People in crypto talk about tearing down the banks and replacing USD and other fiat.
I don't think that will happen anytime soon. I know, you think you need to be for tearing down banks to have crypto OG cred, but I don't really care.
I am in crypto for the promise of revolution that comes along with decentralization. That revolution isn't in tearing down the banks and traditional financial world. It's in having an alternative to them.
The biggest changes haven't come from tearing down the precursor technology but instead, just offering an alternative.
When I could use the internet to call my family around the country for free, I was no longer charged for it by my phone company.
When I could message my friends instantly for free, I was no longer charged for it on my cell phone plan.
Does everyone use texting and long distance? Nope, but they all benefit from some having an alternative.
It's happening in the cable industry.
It's happening in retail.
It's happening in the power industry.
Many industries operate as a monopoly, banking is one of them. For hundreds of years we've had no choice. We use banks, we give power to banks, we give control to banks, etc.
Like the other industries that were monopolies before, banks are going to become more user friendly which will be of benefit, even to those who aren't in crypto.
It's a model that has happened for a long time, from expensive candles and gas lighting to lightbulbs and electricity, monopolies do not serve the consumer. Many of the modern industries that function(ed) as monopolies were able to do so because of the government. A free market has competition when free from government influence and that hasn't been the case for banking since the 1700's.
For the first time in 300 years, we have an alternative. That is revolutionary.
Viva la revolution! Good post Ash