When July began, word around the financial sector spread of Deutsche Bank staff members being fired. This happened when 18,000 job cuts started occurring right in front of our eyes. The news was made live after a photo surfaced. The picture was of two men dressed in suits, carrying their belongings past the doors of a Deutsche Bank subsidiary in London with a bag labeled “Bitcoins.”
Lamentably, the photo was revealed to be an incredibles coincidence and timing. The men, now-former bank staff, weren’t walking from their formal place of work to advertise the ‘future of money.’ They were just tailors hoofing it at the perfect time. Nonetheless, that close to perfect picture of the future of finance ignited a couple of questions. Does blockchain and Bitcoin predicate the control of future investment?
The Start of the End for Banking Institutions
Using the United Kingdom as an example, London is considered a historical hotspot for financial institutions and the home for a couple of the world’s biggest banks.However, these big banking institutions are facing stiff competition.
Even before getting to Bitcoins, there is the opposition from challenger banks. These are small,newly-developed retail banks that compete directly with the old-reigning banks in the country, at times by focusing on areas that are poorly served by the big banking corporations. These banks are referred to as App-banks.
Anne Boden, an experienced banking doyen, is a founder and CEO of this type of institution.Even with awareness of how blockchain and Bitcoin have the potential to serve the banking sector, she believes that it will take quite some time.
A New Player in the Game
Cryptocurrency may be far from being as common as the dollar or pound, but companies are offering the opportunity to utilize this alternative method of payment if desired. If cryptocurrency is to reign as a new means of payment, then getting an early start in the race to invest is vital. Nakitcoins.com is one of the most trusted websites that deals in buying and selling of Bitcoins for those who are interested in investing in this “prophesied” currency.
A Shifting Future
The financial world has functioned in the same way for the last century with minimal or no intimidation from alternative options.
Stating that cryptocurrency will begin gaining more mass appeal doesn’t necessarily imply that it will be what shifts the banking image.It is going to be a tough task for a whole legacy-based business of enormous significance to overhaul its system for nascent tech.
On a daily basis, the use of funds and payments is clearly on the rise. Because of these needs, there is a rising market of challenger banks, payment facilitators, appbanks, and financial institution in the wings. Some institutions already the offer crypto services and blockchain while others are expected to follow suit.
Conclusively, there are much bigger demands and more niches to be completed to claim that Bitcoins and blockchain are the only means for the banking future.
Phoneia.com (September 6, 2019). Futuristic Banking: Is It All Blockchain and Bitcoin?. Recovered from https://phoneia.com/en/futuristic-banking-is-it-all-blockchain-and-bitcoin/