Bank of Commerce President : «I'm afraid for the banking industry because I think Bitcoin and the blockchain concept can throw the banks out of the game»

#OpChangeTheWorld2 🌎 #Blockchain Revolution

Bankers and industry leaders in the Texas panhandle have recently been discussing what to do about blockchain technology and bitcoin. They are curious how they can get banks involved in leveraging cryptocurrencies, because they do not want to be left in the dust. In their eyes, bitcoin has the power to undermine the banking system and reshape the financial landscape.

In an Amarillo Local News article published yesterday, Bank of Commerce President Alex O'Brien commented on bitcoin.

"I'm afraid for the banking industry because I think that Bitcoin,the concept and the way the blockchain works, is something can throw the banks out of the game"

But even though O’Brien is worried about the future of banking, he mentioned he really likes the concept of blockchain-based currencies. !!! Companies such as Coinbase have attracted millions of customers by promising secure exchanges to more than 100 traditional currencies.

«It's a really right-minded concept if you think about it , it's international currency, there are no borders and it's not controlled by anyone, which is neat too.»

The bankers concluded digital automation could change the face of the industry. The convenience of digital currencies makes jobs expendable, and could replace some banking roles. Bank of America, Citigroup and JPMorgan Chase combined to close nearly 400 branches from 2015 to 2016 due to increasing demand for digital services, according to Business Insider . At the same time, Bank of America began testing three automated branches where customers can use ATMs and have private Skype conversations with financial consultants.

Source : Bitcoin.com News

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