Why central banks needn’t worry about bitcoin.

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Bitcoin can be used in many places same as fiat currency. The unique trait is that is can be used globally. Bitcoin will never replace fiat currency since it is only an internet currency and as much as people want to think everyone is on the internet, that's not the case.

Also, there are people who want to save and earn interest on their checking or savings. Although bitcoin should continue to rise in price, my estimation is up to $2 Trillion USD, it may eventually level out. Bitcoin will never pay interest. People will continue to take out loans and pay back interest. Reasonably this is difficult with bitcoin. This is where banks make their money.

As for diluting fiat currencies, let's say that bitcoin does reach $2 Trillion in value. It is $2 Trillion made up of a small fraction of currencies around the world rather than $2 Trillion in Yuan, Dollars, Euros, or Pounds. It's impact directly to any one currency is negligible.

It's the unknown or ignorance that makes banks fear bitcoin. Instead, they need to think and say, how can we make a buck with this, e.g,, ATM's, Conversions to fiat for small spending, collateral for loans, etc.

Bitcoin is the best way for businesses to transact globally reducing transaction costs and improving cash flow. Imagine your cutting a few days off your receivables and turning that into working capital.

Japan is the first major country to grab onto this starting today. When the rest of industrialized countries realize this, they will see that this is the future.

submitted by /u/BCJoey
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Kryptous

Crypto Coins News - Ratings - Reviews

1 News - 247 News - 247 Bitcoin - 1 Search

BTC - BCH - ETH - LITE - XRP

Buy Sell Trade Crypto Here

 

Ticker

1 BTC = $20308.13 USD  (via Coinbase)
1 ETH = $1361.81 USD  (via Coinbase)
1 LTC = $54.92 USD  (via Coinbase)
Quotes delayed up to 2 minutes.

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