18 Apr '15, 10pm

Have Banks Started to Lose Sleep Over Bitcoin?

Have Banks Started to Lose Sleep Over Bitcoin?

In the letter, while discussing the strategy and outlook, Jamie has outlined the challenges posed by Bitcoin along with startups working on banking alternatives, merchants developing their own networks, PayPal and services similar to PayPal to traditional banking business. It is not possible for traditional banks like JPMorgan Chase to provide real-time payment processing and there is a cost involved in moving money through traditional banking systems. Newer technologies like digital wallets and Bitcoin protocol have an inherent advantage over these things. With bitcoin, transactions happen in real-time and money can be transferred to anywhere in the world within minutes. In addition, the cost of transactions over the Bitcoin network is negligible in comparison to traditional options.

Full article: http://www.newsbtc.com/2015/04/18/have-banks-started-to-l...

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