Every some time, we hear how bankers comment negatively about Bitcoin and virtual currencies saying that governments will ban them. But these comments may be totally positive for cryptocurrencies and for the market.
It is obvious that if virtual currencies expand, they are going to hurt banking operations and profits. In general, bankers will try to lobby against the new growing market and try to generate crypto bans.
It is worth marking that at the moment, no government was able to ban virtual currencies. Instead, Central Banks did it, which are not really part of the government. For example, the Bank of England was created when banks got together so as to coordinate themselves. The same happened with the FED, which is partly owned by banks.
Of course, banks didn’t hide their disdain for cryptos, but governments are different institutions and organizations. But here is an important question: why would governments want to ban cryptos when it is even technically impossible?
Europol for example, said that they have Bitcoin and that they have also some blockchain skills. On July the 13th, a document revealed by the US Justice Department says that the Intelligence Directorate of the General Staff in Russia used bitcoin so as to undertake a hacking operation.
But Bitcoin is probably used in intelligence operations that include agencies from all over the world, including British, German, Russian and Chinese.
Currently, digital cash does not exist in a different way than cryptocurrencies. Those digital assets allow to easily transfer value in seconds at very low costs. And intelligence agencies need to do these kinds of transactions, fast and without fees. Why to use papers when it is possible to do it through the blockchain?
But of course, there are some problems in the crypto world, and developers need to solve them as soon as possible. This is a new technology that is being used, investigated and developed at all times. It should be allowed and encouraged to flourish.
This is a war between bankers and cryptos, that we have seen in the past. Blockbuster has been replaced by Netflix, Kodak cameras have been replaced by Smart Phones, and Nokia phones were replaced by the latest mobile devices with applications and cameras included.
Cryptocurrencies are in a similar situation, they will be revolutionizing the financial world, and banks will be harmed because of them. Those who are able to react on time, and enter the market as active players will be ultimately able to survive.