Our society is moving faster and faster towards its cashless future, paradoxically at the same time losing trust in traditional banking. Does it mean that we are ready for Bitcoin? Is it time for it to officially enter the financial scene? Giving up on traditional banking
When a mobile security researcher/developer at Zimperium wrote that he is giving up on traditional banking and would be living on Bitcoin, it was to express his frustration with the banking system for being told to “trust” that his money is safe even when he has no idea where it is or who is controlling it. Just like anyone else in his situation would have done.
Simone Margaritelli writes: “At the same time, I hate the idea that someone is monitoring how much I can withdraw or deposit at any given time. It’s my money and I should be able to access it whenever I want, without the interference or input of the government or banking officials.” Simone Margaritelli, Software Developer and Security Researcher presso ZIMPERIUM According to Margaritelli. the same goes for mandatory waiting times on wire transfers—this isn’t a technical issue. Banks are free to continue speculating on your money even when you are not able to access it.
He calls banking fees “a huge scam” saying that they are “simply way too high for the quality of service provided”. 14.5 billion debit card by 2021
However, his view reflects the outcome of a new report released by Payments UK, the trade association for the payments industry.
The report, entitled UK Payment Markets 2016, says that cash is still the most popular payment method in 2015 accounting for roughly half (45.1%) of all payments. On the other hand, it predicts that notes and coins will drop to being used for just over one in […]
