[2015-09-27] Banks, Bitcoin and Blockchain — a Recipe for Downfall

[upsidedown75]

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.
http://www.newsbtc.com/2015/09/27/banks-bitcoin-and-blockchian-a-recipe-for-downfall/

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[RustyNomad]

Nice article.

Sad to say but what the writer has to say about the impact banks will have on bitcoin adoption once they rollout their own blockchains is very true.

There is currently very little incentive for anybody to switch from fiat to bitcoin. The little incentive there is, is bound to disappear once the banks are able to offer the 'same' bitcoin has to offer in terms of speed, efficiency and low cost.

The one thing however that banks will never be able to offer is the fact that 'I'm my own bank' i.e. with bitcoin I'm in control of my own funds. With a bank you will never be. It will be similar to having all your funds in a wallet with an online exchange. You own the funds but you will never be in full control of it. The little control you do have can be taken away with the push of a button.

For most people out there this will however not be a problem and or even a thought to cross their minds as they are so used to being 'slaves' of their financial institutions.