https://www.dollarparity.com/a-world-without-custodial-banks-1-of-2/
We need a self-custodial banking system, but most don't understand how the current system functions, so the concept seems foreign. Many overlook Bitcoin and its value because they lack a basic understanding of money's history and functions. For instance, gold was the primary form of money for 5,000 years until 1913.
Most are unaware that banks hold little physical cash; over 99% of money is just digits within a computer system. Transferring money is essentially banks exchanging digital messages to update account balances.
The traditional banking system operates on a restricted, permission-based ledger, updated during standard business hours, and charges for transactions like wire transfers, which are merely digital messages. Hence, Bitcoin's significance as a technological innovation in finance goes unappreciated.
dollarparity
npub1d7h…k463
2024-05-08 02:30:55
Author Public Key
npub1d7hszp8nut88f48fwawh95m90v85m2wppwekvc6xhp4rwjwd05yqyvk463Published at
2024-05-08 02:30:55Event JSON
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"tags": [],
"content": "https://www.dollarparity.com/a-world-without-custodial-banks-1-of-2/\n\nWe need a self-custodial banking system, but most don't understand how the current system functions, so the concept seems foreign. Many overlook Bitcoin and its value because they lack a basic understanding of money's history and functions. For instance, gold was the primary form of money for 5,000 years until 1913.\n\nMost are unaware that banks hold little physical cash; over 99% of money is just digits within a computer system. Transferring money is essentially banks exchanging digital messages to update account balances.\n\nThe traditional banking system operates on a restricted, permission-based ledger, updated during standard business hours, and charges for transactions like wire transfers, which are merely digital messages. Hence, Bitcoin's significance as a technological innovation in finance goes unappreciated.",
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}