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RE: Banks war on crypto - will crypto be useless if banks prevent transfers?

in #cryptocurrency7 years ago

The resistance by Banks is an effort to fight for their own existence. What Banks do ? They are simply means to channelize our money from one person to another for a particular transaction. That is because the second party is ready to accept fiat currency from first party in exchange of certain goods or services. It is a channel of sending fiat money (value for the goods or services). The crypto currency eliminates the need for fiat money and thus need for a Bank also. If you want to buy certain service or goods and seller is ready to provide it for some other asset like bitcoin or etherium then that ransacion would be between buyer and seller only and Banks would have no role.

Crypto movement has grown so big that it is being perceived by them as threat and on every occasion they would try to resist or slow down it. Forgetting that this crypto can not only be obtained by purchasing only it can be mined too.

In my opinion once they realize that resistance is useless they will also start falling in line with this movement and even start participating in big way due to their money muscles. That would be day when cryptos would start to rise.

Thus the resistance of Banks has an intrinsic positive seed for cryptos.