Cryptocurrencies, which have shaken both the agenda and the financial situation in banks with their recent rise, are now perceived as a threat to banks? As we have seen, it can be thought that cryptocurrencies are even more advantageous than banks.. Does this mean a threat to banks?
Cryptocurrencies Worry Banks
Alex Buelau, CEO and co-founder of Coinshedule.com, banks are the reason for cryptocurrencies states that he has no reason to worry. It is also said that the claims made by some economists are unfounded.. Although some expert economists mention that cryptocurrencies will deal a heavy blow to banking activities, it is said that both sides of the system have their own special works.
“Cryptocurrencies pose a serious threat to financial institutions because today’s payment systems refuse to use the traditional system for lower transaction fees and easy international transactions.”
Credit Card Companies It May Also Be Under Threat
Alex Buelau states that it is not only banks who are concerned about the issue.. While saying that credit card companies may suffer the same fate in this regard, he also argues: “If you look at the dimensions of the threat from credit card platforms, credit card companies are only intermediaries.. They charge you and the seller for permission to transact for spending money you don’t have. You don’t need it with cryptocurrencies.”
Jeff Faulk, Financial Manager of CO-OP Payment Services, did not hesitate to say the following:
“I am not sure that cryptocurrencies in general threaten financial institutions. but it certainly challenges central institutions like the FED, as well as Visa and Mastercard.”