Just today I've recognized once again the pure power and potential of cryptocurrency as I got charged 25$ from my bank for a single international transfer. Not just the charges are ridiculous but as well the 2 days it took for the funds to arrive...
Actually the worst wasn't the money I had to pay but rather me knowing that there is something out there providing the possibility to transfer millions within a few seconds to any place around the world for amazingly low fees if not even for free...
Yes, you guess it, I'm talking about CryptoCurrency!
Unfortunately it's not yet possible to leave the banks behind 100% and solely use cryptocurrency instead. The space is simply too volatile and not integrated well enough around the world for one to survive. Cash and Credit Cards are therefore still a necessity today, while I'm convinced though that this eventually won't be the case that much longer.
I'd Love To Earn & Spend Crypto Only
Yes, I personally would immediately switch to using cryptocurrency only if it'd be possible just yet. Getting paid in crypto and spending crypto conveniently without paying ridiculous fees just to be allowed to use my own hard earned funds.
Withdrawal fees, credit card fees, transfer fees, bank account fees and whatever else the banks make us pay is simply ridiculous. Especially whenever they aren't even taking good care of our money but rather speculate with it on anything that's available out there on the markets.
Cryptocurrency are the exact opposite as I always know where my money is, know how much it's worth and that it's not devaluated in most cases due to ridiculous amounts in additional supply being printed every single day. All while keeping 100% control through my active keys!
I Expect A Revolution To Happen (Soon)
Based on all the points mentioned above I personally expect a revolution to happen within the next few years already. Either we see the masses to adopt cryptocurrency, which I would definitely love to see, or the banks to drastically improve their services and lower their fees. Most likely through nothing else than the use of blockchain technology...
Anyways in the long run I don't think that the banks will stand a chance against cryptocurrency or their improved future version, whatever they might look like exactly. The world is ready to take back control, the people are ready to break free!
Interesting times are ahead of us!
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We are looking at the removal of friction on the transaction process. Banks are a costly middleman that only slows the process down. They built the system which they are protecting dearly.
I agree banks do not stand a chance. This is a done deal. People want to spread FUD that the banks can actually do something about blockchain and what is taking place. They cannot. That is why they are trying to con the public into believing they are going to evolve and produce their own cryptocurrency. They are not. They will develop another form of digital currency they control. As for blocking it, who knows if they will since the blockchain will be controlled by them.
No need for transparency, just what the banks like.
Cryptocurrency will be able to free us to a certain extend from the power of banks but it'll be still a long and bumpy road until we will be ultimately free. They won't give up the fight and use the new technology to improve their business just to stay in the game a bit longer.
In the end the people will win, the banks will loose!
The banking con job must die !
I totally agree Banking is just aged and the fact that we can remove ourselves from a system that has only aided a few select people i.e. the Rothschilds using things like our Central bank for their benefit even the Rockefellers had heavy ties to Chase bank I'm not being a conspiracy theorist but theres a reason they don't want to see the Crypto market establish itself and create a new wave of money and people holding that money. The fees for things like transferring, using a different bank, and overdrafts are ridiculous they let the stuff happen to make money hand over fist and its time to cut them out from a business aspect if youre using a middleman who is untimely and overpriced you remove him from the equation to better your business or in this case yourself and we are going to be upon that time soon enough.
It wont be long now. We just need some mainstream friendly front ends and a Stable Coin and we're there.
I think it's not even a stable coin that's necessary as major adoption will eventually lead to more stable prices, just like in forex, less jumpy and therefore more reliable.
But like you say some mainstream friendly front ends, which are easy to use and secure as well will in the end do the trick. They definitely have to be available as mobile apps though.
It's a chicken and egg thing. Sure if we get mainstream adopted then we get stability....but I think we need stability before we get mainstream adoption.
Crypto indeed is the future of Banking and all related services,, This is going to be very clear to the world very soon.
We will see each service related to a specific crypto then,, Till that time Crypto is still building basements because the big majority of people in the world do not even know about it now,, and half of the ones who know about crypto are not engaged. Once they are all engaged I believe the crypto market could be the same value and Forex and Stocks.
Keep it up
Fiat and bank are obsolete system.
Yep, they are not needed anymore. We got enough tools to change the world, we just have to spread them to change the game.
totally agree, why have someone in control of your assets when you can be in complete control of them yourself. There just needs to be a better easier way to explain this to the public to help them understand, people in today's society are so lazy that they don't want to read or try to understand new things.
I think the most important thing will be security. People don't want to hold their whole funds in a complicated system that still relies on your ability to keep your systems safe. There must be something that enables everyone to keep their coins safe 100% without having to worry about it.
you are right, laziness kills!
It can be quite good as well though, I like to be lazy some days xD
Anyone else feel like, its far more satisfying you dont rely on a third party to store your assets?
I love it, I'm down with that ! Decentralize or die trying !!
Transfering money is still possible without worrying about volatility. Imagine person A wants to send EUR to person B by converting X amount of USD. Well the two parties can decide at a point in time, at what price of bitcoin will the transfer happen. At that point sender A buys BTC worth X euros, and the receiver B can either sell btc futures of go short on an exchange that allows shorting of bitcoin so that the price of btc is locked for him. A can then transfer the bitcoin worth X to B and on receiving, B can sell BTC and close the short position. Any loss in short position is covered by gain in the BTC received. B can then withdraw Euros and the two people can split the transfer fee. Tranfer done without worring about volatility, time taken is also lower and fees are overall cheaper than bank transfers. There are cheaper ways to transfer money but this is faster for sure.
Besides the points you mentioned, banks also use our money as source of capital to buy assets that generate revenue for them. So we are funding the banks revenue to a large extent.
Banking system is a massive fraud. Sooner it ends, the better. All hail crypto!
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Great article, thanks for sharing. I've smashed the upvote button for you!
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Same here.
Not all Cryptos are completely free yet so I'll talk about steem.
I run an online business at my school and have introduced a lot of my clients to steemit. Steem has been the best means of payment for me, the relieve of not having to move around with cash always and no need for little changes when a client comes with a large note bill. I charge them and let them pay me in steem, if they aren't on steemit I use the opportunity to introduce them.
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I can't agree with your post more! Of course, I'm also also under the impression made to me by "my bank", which decided deny my payment to a crypto exchange because it's no longer their policy to support such instruments (cryptos).
Luckily, I found soon enough alternatives that bypass the banking system altogether.