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How Cryptocurrencies Could Offer Banks' Independence

Amid recent discussions about consumer acceptance, Bitcoin and other cryptocurrencies are about to provide economic independence to private banking institutions

Bitcoin was created to do in 2008 when its initial white paper was published. The decentralized virtual currency has removed the need for an administrator or bank – through encrypted peer-to-peer transactions recorded on the public registry known as Blockchain

. who was small then completely changed in 10 years. The last fortnight has witnessed the biggest uptrend in the history of Bitcoin, with the virtual currency going up to $ 11,000 this week.

The increasing value of Bitcoin did not go unnoticed. Opinions are widely divided, but the fact that Bitcoin futures are being taken into account by the Chicago Mercantile Exchange and NASDAQ proves that great things will happen in the next few years.

While financial institutions plan to enter the market, the man in the street still considers cryptocurrencies as a revolutionary technology. By investing in and using Bitcoin, Ethereum and other virtual currencies, people are moving away from banks using anonymous transactional systems.

The Future of Finance

However, as the Flock "

S Addressing Lee Camp on Redacted Tonight on RT Walter Mcree, director of the Institute of Public Banks, believes that cryptocurrencies offer another opportunity for investment and storage. Their money, as an alternative to private banking institutions:

"In categorical terms, it's very exciting because it suggests that there are options for capital control." that we all have under control. Bitcoin and other emerging Blockchain technologies are like free currencies or alt in the past. "

" They certainly represent a way for communities to have their own isolated economic strength.

Mcree also believes that the general interest in cryptocurrencies shows that there will be an adoption by major institutions in the future.However, he has put back into question the possibility that people like Bitcoin defy the dollar in the years to come:

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"It's an exciting prospect, we'll see where they will go in terms of integration into money markets. I know the big banks are certainly looking for their version. I do not think it will replace the US dollar at least right now. I think the Yuan and other things could be along the way. "

" Wholesale Bitcoin and other crypto-currencies emerge, we will see all sorts of variations coming. "