Financial Institutions are Struggling to Keep up with Crypto

in bitcoin •  2 months ago

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Financial institutions and governments are now struggling to keep up with cryptocurrency. JPMorgan the US's largest bank is going to introduce a crypto token called the JPM coin (https://steemit.com/bitcoin/@restmode/jpm-coin-a-farewell-to-banks). Banks and other organizations that have a hand in controlling people’s money are going through a crisis because the competition of cryptocurrency offers people most everything that they offer without all of the hassles. Such as unnecessarily long waiting times and grueling vetting processes.

Anyone can get cryptocurrency online and store it in a digital wallet; whereas opening a bank account is a drawn-out hassle in which people can be denied for various reasons. With cryptocurrency people have access to all of their funds 24/7 but with banks, people only have access to their stored money during business hours & the 24hr ATM’s only allow people access to limited amounts of their own money. For these reasons and many more financial businesses are scrambling to keep up with cryptocurrency.

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JP Morgan is a bank to pioneer the introduction of its own crypto coin; Russia is set to introduce its “Cryptoruble”; China is setting up to introduce its own cryptocurrency; Fidelity Investments is gearing up to offer crypto trading; and Goldman Sachs has bought Poloniex, which is one of the largest exchanges. Right before our eyes, Cryptocurrency is in place to be dominant in the financial arena and current financial institutions know that they must try to get on the train or choke on the smoke. I feel that it is imperative that financial institutions get on board because Bitcoin and some other coins offer us not only convenience but also the liberty to save, spend, and move our money as we please without a keeper or watcher looking over us to control and profit off of us. Let's see who can keep up and who gets left behind.

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