{"id":551714,"date":"2023-09-18T07:42:52","date_gmt":"2023-09-18T07:42:52","guid":{"rendered":"https:\/\/ktsl888.com\/?p=551714"},"modified":"2024-06-11T08:01:56","modified_gmt":"2024-06-11T08:01:56","slug":"jordan-peterson-bitcoin-banking","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/jordan-peterson-bitcoin-banking\/","title":{"rendered":"Jordan Peterson Sparks Debate On How Bitcoin Can Solve Major Banking Problem"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The <a href=\"https:\/\/bitcoinist.com\/bitcoin-stands-out-amidst-rising-interest-rates\/\" rel=\"nofollow\">flagship cryptocurrency<\/a>, <\/span><span style=\"font-weight: 400\">Bitcoin<\/span><span style=\"font-weight: 400\">, was created with the goal of disrupting the traditional financial system. In support of this, Best-selling Author and Clinical Psychologist Jordan Peterson has <\/span><a href=\"https:\/\/x.com\/jordanbpeterson\/status\/25877868?s=20\" rel=\"nofollow\"><span style=\"font-weight: 400\">suggested<\/span><\/a><span style=\"font-weight: 400\"> that customers should abandon the banking system and probably adopt <\/span><span style=\"font-weight: 400\">Bitcoin<\/span><span style=\"font-weight: 400\">.<\/span><\/p>\n<h2>Jordan Peterson Says Bitcoin Over Banks<span style=\"font-weight: 400\">\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Peterson was making this suggestion in response to a news report that Macquarie Bank, <\/span><a href=\"https:\/\/bitcoinist.com\/australia-adoption-crypto\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Australia\u2019s<\/span><\/a><span style=\"font-weight: 400\"> fifth largest bank, was planning to transition to a digital-only banking system by November 2024. In line with this, the bank will begin phasing out cash, cheque, and phone payment services as part of its offerings.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/ethereum-merge-is-one-here-are-the-highlights-so-far\/\">Ethereum Merge Is One: Here Are The Highlights So Far<\/a><\/div>\n<p><span style=\"font-weight: 400\">The psychologist quoted the report and stated, \u201cMaybe it&#8217;s time to scrap Banks,\u201d and further quizzed, \u201cCould Bitcoin fix this?\u201d\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Maybe it&#8217;s time to scrap<br \/>\nBanks<\/p>\n<p>Could<br \/>\nBitcoin fix this? <a href=\"https:\/\/t.co\/j6wldXMv7P\" rel=\"nofollow\">https:\/\/t.co\/j6wldXMv7P<\/a><\/p>\n<p>\u2014 Dr Jordan B Peterson (@jordanbpeterson) <a href=\"https:\/\/twitter.com\/jordanbpeterson\/status\/25877868?ref_src=twsrc%5Etfw\" rel=\"nofollow\">September 14, 2023<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">For one, Macquarie Bank\u2019s decision has been widely criticized as it potentially excludes certain customer groups. Furthermore, this move also highlights one of the problems that cryptocurrencies like Bitcoin aim to solve by giving customers more control over their money.<\/span><\/p>\n<p><span style=\"font-weight: 400\">It is believed that these financial institutions shouldn\u2019t be able to have so much control over people\u2019s finances and decide how they spend their money as these banks could easily implement policies that do not favor or cause difficulties to certain customer groups.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Additionally, Macquarie, in a statement, described digital transactions as being a \u201csafer, quicker, and more convenient way to bank.\u201d However, crypto advocates beg to differ as, in response to Peterson\u2019s tweet, some responded that networks like the <\/span><span style=\"font-weight: 400\">Bitcoin <a href=\"https:\/\/bitcoinist.com\/bitcoin-lightning-network\/#:~:text=Bitcoin%20Lightning%20Network%20On%20Binance%20Records%20One%20Of%20The%20Fastest%20Rates%20Of%20Adoption,-by%20Scott%20Matherson&amp;text=On%20July%2016%2C%20Binance%20announced,to%20make%20deposits%20and%20withdrawals.\" rel=\"nofollow\">Lightning Network<\/a><\/span><span style=\"font-weight: 400\">, <\/span><a href=\"https:\/\/bitcoinist.com\/future-of-xrp-ledger\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">XRP Ledger<\/span><\/a><span style=\"font-weight: 400\">, and Bitcoin Cash are a better alternative than the banks\u2019 digital systems.\u00a0<\/span><\/p>\n<h2>Lightning Network To The Rescue<\/h2>\n<p><span style=\"font-weight: 400\">Many, including Republican presidential candidate Aaron Day, seem to be against the idea of Bitcoin replacing banks. In response to Peterson\u2019s tweet, Day <\/span><span style=\"font-weight: 400\">stated<\/span><span style=\"font-weight: 400\"> that the traditional banking system could do between 50,000 and 100,000 transactions per second (TPS), unlike Bitcoin, which has a TPS of seven. He also elaborated that the CBDC pilot in the US can do 1.7 million TPS.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">No, it couldn\u2019t. The traditional banking system can do 50k-100k transactions per second. The CBDC pilot in the US can do 1.7 million TPS. BTC can do 7 TPS.<\/p>\n<p>You need to do some research before you spout BTC. You might think you are in the in crowd but you\u2019ve actually taken a\u2026<\/p>\n<p>\u2014 Aaron Day 2024: Truth and Transformation (@AaronRDay) <a href=\"https:\/\/twitter.com\/AaronRDay\/status\/47872626?ref_src=twsrc%5Etfw\" rel=\"nofollow\">September 14, 2023<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Following this, crypto supporters quickly responded that the <\/span><span style=\"font-weight: 400\">Bitcoin <a href=\"https:\/\/bitcoinist.com\/bitcoin-lightning-network\/#:~:text=Bitcoin%20Lightning%20Network%20On%20Binance%20Records%20One%20Of%20The%20Fastest%20Rates%20Of%20Adoption,-by%20Scott%20Matherson&amp;text=On%20July%2016%2C%20Binance%20announced,to%20make%20deposits%20and%20withdrawals.\" rel=\"nofollow\">Lightning Network helps to solve this problem<\/a><\/span><span style=\"font-weight: 400\"> as it boasts a TPS of up to 1 million, making it faster than the traditional banking system, which Day argues for.