It is completely true that most of the banks simply cannot turn their eyes away from the fact that the cryptocurrency is booming right in front of them and they cannot do anything about it. The guardians of official money do not have an adequate answer to the digital coin challenge and all around the world, the banks are urging to find a way how they can heighten their oversight. All this underlying cryptocurrency technology seems to simply is too much for the central banks.
This only means that they will not let this pass unnoticed that is for sure. The major central banks’ officials watched with joy as the aforementioned technology pioneered its first steps into the world economic system.
Little did they know that this technology will become so enhanced and upgraded and even become a threat to their way of doing things. In fact, today cryptocurrency has become more of an increasingly pervasive technology and it seems that the officials of the banks are too late to react to both the opportunities and pitfalls of the digital coinage.
It has become clear to them that cyber currencies are much more than toys and they cannot afford to ignore this fact anymore. They have realized what is going on here and how cryptocurrency could become a bit of a problem in the near future. Especially bitcoin which is the largest digital currency known to the world.
Bitcoin peers pose a serious threat to the money system being established by the banks so far. These peers found a good way how to use bitcoins to circumvent the established money system and turn it to their advantage and the banks do not like this at all.
What we know as money, greatly depends on the state authority for credibility and the banks play the main role in managing both the quantity and the price of it. Cryptocurrency is a completely different thing and it doesn’t need the state or the banks for credibility because it has the encryption or the unhackable technology, guaranteeing value.