(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.
but I hope they are aware that crypto currency mean no harm to them, for me no matter the traditional something banks should take their pride and collaborat with Bitcoin. Because it's for their own good but all I know is that it's just the government that keeps the central banks not to work together. And if the government allows crypto to work with the banks their incomes won't be like normal was any more. That's why some countries don't want crypto to be Centralized.