Is the financial world really complete?The world around us is rapidly changing and due to this, the beliefs that have applied for many decades are not valid any more. For example, the world’s biggest taxi company UBER does not have any vehicles, the world’s most popular media company FACEBOOK does not produce any content, the world’s most valuable retail company ALIBABA does not have any products and the biggest accommodation service provider in the world AIRBNB has no realty. We store our music, photos and documents in the cloud, cars are capable of driving by themselves and may even fly.
Only banking seems to be complete. We are accustomed to think of money as something self-explanatory that has been created by somebody higher up and thus it is not our concern to make it more suitable for our needs. Our everyday money is provided to us by the governments, central banks and private banks, but with the power to create money, the possibility to manipulate with the interest rates and to artificially create inflation also arises. As time moves on, it is more and more important to see how money is also a political tool.
Traditionally, we use banks to transfer money from one account to another. Banks ask a lot of money to provide this service. When we go to the shop or a cafe or even to the hair-dresser’s, we use our bank card and some of the money is still taken away by the bank and because of that the profit made by the service provider is hindered. We are accustomed to trust our banks, because they are so big, honest and reliable. We are simply accustomed to pay a lot of money for something that we could get for free. While in other areas, it seems that life has moved forward, then in banking we seem to be stuck in the same phase that the internet was in 1991.
But what if, somebody creates a technology similar to the one created by the aforementioned companies, which ensures the fast, safe and cheap movement of money without the assistance of banks? The good news is that the blockchain technology developed by Bitcoin already exists and besides banking, it is also changing many other areas, especially helping with systemising, storing and efficiently using big data collections by different institutions.
In order for new money to triumph, it is necessary to make some corrections to the beliefs that people have at the moment and accept cryptocurrency (bitcoin, onecoin) along with material money (gold) and the money that the countries themselves guarantee (dollars, Euros, pounds). Cryptocurrency is a digital currency that is defended from the misuses and manipulations of the banks due to the unique technology which is being used.