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BITCOIN CROSSES $5,000 MARK..........Why Big Banks are so Nervous About it!


FINANCIAL REGULATORS world over have suddenly realized they cannot wish away Bitcoin as a newly acceptable means of payment and so the urgent need to either curb its spread  or 'kill' it all together. 

There was a time when Bitcoin was just a novel idea known to only a few people in the computing and high tech sectors, and not one to be worried about by financial regulators.  But all that  have changed as that little upstart has grown in dimension and complexity with its blockchain and ICO systems to become a force to reckon with in payment and fundraising. 

Fireinthebone can conveniently report that the authorities have realized that with Bitcoin, a tourist can take off from anywhere to US,Canada, Jamaica etc for a two weeks jamboree without money of any government and enjoy his trip and return, spending only from his bitcoin wallet.

Having seen the challenge of anonymity posed by Bitcoin to the monetary system, the central bankers who control money have thus been able to obtain backed actions against bitcoin.  China, Russia, Japan and the US have played their hands in varying degrees of harshness in efforts to try and control the decentralized monetary idea.

"Bitcoin’s skyrocketing run in value, as well as adoption and mainstream acceptance, has led to banks - and regulators, getting very nervous and instigating a few knee jerk reactions. These reactions are, however, simply asserting the fact that Bitcoin is a legitimate disruptive threat."

In fact, traditional centralised, powerful organisations like banks, governments, regulators are all spending billions in figuring out how to use and control distributed trust technologies.

Banks have existed unchallenged for hundreds of years, and that is the key issue here; Bitcoin, backed by a solid platform such as Blockchain technology, is a ghost that is incredibly hard to control due to its decentralized nature.

"John McAfee has been brazen about regulators’ power plays to try and control Bitcoin, saying that they will never be able to ban it."

The power and control of money is being ripped away from traditional institutions, which can also be seen on Wall Street. Some of these traditional investors are siding with what could be the future, while others vehemently denounce it.

Individuals can now enter into direct peer-to-peer trusted exchanges with strangers. They no longer need a central institution to vouch for the other party.

Just like the fax machine, the library, even metered taxis, new technologies have come along and made others obsolete. Banks are now in the sights of Bitcoin and are in their death throws, as they lash out with the power of states behind them.

However, there’s no stopping progress, and even with state-backed regulations trying to wrestle the money of the people under control, banks have every reason to be nervous.

In conclusion, I believe that bitcoin and altcoins are rendering a unique service and that's the only reason they are still there.  Despite the seeming war on 'cryptos', Bitcoin has continues its run to an all-time price high of $5,230.24 at the moment.

FIRE - Friend, Jesus came looking for you. Give your heart to Him, Love the Lord with all your heart and your neighbour as yourself. The Lord bless you!


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