Quite an interesting fact in today’s society refers to the simple idea that banks are disliked by people from all around the world, due to the wide variety of scandals that they have been involved in along the years. However, it is important to acknowledge that banks are essential for the progress of a capitalism based country. What do you think about Bitcoin accounts?
Every once in a while, once there is a new trend on the finance market, banks are usually the first to pick it up, change it up a bit and offer it to their clients as a service. This practice is not new at all and has been going on for years, right under our noses, but also to our benefit, because after all, there isn’t really any other place where large amounts of money can be stored or borrowed.
However, has anyone thought about the idea of banks adopting Bitcoin and joining the market cryptocurrency market until now? The unique idea is based on the fact that most banks from all around the world offer to create accounts in different currencies, some of the universal ones found in most countries being USD, EUR and GBP. Well, what if banks would start offering Bitcoin account services, where users would be able to store all of their hard earned Bitcoin? This could also be the place where all Bitcoin transactions are made from, so when a user receives some Bitcoin, it can go directly into the bank account and be stored as USD would normally be stored.
Not only will this be beneficial for those who often find that they do not trust online wallets with large amounts of Bitcoin, but are also afraid that storing them on a hard drive can be dangerous practice as well. Of course, a hard drive Bitcoin wallet can be stored in a bank safe, where it will be kept away from the curious eyes of others; however, this won’t really grant any service as users will still have to access the hard drive whenever they need to make a transaction.
The idea of Bitcoin bank accounts can also be beneficial for the banks, as they could start offering users the power to ask for Bitcoin loans, therefore win from the interest rates. With this in mind, banks could also go ahead and offer those who decide to create Bitcoin accounts an interest as they normally would with real currencies. To put things into a better perspective, if the idea is implemented, it would allow both banks and customers to be happy and make quite a nice profit while they are at it, especially if large sums are involved. The concept also has the power of making the coin more popular, as banks have been here for hundreds of years and they are generally trusted when it comes down to issues like this.
Another factor which is worth keeping in mind is that as the cryptocurrency is not governed by any universal law, banks could go ahead and develop their own pre-defined set of rules, as an effort to keep everything running smoothly. In the case that the idea outlined here goes big, banks can easily set partnerships and cooperate to ensure that their Bitcoin storing rules are universal and that everyone offering the service is following them strictly.
Based on everything that has been outlined so far, do you think that the idea of having a Bitcoin bank account is wise? Why or why not? Let us know your thoughts in the comment section below.
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