171022 Hidden Bitcoin Opportunities for Banks

Banks are missing the huge opportunity Bitcoin and cryptocurrencies afford them.  Take a look at the following chart published in Cointelegraph:

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The most preferred payment method is debit card, followed by cash, followed by credit card.  Digital payments are fourth.  Checks are fifth.  The chart is NOT about which is the easiest or most secure payment method.  The chart is about PREFERRED payment methods.  Even though digital is the easiest payment method and perhaps the most secure, debit cards, cash, and credit cards still win out.  So what?

This presents a huge opportunity for banks to facilitate cryptocurrency accounts for clients, while enjoying the security, ease-of-use and low overhead cryptocurrencies provide.  People are frightened, a little bewildered and uneasy about cryptocurrencies, yet most are curious, if not downright desirous, to start a cryptocurrency account or investment.  Why not provide them with the assurance they need while benefiting from continuing to be their financial advisors.  Banks are missing out on a huge opportunity.  If the banks continue only to view cryptocurrencies as undermining their business, banks will be left high and dry which the rest of the world cruises on cryptocurrency’s many benefits.

Most people are terrified by the security steps most cryptocurrency exchanges employ today.  Remember, too, most people are still not comfortable making purchases using a credit card online. If a Goldman Sachs or a Wells Fargo were to offer a Bitcoin account for savings and trading, people would jump at the chance to open a cryptocurrency account, while the banks offer them the ability to trade, send and receive cryptocurrency securely.   Instead of trying to hide and make cryptocurrencies go away, banks should be prospering by embracing the inevitable and fostering cryptocurrency’s growth.