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JPMorgan recently patented a payment system that’s supposed to be very much like Bitcoin, which is the digital currency that’s caught a lot of buzz recently. The brand-new payment system that’s in the works from JPMorgan might certainly equal and supersede Bitcoin, however just if it can prove to be more protected. Bitcoin is a form of digital currency that was developed in 2009 by a designer under the pseudonym Satoshi Nakamoto. It’s made use of globally, and can assist countries with unstable currencies find an alternative kind of payment to prevent the consequences of a failing economy.
Today, the United States, Canada, China, and Germany are amongst the numerous countries that acknowledge Bitcoin as a main type of payment.
Proper security is a must
Bitcoin doesn’t always have a favorable credibility as a safe and safe kind of digital currency. All a person has to see is the QR code offered when obtaining it and they can quickly steal the digital currency. The truth that this currency is so easy to steal, and was even stolen on television, reveals its vulnerability.
The new digital currency from JPMorgan needs to be more protected than Bitcoin for it to gain positive acknowledgment. If it isn’t somehow shielded more than Bitcoin, it will not have a lot more success. JPMorgan have to keep in mind Bitcoin’s downfalls and use that to their benefit to make their digital payment system better.
Taint of Bitcoin
Bitcoin is tainted by the fact that medicine deals are made with the digital currency every day. Earlier this year the FBI seized $28.5 million in Bitcoins after completing a drug bust and shutting down the most popular drug-selling site on the Web.
The site had the ability to keep purchasers and sellers confidential by utilizing Bitcoin as its main source of currency. That’s actually made it a far less preferable form of payment. People could be hesitant to utilize the brand-new digital currency from JPMorgan due to the fact that of the taint Bitcoin has by being made use of as a form of payment for medicines and other illegal deals. Those that use digital currency as a kind of payment could be put in question regarding why they’d opt to utilize this type of payment rather than another. So making use of digital currency can raise unneeded suspicion that isn’t required.
JP Morgan may change the game
The credibility of JPMorgan could assist the success of the digital payment system it’s in the works. Bitcoin wasn’t produced by an actual authoritative and reliable financial entity like JPMorgan. That might effectively make the new digital currency interesting individuals interested in this type of payment.
If JPMorgan can find a method to show the new digital currency it’s in the works is more protected, safe, and stable than Bitcoin, then it might very well rival and win as the best type of digital currency.