Before I learned about Bitcoin, I used to be so angry with the way most retail banks exploited their customers.
I mean, who gave them the power to cheat people in broad daylight?
- The interest (0.5% pa) they pay to customers on deposits is ridiculously low when compared to the amount they get for lending funds to borrowers.
- They charge outrageous fees for transfers and maintenance costs.
- Transfers take many days to settle sometimes.
- You have to do the paperwork for almost any transaction.
- You can’t secure loans easily.
- You can’t move large funds freely.
When I met Bitcoin, one of the first things that fascinated me was that I could actually hold money online without using a bank. That the value of the amount invested could increase massively is another bonus.
Banks are crooks really and only a necessary evil as a friend described it.
We still need them to bring fiat into crypto and for other day-to-day transactions.
I really do hope we’ll eventually have a world where banks are not as relevant as they are today.