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/stablecoin\/binance-busd-stablecoin\/\">Bye Bye Birdie: Binance Begins Process Of Axing BUSD Stablecoin<\/a><\/div>\n<p><span style=\"font-weight: 400\">The network is able to provide a quicker alternative while enjoying the security that the Bitcoin blockchain provides. Blockchain technology (which cryptocurrencies run on) is said to be more secure and transparent than the traditional banking system.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, many in the Bitcoin community seemed to be happy about the idea of Jordan Peterson mentioning the foremost cryptocurrency on his platform, as that could suggest that Bitcoin is about to gain a major proponent. The Canadian psychologist boasts a huge follower base with 4.6 million followers on his X (formerly Twitter) platform.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.tradingview.com\/x\/FTc4ZRtI\/\" alt=\"Bitcoin price chart from Tradingview.com (Jordan Peterson banking)\" width=\"2884\" height=\"1746\"><\/p>\n<pre style=\"text-align: center\">BTC price resumes uptrend toward $27,000 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from X (formerly Twitter), chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The flagship cryptocurrency, Bitcoin, was created with the goal of disrupting the traditional financial system. In support of this, Best-selling Author and Clinical Psychologist Jordan Peterson has suggested that customers should abandon the banking system and probably adopt Bitcoin. Jordan Peterson Says Bitcoin Over Banks\u00a0 Peterson was making this suggestion in response to a news report that Macquarie Bank, Australia\u2019s fifth largest bank, was planning to transition to a digital-only banking system by November 2024. In line with this, the bank will begin phasing out cash, cheque, and phone payment services as part of its offerings.\u00a0 Related Reading: Ethereum Merge Is One: Here Are The Highlights So Far The psychologist quoted the report and stated, \u201cMaybe it&#8217;s time to scrap Banks,\u201d and further quizzed, \u201cCould Bitcoin fix this?\u201d\u00a0 Maybe it&#8217;s time to scrap Banks Could Bitcoin fix this? https:\/\/t.co\/j6wldXMv7P \u2014 Dr Jordan B Peterson (@jordanbpeterson) September 14, 2023 For one, Macquarie Bank\u2019s decision has been widely criticized as it potentially excludes certain customer groups. Furthermore, this move also highlights one of the problems that cryptocurrencies like Bitcoin aim to solve by giving customers more control over their money. It is believed that these financial institutions shouldn\u2019t be able to have so much control over people\u2019s finances and decide how they spend their money as these banks could easily implement policies that do not favor or cause difficulties to certain customer groups.\u00a0 Additionally, Macquarie, in a statement, described digital transactions as being a \u201csafer, quicker, and more convenient way to bank.\u201d However, crypto advocates beg to differ as, in response to Peterson\u2019s tweet, some responded that networks like the Bitcoin Lightning Network, XRP Ledger, and Bitcoin Cash are a better alternative than the banks\u2019 digital systems.\u00a0 Lightning Network To The Rescue Many, including Republican presidential candidate Aaron Day, seem to be against the idea of Bitcoin replacing banks. In response to Peterson\u2019s tweet, Day stated that the traditional banking system could do between 50,000 and 100,000 transactions per second (TPS), unlike Bitcoin, which has a TPS of seven. He also elaborated that the CBDC pilot in the US can do 1.7 million TPS. No, it couldn\u2019t. The traditional banking system can do 50k-100k transactions per second. The CBDC pilot in the US can do 1.7 million TPS. BTC can do 7 TPS. You need to do some research before you spout BTC. You might think you are in the in crowd but you\u2019ve actually taken a\u2026 \u2014 Aaron Day 2024: Truth and Transformation (@AaronRDay) September 14, 2023 Following this, crypto supporters quickly responded that the Bitcoin Lightning Network helps to solve this problem as it boasts a TPS of up to 1 million, making it faster than the traditional banking system, which Day argues for.\u00a0 Related Reading: Bye Bye Birdie: Binance Begins Process Of Axing BUSD Stablecoin The network is able to provide a quicker alternative while enjoying the security that the Bitcoin blockchain provides. Blockchain technology (which cryptocurrencies run on) is said to be more secure and transparent than the traditional banking system. Meanwhile, many in the Bitcoin community seemed to be happy about the idea of Jordan Peterson mentioning the foremost cryptocurrency on his platform, as that could suggest that Bitcoin is about to gain a major proponent. The Canadian psychologist boasts a huge follower base with 4.6 million followers on his X (formerly Twitter) platform. BTC price resumes uptrend toward $27,000 | Source: BTCUSD on Tradingview.com Featured image from X (formerly Twitter), chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":551716,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[89409,428,656,679,89407,89408,1119,89185,1144,78790,17279,89410],"class_list":["post-551714","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-banking-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-vs-banks","tag-bitcoin-vs-fiat","tag-btc","tag-btc-news","tag-btcusd","tag-btcusdt","tag-jordan-peterson","tag-jordan-peterson-news"],"acf":[],"yoast_head":"\n<title>Jordan Peterson Sparks Debate On How Bitcoin Can Solve Major Banking Problem<\/title>\n<meta name=\"description\" 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Matherson\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ktsl888.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g\",\"caption\":\"Scott Matherson\"},\"description\":\"Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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