One of the best signs that a Bitcoin and crypto revolution is here is the mere fact that traditional banks are terrified. One of the perfect examples is JPMorgan – a bank that has been part of our DC Forecasts crypto news site headlines for a long time.
What started with the CEO of the bank Jamie Dimon labelling Bitcoin a “fraud” and promising to fire any employees caught trading crypto – continued with the bank shutting down the account of Kraken which is one of the world’s largest and most secure cryptocurrency exchanges.
A recent Bloomberg report showed that JP Morgan still refuses to bank cryptocurrency businesses. Moreover, JPMorgan is seen blacklisting cryptocurrency startups and refusing to open checking accounts. Meanwhile, JPMorgan is working on its own cryptocurrency named ‘JPMCoin’ which is another clear sign that Wall Street is feeling threatened by cryptocurrencies and banks are doing their best to slow down the growth of crypto while stealing its revolutionary technology.
In times when the money laundering excuse is quickly growing old, more and more banks know that cryptocurrencies are threatening their operations – and now we have tons of proof for this.
Since Bitcoin offers an alternative payments system that does not rely on third-party institutions, crypto transactions are faster, more secure and with less fees than traditional systems.
Most Altcoins Report Moderate Gains, Bitcoin Reaches $8,000
Teen Bitcoin Millionaire: BTC Will Die If 4 Major Issues Are Not Solved
‘’It’s facing four big problems. One, its high transaction fees. Two, it takes a long time you know to kind of send anything. And then three, the people that are trying to solve those problems… it’s fragmented, it’s cultish, it’s really kind of a lot of group in-fighting. And I think the fourth one is it’s really hard to get into bitcoin. It’s really not easy.’’Even before the interview, the teen bitcoin millionaire outlined the problems of the currency on social media. He first purchased bitcoin at the age of 12 after his grandmother gave him $1,000. Over the years, he was trading cryptocurrencies and now has about 457 bitcoins which is nearly $3.6 million. Finman also pointed out that the future for bitcoin as a leading cryptocurrency is not guaranteed. Bitcoin is ‘’facing a lot of stiff competition and I think it really has to respond to that.’’ Erik also revisited his statement which was deemed as extremely controversial in 2018 when he pointed out that the ‘’long-term bitcoin is dead.’’ He defended the statement saying that the cryptocurrency needs to have one or two more bull runs in order to be set for the better future. As reported in the altcoin news last week during the MarketWatch, Finman raised his concerns about Bitcoin. He even stated that Litecoin was also afflicted since the altcoin decreased over 95 percent since its record high. Despite his pessimistic view, Finman is bullish on blockchain technology as well. He added that anyone who failed to become a billionaire by investing in crypto or in blockchain, in ten years from now they would have themselves to blame. Among the top cryptocurrencies that Finman believes have the best chances of success include ZCash and Ethereum. He praised Bitcoin Cash’s technology but he says the altcoin is poorly marketed.
Crypto Startups Should Go All-In On Blockchain: Expert Opinon
“So why should you as an entrepreneur or investor care more about blockchain than Bitcoin? Bitcoin is still a speculation on a future crypto currency that the world may not yet adopt. Maybe in the future, maybe not. But blockchain is a serious technology that can provide a variety of solutions. Imagine you are an automotive manufacturer and you have a product quality problem. Rather than recall thousands or millions of cars, you can simply recall the cars whose part is potentially defective based on blockchain identification and tracking.”The areas that the crypto startups should follow include digital rights management, tokenizing other assets, customer rewards programs and digitizing real estate. Of course, there are more uses cases for blockchain technology but he believes those are the most important areas. Schroeder focuses mostly on those because he believes they have the most potential. Following the reports in the best cryptocurrency news sites, a huge number of companies are tackling digital rights management via blockchain. For example, BitTorrent’s cryptocurrency is one example of how to handle that. The holders of the coin will be able to use it to purchase content directly from its creator. Schroeder makes a valid point that people are too close to cryptocurrencies and usually get burned. This is why he stated:
“In the 1800’s it was not always the gold miners who thrived. But the people who sold picks and shovels did. In the early days of the internet, it was not the multitude of startups that were rewarded. Most failed. But the builders of web infrastructure and internet technology thrived. Don’t confuse the adoption of Bitcoin as a digital currency with the enormous potential for blockchain technology.”
Bitcoin In Myanmar No More: CBM Sees It As Liability
“Before making crypto illegal, its impact on the local currency and compatibility with existing policies should first be analyzed and discussed.’’
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- Most Altcoins Report Moderate Gains, Bitcoin Reaches $8,000
- Initial Exchange Offerings (IEOs) Supported By Bitfinex: Report
- Teen Bitcoin Millionaire: BTC Will Die If 4 Major Issues Are Not Solved
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