1. Currency accepted globally
Paying foreign exchange fee’s or having the currency of another country after you’ve travelled somewhere isn’t enjoyable or cheap for everyone.
$5 Trillion dollars daily moves through foreign exchange trade. Imagine the fee’s consumers worldwide could save if this market didn’t overcharge everyone to move digital numbers around.
One currency accepted anywhere (considered a digital gold), allows people to store their wealth in bitcoin and sell it for any National Currency anywhere in the world.
2. Savings accounts don’t pay much (if any) interest anymore
As long as money put into bitcoin can be removed for an equal amount, anywhere in the world at a later time, it is still just as good of a “service” any bank offers currently.
Banks used to use customer’s savings to offer loans, they’ve increasingly used it to gamble on the foreign exchange, stock and bond markets in recent years.
3. Bank fee’s to “use your money” are stupid
Zero interest accumulating in a savings account are bad enough, fee’s to use an ATM or send a payment or wire can be ridiculous.
Computers move numbers digitally across the internet. This is not something we needed to pay banks to do for us for the last 15 years.
4. Proof of Work
Mining in the bitcoin protocol, proves one computer solved a complex math problem (and 1000’s of other computers verified that problem was solved), to “mine” a bitcoin. The transactions people are sending go through during this process of mining and verifying a new bitcoin is mined.
Central banks, that follow the currently elected governments “monetary policies,” increasingly end up printing more money than an economy can withstand over a long period. The history of banking crisis world wide has been covered on our “why is bitcoin valuable” article.
This is why gold has been a safe haven store of value for centuries. The value of bitcoin against gold, fiat and “crypto” will increasingly show over time, the value of fiat currency will always decline over time.