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Banks to Face Unprecedented Moment if They Dismiss Bitcoin to Embrace Blockchain

Bitcoin is one of the revolutionized payment technologies that has created hype in the world of finance. According to the statistics released by, the value of Bitcoin rose by 6000% in a single year. This is considered to be the biggest payment mode ever and it is expected to get more success in the coming years. However, Bitcoin has gained a lot of enemies with regards to competition. It has rivalry with US Dollar, Debit Cards, Credit Cards, and the document registration industries.

As a result, a fall in bitcoin and rapid increase in blockchain has been observed in recent months. Banks are dismissing Bitcoin as just the opening act for the Blockchain, which itself is a kind of Bitcoin database. Banks around the world are going to face unexpected results if they continue laying off Bitcoin currency just to embrace Blockchain-based innovation. To avoid this moment, retail banks should begin with their natural role of a trusted gateway before it is too late.

News Characteristics

Date : Mar 23, 2016
Region : North America
Industry : Banks
Function : Operations and IT
Sub-Function : IT Modernization/Transformation