Banks are like dinosaurs, and cryptocurrency is like a meteor storm

10 mo (edited)
LeoFinance
3 Min Read
509 words

9F534C7A-7FEB-405E-A95D-C64FD7A81F25.jpeg

A trip to the bank reminded me why the world needs cryptocurrency.

I rarely go to the bank, especially because of Covid. But the other day I needed to move money fast, and it exceeded online transfer limits. So I did what any 30 year customer does, I called the bank to ask for an exception.

It started with a transfer limit

I wanted to transfer my money to an account I use exclusively for crypto. The amount exceeded the daily transfer limit. I called the bank for help, and they said just write a check, come down to the bank and we will help you out.

Seven day hold

I followed their instructions, and went down to the bank. There I presented my check, my identification, and my best smile.

No problem they said, except a seven business day hold on the funds. My jaw dropped in surprise.

I expected 2-3 days, but hoped for no days…

The banks are two blocks away

I pleasantly asked why my money would take 7 days to literally move two blocks. The teller said it’s over X dollars. I inquired about a wire transfer or cashiers check?

The tellers face formed a big smile as she said “Oh that would only be a five day hold’. As if that was a huge improvement.

Then she said they were literally going to mail a photocopy of my check to my other bank…

I was stunned.

Venmo

I literally can Venmo a thousand dollars to someone in two minutes and they can withdrawal the money and pay their rent. But my bank needs seven days.

A bank or a dinosaur?

I literally was thinking as I listened to the rules, that my bank was a dinosaur and cryptocurrency and other technologies like Venmo were meteorites which had struck the earth…

D64B8FF5-43AE-46A4-A9BF-D74E9EDF7A24.jpeg

And they were slowly throwing dirt into the sky and soon would deprive my bank of the light and warmth of the sun. Then my bank and others would wither and die.

It was quite the visual.
.

3DCC4124-02E1-44FF-A1A1-C18C4B6BCE73.jpeg

Cryptocurrency transfer is instantaneous

I also reflected on my ability to send as much cryptocurrency as I want, to anyone in the world with a wallet in less then 30 minutes.

And I looked at the bank manager and asked myself: Do they know they are dying?

Technological Death

I am old enough to remember a time when if you needed to send someone money or pay a bill, you wrote a check, and put it in the mail. The real mail as in United States Postal Service.

But I haven’t done that in over 10 years.

Last words

Banks are in trouble.
I read a book on disrupters in the banking industry, and the author said “Banks will change or die” “the digital banking industry will eat the banking dinosaurs alive.”

Today after my banking experience…

I say Bon Appetit digital banks, enjoy your meal.

#The-End….for now.

9DDB305E-A265-4DDF-817D-CE9C8D81D743.jpeg

Posted Using LeoFinance Beta


10 mo

I can feel your pain... Had a similar experience as you as I HAD to go to the bank to sign some documents which were probably just some BS paper... They wanted to see if I'm alive at all probably... Every single "personal" trip to the bank is usually an hour (or more) wasted time... Feeding the dinosaur (as you compared them) that are already dead... It's useless...


I have picked this post on behalf of the @OurPick project and it will be highlighted in the next post!

Comment Footer.jpg

Posted Using LeoFinance Beta

1

Thank you!
I appreciate your support!

1
1

I like that analogy!

1
1

Thanks!

0
1

Banks aren't going anywhere yet. Too much money, too much greed, too much incompetency/negligence/culture of regulatory capture.

Eventually, all banks will be DAOs.

Posted Using LeoFinance Beta

1

True.
No matter how inefficient large organizations are, they have money to waste, and they don’t change to improve services for customers often.
Banks as Daos?
That sounds like a great thought experiment.

1
1

Congratulations @shortsegments! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :

You made more than 14000 comments.
Your next target is to reach 15000 comments.

You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

To support your work, I also upvoted your post!

Check out the last post from @hivebuzz:

Feedback from the October 1st Hive Power Up Day
Hive Power Up Month Challenge - Winners List
0