Banks, Bitcoin and Blockchain - a Recipe for Downfall
Bitcoin has been around for about seven years and it has achieved great heights in such a short span. While bitcoin is already being adopted by a considerable number of people across the world, the technology that powers bitcoin transactions has become a bigger hit. Blockchain technology is behind all bitcoin transactions. Blockchain is a secure and transparent ledger that records each and every transaction that happens over the bitcoin network. All transactions needs to be confirmed on blockchain and the entry recorded to ensure there is no double spending on fraudulent transactions.....
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This is part 3 of The Downfall of Bitcoin: The Need For Responsible Mining, if you have not read part one and part two yet, do so here: Part 1, Part 2 before proceeding to read this part of the story. The following is a work of fiction, the events below have never happened. This article serves as a means to stress the importance of miningresponsibility on both the miner's end and the pool owners end and offers a situation in which the downfall of Bitcoin could occur. Any companies in the following article are fictional and this story does not pertain to any companies in existence today.....
Banks didn’t plan for the blockchain. It just happened in front of them in 2015. But, they have been thinking a lot about its implications. 2015 was the year that banks started to wonder about their blockchain strategy. Banks that didn't have such a strategy were considered laggards. But despite its revolutionary prognosis, the blockchain doesn't signal the end of banking, because the banks aren’t going to use it to disrupt or obsolete themselves. Rather, they will guide it to live within the regulated constraints of their world. The good news is blockchain implementations help banks....
This is part 2 of The Downfall of Bitcoin: The Need For Responsible Mining, if you have not read part one yet, do so here before proceeding to read this part of the story. The following is a work of fiction, the events below have never happened. This article serves as a means to stress the importance of mining responsibility on both the miner's end and the pool owners end and offers a possible situation that could be the downfall of bitcoin. Any companies in the following article are fictional and this story does not pertain to any companies in existence today. The story will be told as a....
The debate over Bitcoin’s future relationship with the banking system has come a long way in the last year. In 2014, the discussion was speculative for the most part, as major banks had not yet weighed in on the digital currency. However, in the first half of 2015, banks began taking more interest in Bitcoin. More specifically, several banks have been....
Bitcoiners champion how blockchain technology could undermine the financial system and effectively destroy banks. Bitcoiners mention how banks are going the way of the buffalo and blockchain inspired technology – or simply Bitcoin – will revolutionize the way the world does, basically, everything. Bitcoin, they say, will allow individuals to become their own banks. But, what if the opposite is happening? Many people on the opposite side of the aisle believe that blockchain technology will cut overhead so much that the record profits big banks have made in recent years will look small.....