THELOGICALINDIAN - The arguments as to why bitcoin is above to the cyberbanking arrangement are appealing bright cut to anyone that has acclimated it A decade ago BTC was conceived to cut out the fatcat middlemen and acquiesce bodies to transact amid themselves We are not absolutely there yet but flaws in the way banks assignment and grab their profits are ascent up
Big Bank Fines Accumulating
Aside from the simple apriorism that bitcoin is faster and cheaper to accelerate than an agnate coffer transfer, there are a cardinal of added aspects in the crypto asset’s favor. Regulators, abnormally from the US, consistently harp on about money laundering and agitator costs but they should absolutely alpha attractive afterpiece to home than bashing bitcoin at every opportunity.
The world’s top banks accept been fined in balance of $300 billion over the accomplished decade for alarming and amateurish behavior. That ballsy amount is added than the absolute crypto bazaar capitalization, yet still, regulators affront about a bit of bitcoin.
According to the figures, those fines are for a ambit of abominable offenses including mortgage abuses, tax violations, cabal trading, AML discrepancies, baneful securities, absorption amount manipulation, and customer aegis violations.
According to Electric Capital co-founder, Avichal Garg, who accurate the abominable findings, the UK fined banks $66 billion aloof this week.
The costliest aspersion in UK banking history is advancing to a arch this anniversary as the payment aegis allowance debacle apprehension down. Banks and banking institutions aggressively awash this ‘protection’ with the ambition of accoutrement absent debt repayments. But as Dominic Lindley, action administrator at New City Agenda, a London-based banking casework anticipate tank, acicular out.
In one instance the agency paid by the coffer to its agents for the auction of PPI was 87% of the exceptional and profits were so ample that firms were able to accident a accomplished for mis-selling.
Garg connected with his cyberbanking betrayal abacus that beforehand this year Barclays, Citigroup, J.P. Morgan, MUFG and Royal Bank of Scotland were fined $1.2 billion for accouterment the atom adopted barter bazaar for 11 currencies.
Trust Bitcoin, Not Banks
The account goes on and the banks accept acutely put profits aloft all else, including their clients’ funds. The assurance in banks is acutely in abatement and confusing technology such as bitcoin could be the band-aid back it is trustless. Garg concluded;
Would you assurance the banks added than the bitcoin network? Add your thoughts below.
Images via Shutterstock, Twitter: @avichal
