How Bitcoin Technology Could Disrupt Banking
Disclaimer: The text below is an advertorial article that is not part of Cryptonews.com editorial content.
With the growing popularity of Bitcoin, could it end up disrupting the banking sector? This article explains several ways how this could happen.
It is common for human beings to be skeptical about innovations. And this was what happened when Bitcoin launched. After gaining ground and popularity, Bitcoin attracted the attention of many skeptics, especially those from the conventional financial system. Traders are also into bitcoin and to get the most out of their trading, they may use platforms like Bitcoin Profit. Also, these included CEOs and senior executives of prominent banks.
Despite their skepticism, Bitcoin has continued to grow in popularity and application. Today, even skeptics are starting to embrace the reality of Bitcoin. Indeed, some of their initial concerns that Bitcoin could disrupt conventional banking are turning out to be true. And this is not just in one way but in several ways.
The most obvious way Bitcoin could disrupt banking is by transforming how we make payments. Traditionally, you would have to go through an intermediary like a bank to make or receive certain payments. But Bitcoin’s blockchain is decentralized. It eliminates the need for intermediaries to allow peer-to-peer payments.
Bitcoin peer-to-peer payments would deny banks a significant source of revenue. Banks usually charge some fees for processing payments. And since Bitcoin will eliminate them, the banking sector would have one less revenue stream.
Bitcoin could also disrupt banking by making international funds transfer faster and cheaper. Conventionally, if you wanted to send money abroad, you would have to pay high fees, and the
Read more on cryptonews.com
