Technology has been one of the factors that has made things very easy for everyone, gone are days when people were finding it very difficult of sending letters from one person to another do to the lack of internet, so however for a message to be send across it must go through postal office and before it gets to the recipient it takes up to days. But however the arrival of internet changed everything and made it very easy everyone to convey messages from a person to another through emails.
People's lives have been more simpler as a result of technology taking over, yet everything you see has pros and cons, although we wouldn't say that these are the reasons we wouldn't allow technology rule the world. Scam, spam, and phishing attempt incidents were rare in the days of letter delivery, but since the advent of electronic mail, these cases have risen significantly, increasing the risk of scamming people. It appears to be quite helpful, but it also presents a significant risk to the user.
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So Boiling it down to Bitcoin and banks, actually the existence of Bitcoin has greatly improved the mindset of people especially on investment diversification such as profits making because is obvious that any money we put or save on the bank will not yield any profit so instead of people saving much money on the bank when there is a great opportunity offered by Bitcoin to channel all our money with the possibility of making or multiplying our capital in the future. So perhaps do you guys think the reason why most countries are having some restrictions on Bitcoin is because of the effects it has on the bank that people prefer to invest there funds on Bitcoin instead of banks?.
First off, let me clarify that the original goal of bitcoin was to function as an alternative to the financial system and address the issues with it, rather than to completely replace it. Since banks offer certain services that bitcoin cannot, and because bitcoin is a great option for privacy, freedom, and decentralisation, having both options available would be more advantageous, it would not be easy to replace banks with Bitcoin. In reality, banks are also beneficial in their own right, but they also have the problem of trying to control and monitor how people spend their money which is a bad idea.
The issue I have with banks and the government is that they continue to oppose Bitcoin even though they know it will eventually triumph. They are doing everything in their power to stop it, but I have no doubt that they will fail and Bitcoin will eventually take over.
Have you actually made a transaction on chain lately with Bitcoin? Do tell us the experience of grabbing my popcorn and waiting for it!
It really not been smooth this past month with the conjestion and high fees, Just imagine bitcoin taking over and people experiencing delays and spending high fees to carry out transactions. Banks have their own advantages too you just can’t rule them out