It might be ironic that in the wake of one of the most massive frauds of our time that involved cryptocurrency, I am blogging about how crypto can save banking.
Not sure how much time you spend on your bank’s website. Virtually all of them suck. They not only suck because of legal regulations or that the bank servers are antique or that there are SEC/FDIC/FED and a myriad of other federal/state government regulations that need to be followed.
They suck because they are trying to prevent hackers from defrauding accounts.
This is the window for crypto to creep through and build something useful that everyone will use. Crypto in theory should prevent fraud when it is truly decentralized.
I have several bank accounts for various entities. Wiring out of them is unbelievably painful. Paying bills out of them can be super painful too. I was sarcastically remarking to one of the accountants I do business with that the way current websites are set up combined with fraud, they will all force us back to paper checks. He said there are massive fraud schemes going on with paper checks now too!
This is the window for crypto. It’s not to put the banks out of business like they wanted to do. It’s to make banking more efficient and secure so the banks can actually engage in business!
Well when Liz Warren makes some of the rules this is the result as for crypto give me paper ballots and paper money
Man, I must be unbelievably lucky with the financial institutions I've chosen. Bill paying in the two primary banks is no problem and no cost (OK, OK, the cost is recovered in other ways); wiring (from foreign banks), no problem. They recognize my computer and I them and logging in from that computer is easy.
One thing I would mention about crypto-anything - having done work in the field - is that low-tech means of breaking crypto makes up at least the plurality of cases. Trivial passwords, passwords written somewhere easy to get, forgotten or stolen devices, hacked devices (for the dumbest of reasons), and/or just plain in-your-face threats to life and limb; these are just some of the things that crypto won't solve: "the problem is people".