Why us?


BANKS should fear bitcoin

The banks are not necessarily scared of bitcoin the currency, they are however scared of the potential disruption from the technology used in the Bitcoin infrastructure. Banks see this as a means of improving the efficiency of their cross bank transactions such as remittance of funds. They also see that the block chain can facilitate new transactions that exchange value without the need for a bank (and the resulting loss of fee revenue).

This disintermediation of banks is a threat that the banks are taking seriously – when they first realized the potential threat – they lobbied the authorities to introduce rules that would make it difficult for any new company to enter into their market and now they are actively exploring how the block chain can be used all with the intent of protecting their market share.