Google will kill Bitcoin, after all
The bitcoin and cryptocurrency industry was scared earlier
this year by reports that the search giant Google had achieved the supposed
quantum supremacy, something that could break bitcoin cryptography (but
probably won't).
Meanwhile, the price of bitcoin has risen this year, largely
due to interest in bitcoin and crypto from the world's largest technology
companies, along with others, such as Apple, iPhone manufacturer and Amazon
online retailer, which They diversified into traditional financial services.
Now, Google, in association with US banking giant Citigroup,
has said it plans to launch its own "smart checking" bank accounts
through Google Pay, which increases the pressure on bitcoin developers to
improve the user experience and adoption or face redundancy.
The planned Google bank account, whose code name is Cache
and is expected to allow users to add Google's analytical tools to traditional
banking products, will be launched sometime next year, along with the planned
bitcoin rival of Facebook, pound.
"Our approach will be to partner deeply with banks and
the financial system," Google executive César Sengupta told the Wall
Street Journal, which first reported the story.
"It may be a bit longer, but it is more sustainable. If
we can help more people do more things online digitally, it is good for the
Internet and good for us."
Google does not plan to sell the financial data of its
current account users, according to Sengupta. Currently, Google does not share
data from its Google Pay service, which had approximately 11.1 million US
users. UU. Last year, with advertisers.
Google’s move follows the launch of Apple’s Goldman
Sachs-backed credit card this summer, the Uber’s bank and credit account offer
to its drivers, and Amazon’s plans to introduce personal accounts to its
customers.
Meanwhile, Bitcoin and other major cryptocurrencies have had
problems attracting new users and retail acceptance, and price speculation
remains the biggest driver of Bitcoin interest.
Bitcoin evangelicals point to the need for a decentralized
and user-controlled alternative to the fiat currency system as the reason for
the eventual success of bitcoin, but the world's technology giants are moving
quickly to implement many of the most precious features of bitcoin and crypto.
The Twitter microblogging platform, led by the chief
executive of the payment company Square, Jack Dorsey, is an atypical case of
Silicon Valley for its support of Bitcoin.
And public opinion is with technology companies. Last month,
according to Interbrand's annual surveys, it was discovered that Apple, Google
and Amazon were the most valuable brands in the world.
Despite public concerns about data privacy, digital security
and the power of technology giants, users have not abandoned their services: Google's
superior digital money service could be a greater threat to Bitcoin than its
supremacy quantum
