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But there is a price to pay for the responsibility you burden off onto the bank. Banks charge fees, pay almost zero interest (at least currently) and are usuall

But there is a price to pay for the responsibility you burden off onto the bank. Banks charge fees, pay almost zero interest (at least currently) and are usually very unpleasant to deal with when you want to borrow money. I’d say it depends. You probably shouldn’t manage your life savings using a crypto wallet. Keep some money at a bank. Keep some money in cryptos. Cryptos are not a solution to every financial problem out there but they add new and exciting options for us. Don’t think black and white. But embrace more freedom to choose.

akerl_ 5y ago
Crypto transactions have fees, crypto wallets don’t accrue interest, and my exchange won’t loan me coins. So I’m not sure this is the slam dunk on banks that you were going for.
- G3rn0ti 5y ago
  > crypto wallets don’t accrue interest The Coinbase wallet integrates the major lending protocols. Ethereum fees are reasonable these days. So lending USDC or DAI and earning interest has become a great alternative to saving accounts. If you hold fair amounts of Bitcoin or Ethereum long term, you can use it as collateral and borrow USDC. This way you can not only let your money work for you, you can also use it to borrow dollars for a short term credit — like getting a mortgage but without a bank. Furthermore, these days there are other emerging financial tools that banks simply can’t provide. Earning exchange fees on liquidity pools, for example, or staking cryptos and earn validation fees like a miner for Proof-Of-Stake networks. Point is: Lots of innovation, here. When I look at banks nothing really has been happening there for decades.