Every dollar held in a checking or savings account is a vehicle for profit for banks. Account holders entrust their precious savings to banks and in return, the banks invest that money and make high-interest loans. The greatest source of profit for a bank is to lend money at rates higher than the cost of the money they lend. That’s why a checking or savings account comes at nearly no cost to the account holder – to the bank, your funds are their funds and they are going to use that money to bilk others with loans at high interest rates and astronomical fees.
As a false benefit, many banks will offer a 1-2% interest rate on savings accounts. You’ve likely heard advertisements for “cash back” and “rewards” for opening an account or holding a credit card with them. However, the math of such “benefits” can’t possibly offset the amount of money account holders pay in interest for loans. The house always wins and the math currency controlled by banks always works out in their favor.
Bitcoin removes the middleman and lets currency be exchanged person to person. Fees are limited to transactions at a minimal rate. Best of all, your funds will never be used in high interest loans to other people for profit. In the world of digital currency, your money belongs to you. Bitcoin operates on Blockchain technology, which is a system built on transparency. Every transaction is recorded on the public ledger. It’s an open-source system with honesty as its tenant, while still providing anonymity and security to users. The Blockchain ledger ensures that Bitcoin will always be a currency free from Wall Street corruption that brought about events like the subprime mortgage housing bubble.
Bitcoin is a currency free of control by banks and governments. At first, these institutions gave it no credence, figuring Bitcoin to be a technology fad similar to the dot com bubble of the 1990’s. But to their surprise, adoption of the digital currency grew and spread across the world. What was once merely an annoyance had become a real threat. Decentralized currency threatened the strangle-hold banks and governments had on the value of currency and transfer of assets. Thus, the criticisms of people like Jamie Dimon merely reflects their fear of a currency that can’t be controlled or profited from. Simply put, it’s in their best interest to “refute” Bitcoin as they try to protect their monopoly.
To learn more about bitcoin see this article https://thekratomsyndicate.zendesk.com/hc/en-us/community/posts/360057832831-Getting-started-with-Bitcoin
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