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David Gledhill, group chief information officer at DBS, one of Asia's largest banks, has put his opinion forward of what Bitcoin is. Gledhill has reiterated the point that many hold, calling Bitcoin a Ponzi scheme.
However, Gledhill’s criticism is mostly aimed at the high transaction costs that Bitcoin currently has, and he goes as far as to say that should that issue be sorted - essentially a true scaling consensus be met which cuts the transaction fees, there could be more interest in it for the banks.
As Bitcoin stands presently, there is very little to entice major banks over to it, although some have taken the plunge. However, many in the crypto space believe that Bitcoin is working to solve its scaling issues and lower transaction costs and that is what the banks could be waiting for. Read more here...
However, Gledhill’s criticism is mostly aimed at the high transaction costs that Bitcoin currently has, and he goes as far as to say that should that issue be sorted - essentially a true scaling consensus be met which cuts the transaction fees, there could be more interest in it for the banks.
As Bitcoin stands presently, there is very little to entice major banks over to it, although some have taken the plunge. However, many in the crypto space believe that Bitcoin is working to solve its scaling issues and lower transaction costs and that is what the banks could be waiting for. Read more here...
Mr. David Gledhill should understand that Bitcoin was not created to actually work with the banks. Soon, if Bitcoin can really be reaching mainstream adoption and if the scaling problem can be finally solved, we don't need the banks to work with cryptocurrency. By that time, if things would be succeeding, it would be the banks which will beg to be a part of the cryptocurrency movement so they can still do business. Now, this is, of course, an ambitious plan and as to how Bitcoin would go that we will see in the coming years.
Banks can actually use the blockchain technology for their own advantage and in consortium with other banks they can introduce their own version of cryptocurrency just like what many ICO projects are getting into right now. They can even integrate their system into Bitcoin if they like.