The biggest flaw of the banking system, that arose in the middle ages, is its centralisation. While it is true that it is convenient and cheaper to defend all the eggs in one basket, it also means that you can win big if you violate that basket. Cryptocurrencies enable people to dial up or down the centralisation of their financial security according to their needs and risk appetite. Just as it was not so long ago that bank robberies were a common occurance, and really, even now, with electronic banking, the robbers have just moved online. They represent the essence of the problem with the old established banking system. Cryptocurrencies allow the dispersion of the assets in such a way that the big rewards of bank robbery become diminished.

Over time this decentralisation of security will increase. Computers enable the security to be automatically performed by software agents, and simple protocols that do not require advanced training, the training is built into the software. Ultimately cryptocurrencies will lead to everyone being their own bank, because there is no benefit to trusting anyone to protect it, when the cost of individuals protecting their assets falls to zero, where previously, it was much higher.