Crypto as a "GOOD COMPETITOR"

[GDragon]

J.P Morgan said that “Both financial institutions and their non-banking competitors face the risk that payment processing and other services could be disrupted by technologies, such as cryptocurrencies, that require no intermediation."

As my conclusion, banks realized that the real competitor(crpyto) giving a good challenge and starting a big threat for them and he also added that “put downward pressure on prices and fees for JPMorgan Chase’s products and services or may cause JPMorgan Chase to lose market share." which means that they are now starting to panic and do some movement to think how they can exceed expectation of all better than crypto. As a recognized competitor, it is a very good news for me. What's up to you?

Article link: https://cointelegraph.com/news/jp-morgan-sees-crypto-as-competition-and-risk-to-its-business-in-sec-annual-report

[mpufatzis]

Crypto is a thread to fiat money indeed, but if and only if we start using it in our daily lives. It was invented to replace fiat and eliminate the bank control. Unfortunately, i see that the majority still thinks how to be millionaire or rich within a year or two, I mean, they manage to get money from cryptos and make them $$. If it is so it is not a thread for JP Morgan or other banks. The thread would be if you insist every day to pay your coffee shop in crypto, even if they don't accept it, and at the end, you would see the hanging sign "Cryptos Accepted" on the window.

[Herbert2020]

it is because they are scared of bitcoin and the adoption that it has been having in the past year. and with new developments such as lightning network these banks are really scared, the side chains can practically put banks out of business with high speed and extremely low fees (near 0) and high security and being decentralized!

JPMorgan is one of those most vocal banks that has been attacking bitcoin for a very long time, trying to delay the inevitable

[manoj6233]

I feel like AEON would make a good competitor for Monero. It aims to be Monero, but completely run on mobile devices. No need for remote nodes. There are a lot of people living in a mobile-only era and it might be an excellent alternative. It has blockchain pruning for scalability (or, at least, it's supposed to ..

[Bodywowoya]

This is still a crypt not officially accepted in any country and it is impossible to make calculations in it. And so banks would not be used by many, and they lost a large percentage both in money and in depositors. So they are not afraid of it, another thing is that the government will not allow this.

[Vit83]

You still can't use cryptocurrencies in everyday life. I know only one working card system epayments that can help you to do this. And it is converting your crypto in fiat. Crypto has no such usage field like fiat. It is not a competitor yet to banks(