The concept of money and traditional finances are changing as we speak. Not only that we are transitioning towards a digital decentralized economy, although I have my doubts the whole world will be part of that transition, but we finally start to become owners over our own funds.
I know this could be debatable, but let me show you a case that points towards my reasoning of us not really owning our money stored in a bank. There's one Bitcoin guy on twitter named Kevin Rooke(@kerooke) that posted an interesting screenshot yesterday regarding his situation with his business account that he had and how the bank is treating him.
What the bank is basically saying is that this guy doesn't really own his money and if he's not using them in any way on a nine years time frame the account will be closed and his personal funds will be transferred to Bank Of Canada. No shit?
So the money are yours as long as you transfer them back and forth, pay fees for that and leave trails of your spending behavior on their servers. Otherwise they'll be taken from you and sent to some central bank. Well, fuck private and central banks all together. When have you ever heard of the Bitcoin's blockchain eating anyone's funds?
Yes, there are cases when people lose their private keys and can't access their wallets any longer, when they send funds to wrong addresses, or do all sort of operating mistakes that lead to losing their funds, but never ever in the history of Bitcoin the blockchain has eaten any sat from anyone.
That will never happen because the blockchain is not in the hands of a central authority. No one has the switch button or acts as a trustee on this blockchain. Banks however are indeed the owners of the money we hold onto their accounts, because those are actually theirs. When you need approval to cash out whatever sum you wish to or need to fill a request being obliged to mention what are you gonna use the money for, then that money is not yours.
End of story.
Now despite the dollar valuation incentives that one might have to get involved in crypto, I'd say that ownership over one's funds should be a mandatory criteria as well. You don't have to ask permission for any amount that you transfer in crypto, some blockchains like Hive don't even charge any fee, and definitely the Bitcoin blockchain will not close any wallet address and send one's dormant funds to some central entity after a precise period of time.
Satoshi's Bitcoin is dormant for over 10 years I guess and it will probably stay as such for who knows how long. As long as you own the private keys of you own your funds and you come back to them twenty years from now, they're still there and THEY'RE YOURS.
If I had a buck for every time I explained this thing to many around me and none have listened... The fiat mentality has them so indoctrinated that they really need a crisis, or the TV to convince them that crypto is the future and that decentralized blockchains are the panacea. As long as there are central entities controlling one's personal economies, data and freedom, we don't really own any of these.
Seeing this types of situations and being involved in crypto all day everyday I realize how vital this technology is and how hard we need a new type of money and economies and decouple once and for all from the aged and crooked ones. I don't know how many appreciate that much the blessing of being in crypto but I do. I hate banks and governments and this marvelous tech is my only way out from their claws.
Have a great day people and see you to the next one.
Thanks for attention,