1, the existence of cryptocurrency has brought a new kind of competition, as people start using cryptocurrency our traditional banking system start feeling pressure. Banks are now been force by the existence of cryptocurrency to think of improving their services to keep up with the fast pace of digital currency. It is so funny that some bands are now exploring Blockchain technology just to their quicker and secure than before. to tell you guys how competitive things are banks, they are offering their own digital currency to their customers. And one thing I like about this competition is that it's pushing our traditional banking system to innovation and improvement.
I don’t know any bank in Nigeria that’s currently exploring blockchain technology. Could you please provide names or details on which banks are doing so and the ones that are offering their own coin/token to their customers. I wouldn’t advice anyone to buy those coins simply because it won’t end well for them, banks are not in the business of making their customers rich.
Bros, there are several banks in Nigeria that have Blockchain technology.. such banks includes; First Bank, United Bank for Africa, and Zenith Bank, have adopted blockchain networks.
the question is, do they see bitcoin or any crypto as a threat to the smooth running of their business? i doubt that is the case. in some way, they are even looking at the possibility of collaborating with bitcoin users since to an extent, we still rely on the banking system as the means through which we can buy bitcoin. banks especially in our country are focus more on getting customers be them bitcoin users or not and to even go down to reality, that you are an holder of bitcoin does not mean that your usage of bank will be reduced to the slightest. a lot if not all of us make use of banks for our daily tyransactionn and so regardless of a bitcoin enthusiast that we are, we can not say we can do away with the banks.