Could Bitcoin Be Replaced By a Bank-Based Digital Currency?

There is great fear traveling through the crypto space… Fear that somewhere down the line, bank-issued cryptocurrencies will somehow replace bitcoin and its altcoin counterparts.

Will Bitcoin Be Replaced?

But is that fear valid? We need to look at a few facts before we can make an official decision. For one thing, these cryptocurrencies issued by financial institutions will be centralized, meaning the banks will be in control of who receives the crypto units and what they can be used for. This is the exact opposite of bitcoin, which is a decentralized currency.

Bitcoin and its uses are left up to the people that own it. They can use it to pay for goods and services, they can forward money to friends and family via remittance platforms, or they can simply hang onto it for speculative purposes.

Bitcoin and most cryptocurrencies were originally designed to give financial independence back to the people. With banks in charge of so many aspects of one’s monetary life, it can be hard…