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Yes, you're right. The point is, with bitcoin, there's really no need for banks. It's easier (and safer) for me to hold a million dollars in bitcoin than a mil
by joshuaxls 12y ago
Yes, you're right. The point is, with bitcoin, there's really no need for banks.
It's easier (and safer) for me to hold a million dollars in bitcoin than a million dollars in cash. If I had a million dollars in cash, I'd be constantly worried that someone will find it and steal it. Hence the need for a bank. I feel much more capable hiding a private key, which is just information, than I do hiding 10,000 pieces of paper, which is physical.
- JoeAltmaier 12y agoIts not about need. Its about somebody paying you interest on your money. To the degree bitcoins don't pay interest, they are less valuable than hard currencies.
- joshuaxls 12y agoNo one opens a bank account for the interest paid. Most accounts barely pay a tenth of a percent annually, maybe a quarter percent from a credit union—meanwhile, inflation is 2% a year. You’re losing net worth by holding USD in a bank account.
- JoeAltmaier 12y agoYou're putting your money into the wrong bank.