Bitcoin will do to banks what the email did to the postal industry- Rick Falkvinge

[Starmix]

Rick Falkvinge’s quote draws a parallel between the disruptive impact of email on the postal industry and the potential impact of Bitcoin on traditional banking. It suggests that Bitcoin could fundamentally change the way financial services are delivered, potentially rendering traditionally obsolete or significantly diminishing their role.

Email revolutionized communication by providing a faster, cheaper, and more convenient alternative to traditional mail. Email eliminated the need for physical letters, stamps, and post offices for many types of correspondence, leading to a significant decline in the postal industry‘s revenue and relevance

Bitcoin offers a decentralized and potentially more efficient alternative to traditional banking services. Bitcoin transactions can be processed directly between parties, without the need for intermediaries like banks. It could lead to lower transaction fees, faster settlement times, and greater financial inclusion.

Rick Falkvinge’s quote is a bold prediction about the potential of Bitcoin to disrupt the traditional banking industry. It suggests that Bitcoins could offer a more efficient, decentralized, and accessible alternative to traditional services, potentially leading to a significant decline in the relevance and power of banks. While it is still too early to say whether this prediction will come true, it signifies the transformative potential of Bitcoin and other cryptocurrencies.

 

[Nomad]

How does this guy who says bitcoin will replace banks intend to solve volatility problem with crypto?

 

[Starmix]

It said that it is still too early to say whether this prediction will come true. It is impossible, though, unless the world changes automatically, and crypto will be the only resort.

 

[Trush Jodie]

I don't think crypto has the holistic framework to really push banks out of business. It is not possible till maybe crypto evolves.

 

[Starmix]

Banking services will do business as usual . It was only a prediction by Falkvinge. His assumption may not hold true. Not all advocate or holders of cryptocurrency.