You might have notices I used words like ‘broken,outdated and monopoly’ earlier in this blog post, and yes I mean every word of it. So let’s start by the first one: Broken
The Banking System is completly broken in 2020, with people in 3rd world countries that can’t register for a bank account to the long waiting period between international payment. Or better yet, if the bank website or branch says the ‘system’ is offline we should all just keep our trust in the bank – nothing will happen. I always ask people ‘ what do you think the bank does with your money when it’s offline?’
Scary thought to have, right?
We literally give these institutions all the power in the world by storing our hard earn money. Furthermore, the banking system is slow, outrageously overpriced, with no upside to future generations.
Bitcoin changes each and every point I just made.
- Bitcoin is Fast
- Secure
- Fees are less than 0.50%
- Will Never Be Offline
- No Institutions or Company has full autonomy over the Blockchain – It’s for the People
- Bitcoin doesn’t discriminate against age, religion, race, gender.