When it comes to the banking industry, banks want a piece of the pie. They are cautious about Bitcoin, but at the same time they are exploring ways to integrate Bitcoin technology into their banking operations. On one hand, all the big international banks are moving pretty fast towards incorporating blockchain technology into their operations. However, on the other hand, they are not very eager to provide banking services to Bitcoin companies. Since 2013, Bitcoin has shown a strong growth trend. Over the past 7 years that the digital currency has been in existence, its rapid growth has captured everyone's attention. The development of Bitcoin has also seen the birth of many startups that provide innovative financial services based on Bitcoin. These services are far cheaper and more efficient than traditional financial services. In addition to financial services like remittances and fund transfers, Bitcoin, combined with its underlying blockchain technology, has begun to gain a foothold in the field of financial technology. Banks keep their distance from BitcoinThe huge potential of Bitcoin in the banking and financial technology applications has posed a threat to banks and financial institutions. The banking and financial technology fields still rely on traditional systems, while Bitcoin technology is something new for them. Their hostility towards Bitcoin and Bitcoin-based companies is mainly due to the following reasons:
Although banks are cautious about Bitcoin, they are aware of its existence and have ignored Bitcoin and blockchain for a long time. Now they are worried that if they don’t upgrade their services to match what Bitcoin offers, they will perish. So now they are investing heavily in adopting Bitcoin technology in addition to Bitcoin itself. Recently, some banks have opened their doors to Bitcoin while others continue to find ways to eliminate digital currencies instead of embracing the technology that will allow them to survive. Original article: http://www.newsbtc.com/2016/02/27/banks-wary-about-bitcoin-affect-business/ |
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