No, we are not going to talk about the economy of Switzerland, instead, we are going to talk about the much more interesting one, why does the banking system specifically criticize the Bitcoins and why is the government allowing it when it is some cryptocurrency?
Let’s have a recap of what is a bitcoin? it is digital currency
The work of the bank:-
The banking system which is being operated across the world is running on the service tax and interest paid by the consumers. They come under one authorized personnel which makes the difference. The hard earn amount will be the users but who is the side benefiting system when they store or get the money? Of course the banking sectors.
If you are withdrawing your money from the bank there is a specific charge for it and then again if you are depositing the money the same procedure takes place. When there is an exchange of currency, we have to pay the interest, if you are in emergency need of money pay the interest.
But they have security!!!
Of course, they have security all across the world. But still, there are situations in which those security settings are null and void if usage. There are situations in which a bank itself is robbed to the soil.
Why a government opposes the Bitcoins?
Ok, the banking system opposes Bitcoin as they are emerging as the original banks with only a little pay charge when compared to real-time banks. Why does the government oppose? Simple because the revenue of the government is affected by the Bitcoins.
When there is no need for the service of a bank, there will be no need for the workers in there. The power and authority are at risk for them. The result is the need for the elimination of the competitors at any cost.
The step took by the government:-
So, the government has to interfere with the conflict by solely banning it in some places of the world. Yup, there are some governments which have gone to the extent of illegalizing the Bitcoins.
Does it affect the Bitcoin system?
Of course not, you silly. With currency exchangers around every corner of the street, the banning is impossible. Instead, it serves as a Payless advertisement to the Bitcoin system.
Well, why not the Bitcoins. They are safe and secure more than a real bank. They can be used in any part of the world. There is no restriction on what currency should be given or taken. They don’t have a authority or power hunger person in the background. They are so much like Switzerland when it comes to currency exchange, neutrality. They don’t favor a government or a country. Mostly there is also the availability of free Bitcoin.