Quote:
Originally Posted by karl262
I think this is where the basis of so much misunderstanding lies. People need to accept that bitcoin and many other blockchains are in fact 'real financial institutions'.
With that in mind you start to wrap your head around what this all means, which I think is that central banks are becoming obsolete. We're so lucky to have a good banking system in Canada but it's by no means great unless in comparison to what 90% of the world currently has to endure for access to a bank account. Every time I have to walk into a bank and spend upwards of 30 minutes doing something that would take me 10 seconds if the person i have to get a bank draft or do a wire transfer for would accept crypto, I hear some other "customer" asking to speak with the branch manager for what I consider a legitimate gripe. It's usually about access to funds or something.
More and more people and businesses I interact with are either accepting bitcoin or are open to me simply showing them how.
I used to work in the 'real financial industry' and had to accept bank drafts on behalf of a company, many times a day on occasion, and have been fooled by phony drafts as have many colleagues. You only find out its fake 5 to 10 business days later. Then sometimes I'd have to count large amounts of cash and fill out paperwork, get signatures pinky promising this isn't illegal terrorists cash.
If the businesses just accepted btc it solves all sorts of problems. They're slowly starting to realize this.
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You know what else is a problem in the "real financial industry"? Knowing the value of the asset on a consistent and stable basis. Regulation and oversight. The truth is, no serious business is going to accept crypto today at say $40k, when tomorrow it could be valued at $25k (or whatever). That's just way too risky and creates way too many issues to manage.
The big thing though, is regulation and oversight. If there was some, and people could trust that there was something behind this, or someone looking it would see a much greater uptake. Of course, the reason a lot of people love this and think that it's amazing is the lack of regulation and oversight.