[Commoner’s Corner] May 2019
By: Liam, Cypher Core
Tags: Commoners Corner, Blockchain, Cyphercore, Crypto, Bitcoin

Do you trust banks? After the 2008 housing market crash that answer changed for a lot of people. If you haven’t seen the movie, The Big Short, I definitely recommend giving it a watch. The film gives a more in-depth look at what happened during the 2008 crash. Millions of people lost their homes, jobs, and trillions of dollars were lost in world economies, all because of a few unregulated bankers took advantage of the average person. They did it because they could and didn’t care about the consequences. Their unregulated actions caused one of the biggest economic crises the world has seen to date. When all was said and done the ones who suffered were the average citizens who put their trust in the banks. In turn, not a single banker or anyone in the financial market went to prison or lost their job. The banks paid a few hundred million dollars in fines, a drop in the bucket compared to the billions they make a year, and moved on. So when I ask you, do you trust banks? What comes to mind?

In the movie, The Big Short, banks took advantage of the average American simply because the banks did not care about what would happen to them. It showed the world that banks were way too powerful and needed to be broken up for the good of themselves. That the banks were too large and centralized, that any single problem that happened would be devastating to the world because there were no checks and balances within the banks. The banks were so centralized and corrupt they were able to convince everyone that they were the only ones who could do their jobs. Then Bitcoin came along.

“Bitcoin: A Peer-to-Peer Electronic Cash System” is literally what it says. It is a currency that is meant to take out the third party (banks) for daily transactions, an idea that is meant for no single person to control any currency. Why trust a third party when it’s proven not to be trustworthy and in this system, unnecessary. Back in 2016 Wells Fargo was accused and later settled after claims were made that they were creating millions of fake accounts. Every day thousands of people have their bank accounts compromised and drained of their life savings. Banks charge you for going negative in your account, they charge you more money for not having any more, and they could also charge you a fee for them holding onto your money. Bitcoin is meant for everyone and anyone to make a transaction without the risks of losing your money or having their identity revealed. As well as not having to pay outrageous institutional fees.

Bitcoin offers you everything that the banks take from you, it offers security, privacy, and the financial freedom you deserve to have when making transactions. You have the say in where your money goes and without worrying about a third party regulating your funds. Bitcoin offers the ease of using cash or a pseudo credit card. With Bitcoin being a “Cash System” it doesn’t offer the physical paper money everyone is used to, instead it is digital cash. Bitcoin’s cash system works the same way as when you have a check or cash and you deposit it into the ATM, it goes into your checking/savings accounts, and when you login to your account you see your total, that’s digital cash. You would be able to spend that money online, with your credit/debit card, or even transfer that money to a different account halfway around the world for a fraction of the cost a bank or wire transfer would cost you.

So now I ask, not if you trust banks, but why would you trust a bank when Bitcoin offers everything that the banks take from you?

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