Maybe you've not noticed, maybe you have, but slowly but surely Banks have been getting some competition and it's coming from an angle I'm sure they didn't see coming, apps on phones.
There's a few out there at the moment, apps that allow you to do basic functions you want from a bank account, while at the same time keeping things very simple. The cash app for example, allows you to budget your expenses, get a debit card for free, win points and even buy Bitcoin, but It's not the only player in town, no, not even close.
There's a new kid in town called money lion, and it's trying to steal a piece of the cake too. They currently don't have Bitcoin purchases, but I would not be surprised if in the near future this would be implemented as well.
In other words, to the newer generations, the ones coming of age, the idea of having to go to the bank is silly to say the least. "Give me an app and Im good" is probably their mantra, and it shows.
Now, does this help crypto adoption? Not directly, at least not specifically, but it does help soften the minds of those who believe that the big financial institutions will always be in control.
It's not hard for me to imagine plenty of big banks going under when they become redundant and antiquated enough. Yes, they can make their apps better, cater to the new digital millennials and I'm sure some will do a good job at it, but others will surely hold on to their ways.
The whole fee/maintenance business model banks favor is getting the door shown as I type this short post. Why would I worry about ATM fees, maintenance fees, transfer fees, when these little apps popping up do all the things I want for free.
What a world we live in my friends, and how fast does it evolve.
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I guess PayPal is the most obvious/ well known example of this sort of service!
Interesting to see what'll happen when bank-alts become normalised.
It also makes me wonder what the situation is in the developing world where I believe most people don't even have bank accounts - expansion there is more likely for alts I guess.
It would be great to see steem be offered in more places although TBH I do prefer powering up rather than spending it!
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Yeah these days even PayPal has debit cards and a loan system. I'm biased against them, but that's neither here or there
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Well, paypal isn't exactly free either. Some services are free, and some are not. The interest on their credit system is higher than most credit cards. Also, if you use paypal as the payment system when you sell stuff, they take a cut.
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The advantage of these digital competitors increasing despite being centralized is the fact that they will introduce many to the concept of digital assets and transactions which has been around for decades but using plastic cards as proxies. As they always do, banks will continue to defend their ground by creating and buying their own but given the additional incentive of decentralization, it will be tough for then to compete!
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