French bank BNP Paribas warned customers and investors that the technology behind bitcoin will make existing companies redundant (that’s British for “obsolete”).* It’s a tectonic acknowledgement from one of the world’s biggest banks.
Analyst Johann Palychata writes in the company’s magazine Quintessence that Bitcoin’s blockchain, the underlying architecture that allows cryptocurrency to function, “should be considered as an invention like the steam or combustion engine,” that has the potential to transform the world of finance and beyond.
Check out the full story by Oscar Williams-Grut at Business Insider.
* Although Bitcoin will obsolete the current service mix of financial institutions, it is my opinion that for savvy governments and established businesses, it represents a long term opportunity rather than a threat. —PR
Philip Raymond is Co-Chair of The Cryptocurrency Standards
Association [crypsa.org] and chief editor at AWildDuck.com
Originally appeared at: http://lifeboat.com/blog/2015/07/major-bank-admits-bitcoin-could-destroy-banks-brokers-exchanges
Major bank admits bitcoin could destroy banks, brokers exchanges is a story from: BitcoinWarrior.net