Part 12/15:
He also highlights the importance of reputation in a free banking system. Reputable private banks issuing their own currencies would rely on trust built through transparency and performance—an idea compatible with blockchain technology, which could enable real-time, public assurance of reserves and liabilities.
Challenges and Moving Forward
Yakes emphasizes that Bitcoin's success depends not just on technological robustness but on building supporting infrastructure—financial products like insurance, lending, and payment platforms—that integrate seamlessly with the existing economy.