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Banks Vs Cryptocurrency. Who will win?

Oct 15, 2017 Posted /  25913 Views

Banks Vs Cryptocurrency. Who will win?

The cryptocurrencies have started to go the mainstream way. The banks are now worried that the cryptocurrencies have started to create a craze amongst people. Day by day, as the people are becoming more aware of cryptocurrencies, they have started to invest and support cryptocurrencies, which has also led to their high speeding soaring prices. Banks are now considering it as a bothersome problem, as the future of cryptocurrencies looks bright. Cryptocurrencies can even replace the native currencies if any country wants to decentralize and digitalize the economic system. And, thus it is a reason of concern for the Big banks.

What will happen if cryptocurrencies are adopted?

If cryptocurrencies are adopted in an established way, they will take away the major share of the banks, and banks will lose a huge amount of money and also they won't have any authority over money. No matter what, but if cryptocurrencies replace the local currency it will be a commencement of a new era where the public will have the authority of their money. The immutable, distributed ledger, will help the people to trace their money, they will have the authority to know about where it has been utilized and where it has been transferred. The thing with cryptocurrencies is that it gives you the authority over your hard earned moolah.

Who will win?

Banks are getting a tough competition from cryptocurrencies. They have that power to dethrone their traditional system, where they have the authority over other’s money. In order to save their self from the defeat, they will try their own ways so that people drop the ideas of involving with cryptocurrencies. They might put some strict rules, regulations over cryptocurrencies or even shut them down, with effortless clicks. They are worrisome about the invasion of cryptocurrencies that they regularly warn people about the negative sides of the cryptocurrencies and spreading the word like it is a bubble or is very volatile so that people do not try to evolve from their traditional methods. Some major banks are testing their own blockchain based cryptocurrency, which they can launch to stand out from the race of other cryptocurrencies. Banks know this fact that if promoted properly, a lot of people will believe in their words, and will invest in their version of cryptocurrencies. They will either destroy cryptocurrencies completely or defeat it with their version of cryptocurrencies. It is up to time to tell that whether the present cryptocurrencies will pass in the challenges, or will they fail to make a mark.  

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Tags: blockchain bitcoin banks adoption

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