Posted March 13, 2020 07:10:25When banks are banking with customers in the U.S. today, they are banking on the promise of bitcoin as an alternative payment method.
But when the technology is widely adopted and banks become major players in the digital world, there could be a problem.
In a recent episode of the “Blockchain Nation,” Bitcoin entrepreneur Jeff Garzik made a prediction that, if Bitcoin became ubiquitous in the banking industry, it could potentially put banks out of business.
The Bitcoin platform is open to anyone, but the most popular use cases are the online banking sector and the remittance sector.
But those industries have historically been controlled by large banks that don’t like change.
Bitcoin has many potential uses in these sectors, but there is one aspect that hasn’t been addressed.
In order for Bitcoin to be widely adopted, it needs to be used to pay for goods and services.
For that, banks need to accept Bitcoin.
To do this, banks will need to establish the Bitcoin payment system that is most compatible with Bitcoin’s functionality.
This is a big deal for Bitcoin’s viability as a payment method because it will allow businesses to use the technology as a way to pay customers without having to rely on a bank for their payments.
The process of creating a standard payment system for Bitcoin is called consensus.
Consensus can be achieved by establishing the Bitcoin network, which includes a set of rules and protocols.
This includes a proof of work (PoW) consensus algorithm and a proof-of-stake (PoS) consensus system.
Consensus is a critical part of the Bitcoin protocol.
It allows users to securely transact with each other without relying on a central bank or third-party verification.
In the U: Bitcoin, an electronic currency, the Bitcoin blockchain is a distributed, public ledger of transactions.
It is not an official government database, like the U