Bitcoin Forum

Why banks shouldn’t fear blockchain

Imagine a financial system that is far more efficient than the one we have today. One that is less expensive to run and therefore less costly to use, yet at the same time more robust, easier to control and far more difficult to abuse.....

https://medium.com/world-economic-forum/why-banks-shouldnt-fear-blockchain-2cdadd63319e

If the banks are going to provide an adequate hashrate, adequately distributed, how ON EARTH are they going to make this cheaper to run than their centralised 1970's systems?

The whole proposition is total garbage: there is no blockchain levels of robustness/corruption resistance without an adequate hashing network. Having one room at BigBank HQ with a bunch of basic PCs hashing away to themselves does not a distributed network make. World Economic Forum: you're full of shit on blockchain tech

Banks don't need to fear the bitcoin blockchain, there are only 21M btc in existence and that is not enough for 7 billion people to spend, simple.

People will still need to spend cash, unless of course something drastic happens to the economy such that all the money in the world shrinks to about $10 billion, then people might decide to swap cash with bitcoins.
I don't see that happening anytime soon ;)

How many pennies are there in 1 BTC? It's more than 100....

Literally the other day, I spent 0.0073 BTC on something. However, I see you're a relative newbie, so I can understand if you're not fully informed about Bitocin yet.