Time has proven to be a major source of evolution that has transformed the world into the modern life we see today. It has left us with a true reality: Nothing lasts forever, no matter how popular and essential it becomes. The evolution of technology has made life experiences more simplified. We've seen a great reflection in the finance sector, where the common means of exchange (money) has advanced to an unimaginable item it is now. From the barter system to the current paper note, I think we can all attest to the fact that the changes are true.
Digital forms of money have begun to surface, and they're already showing a threat factor to the paper form of money we use today. The banking sector, which happens to be the housing arena of a nation's currency, is already looking for alternatives that would put them in business for the next 10 years and beyond. Interestingly, a reasonable number of people are already fed up with the unjust and biased actions of the banking sector. The inability to give a citizen his/her funds at the needed time, and also using citizens' money for various reasons that concern the government without taking permission from the owners of the money is a technique that sounds awesome to them.
I am not in opposition to the banking system, but considering the fact that I was once a victim of poor banking services which resulted in me going through unnecessary stress that didn't worth it.
I think around sometime in May last year, I had to go to the bank to rectify some issues and also get my bank statement. Trust me when I say that it took me over 8 hours to gain access into the bank. The crowd was something else, of which I happened to be no. 253 who was also waiting patiently to get someone that could help me rectify and identify my issue. I also came across another customer who came to the bank with violence, demanding that he wants all his money.
This terrible attitude of banks getting hold of people's money without even passing proper information is a clear reason that could result in their exit soon enough.
I have also witnessed a situation where a lady's account was closed because she received a huge amount. Sadly, the bank couldn't even give her a good reason why her account was closed, but they insisted that the government did. It left me thinking, what has a common citizen got to do with the government?
Alternative It's best to address Bitcoin and altcoins as digital currency in this scenario. Digital currency has begun to gain the trust of those who need better banking service. Nothing tastes better when you see your personal funds, initiate your transactions without a middleman, and also have an asset that appreciates with time (though it can also happen the other way). The legitimacy of digital currency is something that is already sounding as a threat.
Aside from cryptocurrency, other forms of digital currency have also evolved, which can offer similar services to a national bank. They offer you the same currency that is being used in the nation and perform other transactions behind the scenes. This has clearly become the local option for me, as I have already distanced myself from using a bank service.
In conclusion, the law of karma has always caught up with people for their actions, which also means that nothing lasts forever. The banking system is visibly under threat by the new digital age. The possibility of them remaining in power is still a doubt to me, or maybe they might just end up being a weaker sector in the future. Digital currency is here to stay, which also gives cryptocurrency that same chance.
Do you think banks might fold up due to their poor service in the coming future?