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Bitcoin will do to banks, what email did to postal industry

Jul 27, 2017 Posted /  5606 Views

Bitcoin will do to banks, what email did to postal industry

Bitcoin will do to banks, what email did to postal industry”

- Rick Falkvinge

We all are set in our way and have certain method of performing tasks and tending to certain need, result of this when someone introduces new ways of performing these tasks, it can be very hard to except it in overnight because it can be difficult to change. Changes are always harder to implement. Everyone gets adjusted to the new trends after certain period of time. These changes are hard to be implemented. But whenever there is a possibility to regulate and advance the existing pattern, we are always ready to grab the opportunity and transform things.

A perfect example of this is Bitcoin. There is a question that how long bank has been in the business andhow have we relied on traditional bank to secure our fund and keep us informed about financial activity. The answers to these questions are – “From a long time”. We cannot even imagine our lives without banks. It has been a convenient and secure way to safeguard, save and protect money. From loans for the requirements to the bank details in every official work; the belief and the trust of the people over the authencity of banks seem something unbeatable. Thus, ultimately we have grown to idea that traditional bank are the only way to flow through the financial universe.

Who would have thought that money will ever be in binary code? That money could have its values fluctuating? While the Bitcoin and digital currency may bring a fresh perspective to the banking world it would appear as some still haven’t open their hearts to it. The major reason behind this laid back behavior is the decentralized working system of the bitcoin. It doesn’t guarantees anything. Everything in Bitcoin is like a game of gambles. The fact that it’s still relatively new, which is a subject of various kinks adds to it. Everyone is not willing to except it.

It may be possible that, this will change over time. Our post offices took a very long period of time to send our message and information to the desired location. Now email has completely taken the position of post office. Email is a very fast process to send our letters or any other type of message within seconds. So, we can say that without email the world just couldn’t function.

The same way as the email challenges the US postal service, Bitcoin challenges the banking world that it shall overtake it in no time.

Internet and E-mail has immensely reduced the market for first class letter mail and if this had been the single impact, the post office world would have been out of business way before. A whole brand new market for the post office for the purpose of parcel delivery as more amount of people turn to internet for online shopping which has been created by the internet. After a few days, people went to the local post office to pick up some parcels and the man in line in front of people picked up a television set.Now days, the Bitcoin has entered into the picture. International E – commerce and this is one area where the post office beats the courier companies hand down at least there in Canada encouraged by the upcoming of Bitcoin.

The internet has already affected the banks and bitcoin is a bit late to that party. The entire banking system is very centralized and channelized. It is highly monitories, the local branches are disappearing. The E-mail and the Bitcoin differ from each other because of the major difference in their analogy. It is just a variation of what is being already done by the banks. For instance, if we want to pay for a factory at any place, we require talking to our respective banks who shall arrange it for us. It is also forecasted that if the Bitcoin gets highly popular, the banks shall be the first ones to use them for their trading system.

It is also said by some people that the E-mails simply didn’t overtook the Letter Industry itself. It subsided because of the drawbacks and its delayed, time-taking services. Therefore, when the opportunity to transform oneself from the existing pattern came, the opportunity was grabbed. Similarly, Bitcoin is tax-free and provides certain facilities which the banks could not fulfill. Therefore, if the banks don’t come up with new methodologies to overcome these, sadly even the banks shall have to subside because at the end, what matters is the convenience of the people.

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