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Could Bitcoin dethrone traditional banking?

From Bitcoin to local and regional non-cryptographic currencies, alternatives to traditional banking services are increasingly numerous. According to some experts, they would even be on the verge of ending the banks’ monopoly.

Five-point demonstration.

At a time when the Bitcoin’s price is collapsing to approach $200, its defenders do not admit defeat. For quite a few experts now, the transaction system in Bitcoin has the potential to compete with traditional banking services.

Many experts even insisted on the organic development of new payment systems that are simple, accessible and competitive. An offer that is increasingly successful on the platforms of traditional banks.

Catching up with the lag in banks’ presence in emerging countries

In 2011, 50% of the world’s adults did not have a bank account, according to the latest World Bank figures. In sub-Saharan Africa, 80% of adults are affected.

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Open a low-cost deposit account.

That’s when the Bitcoin comes in handy. Transfer, payment, currency exchange.

Make transfers for free and instantly.

To avoid excessive bank charges when transferring money, several alternative systems to traditional bank transfers have also been developed. With the Bitcoin, users can make transfers all over the world. If these operations are irreversible, they are free and instantaneous. You will need to use a Bitcoin wallet in order to make payments. Read more on this post related to portemonnaies hardware pour bitcoin!

Freeing oneself from interbank commissions.

More than consumers, it is mainly merchants who can largely benefit from Bitcoin payments.

The adoption of the Bitcoin is therefore partly based on its use by merchants, particularly in countries where banking services are still favored by a large majority of inhabitants.

Reduce the risk of bank failure

But it is the lack of control of Bitcoin and its volatility that arouses mistrust. With the collapse of the Japanese platform MtGox in February 2014 and the August flash crash, currency prices fell by 56% over the year, according to Bloomberg. In January 2015, the piracy of the Bitstamp marketplace further contributed to the impairment of the Bitcoin.