Annual revenues earned by banking system for processing payments $1.7 trillion

Via the economist.com

[Editors Note – If  someone asks you why the Banks are going to push back against Bitcoin, send them this article. If Bitcoin and other Cryptos go mainstream, it’s going to eat into the astonishing annual $1.7 Trillion of payment processing bank revenue.

  • “One reason for this inefficiency is that technology has been tacked on to a centuries-old banking model. Much bank spending on technology is devoted to maintaining existing systems, a desperate effort to keep the show on the road”
  • “But at a London Business School conference this week, the greatest excitement was reserved for blockchain technology. A blockchain is a “distributed ledger” under which transaction records are held by a wide number of participants in a network; it is the technology behind Bitcoin, a digital currency.”

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