Topic: Are Banks as trustworthy as we make them out to be? Should we still use banks? (Read 111 times)

Back in old times we used to have a very reliable and fair system called the Barter system

But it had its own flaws such as the goods or materials that were being traded amongst each other were not universal, for example a trader with tomatoes would want potatoes so he would try to make a deal with one of the potato traders and the deal would be to exchange set amount of tomatoes for set amount of potatoes, but what if the potato trader does not really want tomatoes? The deal would not go through.

That is where the universally accepted currencies or commodities started appearing, one of them was gold.

But carrying gold was unsafe and very inconvenient so we had to advance somehow.

Fiat currency was introduced, Certain centers would store your gold in exchange for a bill or receipt that you could exchange for goods. This receipt would usually state the amount of gold that it could be exchanged with.

These centers came to be known as Banks.
Holding large sums of gold gave banks extreme amounts of power, governments would loan amounts from banks to fund their countries or wars etc. This way governments started backing banks as they became a very important part of the economy.

But then banks were running out of bills that they created so they started printing out more causing very steep and large inflation rates.

The civilians who had exchanged their gold for a certain rate would lose upto 90% of the value in the period of 3 years.

So banks started getting more and more powerful and as they have most of the world’s gold, every regular civilian is forced to follow the rules they create.

These days you can not make transactions from your account to someone else’s account without your bank taking certain percentage from it, you can not send money to someone who is in another country without losing a big chunk of your money to something called an exchange rate. Who is winning in the end? Who is taking all of this money? Are you benefitting from this?

Let us forget the transaction fees they charge and focus on even trying to make a deal happen,

You are trying to buy goods from someone in some country (let us say it is a sanctioned country) your bank would not let that transaction happen because they are the ones who decide if you deserve your freedom or not unfortunately. Why are we giving them so much power? What if I like the apples that come from Iran? And my customers prefer iranian apples over any other fruit? Will I not be able to do business without banks interfering?

Lucky for us we have something called Cryptocurrencies now, Have you heard of something called an “Encrypted Dollar Coin”? also called “EDollarCoin” or “ECD”

Basically you can do Anonymous transactions to anyone in the world for no transaction fees at lightning speeds, No interference from banks whatsoever. This is the freedom we deserve as humans, Shift the power back from banks to civilians.

Head over to https://edollarcoin.com and learn more about it.