Israeli P.M says, Bitcoin can Replace the Banks

Nishanth Shetty

Nishanth Shetty

December 15, 2017 6:54 am

Israeli P.M says, Bitcoin can Replace the Banks | Coindelite News
27124 Total Views

Bitcoin News

Israeli Prime Minister (PM) Benjamin Netanyahu said that the process of traditional banks will eventually become outdated and can be replaced by Bitcoin. he described on the basis of the trustless nature of the Blockchain Technology and on Bitcoin’s growth, according to this year.

Netanyahu described confidentially that the banks will eventually become outdated and can be replaced.

The Question and the Answer:

“Is the fate of banks that they will eventually disappear? Yes. The answer is yes. Does it need to happen tomorrow? And do we need to do it through Bitcoin?”

The Prime Minister also spoke regarding the part of the banks, describing that they were created to exist to ensure that the transactions between two parties and valid and safe. Banks not to mention governments, continue to control how money is spent and continue to benefit from that control, at the cost of the transacting parties.

Blockchain, the backing up technology of the cryptocurrency, makes it possible for people to transact directly. The decentralized technology itself, instead of the centralized institution, makes sure whether the transaction between the people is valid and safe.

Netanyahu described the Bitcoin:

“The truth behind what I just said is what’s propelling Bitcoin upwards.”

Anyhow, the prime minister also mentioned the doubt in the ability of Bitcoin to continue growing at such an astonishing rate.

“There’s nothing like this, that will continue rising at this rate, it can’t happen.”

No Comments
Supreme Court of India Postpones Crypto Banking Ban to September

Indian Supreme Court has decided to postpone the case on Banning the cryptocurrency firms from receiving banking services that are appealed by Reserve Bank of India’s (RBI) The local news channel Inc42 has published a report saying that decision on the ban has been postponed to September 2011. The board of judges …

CBS’s Showtime is Mining Cryptocurrency using Visitors’ CPU Power

An increasing number of websites have been found secretly mining cryptocurrency. Earlier this week, Change.org launched a screensaver that mined Monero when the user’s PC is inactive. This is a great way for websites to generate revenue and the end-user does not need to pay the website or encounter ads, instead, …

Importing Crypto Mining Hardware Suspended by The State Bank of Vietnam

The State Bank of Vietnam (SBV) is the Central bank of the country. On July 19, 2018, Viet Nam News reported that the bank enforced a suspension on the import of cryptocurrency mining hardware. This move comes after the Ministry of Industry and Trade (MoIT) suggested that the import of crypto …

Switzerland Supports Cryptocurrencies by Easing Regulations

Switzerland was once hailed as “Crypto Nation”. The country initially enforced a stricter regulatory framework. The Government is planning to capitalize on the popularity of cryptocurrency platforms by encouraging banks to accept accounts from cryptocurrency companies. Based on the ICO guidelines published in February 2018, Switzerland is allocating its cryptocurrency …

Cryptocurrency Insurance – The Next Big Thing

Insurance has always been an elusive topic. Companies and providers shy away from revealing intricate details and protocols for the underwriting process. Given the recent attacks by hackers on various cryptocurrency exchanges, insurance seems to be a step in the right direction. Renowned providers like AIG, Chubb, and XL group …

Step Up Begins Accepting Cryptocurrency Donations

Step Up, a non-profit organization based in Santa Monica, California has extended its donations options by adding cryptocurrencies to the list. Interested users can support their cause by donating through Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. The company provides permanent supportive housing, vocational training, and opportunities for individuals suffering from …