What can RIP Banks? My thoughts
So I just read article that metropolitan banks halted cryptocurrency related transfers.
And as you can see most cryptos are down today.
What if cryptos don't have to dependant on banks?
How to do it?
First we have to find that for what purpose banks are getting used.
Banks are used to convert crypto in fiat currency. Why? Because crypto is rarely accepted in real life.
You can't buy daily needs with crypto. You can't buy groceries with it.
What if somehow we destroy this barrier?
I know there are some ATM's there which lets you convert your crypo into fiat money. But remember this word "convert".
It's in just United States when in other countries where USD is not native currency, then when one tries to withdraw then one has to pay multiple charges.
Like, crypto >> usd >> usd to native currency.
Cryptos and banks should be going hand on hand for the better world but unfortunately that's not the case.
If banks restricts crypto conversion then users will find another way — albeit harder way but there is alway a way!
I think banks are running scared. We are early days in the crypto revolution. At some point you’ll be able to buy everyday items with it. It might be slow to come but it will.