The Banking System Is Obsolete: Bitcoin and the Blockchain Are the Future
The current banking system and fiat currencies are obsolete. They are unfit to support the new economy. Banks are intermediaries and, as such, they can hinder or delay the free flow of businesses. Banks are expensive, especially for the poor. People lose money at banks, due to outrageous fees. People are fearful of putting their money in banks in....
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The Blockchains + Digital Currencies conference was held on July 28, 2016, in New York. Leaders and entrepreneurs in the banking and fintech industries discussed how blockchains and cryptocurrencies, such as Bitcoin and Zcash, can help reengineer banking processes and provide faster and more secure financial transactions, as well as cut costs by billions....
Cardano Founder Charles Hoskinson shared his damning thoughts on the legacy financial system, concluding that cryptocurrency will take over because it offers a better way. The Banking System Brought This On Itself Much is said about the enmity between cryptocurrency and banking. While the banking system towers above cryptocurrency in terms of both capitalization and […]
The banking sector is enthusiastic to implement blockchain technology in order to automate most of the processes, This may lead to future job cuts in the sector. The banks were never charmed about Bitcoin for multiple reasons. For starters, when the digital currency was first introduced following the collapse of the US banking system, it was hailed as the killer of the traditional banking sector. As time passed, the digital currency gained enough traction to actually threaten the traditional banking industry with its easy and fast transactions at literally no transaction costs. The fierce....
The president and chairman of the board of Switzerland's central bank described a financial system "turned on its head" by blockchain and distributed ledgers to kick off the Sibos conference yesterday in Switzerland. Addressing a crowd of some 8,000 financial industry professionals, Thomas Jordan lectured on the history of centralization as a means to provide security and efficiency in the banking industry, from the birth of centralized clearing houses in the 1940s to the advent of the Six Interbank Clearing system (SIC) in 1987. But with blockchain and distributed ledgers....
Blockchain technology has proven to make Bitcoin a legitimate global payment option for millions of people worldwide. The banking establishment is falling all over themselves to create their own Blockchains to cut costs and become more efficient. Now, the U.S. Military and NATO are investing in the potential future use of Bitcoin’s cutting-edge technology as well, for everything from sending more secure messages to protecting nuclear weapons. The U.S. Military is just as interested as the banking establishment. It turns out that the U.S. military has been investigating Blockchain....