Cryptocurrency is a type of currency that existed online, it was referred to as the new currency of the digital age that aims to become the preferred trading in the future replacing local currencies. While that idea is still far-fetched, its yielding very promising results since there are already institutions and companies from various industries that are backing it like banking, e-commerce, forex and so on.
While it’s becoming popular day by day, it can’t be denied that its also not getting the traction that it’s expecting. Last year the exchange rate for bitcoin was over the charts and people thought that it was the start of a revolution, but it wasn’t, in fact, it slowly decayed over time and is now slowly becoming stable. There were many factors to blame and one of it is because of the change that it was going to do that some institutions have realized that it’s a threat to the them and not to mention and how they do business.
The world is still flat when it comes to bitcoin: Even if the bitcoin currency, in general, is very popular online and there is a worldwide trade going on, local banks in most countries have not been accepting bitcoin as of yet or ever. It’s still a very unfamiliar territory when it comes to actually cash in on bitcoin. People still need to go the high road just to get bitcoin to materialize into a local currency and more if it’s not bitcoin.
Why the slow progression? 2017 was the year for the bitcoin and even if it made a lot of people rich on that year shooking the global currency scene it wasn’t enough for banks to accept it as a currency, this is because not all people understand it and it has been seen as a threat to banks because they cant control it and they aren’t needed in order for bitcoin to work. They cant control it, and it’s a threat on how they manage currencies.
Where to find bitcoin-friendly banks: If you happen to be living in the United States, there are a few bitcoin friendly banks that you can turn to that can make your life easier.
- Bank of America – the second largest bank in the country
- Goldman Sachs – a bank that has plans to gamble in cryptocurrency and they are doing it big
- Simple Bank – a virtual bank with no physical offices
- USAA – A known major bank that has invested in currency exchange of cryptocurrencies
Investing in cryptocurrency might be very interesting and addicting but if you think about cashing in on cryptocurrency, it’s not as easy as it looks because you still have to go through various channels just to get your cryptocurrency of choice to be converted into your local currency. This is because although there are banks that are backing it, it’s still not a lot and there the majority of the banks like JP Morgan and Chase that aren’t open to trading bitcoin. Unless someone figures out how to make the process easier from both sides, even if how big bitcoin and other cryptocurrencies can be in the future, it will still be a challenge.