Today Bitcoin has become a popular name in the world of cryptocurrency. It is the only digital currency, which is credited for making the cryptocurrency becoming an alternative to traditional currencies. It faced a lot of hurdles in its initial days because of regulation and banning by the governments of different countries including India. However, lately, the ban was lifted off by the apex court of India, which was levied by RBI earlier. Not only India, but there are also countries like Hong Kong, USA, and South Korea that have accepted the concept of cryptocurrency. This new digital monetary concept encouraged many people to make an investment in Bitcoins. Still, people are curious to know about the reason of tiff between Bitcoin and banks.
Bitcoin, the most famed cryptocurrency is known to be the brainchild of Satoshi Nakamoto. It made its beginning on 3rd January 2009. Not only did it earned much popularity globally, but it also paved the way for other currencies too, whom we call altcoins. There might be many competitions brewing between the altcoins and Bitcoin, but the latter coin always comes out the winner. This is why it is called a dominant cryptocurrency. This is why people are curious to go for the Bitcoin investment plan.
The Reason Of Tiff Between Bitcoin And Banks
If you are curious to know about the tiff between Bitcoin and banks, then let us tell you that it is more a kind of insecurity or fear in the banking system. It is all due to the following reasons.
- With the wide acceptance of Bitcoin and other cryptocurrencies, there will no relevancy left for the banking system.
- Another major reason that uproots the tiff between Bitcoin and banks is that it has ended the role of middleman and central authorities like them.
- The insecurity which brews in the banking system is the misuse of digital currencies for illegal purposes. Many governments have not made them legalized due to these reasons.
- The advantage of Bitcoin in making individual the owner of digital currency and to carry the digital trading with no interference of the third party.
