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
Following are the Big Companies that Fear Bitcoin.
- Western Union
Let’s just get into the details now.
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 loan in bitcoins such as Unchained Capital.
I think banks need to adjust themselves quickly or in a few years they will be history.
Remittance refers to transfer of money. It usually means transfer of money by immigrants to the people in his country. Remittances are great for 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 $70 fee but with bitcoins, you can send $1000 for $0.10 fee.
With Bitcoin in picture, you can yourself do everything that remittance companies do.
Western Union, MoneyGram are the major players of the industry and they are soon going to retire unless they do something about it.
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 government, it can’t be taxed ! And that is major blow to the country’s economy.
I think bitcoin is a plague to these and probably a few more industries. But it is a blessing as it puts power in the hands of common people.
Here ends this ‘Industries And Companies That Fear Bitcoin’ article.
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Also check out : Beginner’s Guide To Buying Bitcoins Worldwide