The current banking system is fragmented and broken.
While it gives the illusion of a finely tuned active system of transactions and accounting it is not at all what it appears. Different cost associated with different amounts sent and received, contingent on a variety of arbitrary distinctions: from who to who, from where to where, when, what method of transfer, and how much?
As pointed out by Andreas Antonopoulos, all of these elements are executed with varying cost to the user with different times established for successful execution of the transfer as though the banker was actually tasked with move a physical brick of gold from one destination to another, as opposed to sending what amounts to an email.
The Bitcoin, in comparison, charges the same network fee regardless of how much you send, who you are, and where you are. Bitcoin Utility shows us that settlement of the transaction takes only minutes and there are no third parties involved to “hold your funds” for three to five banking days.
That means the average Joe can use a blockchain wallet, on his cell phone, to send money to his friend up the street or make a donation to a family who just lost their home in Nigeria. He can do this for the same cost at the same time, from the comfort of his living room. What will happen when the masses actually figure out that:
- the use and utility provided by Bitcoin is far superior
- and Bitcoin Security is much better than any Credit card that ever existed