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I think this is a side effect. To use digital currency I assume you’ll need some kind of account, as it will probably rely on some stable identifier. Baking ide
by makeitdouble 4y ago
I think this is a side effect. To use digital currency I assume you’ll need some kind of account, as it will probably rely on some stable identifier. Baking identification in a device (a card for instance) could be an alternative, but past some amount it would probably be impractical and I’d see banks limiting the amount that can move outside of them.
- robertlagrant 4y agoI don't see how this would make unbanked people into banked people, though?
- makeitdouble 4y agoDepends on what you mean by “banked” and how it’s implemented. If for instance, as a bare minimum they can get money from their job transferred in and can pay bills and rent from there, it would already fill the core job of a bank account. Now I’d assume even the simplest system would be managed by banks as a new product, with technically an account bound to it. A bit like C-Zam, N26 and other “banking light” initiative that euro banks have been trying out lately. But lighter alternatives would sure pop up.
- robertlagrant 4y agoI don't see why this would be lighter than current banking, though.
- makeitdouble 4y agoNewer systems have all been lighter than legacy banking. And from a logical perspective, they wouldn’t make sense if they were just a rebranding of the old system. Newer players also need something scalable to make a dent in the market, so there again the lighter the easier.
- robertlagrant 4y agoBut I still don't see why this would be necessary. There are new banks already. They didn't need a cryptocurrency to exist.