Is Bitcoin Going to Replace Banks?

(Last Updated On: April 27, 2019)

This graph says plenty about how Bitcoin will be performing in the next decade. But that is certainly subject to change as some government or international law may apply restrictions or rules over the currency. It can either last forever or just a two-day life. That depends upon how it affects the traditional world; affects in a positive way, it will be kept. Otherwise it is directed to the exit door (which is always open). Those interested in this currency with real enthusiasm are the real government or authority that regulates it. Since it is the currency of Internet, it is controlled by “netizens” (sounds good, right?).

(Image source: CNBNEWS)
(Image source: CNBNEWS)

Is Bitcoin replacing banks?

The big question is; What is the future of Bitcoin? Is it going to replace banks?

When compared to a regular bank, it proceed transactions many times faster. It completes a transaction within 10 minutes, unlike banks which take normally 3 work days to do the same (learn why a Bitcoin transaction takes 10 minutes). It is also very cheaper than banks. Despite convincing facts, it might take years to unseat the traditional payment processing methods. So far destiny of Bitcoin seems to be safe. Just recently, officials of United States Treasury and Justice Departments have now recognized the digital currency as legitimate and financially safe. But still Government of United States is not accepting tax in form of Bitcoins.

Meanwhile Bank of Canada jumped into the discussion by publishing a paper saying it’s highly unexpected that virtual currencies ever replace banks. Here’s the research paper published by Joshua S. Gans from Rotman and Hanna Halaburda from the currency department in the bank in question. In the paper, it can be observed that they draw a line between platform-specific currencies and currencies designed to invade the real-world ones. Neither of forms are viable competitors to official currencies.

No bank as of now accepts Bitcoin. And if they start to accept it, the revolution would just have had begun. So the answer to the question is: Not until banks decide to accept it as a payment method.

We will keep you posted.

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