an economic war between the centralized and the decentralized. But I am sure that freedom must prevail, or we must reach that point of balance where we can all be comfortable with what we are doing with our money.