Image source https://www.ccn.com/bitcoin-vs-banking-infographic/
Why crypto is far superior to traditional payment methods. Pretty much everyone reading these will already know that crypto is better and its only a matter of time before it takes over. This week i have confirmed it to myself and realized just how out dated the traditional banking systems really is even compared to the slowest of all crypto currencies Bitcoin.
My story starts on Tuesday when i found a car i wanted to buy did the paper work and said ill be back tomorrow with the cash, first problem the banks close at 4 so i couldn't go . Crypto is 24/7 sore 1 for crypto. The next day i wait until 10am when the banks open (i wake up early all the time so it was a long wait). Get to the bank wait 30 minutes in line finally get to the bank teller
ME: i need to withdraw X amount
Bank: sorry you cant withdraw that much
Me: why not
Bank: this branch only allows you to withdraw $5000
Me: if i cant take money out at the bank what is the point having a bank
Bank: sorry you need to give 2 days notice to withdraw that much
Me: this is why everyone hates banks
Bank : sorry
Now i couldn't get a bank cheque because the guy wouldn't answer his phone so i had no details. So i went home didn't want to wait 2 days to get cash from a bank so i decided to email the guy and he gave me his details by this time the bank would be closed before i could get back. So i decided to do it online as it should only take 24 hours to send. After calling the bank and waiting on hold for 30 mins i had finally sent the money. Well thats what i thought anyway for some reason 2 days later the bank rejects my money transfer even tho i had the money in the bank and called to get it approved. So call them back asked what happened they tell me it was an error so they reproved and resent its now Friday afternoon and banks dont like to do anything even online transfers over the weekend so now hopefully by Monday the money will be sent. Problem is ill be on the other side of the country for nearly 2 week from Monday. My brother will have to go out his way to get the car i should already have 4 days ago.
If this was on EOS i could of sent it on my phone instantly and even on Bitcoin is would of taken 10 mins and cost 1 dollar. Sure for every day items normal money is fine its fast and easy but with all the wallet advancement it wont be long before crypto is just as easy and atm EOS is easier and faster for anything online. If you made it this far in my rant congrats hope you enjoyed it :)
Great choice of topic @cryptoslicex
hi @conceptskip
Indeed current traditional banking is outdated, but they have resources like noone else does so in my opinion banks will simply adjust their technology and crypto the way we know it will not exist in the future. Or will be very miningless.
Give banks 2-5 years and you will forget about using crypto to send any payments. Banks will simply never die. They will simply adjust. That's how I see it.
Yours, Piotr
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Crypto will be meaningless @crypto.piotr? I agree, they have power and will be able to change, but new players and big boys are about to enter, like binance etc. and change the game. It's like with IBM - Microsoft - Google, all have their specific age, still are all around.
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you're right @conceptskip
what Im trying to say (with my broken english) is that in 2-5 years majority people may not even understand what crypto and blockchain is. Final users may not even know what technology is behind tools that they are using.
Majority people will still use banks and their services over using crypto. Because of simplicity and the fact that majority people want someone else to be there for them as a middle-man. Banks will probably implement blockchain into their structure and life will go on.
Yours
Piotr
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Banks will adapt and the crypto space as we know it will be conpletely differant. Dosent mean banks will be around for ever. They might seem to big to fail but they did in the gfc most went bankrupt and had to use tax payers money to bail them out next time around i dont think they will be so lucky ;)
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A similar thing happened to me last week, but with my shit US bank and the fact that you can't do internet transfers to domestic accounts (like you can in Aus and Europe. Hence, this is why Americans still use cheques!) I did find a work around after wasting half a day trying to transfer the money, which was a bullshit use of my time.
It's a good lesson in "not your keys, not your money!"
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Thats crazy its like the most useful thing banks do when they get it right :p. Having to cash chques in all the time what a pain to the ass. Yep thats right not your keys not your money, this also applies to the banks none of us own normal money :s
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Good example!
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