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DBS Bank Has Its Own Kodak Moment With Bitcoin

David Gledhill, Director of Group Information at DBS, One of Asia's Largest Banks, put his opinion ahead of what Bitcoin is. Gledhill reiterated the point that many argue, calling Bitcoin a Ponzi scheme.

However, Gledhill's critics focus primarily on the high transaction costs that Bitcoin currently has, and it goes so far as to say that this issue should be sorted out – essentially a true consensus of putting in place. scale is reached which reduces transaction costs, there might be more interest for banks.

As Bitcoin is currently, there is very little to attract the big banks, although some have taken the plunge. However, many in the crypto space believe that Bitcoin is working to solve its problems of scale and reduce transaction costs and that is what banks could expect.

"Incredibly Expensive for Us"

After releasing Bitcoin as a Ponzi scheme in his opinion and that of DBS, Gledhill addressed the actual elephant in the room for many users, as well as banks that would consider integrating and adopting digital currency

The crypto-mechanisms hide all the costs, "he says," we do not do not think that DBS in this game will create a competitive advantage for us. "

For banks, like DBS, there is currently no rush to join the cryptocurrency market, as its transaction costs and speed are hampering the market. adoption by the big banks, but it makes more sense that these banks continue to compete with the electronic transactions of government-backed currencies.

Essentially, the fees for these transactions are centralized and therefore determined by the bank. Therefore, it makes sense for the banks to have their fingers in such pies because it is their bread and butter.

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Gledhill however provides for that in the long run, Bitcoin will sort out its expensive transactions, which will be part of its scaling up. <br /> <br /> From there, the interest in the banks suddenly increases because not only will the adoption increase, but also for traders and com

There is no current benefit for banks like DBS to offer Bitcoin to its customers. Others, like the Falcon bank in Switzerland, have

However, Gledhill explains:

"Bitcoin is not going to help DBS to attract customers, deposits or the wealth management "

Prudential Approach

Wall Street Institutional Investors, Banks, Investors, and Investors Have Taken on a Cautious Approach: Banks Attempt to Join to the Bitcoin wave, rather than canceling it, they want to see the transactions much cheaper.

The transactions taking place on the Blockchain remain decentralized even if they are offered to a bank. [19459004

Money never reaches them, but if transactions are weak, adoption will increase and demand will increase, which will allow banks to impose other obligations. of expenses where they can so enjoy.


All this feels a bit too much of the greed of the banking sector, and a lack of understanding for bott. Indeed, Matthew Roszak, co-founder and president of Bloq, a company software company Blockchain, replied:

"When I hear comments like that, I think a lot of people have their Kodak moment, where maybe they do not really understand the scale of this technology. "