The big threat to Bitcoin at the Moment is Google’s quantum-Computing ability. An entry of the search giant in the banking sector, however, could also be for the entire crypto industry.
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A Google Bank account in trust?
According to reports, Google has entered into a partnership with the US banking giant Citigroup, the so-called “Smart Checking”Bank accounts. The account with the code name of the Cache will be User-available via Google Play and the Mainstream media already call it a “Bitcoin Killer”.
The Financial Times, according to the concept and the Details are still vague, but also they advertise for the “future of banking”. It could be that customers only get access to an elegant Google-based platform with a traditional Bank account.
Google is not the first Tech giant, wants a piece of the lucrative financial pie – and it will not be the last. The company maintains Facebook, with its crypto-ambitions are clearly a big threat.
In the face of immense resistance from global regulatory authorities and politicians, the Social Media company is pushed, followed a more traditional approach and works in an established Bank.
Google Manager Caesar Sengupta to the Wall Street Journal:
“Our approach will be an intensive partnership with the banks and the financial system. It may be the slightly longer way, but it is sustainable.“
The report suggests that the Search and advertising group is interested in the information, associated with current accounts – such as salaries and purchasing habits. Trust is here a key issue, as Google and Facebook to benefit enormously from the personal data of the people.
Finances seem as the next logical step for the company to expand this. Sengupta adds: It does not want to sell the financial data of the current user, of course, and the Google Pay-data not used for promotional purposes.
As with Facebook, this reaction was expected, however. In particular, because you tried to bring in a new product line on the market, and the distrust vis-à-vis technology giant is currently on a historic high.
The danger for Bitcoin?
For this reason, no danger to Bitcoin comes from Google’s efforts. If anything, this reinforces the need for a decentralized global currency even more. Forbes in barking – as usual – the wrong digital tree and says: Google Bank accounts could be a bigger threat as a quantum computer. However, nothing could be further from the truth.
Bitcoin continues to operate in a completely different area of Finance than the traditional Bank business and investors of the leading crypto currency will want to transfer your collected funds are not to be a Google Bank account.