Why Banks Hate Bitcoin, What Banks Do And Why We No Longer Need Them
Why Do Banks Hate Bitcoin? Banks have been a part of our society for so long that we have forgotten what exactly they do. We think of them as bastions of security and stability. They hate Bitcoin because of it's inherent instability, right? Wrong. There is more to this than meets the eye. Economists are now asking the question: Do we need banks? The answers they are coming up with is somewhat surprising. There is a misunderstanding out there, of the role of banks today and, in particular, where all the money they loan out, comes from. The Bank of England recently published a paper called....
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Maxime Bernier, a former cabinet minister nicknamed “Mad Max” and the leader of the People’s Party of Canada (PPC), says he supports bitcoin and cryptocurrencies. “I hate how central banks are destroying our money and economy … cryptos are another new and innovative way to counter this that should be encouraged,” he said. ‘Mad Max’ Supports Bitcoin and Crypto Maxime Bernier, the leader and founder of the People’s Party of Canada (PPC), has revealed his support for bitcoin and cryptocurrency. He is a former Canadian foreign....
Many banks hate Bitcoin and are feeling threatened by the new digital cryptocurrency. Coindesk recently wrote an article about Dutch Bank Rabobank. The context was the same as many articles before that have and have not made it to more major media outlets: Bitcoin businesses guillotined by banks around the world. Rabobank has blocked transfers of fiat to Bitcoin exchanges in the past for individuals, not just businesses. Rabobank even had days when all attempted online transfers to domestic Bitcoin Exchanges were met with a technical error. Two websites in the locality have since spread....
Big banks are threatening to ship British jobs overseas and cripple the economy if the nation’s Treasury fails to slow the nation’s exit from the European Union. This would leave Britain under the thumb of Brussels for longer than the nation’s voters have demanded. The outrage has already begun. Two camps arose after the election. One for a quiet exit, and one for a longer term exit. Markets seemed to show power brokers had opted for a longer term exit. That exit is going to only take longer now if the international banks get their way. City of London bankers have warned the UK government....
Poland might now join the ranks of those countries not open to cryptocurrency developments, as banks in the nation refused to accept payments using bitcoin exchanges. According to news from Polish bitcoin forum bitcoinet.pl, bitcoin payments are no longer available on cryptocurrency exchanges Cryptocoin.com, Bitbay.pl. and Bitmarket24.pl. "All this is due to the ultimatum that the four largest Polish banks bring to operators and BlueMedia CashBill payments," the forum noted. With that, bitcoin exchange Bitbay.net has already advised its users that they can no longer make accelerated bank....
A solution has to be created which makes moving fiat in and out of bitcoin exchanges more frictionless. Over the past few years, a lot of bitcoin exchanges had to deal with issues related to UK banks. Even though bitcoin is legal in an unregulated manner in the UK, banks are not too keen on cryptocurrency. Some experts argue it is due time to take British banks out of the bitcoin exchange industry altogether. Doing so would have catastrophic events, though, as it limits both deposit and withdrawal options for a lot of users. Then again, with banks continuing to deny service to bitcoin....