Skip to main content

WHEN WILL BANKS GET INTO CRYPTOCURRENCIES?

 


Rise of the stablecoin

Mainly due to the high volatility, the journey of the cryptocurrencies has been very bumpy at times since their beginnings and anything but stable.


Two of the big hitches so far: The first in 2013-2014 and the associated hack of a popular crypto exchange and the second around 2017-2018, the crash of Bitcoin, Ether & other cryptocurrencies from the peak.


With the advent of stablecoins, many people and investors began to view cryptocurrencies more as a form of payment. The fact is: Bitcoin is already being used as a means of payment in a wide variety of sectors today.


Of course, the environment for cryptocurrencies has already improved, but the Banking Circle study has shown that there are still many hurdles and challenges to be overcome, which could possibly stop or significantly slow down the entire development.


For example, the high cost of transactions on the Ethereum network is one of the top considerations for banks looking to participate in the digital asset revolution, although costs are likely to decrease as new code layers are introduced.


Sometimes one of the most important considerations for the banks - the high costs for transactions, for example in the Ethereum network. Of course, banks want to be part of the digital asset revolution.


Some good news, perhaps , is that the crypto industry is set to gain some minor leverage over the central bank, with none other than former Ripple adviser Michael Barr being appointed to the Fed's board of directors last Wednesday.

According to a banking sector survey conducted by the US Federal Reserve, it comes to the conclusion that the majority of big banks do not see cryptocurrencies and also crypto financial services as a really important priority for the near future, at least for now.


On the other hand, according to some media reports, the Swiss bank PostFinance is planning to enable trading in Bitcoin and other cryptocurrencies. 


And by no means all banks are reluctant to offer their customers the purchase of digital currencies and other crypto assets, despite the collapse in prices on the crypto market. 


Conclusion : Certainly there will still be many challenges to be overcome, but it is not for nothing that good things take time.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

From offchain to offchain: Statechains meets Lightning

  Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin
Post a Comment
Read more

MSP Recovery and Tokenology aim to optimize healthcare with the help of Polygon

  MSP Recovery LLC, a Miami, US-based healthcare provider with an estimated enterprise value of $32.6 billion, is partnering with Web3 company Tokenology to jointly launch a new blockchain platform called Lifechain. Lifechain wants to leverage the verifiable and transparent nature of blockchain technology to aggregate medical care claims, medical expense reports and patient data and streamline their processing. For this purpose, MSP Recovery launched its own LifeWallet in January, which already has 1 million users. In addition to the wallet and blockchain platform, an associated crypto token called LifeCoin is also used. The press release explains that the primary purpose of the system is to enable secondary healthcare providers to more effectively bill health insurance companies for their costs. “The number of medical claims tokenized going forward will surpass $50 million per day by 2024. For this we need scalability, security and sustainability, which we have only found with Polygon
Post a Comment
Read more

Phishing attack on popular crypto sites tries to empty wallets

  Several major crypto sites such as Etherscan, CoinGecko, DeFi Pulse, and others report malicious pop-ups scammers use to try to trick users into connecting their MetaMask wallets. The phishing attack came from a domain displaying the Bored Ape Yacht Club (BAYC) logo. "We are investigating the root cause of this attack to fix the threat as soon as possible," CoinGecko founder Bobby Ong tweeted. The phishing attack appears to have been triggered by a malicious ad script from Coinzilla, a crypto ad network, according to CoinGecko. Etherscan also advises its users not to confirm any transactions that may appear on the website. The attackers attempted to use the hype around the “bored monkeys” non-fungible tokens (NFT) to gain access to the cryptocurrencies of unsuspecting website visitors. Although the websites affected by the scam attempt have reacted in the last few hours and deactivated the advertising pop-up, it is still recommended not to connect your MetaMask wallet to ne
Post a Comment
Read more