Bitcoin has been in existence for almost a decade. In very much the same way as various products receive different receptions on arrival to a new market, Bitcoin has been accepted by some people and rejected by others. One major entity that has rejected Bitcoin since it was invented is central banks. Interestingly, central banks appear to hate Bitcoin but love blockchain. This has made a lot of cryptocurrency devotees wonder why central banks love blockchain, the technology behind Blockchain but hate Bitcoin. Quite a number of Bitcoin developers have aired their views regarding this issue. However, one person that has given an in-depth explanation of why central banks love blockchain but hate Bitcoin is Simon Dixon. Let’s get to know who Simon Dixon is.
Simon Dixon is a cryptocurrency enthusiast, a former investment banker, the co-founder and the CEO of BnkToTheFuture.com, a fund manager at Bitcoin Capital, a banking reformer, an angel investor and an author. As an author, Simon Dixon has written three books. They are: The Great British Entrepreneur’s Hand, Bank to the Future: Protect Your Future, and Student to CEO: 97 Ways to Influence. As an individual, Simon Dixon is very interested in bringing long-lasting changes to the creation of money. He is also an advocate for better banking methods, stable financial systems, and a fairer economy.
Why Banks Love Blockchain
It is an undeniable fact that central banks are in love with Blockchain. In as much as this reality stares everyone in the face, just a handful of people really understand the reason behind this. Actually, there are not many reasons why central banks love Blockchain, however, the very few reasons for the interest of banks in blockchain can be easily understood by anyone that knows about the banking system. The truth remains that central banks believe that block chain is a major asset to the banking sector.
One reason central banks love blockchain is because of the transparency that Blockchain technology provides. With the help of Blockchain technology, central banks can easily monitor transactions effortlessly and efficiently. Now, the amazing thing about Blockchain technology is that it was made use of in building a system that is supposed to take financial power away from the central banks. However, fortunately for banks, this technology has added more power to central banks instead of taking power away. And it have helped to secure most of the banks day to day transactions.