Bitcoin’s Growth in the U.K. Continues to Be Stifled by Banks
Banks in the United Kingdom are turning a deaf ear to bitcoin exchanges, despite the government’s pro-blockchain position, according to financial writer Roger Aitken, writing in Forbes. Unless the situation changes, the banks will undermine bitcoin’s progress and drive cryptocurrency entrepreneurs out of the banking system. Cryptopay, a bitcoin brokerage, recently informed customers that it will no longer support British Pound deposits and withdrawals on account of new bank policies. Such incidents have increased as bitcoin has gained popularity. Cancellation of GBP deposit and withdrawal....
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Bitcoin continues to slowly push to the upside reaching new yearly highs once again over the weekend, defying the logic of many traders. The bears simply cannot get their claws into the market for the time being, despite severely overbought technicals in what is still a heavy resistance zone. Bitcoin remains embroiled in political infighting over block size, as has become the norm for Bitcoin over the past few years, and the current state of the shorter term technicals do not instill all that much bullish confidence at this time. Having said that, we think the main reason that the market....
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....
Banks are threatened by bitcoin and at the same time, they explore ways to integrate bitcoin technology into their operations. When it comes to the banking sector, the banks want to have the cake and eat it too. On one side, all the major international banks are making a beeline to incorporate blockchain technology into their operations whereas, on the other hand, they are not so eager to offer their banking services to bitcoin companies. Bitcoin has exhibited a strong growth since 2013. The digital currency has been around for the past 7 years, but its rapid growth gained everyone’s....