{"id":181481,"date":"2023-09-18T09:39:28","date_gmt":"2023-09-18T09:39:28","guid":{"rendered":"https:\/\/precoinnews.com\/?p=181481"},"modified":"2023-09-18T09:39:28","modified_gmt":"2023-09-18T09:39:28","slug":"jordan-peterson-sparks-debate-on-how-bitcoin-can-solve-major-banking-problem","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/jordan-peterson-sparks-debate-on-how-bitcoin-can-solve-major-banking-problem\/","title":{"rendered":"Jordan Peterson Sparks Debate On How Bitcoin Can Solve Major Banking Problem"},"content":{"rendered":"<p><span>The flagship cryptocurrency, <\/span><span>Bitcoin<\/span><span>, 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><span>suggested<\/span><span> that customers should abandon the banking system and probably adopt <\/span><span>Bitcoin<\/span><span>.<\/span><\/p>\n<h2>Jordan Peterson Says Bitcoin Over Banks<span>\u00a0<\/span><\/h2>\n<p><span>Peterson was making this suggestion in response to a news report that Macquarie Bank, <\/span><span>Australia\u2019s<\/span><span> 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<p><span>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<p>Maybe it&#8217;s time to scrap<br \/>\nBanks<\/p>\n<p>Could<br \/>\nBitcoin fix this? https:\/\/t.co\/j6wldXMv7P<\/p>\n<p>\u2014 Dr Jordan B Peterson (@jordanbpeterson) September 14, 2023<\/p>\n<p><span>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>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>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>Bitcoin Lightning Network<\/span><span>, <\/span><span>XRP Ledger<\/span><span>, 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>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>stated<\/span><span> 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<p>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) September 14, 2023<\/p>\n<p><span>Following this, crypto supporters quickly responded that the <\/span><span>Bitcoin Lightning Network helps to solve this problem<\/span><span> 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<p><span>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>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 decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.tradingview.com\/x\/FTc4ZRtI\/\"><\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/bitcoin-news\/jordan-peterson-bitcoin-banking\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The flagship cryptocurrency, Bitcoin, was created with<\/p>\n","protected":false},"author":3,"featured_media":181480,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Jordan Peterson Sparks Debate On How Bitcoin Can Solve Major Banking Problem - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/jordan-peterson-sparks-debate-on-how-bitcoin-can-solve-major-banking-problem\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jordan Peterson Sparks Debate On How Bitcoin Can Solve Major Banking Problem - 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