How scared are banks of bitcoin and what will they do about it?
Whether we consciously think about it or not, banks are intertwined with our lives. We need them, but more importantly, they need us. It's something to consider, given that there are times the banking industry can sometimes be frustrating, to say the least. Although startups like Simple are trying to bring a friendlier face to banks, it is the underlying system itself that is resistant to change. When faced with the emergence of something like bitcoin, it is worthwhile paying attention to how the banking industry behaves. Many who are working towards building a bitcoin economy believe that....
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According to law experts in South Africa, most banks are scared of blockchain for its power to disrupt their sector. A Senior Associate at Norton Rose Fulbright in Johannesburg, Nerushka Bowan, said the adoption of blockchain among banks has the potential to disrupt the global banking industry. Using the blockchain technology and its digital distributed ledger to confirm batches of transactions just as it does for bitcoin, it can take over functions such as verifying payments. She added that though banks are a trusted intermediary for the exchange of funds, they will be cut out once the....
In recent comments made to CNBC, U.S. Secretary of the Treasury Janet Yellen demonstrated misunderstanding, and perhaps fear, of Bitcoin. The post Janet Yellen Sounds Like She’s Scared Of Bitcoin appeared first on Bitcoin Magazine.
What can you expect from the near future of Bitcoin or cryptocurrencies at all? We tried to look into the developments going on and predict what it is going to be in the upcoming 3 to 6 months. As of the first part many people are scared of is this, for many people I asked what Bitcoin was... People: Bitcoin is something we can not touch, just came out of nowhere and I am not aware of what it really is or represents. As you can see that this is the first aspect of the whole change-management syndrome. People get scared of new changes, then they get introduced and see why the system came....
The start of this weekend hasn't exactly been pleasant for those who are counting on the price of Bitcoin going even higher. Some grim news that came out this week scared the market when China announced they didn't want financial institutions toying with bitcoin. On Friday, the market became really scared when Baidu stopped accepting bitcoin. The company says it's due to wild fluctuations in the cryptocurrency, but some speculate Baidu has felt pressure from Chinese authorities to stop accepting bitcoin. As such, the price per coin is far from where it was at the start of the week. At the....
Blockchain is gaining notice from at least one member of the U.S.Congress, according to TechTarget. U.S. Rep. David Schweikert, R-Ariz., called on attendees at the DC Blockchain Summit in Washington, D.C. to educate lawmakers about the technology’s benefits so that lawmakers can address it in a way that benefits the economy as opposed to excessive regulation. Schweikert, who serves on the House of Representatives’ Financial Services Committee, noted banks are scrambling to ensure blockchain technology doesn’t disintermediate them. He said he has followed cryptocurrencies for a number of....