Why Bankers are Afraid of the Growing Relevance of Bitcoins Blockchain Technology

The blockchain is a form of economic transactions based on an incorruptible digital ledger that can be used to record anything of value. The rise of blockchain was accompanied by the invention cryptocurrencies, the most impressive means of digital currency that has enabled a smooth means of internet transactions. The blockchain programme database is based on the Bitcoin concept, the first ever cryptocurrency that still dominates the digital currency world. The main strength of the blockchain lies in its incorruptible nature, that is why the digital currencies have become so trustworthy.
The Bitcoin blockchain is a big deal, in fact, it is the mother of all the other digital currencies that exist today. This incorruptible concept is distributed on all networks of computers using the blockchain hence earning itself a place in the global money system at large. Being such a perfect system with a fluent flow, blockchain is gaining popularity as a worldwide digital currency much to the discomfort of bankers. As the world keeps advancing towards a more digital operation in everything, bankers have a reason to worry about the growing relevance of blockchain and the extensive cryptocurrency possibilities that blockchain has opened doors to.
Bitcoin took the digital currency by storm, and also influenced the rise of other smartly encrypted cryptocurrencies. One of the topmost digital currencies introduced and already taking global recognition is Litecoin, and now, the two most potent digital currencies Bitcoin and Litecoin technology has been combined to form another remarkable digital currency, the Popular coin. Just like the cryptocurrencies before it, the Popular coin has claimed its fans wide and far but with some advanced merits that make it a better option in its way. It is this kind of perfection that is making the banks uncomfortable.
The growing perfection of the blockchain is apparently sending a panic wave to bankers because for some reasons that show that people will end up preferring to use the cryptocurrencies. This very is a likely occurrence in the coming years as we swiftly slide into the fully digital age, the use of blockchain looks like a very natural process that has already kickstarted. The fact that the blockchain technology can easily manipulate it distribute ledgers to perform any transactions is so attractive. The popular coin highly utilizes this merit as it is known for its quick operations at a very affordable fee.
The banking industry all over the world can confirm that they have a problem with complex global transactions. As much as there are means of globally sending and receiving money, the physical processes involved are nowhere near the blockchain supremacy. The universal aspect of cryptocurrencies is, therefore, the most attractive feature of the blockchain, and I don’t think there is anyone who won’t love to be associated with that. The fear from the banking sectors is justified, It is evident that cryptocurrencies are swiftly gaining the trust of the people as a global means of transaction. This can be witnessed by the fact that the likes of the popular coin are already in used worldwide.
Another noticeable feature of blockchain that makes it a threat to bankers is the fact that the user can control their digital currency. Regarding security, this is a very significant issue as the user will take precautions to make sure their money is very safe from outsiders. For instance, the smartly encrypted Popular coin, Bitcoin, Litecoin and the others always have clear and precise instructions on how to safeguard your account and digital wallet. Immediately you decide you want to be part of the cryptocurrency team; you will get information on everything you need especially the types of digital wallets and which will work well for you. This is something not experienced in any banking system, as much as there are mobile banking and use of master cards, there are too many privileges not enjoyed.
Banks have felt the pressure that blockchain would cause once this breakthrough takes place. There have been moves by the global banking sector to prepare for the invasion of the mighty blockchain. The main game changer would be incorporating cryptocurrency in the global banking system, but there is a problem with that because cryptocurrencies are digitally independent. There have been cases of global banking institutions combining power and trying to come up with an equally competitive distributed ledger technology. It is evident that whatever the banks come up with, it is not going to have unique features like blockchain.
Banks are keeping a close eye to blockchain, from the current state of the cryptocurrency world, there is no loop from penetration by the banks to peep on what precisely the blockchain is. The system is too tight to be mastered by a non-participating party which automatically rules out banks. Bankers are afraid of the growing relevance of blockchain not just because it is a very tough competition but also because blockchain will cause significant changes in the banking sector that the banks have to adjust to in no time to maintain relevance in the financial industry.
In conclusion, the fear of banks to the growing relevance of blockchain has been initiated by the perfection of blockchain and its threat to overtake the financial industry with its ease of transactions. Cryptocurrencies have also been globally accepted which makes them more preferred since blockchain has more privileges than the banking services. Banks have retaliated by been keen on the blockchain trend; maybe they will find a breakthrough someday.

Leave a Reply