Why You Can’t Trust Banks…and That’s a Good Thing!
Trust in banks has been waning for decades now and, if you listen to certain people, it will soon be a distant memory. Thanks to the rise of decentralized currencies like Bitcoin, we no longer have to trust financial institutions with our money. Here…we’ll break down why trust in banks is crumbling and why you don’t have to rely on them anymore.
Banks Have A History Of Shady Business Practices
When it comes to sketchy behavior, banks have their fair share. TARP and the bailouts were two prime examples of how banks got away with doings things that would have landed an individual in jail. Let’s not even get into the recent scandals related to the overcharging of consumers.
Banks Have Rigged The System
We’ve seen banks involved in price-fixing schemes, currency-manipulation and other attempts to rig the system and create unfair advantages. It’s gotten so bad that regulators have been forced to step in; however, it will take time to clean up this mess and restore fair play.
Banks Don’t Pay Enough Interest On Savings Accounts
Let’s face it: banks make a killing when they use your money to make loans. But in exchange, they don’t often pay much in terms of interest. To make matters worse, banks even charge fees for supposedly “free” services.
Bitcoin Changes The Game
The good news is that Bitcoin is here and it changes the favor in favor of consumers. With Bitcoin, users don’t have to put their trust in financial institutions; instead, they rely on a network of computers. This means that users are in control of their money; access is only granted to individuals or services that they trust. Furthermore, instead of using a bank’s money to make loans, Bitcoin users can lend out their own money and get a much higher return.
The Bottom Line
Banks may have been the go-to option for financial services in the past, but thanks to Bitcoin, times have changed. People no longer have to trust banks with their money, and that’s a good thing. With Bitcoin, users are in control, they can get a better return on their money, and they can say “goodbye” to shady business practices.
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