Banks closing their doors to bitcoin? A good thing for the whole crypto economy
Banks closing their doors to bitcoin? A good thing for the whole crypto economy

Banks closing their doors to bitcoin? A good thing for the whole crypto economy

By Contest Writer - 25 Jun 2020

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If banks closed to cryptocurrencies, perhaps it would be a good thing for the crypto economy.

We frequently experience difficulties with traditional banks when withdrawing and converting cryptocurrencies into fiat (euro, dollar, pound, yen, etc.), especially in the case of large amounts.

This has led me to imagine an extreme scenario where the FED, the ECB, and so on forbid national banks to accept inbound and outbound transfers to crypto exchanges. 

I thought: the worst case scenario is that there is always the possibility of spending by means of credit/debit cards that accept being funded with cryptocurrencies. But let’s imagine that due to international agreements even these services are blocked (the reality seems to be starting to overcome the fantasy due to the fact that in the last few days a gateway of the VISA circuit has stripped this possibility to many cards used by crypto wallets).

So, in this apparently apocalyptic scenario, at a certain point it won’t be possible to buy, sell or spend cryptocurrencies.

I can only imagine the first moments of bewilderment or real panic (for example, Telegram groups and YouTube channels would be in a frenzy) of those who have been trapped inside what has now become a fence with the gates closed.

These people belong to categories of the type: 

  • Those who were there for investment purposes, perhaps even with large sums of money;
  • Those who were doing blockchain projects.

With the exception of people who entered on the wave of the latest hype, within this fence there are a variety of skilled and intelligent individuals who, strongly stimulated by this extreme situation, will begin to brainstorm in search of a solution, leading to an enormous boost to what was the original idea behind the blockchain, that of creating an instrument that can radically change the world as we know it, like the greatest inventions of our history. 

It’s true that some people may say: “Okay but you can still buy on the internet”, which is true for small amounts, but this is about being able to use far greater amounts of value in tangible goods, like buying real estate and land, which can only be done with fiat currency at the moment. 

So it’s not enough to have created this whole world just to buy a few ebooks, or a PC in some enlightened marketplace. 

This is an opportunity to quickly move beyond crypto as investment or speculation in the short term, but the creation of a real new economy is needed

A new economy that does not have to interface with fiat currencies and that is self-sufficient, with which it is possible to buy basic necessities, rather than the superfluous, pay salaries and finance businesses, all without the need for traditional governance. 

This is probably the real revolution that is becoming apparent with the blockchain and that needs to be thoroughly explored, on a par with the technical aspects and well beyond trading and investment activities. 

Claudio Menzani 


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