Monday , September 28 2020

Maybe Google will kill Bitcoin, after all



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The bitcoin and cryptocurrency industry was spoiled earlier this year with search giant Google reports saying quantum supremacy, something that could potentially spoil the bitcoin cryptography (but probably not)

In the meantime, the price of bitcoin soared this year, mostly because of the interest in bitcoin and crypto from the world's largest tech companies– with others, including the likes of Apple iPhone maker and Amazon retailer, branching into traditional financial services.

Now Google, in partnership with US banking giant Citigroup, has announced plans to open its own "smart checking" full bank accounts through Google Pay-building pressure on bitcoin developers to improve the user experience and adoption or redundancy.

Google's planned bank account, code-named Cash, and is expected to allow users to add Google analytics tools to traditional banking products, should be launched sometime next year, along with Facebook's planned bitcoin rival, Libra.

"Our approach will be deep partnerships with banks and the financial system," Google CEO Cesar Sengupa told Wall Street Journal newspaper, which first published the story.

"Maybe it's a little bit longer, but it's more sustainable. If we can help more people do more digital things online, it's good for the Internet and good for us. "

Google does not plan to sell financial data to users on its checking account, according to Sengupta. Google is currently not sharing data from its Google Play service, which boasted about 11.1 million US users last year, with advertisers.

Google's move comes after the launch of Apple's credit card, backed by Goldman Sachs, last summer, a ride-hailing of Uber's bank account offerings and loans for its drivers, and Amazon plans to introduce personal accounts for its customers.

In the meantime, bitcoin and other major cryptocurrencies have tried to attract new customers and retail acceptance with price speculation still the biggest driver of bitcoin interest.

Bitcoin evangelists point to the need for a decentralized, user-controlled alternative to the Fiat currency system as the reason for the possible success of bitcoin, but world tech giants are moving quickly to implement many of the most valued bitcoin and crypto features.

Twitter's micro-blogging platform, led by Square's chief executive of payment company Jack Dorsey, is a remarkable Silicon Valley for its bitcoin support.

And public opinion is with tech companies. Last month, according to Apple, it was revealed that Apple, Google and Amazon were the most valuable brands in the world. Annual Interbrand Survey.

Despite public concerns about data privacy, digital security and the power of tech giants, users have failed to leave their services – Google's superior digital money service could pose a greater threat to bitcoin than its quantum dominance.

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The bitcoin and cryptocurrency industry was spoiled earlier this year with reports of search giant Google making a quantum supremacy, something that could potentially break bitcoin cryptography (but probably won't).

Meanwhile, bitcoin prices soared this year, largely due to interest in bitcoin and crypto from the world's biggest tech companies – with others, including the likes of Apple iPhone maker and retailer Amazon, branching out into traditional financial services.

Now, Google, in partnership with US banking giant Citigroup, has announced it plans to launch its own full "smart checking" of bank accounts through Google Payments to pressure Bitcoin developers to improve user experience and gain or gain exposure. .

Google's planned bank account, code-named Cash, and is expected to allow users to add Google analytics tools to traditional banking products, should be launched sometime next year, along with Facebook's planned bitcoin rival, Libra.

"Our approach is to deeply partner with banks and the financial system," Google CEO Caesar Sangupta told the Wall Street Journal, which first published the story.

"Maybe it's a little bit longer, but it's more sustainable. If we can help more people do more digital things online, it's good for the Internet and good for us. "

Google does not plan to sell financial data to users on its checking account, according to Sengupta. Google is currently not sharing data from its Google Play service, which boasted about 11.1 million US users last year, with advertisers.

Google's move comes after the launch of Apple's credit card, backed by Goldman Sachs, last summer, a ride-hailing of Uber's bank account offerings and loans for its drivers, and Amazon plans to introduce personal accounts for its customers.

In the meantime, bitcoin and other major cryptocurrencies have tried to attract new customers and retail acceptance with price speculation still the biggest driver of bitcoin interest.

Bitcoin evangelists point to the need for a decentralized, user-controlled alternative to the Fiat currency system as the reason for the possible success of bitcoin, but world tech giants are moving quickly to implement many of the most valued bitcoin and crypto features.

Twitter's micro-blogging platform, led by Square's chief executive of payment company Jack Dorsey, is a remarkable Silicon Valley for its bitcoin support.

And public opinion is with tech companies. Last month, Apple, Google and Amazon were found to be the most valuable brands in the world, according to an annual Interbrand survey.

Despite public concerns about data privacy, digital security and the power of tech giants, users have failed to leave their services – Google's superior digital money service could pose a greater threat to bitcoin than its quantum dominance.

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