Banking doesn’t require Banks

When Satoshi Nakamoto released the Whitepaper for Blockchain technology and Bitcoin, he did it with the intention of creating a decentralized payment system that works on a peer-to-peer network sharing protocol. Blockchain technology is the network which facilitates transactions for bitcoin and other cryptocurrencies. The highlight of the technology was to present a system based on ‘trust,’ that operated devoid of a centralized authority.

However, the disruptive nature of this technology in relation to the economy, as well as financial and banking services created a gap in the mission of bitcoin. This system, over time, has shown a number of merits and demerits — but the mission of bitcoin is facing barriers to ubiquity due to the skeptical nature of various governments, not willing to get onboard with decentralization.

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