The flagship cryptocurrency, Bitcoinwas created with the aim of disrupting the traditional financial system. Bestselling author and clinical psychologist Jordan Peterson backs this up recommended that customers should leave the banking system and probably adopt it Bitcoin.
Jordan Peterson says Bitcoin is more important than banks
Peterson made this suggestion in response to a news report that Macquarie Bank, Australia The fifth largest bank planned to switch to an all-digital banking system by November 2024. Accordingly, the bank will begin phasing out cash, check and telephone payment services as part of its offering.
Citing the report, the psychologist said, “Maybe it’s time to get rid of banks,” and further asked, “Could Bitcoin fix this?”
See more
Maybe it’s time to scrap
Banks
Could
Bitcoin can fix this? https://t.co/j6wldXMv7P
—Dr. Jordan B Peterson (@jordanbpeterson) September 14, 2023
On the one hand, Macquarie Bank’s decision has been widely criticized as potentially excluding certain groups of customers. Furthermore, this move also highlights one of the problems that cryptocurrencies like Bitcoin aim to solve by giving customers more control over their money.
It is believed that these financial institutions do not have as much control over people’s finances and should not decide how to spend their money, as these banks could easily implement policies that do not favor or cause difficulties for certain groups of customers.
Additionally, Macquarie described digital transactions as a “safer, faster and more convenient way to bank” in a statement. However, crypto advocates disagree, as some replied in response to Peterson’s tweet that networks like that Bitcoin Lightning Network, XRP Ledgerand Bitcoin Cash are a better alternative than the banks’ digital systems.
Lightning Network to the rescue
Many, including Republican presidential candidate Aaron Day, appear to be against the idea of Bitcoin replacing banks. In response to Peterson’s tweet, Day specified that the traditional banking system could perform between 50,000 and 100,000 transactions per second (TPS), unlike Bitcoin which has a TPS of seven. He also stated that the CBDC pilot project in the US can reach 1.7 million TPS.
See more
No, that didn’t work. The traditional banking system can process 50,000 to 100,000 transactions per second. The CBDC pilot in the US can carry out 1.7 million TPS. BTC can run 7 TPS.
You need to do some research before spending BTC. You may think you’re one of the “in” people, but you actually have an…
— Aaron Day 2024: Truth and Transformation (@AaronRDay) September 14, 2023
Crypto advocates then quickly responded that the The Bitcoin Lightning Network helps solve this problem as it has a TPS of up to 1 million, making it faster than the traditional banking system that Day advocates.
The network can offer a faster alternative while enjoying the security that the Bitcoin blockchain offers. Blockchain technology (on which cryptocurrencies run) is considered safer and more transparent than the traditional banking system.
Meanwhile, many in the Bitcoin community seemed comfortable with the idea of Jordan Peterson mentioning the leading cryptocurrency on his platform, as it could indicate that Bitcoin is about to gain a major supporter. The Canadian psychologist has a huge follower base with 4.6 million followers on his platform X (formerly Twitter).
BTC price continues its uptrend towards $27,000 | Source: BTCUSD on Tradingview.com
Featured image from X (formerly Twitter), chart from Tradingview.com
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.