Industries And Companies That Fear Bitcoin (2022 Updated) • Crypto News | Latest Cryptocurrency News Alerts & Updates Daily

Industries And Companies That Fear Bitcoin

Bitcoin is often deemed as “THE FUTURE” and this future is going to create new winners and new losers.

Following are the Industries that fear bitcoin.

Banking Industry
Remittance Industry
Governments

Following are the Big Companies that Fear Bitcoin.

Visa
Mastercard
PayPal
Western Union
MoneyGram

Let’s just get into the details now.

Banking Industry

Industries And Companies That Fear Bitcoin

Banks are mainly used for 2 things :

Accepting and storing deposits
Gathering Loans

Why Bankers Fear Bitcoin?

With bitcoins, you can transfer $ 1 or $1,000,000 within minutes without the help of any intermediary.

You can also store millions of dollars in your bitcoin wallet.

In other words, You Are Your Own Bank!

There are also companies that provide you loans in bitcoins such as BTCPOP.

I think banks need to adjust themselves quickly or in a few years, they will be history.

Remittance Industry

Remittance refers to the transfer of money. It usually means the transfer of money by immigrants to the people in his country. Remittances are great for the economy of small, developing countries.

Wire transfer, electronic payment, mail, etc come under remittance.

Suppose if I wanted to send $1000 to Nigeria, I will have to pay a $70 fee but with bitcoins, you can send $1000 for a $0.10 fee.

With Bitcoin in the picture, you can yourself do everything that remittance companies do.

Western Union, MoneyGram are the major players in the industry and they are soon going to retire unless they do something about it.

Government

Lack of control is the primary reason why governments fear bitcoin.

Governments have their own fiat currencies which they control and regulate. They can/do manipulate local currency but if they can’t do so, they’d lose control over the market conditions and that’s precisely what scares them the most.

Since bitcoin is a decentralized peer-to-peer payment network and cannot be controlled by the government, it can’t be taxed! And that is a major blow to the country’s economy.