By Mikar - 11.02.2020
Cryptocurrency bank account
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This German Bank Offers Corporate Bank Accounts to EU Crypto Firms
Cryptocurrency is dead. Long live Central Bank Digital Currency! A colleague that I have a lot of time for recently asked me what cryptocurrency bank account view on banks and cryptocurrency cryptocurrency bank account.
Well, fear is caused by a threat to your current reality. For cryptocurrency bank account banks, their current reality is of power, market dominance, and profit.
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While banks may understand money, they may not get the inner technical workings of crypto. Acquiring that deep technical understanding of how cryptocurrency works is expensive, and an activity that may not more info cryptocurrency bank account of a return on an investment at this stage.
A 20 year Cryptocurrency bank account is hard for even the most persuasive people to sell. But for the most part, banks are terrified of cryptocurrency because the only protection mechanism they have to this emerging cryptocurrency bank account is through flight, not fight.
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There is also the parallel counter-argument that banks shy away from cryptocurrencies because they are intangible assets that banks have to deduct from coinbase usdt to bank account balance sheets, which in turn reduces confidence in them as a credit institution, but this also verges cryptocurrency bank account my scope of knowledge, and perhaps of cryptocurrency bank account post too.
The Change There is a change underway though.reddit-money-crypto.site Announces US Dollar Fiat Withdrawals Directly to Your Bank Account
Trials are in cryptocurrency bank account, with central and commercial banks working together to understand how this new technology fits within the financial cryptocurrency bank account they already know.
But if banks are terrified of cryptocurrency, why are they here afraid of CBDCs?
I think it comes down to two reasons: Trust: CBDCs are just a digital representation of fiat money, and fiat is something that you and me and the average person in the street already trust at least in most countries. Power: CBDCs are created — and therefore controlled — by central banks, who cryptocurrency bank account turn retain the power that comes with societies trusting in and relying upon cryptocurrency bank account fiat currency.
Cryptocurrencies decentralise: they strip that power away from the central and ebay holds funds banks and governments alike.
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In contrast, CBDCs centralise: they retain that power, perhaps even reinforce it. But some would also argue that without cryptocurrency bank account backing, without institutions and authorities to regulate a currency, people would lose that trust in that cryptocurrency bank just click for source medium https://reddit-money-crypto.site/account/anthony-pompliano-jim-cramer.html exchange.
Perhaps the trust of the people and the power of the institutions who cryptocurrency bank account those people are two sides of the same coin pun absolutely intended.
But if they are, then you have two forces essentially moving in the same direction, which is not towards cryptocurrencies, but towards state-backed and -regulated digital currencies using similar technology and principles from which cryptocurrency has emerged.
If we all accept for a moment that in most developed economies article source cryptocurrency bank account in fiat currency, and will likely continue to do so for cryptocurrency bank account near future, we must also accept that we trust that the people and institutions who manage and regulate fiat currency are doing this successfully.
By trusting these people, we are in turn accepting that these people understand money and the complex financial systems. The Evolution And by that train cryptocurrency bank account logic, I find myself comfortable with the fact that Central Bank Digital Currencies will be integral to the next evolution of financial technology.
That next evolution is already underway, cryptocurrency bank account is cryptocurrency bank account the integration of financial services outside of the Financial Services industry itself. The evolution of payments will allow non-financial companies to embed truly digital services into cryptocurrency bank account cryptocurrency bank account and websites, in turn making the experience and journey that bit easier, faster, cheaper or more tailor-made for the likes of you and me.
CDBCs will be a key enabler for this journey.
More from Piers
If CBDCs do help businesses embed financial services at a deeper level than previously before, and if that then allows customers like you and cryptocurrency https://reddit-money-crypto.site/account/expressvpn-account-generator-discord.html account to do more for less in our busy everyday lives, this will only help increase the trust that cryptocurrency bank account all have in CDBCs.
And by increasing our collective trust in a digital proposition that simultaneously is controlled by the institutions in whom we already trust, in future this will only widen the gap between Cryptocurrency and Central Bank Digital Currency. Avid crypto supporters and https://reddit-money-crypto.site/account/coinbase-notice-of-account-closure.html will cryptocurrency bank account doubt disagree.
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