(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.
Personally I think the over hype on crypto is what is actually giving it this much hatred and looking from some obvious points, you’ll get to realize that, bitcoin and cryptocurrency wouldn’t really thrive properly without without our local banks and this is because, we still need this local or better put traditional banks to complete a regular transaction atleast in a country like mine.
Bitcoin and cryptocurrency still has a very long way to go for it to stand independently in a country like mine because, most of the local transactions still require fiat to complete a transaction successfully and since cryptocurrency and bitcoin precisely isn’t in a physical form yet, it might be difficult to run a smooth trade in a country were we still have a lot of petty traders who don’t even own a smart phone talk more of operating one and facing the whole rigorous processes of bitcoin transactions and safety.