Crypto Has Made Check Books Obsolete
I don't claim to be an expert in crypto, but since getting deeper and deeper into this rabbit hole since the "big crash" of 2017, I have found myself immersed into this crypto-anarchist world of understanding the decentralized order of the internet and how it is currently changing not just the value of money, but the basic concept of money and our stonewalled institutions.
Going further, I have tried to incorporate the use of crypto into my own life (with the very little disposable income I can put into crypto) by using it as a investment, hedge, and tradable resource. The largest issue in using it for day to day financial transactions is that most businesses and financial institutions don't accept Bitcoin, Ethereum, Litecoin, or really any form of crypto. I have found luck in negotiating payments between other individuals in crypto for my side business as a freelance journalist and media producer, along with having even being able to tip a waiter once in Bitcoin.
Now that I've begun to understand how the blockchain system is revolutionizing our financial system, I've begun to ask myself, what old methods and traditions will become the first victim of the crypto wave hitting our future?
The video below discusses a Litecoin transfer of literally millions of dollars in Litecoin that took only moments to transfer and only incurred a transaction fee of $0.40!
With that said, I think an easy victim comes to mind...
The Check Book
No more check kiting, no more wondering if the money is there, no banks to go through or excessive bank fees or regulations either, and it takes only moments. Even digital-cash-lite Paypal can't promise the money that was sent is really there or that it will arrive swiftly. Heck, this may even save paper.
Why would anyone carry a checkbook or write a check when a simple blockchain wallet or app on your phone can transfer the funds in a matter of minutes?
When crypto goes mainstream, expect the check book to die first.
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Photo Credit: https://www.pexels.com/photo/person-holding-black-smartphone-984543/
It seems like the banks should really start to take a major hit from crypto.
I know Bank of America is trying to implement something
Thank you for your upvote that I should be able to make count. FYI there is a .02 earnings threshold so your self upvote is currently worthless. I think eventually banks will be forced to accept the new currencies.
gotcha I didn't know that.
There are many more things about banks that will become obsolete.
The check book was already on its way out.
Most banks have a debit card now, but does the debit card tell you exactly how much the transaction will cost you? Does it tell you how much balance is remaining? The bank has nothing on this. In fact, the bank may let you spend more than you balance (because they were having network troubles), and then they will charge you all kinds of fees, following from their mistake.
Not only does the crypto wallet automatically do your check book accounting, it saves you in many other ways. If you write someone a check or show them your credit card, they can forge other payments by you. They have all the information they need. And it is done all the time, and it is the reason CC fees are so high (for you and the retailer)
A crypto transaction can be verified that it was you, without ever informing anyone the information to forge your signature. Just the savings in fraud avoided would make block-chain technology better than the bank.
You're absolutely right, thank you for mentioning info I didn't consider before. This stuff is completely blowing my mind and I don't think we've even touched the surface with its potential.
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STOPNot for me. I will never own a cell phone, or smart phone.
wow you're old school but I respect the commitment.
Yep. I'm not real big on being physically tracked.
I totally understand.
I like you because your post is very interesting.