Brits are spoilt compared to elsewhere when it comes to banking effectiveness. I've spent a lot of time in the US and it's like a third world country in comparison.
However it's all just tinsel layered on top of the same old crap. Once you get into international payments, which I indulge in pretty often, then it all falls apart again let alone failing to address fundamental issues.
But the main reason Bitcoin is rendered pointless here is because the banks won't give any businesses an account. There's no exchange with a UK account and the options for retail are pitiful compared to America because of that.
If I want coins in a hurry then I'm looking at a 5-10% premium for local buying services compared to exchanges or somewhere like Circle. That pure and simply doesn't add up for anyone looking to transact. Coinbase is in the UK, you just have to send money to Estonia taking days and costing money.
It's probably one of the weakest first world countries for actual crypto commerce. Maybe banks elsewhere will have to be weakened before they let up here.
Yes UK banks have some good properties. Shame (and I don't know why) the exchange market is limited. Most other developed nations it's easier.
Seems like a bit of a paradox - the more advanced the countries' infrastructure, the less need for Bitcoin. Yet countries with greatest need are less able to access/use Bitcoin. Hard to know how much investment is going in to change this - and coindesk charge for their reports on Bitcoin use etc.
quoting a UK service is a moot point. UK banks have for years offered fast payment services. moving funds from one bank account to another has never been a problem for hobby amounts (under £10k) between english banks..
what bitcoin solves is this:
international movements instantly
no chargebacks
no requirement of central storage providers (banks)
no risk of third parties taxing you without consent
no risk of bank insolvency /bailouts
store as much as you want without question
transfer as much as you want without question
no need for account application forms, id or being declined an account
"give a homeless man a bank application form. and he will starve waiting... give the man a QR code and he can instantly earn a living"
This.
Amen, brother.
And add on here that no address needed for Bitcoin, whereas most banks addresses needed. This had been very problematic. But some of the purported positives are actually negatives for many and moot points for most normal consumers imo in the developed world.