The Bitcoin and cryptocurrency industry was rocked by reports earlier in the year which suggested that Google has achieved something which is now being categorized as quantum supremacy – which potentially may break Bitcoin cryptography.
The price of bitcoin too has seen a great rise in this year, as the biggest companies in technology have shown off their interest in the currency, however, certain entities such as Apple and Amazon have branched out into traditional financial services.
Google in recent times has come out and said that it plans on to launch its own full-fledged “smart checking” bank accounts via Google pay. What this will result in is that the developers of bitcoin will now be pressured into improving user experience and adoption.
The company’s planned bank account – better known as Cache is set for launch sometime next year, and will feature along with Facebook’s planned Bitcoin rival in libra.
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The executive of Google Caesar Sengupta recently claimed : “Our approach is going to be to partner deeply with banks and the financial system. It may be the slightly longer path, but it’s more sustainable. If we can help more people do more stuff in a digital way online, it’s good for the internet and good for us.”
Google at the moment is not exactly interest in the idea of selling the financial data of its checking account users. The company right now does not share data from its Google pay services – which boasted more than 11.1 million users in the US alone last year.
On the other hand, Bitcoin along with a wide range of other cryptocurrencies have been struggling in order to attract new users. This is all for good reason as the world’s technology giants are moving to implement many Bitcoin as well as crypto’s most highly prized features!