Citibank is currently one of the biggest banks in the world, Competing with the likes of Barclays and HSBC on a international level Citi, armed with the best financial analysts has remained a market leader. In Citibank’s latest research, it was revealed how Bitcoin could actually coexist with banks rather than act as a competitor.
Bitcoin has always been hailed as one of the mist disruptive financial technologies to exist. Many consider its potential to rival the Dollar, but the reports released by Citibank highlights the potential of blockchain technology to be integrated into current infrastructure. Particular credit was given to Bitcoin, Ripple and Ethereum blockchain which were linked to “unbanked” countries where their impact could be colossal.
The Citibank has also expanded in various African countries such as Nigeria, highlighting the ever expanding banking network being constructed. As seen below the report discussed the advantages of the decentralized model of cryptocurrencies which could prove to be more than complementary.
“The power behind an open network like Bitcoin is the possibility of incorporating it with other technologies to bring about true innovation, such as applications that support the Internet of Things (e.g. machine-to-machine payments).”
The benefits of Bitcoin were stated throughout the report and the info graphic above provided a scale into the massive savings the remittance industry could make. Of course, the fees associated with converting your Bitcoin back to fiat were mentioned, but with the advent of exchanges such as NairaEX, fees are set to a minimum ensuring your money retains its fullest value, and premium rates are offered for your Bitcoin.
To conclude the report was very promising and praising of block chain and crypto technology. Flaws were pointed out in the research, but ultimately with Bitcoins growing popularity even Citibank realized the potential the technology has to revolutionize markets rather than disrupt.