Bittorent Effect: How Bitcoin is Forcing Banks to Make Better Products

[Scottoshi]

from: https://news.bitcoin.com/banks-cant-ignore-bittorrent-effect/

Bank of America, for example, has embraced mobile banking in recent years, offering its customers mobile banking in an app as well as digital check deposits (akin to scanning a QR-code for Bitcoin users). Then there’s Wells Fargo, which offers what they call “Text Banking” to “quickly receive account information by text message,” along with the ability to pay bills, transfer funds, and even get direction to the nearest ATM.

If an alternative to banks was never invented. Would banks even have an incentive to innovate?

[Lauda]

Would banks even have an incentive to innovate?

The simple answer is no. Unlike competition which can be in various industries, these guys control the corrupt system together. Unfortunately the majority of the people are not even aware of it. These are nice (Bitcoin-related) documentaries  such as this one, that everyone should definitely watch. It gives you at least a little inside of the 'magic money making machine'. The main reason that these banks are focusing on the 'blockchain' (a private blockchain is nonsense) is to divert attention away from Bitcoin itself (as they could lose everything).