Newslink : Do We Even Need Banks? Ireland Didn’t For Most Of 1970
Newslink : Do We Even Need Banks? Ireland Didn’t For Most Of 1970
While traditional flights to safety in investing have focused on low risk return investments, it is a sign of the times that during the recent currency woes seen around the globe, people are turning to Bitcoin despite its reputation as being high risk………..(read full story on cointelegraph)
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In the future we wont have Central Banks in the capacity that they are today. BLOCKCHAIN will replace most of what Central Banks do today. Let's face Central Banks were great for the 1970's but this is 2016. Upvoted.
I recently made a blog that you may like to see.
The scalability of Steem and Steemit is simply mind blowing..!!
https://steemit.com/steemit/@stephenkendal/the-scalability-of-steem-and-steemit-is-simply-mind-blowing
Thanks again for sharing your blog. Stephen
Central banks were never great. I can see a place for local credit union institutions though, until everything is blockchained.
Good question. Banking certainly has plenty of useful functions--mainly screening and monitoring--to facilitate capital efficiency. What prob should happen is a separation of banking and state.
It's getting harder to imagine the future.
I am afraid of how the world will change.
Thank you for your posting.
Interesting read. There are many stories about that time in Ireland. Some clued in people wrote cheques before the banks closed and didn't have to pay until they opened again :)
I think we will continue to use banks.
Bitcoin and digital currency will find their niche and may be used by banks to improve services and reduce costs.
I have written about it in https://steemit.com/blockchain/@eroche/blockchain-beyond-bitcoin-part-3-banking
I see the move to take notes out of circulation in India, Spain and others as mainly an attack on corruption and not an attack banking.
You need some kind of way to transfer money globally and frictionlessly.
A cash economy is not very viable, because you can't invest and save money.
Will Banks have part in this? Maybe. Lending can still be the job of banks.
But holding customer funds will no longer be. That should be a blockchain, only.