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> You might want to look into how much our existing banking systems consumes in terms of total energy. It might shock you. Actually working for a bank, I can t
by lmilcin 6y ago
> You might want to look into how much our existing banking systems consumes in terms of total energy. It might shock you.
Actually working for a bank, I can tell you that banks do a lot more than just keep your money.
If you are not convinced try to move your entire financial life to bitcoin and tell me how you get cash, how you pay for fuel at gas station or pay your taxes.
Does bitcoin have inherently web application for you to log in and manage your account?
Does it have a call center for you to call to block your credit card?
What about a host of other services banks provide you just conveniently omitted?
- fastball 6y agoThat's the whole point – most of those things aren't needed for cryptocurrency because cryptocurrency is trustless. You pay for gas in the same currency you get paid in – crypto. There is nobody to call to cancel my credit card because some 3rd party does not control my credit card – I do. Ditto for "managing my account". If I want to convert ETH to BAT or whatever, I just authenticate (using the same wallet as used above) to a thin wrapper around the network and everything happens on the Ethereum network itself. Meanwhile, if I want to convert USD to GBP, the layers below whatever service I actually use (let's say TransferWise) as the consumer is deeply nested, probably involving somewhere between 5 - 10 different entities.