Israeli P.M says, Bitcoin can Replace the Banks
December 15, 2017 6:54 am
Israeli Prime Minister (PM) Benjamin Netanyahu said that the process of traditional banks will eventually become outdated and can be replaced by Bitcoin.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Netanyahu described confidentially that the banks will eventually become outdated and can be replaced.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.”