Banks are always there serving to events that are precursor to economic crashes. We have seen it throughout history since the idea of banks were materialized, and there's no denying that banks and the government working together to print money that the economy can churn has always turned out to be bad. Not that I'm saying that banks are always pure evil, but there has to be some sort of reboot or change in the banking system in order for economic crashes to be prevented--or at least cause little damage--in the future.
Cryptocurrencies such as bitcoin serves as a bank for those who doesn't have the means to open their own bank accounts and pay for the initial deposit. It also serves as a hedge against inflation and economic crisis, similar to what is happening currently. It may not be as smooth as what the banking industry does, but it sure helps people get the most out of their hard-earned money--only if they really know the advantages of keeping some of their assets in bitcoin and stash it for the long run.
Banking is good but Bank is evil. We as individuals can contribute to changing the imbalance in world economic conditions by stopping the movement of saving money in banks. This movement will encourage banks to transform from margin oriented to service-oriented.
The practice of bank interest is prohibited in the economy in the real sector to avoid the accumulation of assets in a group of people, which allows the exploitation of the economy, both exploitation between actors, and exploitation of the system to economic actors. The absence of the practice of bank interest prevents disruption in the real economy such as inflation and declining macroeconomic productivity and encourages the creation of fair, stable, and sustainable economic activities through productive profit sharing systems.
In the contemporary economy, the existence of bank interest changes the function of money as greasing the transaction into a commodity loaded with the practice of speculation and debt on the monetary market. The inhibition of the synergy of the real and monetary sectors causes an imbalance in the economic structure, due to the ease of obtaining profits from the practice of fixed and predetermined returns, the monetary sector absorbs most of the money in circulation, which results in a decline in the performance of the real sector and the economy. The interest system causes inequality of business interaction, exploitation, and mislocation of resources and false economic development.
Current facts, the application of bank interest causes trading on the money market and capital per day amounting to a quarter of transactions in the real sector for a year, often a financial crisis, there is a large voting power for developed countries in world financial institutions such as WTO, world bank, IDB and IMF. Also, the amount of debt for developing countries is even greater.
