Banks are important to our everyday life. These are financial institutions that have become a store to the store of value -money (or so we think). Banks do not necessarily store money, rather they do business with or invest customer’s money, make a profit, and share dividends at the end of the day. Compared to what they make as profit researches have shown that what is distributed as interest is super-small and unfair to customers. But, many customers do not seem to have trouble with that, as their orientation is that banks store money and they are not a business venture. At least, that is what is at the back of the mind of an average African.
Financial services from banks are open to everyone but, some are more of everyone than others. Essentially, not everyone gets to enjoy all the financial services banks provide. The list of document requirements may be overwhelming for some people especially the rural dwellers and nomads.
So many others suffer injustice with tons of fees that easily swallow their monthly interest. Banks eventually becomes a NO GO for nomads who travel from country to country. They are just ineligible. They cannot get the verification documents needed to use the financial services of the country they are in for the short period of their stay.
Banks lack the interoperability to connect with banks from other countries to operate effectively – it is just impossible.
@CryptoTraveler made his experience known, being an African Nomad while replying to a question ‘If you fall asleep and wake up in 2050, what’s the first thing you’ll google?’ by @DesiCryptoHodlr on twitter. His reply was “What happened to Crypto 😂”… “Who will give me the bank account? I’m a stateless nomad without a resident or work permit traveling from country to country. I don’t qualify for a bank account & in the first place, I don’t need one since I live on Crypto.”
Who will give me the bank account? I’m a stateless nomad without a resident or work permit travelling from country to country. I don’t qualify for a bank account & in the first place, I don’t need one since I live on Crypto. Read my story: https://t.co/PJaopwXaXi— Frisco d’Anconia (@CryptoTraveler1) May 18, 2019
Such is the inadequacy of centralized banks which needs to be dealt with. People are already seeing the escape route – Crypto. As pointed out by @CryptoTraveler in the comment above cryptocurrency is saving a lot of stress and time that comes with remittances in centralized banks.
Another Cryptocurrency enthusiast (@EwuosoOlusesi) expresses his grievance with a centralized bank “I can’t wait to see the look on banks faces when cryptocurrency finally sends them packing. With crypto, you can send any amount of money within 3 seconds to anybody in the world. But with banks, all you get is a debit with a failed transaction.”
Didi Taihuttu and the Bitcoin Family
CryptoMentor from The Currency Analytics also pointed out the advantage of Cryptocurrency while relating the experience of Didi Taihuttu and the “Bitcoin Family?” in an article ‘Can I Introduce You to Didi Taihuttu and the “Bitcoin Family?”’. In the article, he mentioned that “This beautiful family is from the Netherlands and… earns a living by trading, writing, speaking engagements and cryptocurrency consulting. Didi sells books and a crypto course on his website… At last count, they have visited over 40 countries.” This kind of family has to live on their cryptocurrency wallet and not on any centralized bank.
As the Cryptocurrency sphere is progressing, we may not need to wait for 50 years before we begin to see Crytpo banks taking over the Financial Industry. Governments are already seeing this fact.