Let me tell you guys, I'm not much of a TV viewer. I do not watch the news on the TV here in Bulgaria. The reason for this is the fact that I consider it to be politically affiliated and trying to manipulate the public opinion. And that is not only in the TV, actually all the media here. As you can imagine I use Internet as main source of information. So far, nothing new. However if you guys do some targeted searches you'd find out that the Banking system worldwide is flourishing. They are getting increased earnings from the previous years in the double digits. We are talking over 10% earnings in 2019 compares in 2018. Some of you guys might say "that's great" - good job. But guys, make no mistake, that "profit" the banks are having is on the back of the regular people like you and me.
How does this work you might ask:
- high fees on any single operation you could imagine.
- keeping the interests on deposits low(back in time those were in the range of 6-8%)
- high interests on the money they are lending.
The worst part is most people are still in the dark when it comes to Cryptocurrencies and the the media outside of specialized venues are very vague about it. Bitcoin(not to mention altcoins) is still a this thing that the wide public thinks of it as it's a something abstract and can be ignored. Anyway, let me share with you something very interesting. Most of you being crypto related probably heard of the "One Coin Scam" that happened in the period of 2015 until 2019. It's a nearly 5 billions USD in crypto stolen in my country(Bulgaria). This is the largest scam in Crypto history - in 10 years. And it got 0(ZERO) media coverage in our local medias. Perhaps some specialized websites made a short articles about this, but there was no coverage whatsoever on the public media channels. And the funny part is, that the company behind One Coin still operates until this day with an office in the most expensive part of the town.
Anyway, back on the topic of Crypto companies adopting bank services. There are more and more companies that will offer you similar or even the same service you would be getting from your bank, but way better. For example, to get a loan in FIAT from a crypto lending company such as Crypto.com, Nexo, Celsius and others, one needs to provide crypto as collateral. And when he returns the money after X amount of time he will be able to recover that crypto that he put as collateral. Imagine that this collateral was not necessary, because we are getting paid for our daily job in BTC, BAT, ETH, etc., directly to your account in this crypto company. It will be exactly like the banks.
On other hand, by having a non-custodial wallet with your - on your phone or a separate device completely eliminates the moment where someone else has access to your funds. Your account cannot be restricted in anyway. Basically what makes the Blockchain great solution is the fact that it is nearly impossible to be manipulated.
I simply can't wait for the moment when I will get rid of my bank for good.
