(6) HOW DOES CRYPTOCURRENCY AFFECT THE BANKS? In my own opinion, cryptocurrency have had a profound impact on traditional banking. By challenging the status quo and disrupting long-est abolish systems, their decentralized nature, cost advantages, and increased accessibility have implications for both individuals and financial institutions.
Ask yourself as a business man will you happy when new competition comes up?
Banks will traditionally be against anything that has the potential to affect their business. Traditional banks have been against even fintechs because they reduced their customer base, cryptocurrency has the ability to also affect the customer base of these banks that is why they are against it.
Yes that's just the simple truth no body will seat down watching it opponent take away food from his table the fight of fiat bank, otherwise know as traditional bank is because of the good record of digital currency is becoming more effective, attractive and attention deriving to customer than the fiat bank so the investor who as well act as patronizing the government connive to fight just to keep their business moving because of they seat and watch they will be left behind as the digital currency will throw them away from the banking space by taking all their customers leaving them with lesser active that can't sustain the business.
Example many transaction that bank do perform before is no longer in their custody only few with less technology knowledge runs to bank for transportation, it's because this bank will loss more customers so it's normal thing when competition exist the first in the market will fight to condemn the arrival of the opponent just to remain monopoly.