Cryptocurrancy is taking over traditional banking systems, game over for banks
It's absolutely amazing the rapid advancement of tech and financial systems occurring and the insane amount of interest on offer at current. I know everyone wants to make that quick million to buy a lambo but I think those goals are set far to high. Especially amongst the growing industry that is offering massive amounts in interest on your initial investments.
Celo Gold was a token I wrote about back in January I believe it was. They were planning on their Pegged Euro token, I'm not sure where that is at at current but I have been following them. I don't own any other than the free .7 I got from coinbase earn the other week.
If you don't know what Coinbase earn is I'd recommend opening an account and undertaking their quizes which come our from time to time and you can score yourself a few dollars of free cryptos. I tend to let it bank and then send it across here for Leo and Hive. I love free stuff! What better APR is there than free?
Celo gold has just launched their Valora app and it's really nice. Smooth, not too many features does what it is designed to do and be. A mobile cryptocurrancy transfer of funds account which can be used to send cryptocurrancy and money to friends solely with a mobile number. They don't even need to have an account just receive it and open one once they get their funds which takes a few minutes at best.
It's pretty exciting stuff if you ask me, this is the formation of the email for block chain tech and this is where I think it will have the biggest sector impact. Fast, secure and universal transfers. How annoying is it going on Holiday to another country and having to deal with currency exchanges.
I went to Thailand once and the fees on different currencies was ridiculous. If I had USD it was a cheaper transfer rate then I got on AUD. Cryptocurrancy prevents all this and you can just pay with USD in the form of Cryptocurrancy.
I think COVID and the reduction of international travellers has slowed alot of this tech as people can't see the benefits as yet but once international travel recommences we will see more of these banking transitions occur.
Ontop of that the APR or interest paid on initial deposits is huge. I know many will look at it and think but Lambo? I think people need to stop looking at it like that, those days are long gone.
Celo gold gives you $1 a month for holding $10cUSD or $5 for holding $100cusd and $10 for holding $500cUSD per month. Try and find a bank around today that will pay you that much interest on a savings account and I'd say I'm wrong in thinking that the banking sector is going to crash to crypto.
As previously stated, the internet and email killed the post service. Cryptocurrancy is going to kill the banking sector. I think this is the industry most at risk and the jobs inside it are being replaced with nodes. I don't know if they know it yet or not but this is coming.
Now what about that Lambo? I don't mean you should completely write off owning one with cryptocurrancy but change the way you look at getting the cash. That's if a Lambo is what you want. I don't, I think cars are a waste of cash and depreciation is a killer on them.
But stop looking for moon coins that will let you buy a lambo out right because that's gone. Decentralised finance is now here so start looking for projects that earn you APR and yield farming so you can make your Lambo repayments with yield farming. It means you will need to take on debt. This also indicates when the banking sector wanted to get in on cryptocurrancy.
The banks wanted in on the Decentralised Finance because they can loan you cash as you have a steady income from Decentralised finance and if it crashed you wear the risk not them.
Most people who get large sums of money end up broke, it's a common theme amongst lotto winners. They get the Big win they dish out cash to everyone live a life of the rich and famous that they have been sold on T.V and then find out a few yrs later they are broke. That's because the life style is fake and your sold a lie.
Be smart with your money and stop wasting it on perceived moon coins. That era of cryptocurrancy is dead and it's all about decentrised finance.
I used a blend of sourced material which is linked in the blog and my subscription to CANVA which I have a paid version that financially supports artists.
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only a matter of time till everyone starts waking up to how corrupt the system is and that they can now do something about it!
The best way to kill the system is to simply opt out.
Each dollar that is DeFi is one that is not in the fractional reserve banking system.
That hits them hard if it happens on a large scale.
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Yup, we will soon see banks become more competitive as they need to compete with Cryptocurrancy. Atm it is still some time away but as market cap grows so to will bankers anxiety
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I agree with this completely. There will be many banks that do adapt just like the Internet did not kill all newspapers.
However, the majority of the banks we see today will be gone by the end of this decade. There will be a ton of mergers as time goes by with the stronger ones swallowing up the smaller ones.
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100% I was running an assessment of Interest rates mainly because as you're aware I just got a mortgage. The bank is offering me debt which I need to pay 3.1% on. That's huge I today's interest rate market.
But if I deposited the same amount of cash I only get 1.25% which is ridiculous.
Why would I out 1.2m into a bank for 1% when I could put it into CUB for 300% or any other Defi project that is even offering 5% - 10%
It's a bit risky at current but this will all change in the future.
Banks are gone, incoming state owned banks. The only way they will be able to survive is propt up by the tax payer.... we lose either way.
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