Re: One solid reason that I came across for the need of BitCoins. <Be Your own Bank>
Yes, Banks charge people for any administrative work that they do for them. The withdrawal of money in the Bank is more expensive than the withdrawal at the ATM, because human interaction is more expensive than electronic interaction. You also pay a premium for the stationary that are used, because they over charge you for the paper/ink/stamp etc.
So, if you had full control over your bitcoins, you could simply sign the Bitcoin address with a message to show that you own the bitcoins in that address and the Blockchain will give them all the data that they want.
So, if you had full control over your bitcoins, you could simply sign the Bitcoin address with a message to show that you own the bitcoins in that address and the Blockchain will give them all the data that they want.
I do understand that banks are charging more money for administrative work, and salaries, and other day to day operational expenses are there. And they are also providing us various other services etc.
Now what I want to say is, At least In India, how does it happen is banks, are giving an interest of 4% annually on my money, and if someone wants to take loans they are giving it on 10 - 12% interest rate, which is a lot of money. So they already are making so much money, and for every small things, like transacting from ATM more than 5 times in a month, they will charge one time fee, and even for this small seal and stamp work they can charge, but not cheat or scam. In the current state it is all `we decide the rule of the game`