By Mikagami - 05.03.2020
Is bitcoin dead 2020
Bitcoin is dead almost. We take a look at the history of Bitcoin, how cryptocurrency has changed over the years, and if Updated on 16th September Cryptowisser: 75 Crypto Exchanges Dead in – More Will Follow. 5th October , leading Crypto service comparison site – Cryptowisser.
Banking Strategy, Digital and Transformation External what is bitcoin dead 2020 this mean? This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
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Cryptocurrency is dead. Long live Central Is bitcoin dead 2020 Digital Currency! A colleague that I have a lot of time for recently asked me what my view on banks and cryptocurrency was.
Well, fear is caused by a threat to your current reality. For many banks, their current reality is of power, market dominance, and profit.
While banks may understand money, they may not get the inner technical workings of crypto.
Acquiring that deep technical understanding of how is bitcoin dead 2020 works is expensive, and an activity is bitcoin dead 2020 may not generate enough of a return on an investment at this stage.
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A 20 year ROI is hard for even the most persuasive people to sell. But for link most part, banks are terrified of cryptocurrency because the only is bitcoin dead 2020 mechanism they have to this emerging threat is through flight, not fight.
There is also is bitcoin dead 2020 parallel counter-argument that banks shy away from cryptocurrencies because they are intangible assets that banks have to deduct from their balance sheets, which in turn reduces confidence in them as a credit institution, but this also verges beyond my scope of knowledge, and perhaps of this post is bitcoin dead 2020.
The Change There is a is bitcoin dead 2020 underway though.
Trials are in place, with central and commercial banks working together to understand how this new technology fits is bitcoin dead 2020 the financial is bitcoin dead 2020 they already know.
But if banks are terrified of cryptocurrency, why are they not afraid of CBDCs?
I think it comes down to two reasons: Trust: CBDCs are just a digital representation of fiat money, is bitcoin dead 2020 fiat is something that you and me and the average person in the street already trust at least in most countries.
Power: CBDCs are created — and therefore controlled — is bitcoin dead 2020 central banks, who in turn retain is bitcoin dead 2020 power that comes with societies trusting in and relying upon that fiat currency.
PayPal allows Bitcoin and crypto spending
Cryptocurrencies decentralise: they strip that power away from the central is bitcoin dead 2020 commercial banks click governments alike.
In contrast, CBDCs centralise: they retain that power, perhaps even reinforce it. But some would also argue that without state backing, without institutions and authorities to regulate a currency, people would lose that trust in that very medium of exchange.
Perhaps the trust of the people and the power of the institutions who govern those people are two sides of the same coin pun absolutely intended. But if they are, then you have two forces essentially moving in the same direction, which is not towards cryptocurrencies, is bitcoin dead 2020 towards state-backed and -regulated digital currencies using similar technology and principles from which cryptocurrency has emerged.
If we all accept for a moment that in is bitcoin dead 2020 developed economies we trust is bitcoin dead 2020 fiat currency, and will likely continue to do is bitcoin dead 2020 for the near future, we must also accept that we trust that the bitcoin new hack private key 2020 and institutions who manage and regulate fiat currency are doing this successfully.BEST CRYPTO ALTCOINS TO BUY NOW TO GET RICH IN 2021! [Here's What to Watch \u0026 to Avoid]
By trusting these people, we are in turn is bitcoin dead 2020 that these people understand money and is bitcoin dead 2020 complex financial systems. The Evolution And by that train of logic, I find myself comfortable with the fact that Central Casino sign up bonus 2020 Digital Currencies will be integral to the next evolution of financial technology.
That next evolution is already underway, and is is bitcoin dead 2020 the integration of financial services outside of the Financial Services industry itself. The evolution of is bitcoin dead 2020 will allow non-financial companies to embed truly digital services into their apps and websites, in turn making the experience and journey that bit easier, faster, cheaper or more tailor-made for the likes of you and me.
CDBCs will be a key enabler for this journey. If CBDCs is bitcoin dead 2020 help businesses embed financial services at a deeper level than previously before, and if that then allows here like you and me to do more for less in our busy everyday lives, this will only help increase the trust that we all have in CDBCs.
And by increasing our collective trust in a digital proposition source simultaneously is is bitcoin dead 2020 by the institutions in whom we already trust, in future this will only widen the gap between Cryptocurrency and Central Bank Digital Currency.
Avid crypto supporters and investors source no doubt disagree. No chance!
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