Traditional Banking doesn’t work anymore

Traditional financial institutions are not modern institutions. They take a long time to adopt changes, they do not specialize in being at the forefront of technology, they adopt improvements when the other social sectors have already adopted them.

The economic model of banks has remained unchanged for hundreds of years.

In this model what counts is that all the agents involved in an economic transaction must take their commission with them, and the regulatory security measures take a long time to operate.

In short, banks are slow, and their commission expenses are not justified.

Blockchain technology has been seen as exciting and stressful, with many different organizations in all sectors adopting a wait-and-see approach. It has been seen with government regulations, as some countries are leading, while others are trying to take the best approach. And now with banking, this is also happening.

How are the banks reacting to Blockchain’s arrival?

Financial institutions have always shown their rejection of bitcoin and cryptocurrency in general. However, more and more banks are stressing that the technology on which the digital currency, Blockchain, is based will be key to their business in the future.

Blockchain is a new, powerful technology that anticipates enormous changes. Faced with a concept like Blockchain, financial services are once again showing their most conservative side. They are reluctant and expectant until the technology literally passes over them. In other words, the banks didn’t get on the Blockchain train until practically months ago, and only a few banks, the most powerful and solvent ones, did.

Banks are testing Blockchain as a method to replace their central databases. That’s the first approach they’re making. They are looking for ways to make transactions more efficiently and quickly. As progress in its policy is not bad, although in reality it remains very much on the surface of what it would really mean to use Blockchain in all its power.

Banking is a sector of the economy that has been rigid in its evolution. It has grown at a prudent pace, but is now on the verge of major changes. This is due not only to blockchain, but to different aspects of society that need access to it.

The main problem with traditional banks is their past, the heavy burden of their structure that has been built up over decades and even centuries. It is almost impossible to streamline a current bank because it would need to completely remove its basement, its benefits policies, its beliefs, and the very social mindset of what a bank means.

That is why the new bank must be truly new, it must start from an agile, innovative environment, focused on developing processes and generating new models. Seeking speed and total confidence in technology.

That’s why Kryptobits was born. This is why Blockchain Banking was born.

Banking without a bank. Kryptobits provides new financial services in the Blockchain technology in a faster, cheaper and easier way.

Kryptobits uses Blockchain technology to solve the problems of traditional banks. In this way, you can connect directly with others to move and manage money faster and with more confidence and transparency than any bank could offer.

Kryptobits leads the revolution towards Blockchain Banking. Built in Europe for the world.

Do you want to join us in our Blockchain banking revolution?

Want to know more? Visit our website: https://kryptobits.com/