How Cryptocurrencies Could Offer Independence From Banks

Amid recent talk of mainstream acceptance, Bitcoin and other cryptocurrencies stand on the precipice providing economic independence from private banking institutions.

That is in essence what Bitcoin was created to do back in 2008 when its initial white paper was released. The decentralized virtual currency removed the need for an administrator or bank – through encrypted peer-to-peer transactions recorded on the public ledger known as the Blockchain.

What was small then has completely changed in the space of 10 years. The past fortnight has witnessed the biggest bull run in Bitcoin history, with the price of the virtual currency hitting the $11,000 mark earlier this week.

The increasing value of Bitcoin has not gone unnoticed by mainstream financial institutions. Opinions are widely divided, but the fact that Bitcoin futures are being considered by the likes of the Chicago Mercantile Exchange and the NASDAQ proves that big things are to come in the next few years.

While financial institutions plan to enter the market, the man on the street still view cryptocurrencies as revolutionary technology. By investing and using Bitcoin, Ethereum and other virtual currencies, people are taking power away from banks by using anonymous transactional systems…

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