Bitcoin users don’t need the existing banking system. Cryptos are popular among enthusiasts because of their nature as a new payment system, more than them being extra ordinary currencies. Exchanges have a lot more to do with this than them as a store of value, this means people love it because it helps in liberation.
Okay, yes, sensitive word, but here is what it means for the deprived world, they have access to money and international organisations to get rid of their exploitative regimes, poor criminal situations, inhabitable conditions, poor economies can be transformed, people can form their own economies free of centralized figures who must permit before you can proceed.
Bitcoin means access to the world, it means more globalization only this time not to promote the causes of the WTO and the American Hegemony on the rest of the world. This currency is free of marginalization, racism and structuralist ideas like the bougee owner of wealth and the poor user or the IMF interest rates that drown most countries in loans that the people did not take, their corrupt leaders did. Bitcoin is a rebel.
Bitcoin challenges all the problems associated with regular money. It is the least exploitative, in terms of the concept of the Marxist exploitation of labor. It is crazy good.
The currency is created in cyberspace, when the “miners” use the power of their computers to solve complex algorithms that serve as verification for Bitcoin transactions. This means people who mint money or big banks that support the government by producing a ton of tax only to dictate the national fiscal policy for businesses and the monetary policy for themselves can cause no more bubbles and world recession. Things can be neutral now. No extreme inflation, no jobless depressions and long periods of global economic lock downs.
Their reward is payment with cyber currency, which is stored digitally and passed between buyers and sellers without the need for an intermediary.
On a smaller scale, airlines reward miles function in a similar way, enabling travelers to purchase plane tickets, hotel rooms, and other items using airline miles as virtual currency. Or loyalty cards for cinema where you can redeem your points to get popcorn, tickets and what not without getting money from your ATM card the next time, it is simply between you and the cinema theater. Bitcoin is the same!
If bitcoin or another cryptocurrency become widely adopted, the entire banking system could become irrelevant.
People get stuck on things without banks, who will you call when your mortgage payment gets hacked? How will you earn interest on your savings? Who will provide assistance when a transfer of assets fails or a technical glitch occurs? People fail to see the bigger in picture and do not keep in mind that things are improving meaning, that the likes of Bitcoin are very very young right now and there are ways to improve it, they are just being looked into and experimented with. The move to cryptos over fiat is not an instant one anyway.
While the financial crisis gave bankers an even worse reputation than they already earned themselves by their bold and irresistibly rude and human less corporate nature, they are now being even more irritating with all of there resistance to change. Be open minded! Its not like you guys are here for long, especially when there will be no more bank fees to be paid!!