Leaving the banking system and only using Bitcoin can have several distinct advantages . It can save banking fees, protect against identity theft, maintain financial independence, and remove the fear of having one’s funds shut down in the case of controversial activity. However, losing the banking system is not without its drawbacks. CoinTelegraph interviewed Tiffany Hayden, founder and CEO of Enable Payments and a candidate for the US Congress, about the potential downsides of going completely unbanked. CoinTelegraph: How useful or necessary is it to have a bank account? Tiffany Hayden: Using cash for everyday transactions is a hassle. It’s aggravating how often a cashier hands back the incorrect change. It doesn’t happen occasionally, it happens all the time. I doubt there are any cash registers out there that don’t tell the cashier exactly how much change to hand back, so that means it’s either a counting problem or it’s being done intentionally. I don’t have time to give a math lesson every time I go through a drive-thru, so I usually end up ignoring it. Speaking of time, paying with cash at the gas station is an entire event. I cannot believe the number of people who go inside to pay. There is always a line. The cigarette and lottery people are the worst. They’re usually on a first name basis with the cashier and make lots of small talk. Making a car payment without having a bank account is a pain. My car is financed through Chase Bank. If I send somebody $300 in Bitcoin, they can’t go into Chase Bank with $300 and my account number to make the payment for me. Chase Bank does not accept cash from non-customers! They will point to a grocery store across the street and tell you to purchase a […]
