Bitcoin Slowing Down as Other Cryptocurrencies Rise Up
Up until this point in time, cryptocurrencies have not been used at the classic Mom and Pop shops due to the fact that the infrastructure to do so has not been adopted. Many are excited by the idea of these currencies however given the fact that some prices have shot up to extremely high amounts.
The only factor that is missing in the world of investing in cryptocurrencies is the idea of legitimization. Since these currencies are not really in the mainstream, and cannot be use until they are transferred into a useable form of currency, it makes it difficult to actually determine profits.
Last week, towards the end of August, a business event helped to shape the future of cryptocurrencies as a whole. This event helped to determine how we will be able to use cryptocurrencies in our everyday lives.
Six of the world’s largest banks led by UBS (NYSE:UBS) and a few smaller banks have agreed to partner up and create a new cryptocurrency. Cryptocurrencies are created everyday you might think, so what’s the big deal? Well, with a large group of popular banks, the legitimacy of the currency is ever-increasing. In addition, the idea that the currency can one day be used throughout our financial system as an actual currency entices investors.
The banks that are participating are Barclays (NYSE:BCS), Credit Suisse (NYSE:CS), Canadian Imperial Bank of Commerce (NYSE:CM), HSBC (NYSE:HSBC), MUFG (NYSE:MTU), and State Street (NYSE:STT), Deutsche Bank (NYSE:DB), Banco Santander (NYSE:SAN), BNY Mellon (NYSE:BK) and NEX (OTC:NEXGY). These banks will team up to create and implement a new form of transaction that will hopefully serve to legitimize the cryptocurrency industry as a whole and make the public more inclined to use the massive potential it has.