Established financial institutions and banks failed to understand and embrace the decentralized and transparent nature of bitcoin and the blockchain technology since its birth in 2008.
Some bitcoin experts and financial gurus argue that banks still don’t have a solid grasp of Bitcoin’s core values and purposes.
Bitcoin as a technology and a currency was created to be used by anyone without the influence and control of a central entity. However, Over the past few months, Wall Street banks, multi-billion dollar financial organizations and groups have joined a blockchain research group known as the R3 consortium, trying to create blockchain-based applications, platforms and currencies to “decentralize” current financial systems.
http://www.newsbtc.com/2015/12/23/banks-misinterpretation-of-the-blockchain-technology/
