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The difference here is people physically cannot manage and protect a large amount of cash and not having it in banks means you gradually lose money over time.
by bergenty 4y ago
The difference here is people physically cannot manage and protect a large amount of cash and not having it in banks means you gradually lose money over time.
This isn’t the case with crypto where you can carry potentially all the wealth in the world on a single flash drive.
I think more can be done. An entity with a mobile app like Coinbase that seamlessly carries out transactions and then deposits your coins in your own personal wallet but manages your keys in an encrypted manner so all of the account management is hidden behind a single password. They should charge a monthly subscription for it.
- flakeoil 4y agoBut what's the point? Having Coinbase or some exchange like that handle your money or having a bank handle your money. Wherein lies the difference? You prefer to have an encrypted number in your pocket which only Coinbase can access over an encrypted number at a regular bank's server?
- tsukikage 4y agoThe difference is that if your money comes from sources or is used for purposes that the traditional banking system does not want on their books, you cannot use the traditional banking system.
- polygamous_bat 4y ago> The difference is that if your money comes from sources or is used for purposes that the traditional banking system does not want on their books, you cannot use the traditional banking system. What % of humanity needs that?
- bandrami 4y ago> you gradually lose money over time As opposed to crypto where you lose it rather quickly[1] [1]: https://www.coindesk.com/price/bitcoin/ https://www.coindesk.com/price/bitcoin/