Posted 1 year ago | by Ben Armstrong
Data is Easy to Move Globally – Why isn't Money?
It is difficult to see traditional banks as anything but a massive scam. Money is data – and today – data can be moved just about anywhere in a few seconds' time. Fast forward to 'reality' in the banking system, where moving a few digits around can take days.
Let's be totally honest here – we all know that the banking system is full of scammers who have a monopoly on how people can save, spend and invest. This has led to one of the worst systems on Earth – and we should be making change happen.
But Bitcoin is Slow!
I am not here to argue that Bitcoin is a perfect system. In fact, I think Bitcoin will be eclipsed by other tokens that are faster to use – as most people don't care about the money they use. Once the fiat currency system starts burning they may care a little more – but my expectations are modest.
Instead of comparing Bitcoin to the fiat currency system in general – we are going to talk about international transfers that are worth a few thousand bucks – or more.
While Bitcoin probably isn't the perfect system for buying a candy bar at the gas station, it is a pretty good replacement for the SWIFT system, and the international transfer desk at most global banks.
No Worries on Politics...
See...the thing is that money is supposed to be apolitical. No worries about who is holding it, or how they use it (I know governments don't want 'criminals' to use money, but one nation's criminal is another nation's hero).
Today these political considerations for fiat currency are extremely important. If you live in the USA, there are numerous places you can't deal with. The same is true in the EU, and many other major economic entities.
The sad fact is – money has become very political.
Not so for Bitcoin!
You can send your Bitcoins to anyone – anywhere, as long as they have a wallet that allows them to receive the tokens. You might get picked up by one of the new Bitcoin monitoring tools, but if you are really looking to move big value under the radar – there are other crypto options.
Time to Break The Monopoly
By the way – there are loads of tokens that are perfect for small or large purchases, and can also be settled in a few seconds (XRP comes to mind).
One of the biggest factors that is driving the continued acceptance of fiats is that people in the developed world haven't been hurt by a currency crisis in quite a while.
In the same way that cryptos are finding popular support in Latin Ameirica due to the rampant government mismanagement – we will probably see cryptos come into popularity as the USD and EUR implode in spectacular fashion.
As the fiat monopoly breaks apart, it is likely that systems that we thought would be able to endure the collapse will actually face ruin – such as the deposit protection schemes that are used to lull bank depositors into a false sense of security.
You Can Start Learning More About Tokens Now!
We all know that printing money while destroying the real economy is going to lead to a nightmarish hellscape – but you can start to prepare yourself mentally to face the collapse.
Cryptos aren't magic – and the community you choose to be in will be more important than any kind of financial asset. Cryptos are a great form of electronic money, and they can be used both locally and globally.
Make sure to carefully consider things you have been taking for granted – like food, water, and shelter – as the angry mobs are just getting started.