Podcast: Play in new window | Download (Duration: 2:12 — 648.5KB)
A New World Awakening
There is a new world awakening in the financial sector as there was not so long ago in publishing. It is driven by the same forces too – the Internet coupled with the latest technology.
If you are trying to guess which sector I am talking about precisely, it is money. The nitty-gritty of most people’s daily lives.
Although that is changing too, isn’t it? I don’t know where you live, but in many Western cities, it is quite normal to pay for small transactions with a card or a phone. If you are not doing business like that yet, it will come your way one day soon.
However, there is another phenomenon called Bitcoin. You may have heard of it. Probably in a negative way…
The thing that upsets the Establishment about Bitcoin is that the transactions are almost anonymous, and governments don’t like that. Until now, they and the super-rich have had the exclusive right to anonymous banking transactions through things like numbered Swiss bank accounts and totally anonymous accounts in tax havens such as those in the Caribbean.
Not only Crypto
Nowadays, anyone can make anonymous financial transactions, just like the super-rich, and they can do it for peanuts!
Naturally, traditional financial institutions don’t like that. They want to protect their privileges! They are enraged, and it shows in their press.
The fact is though, that now anyone can make an anonymous financial transaction and very cheaply.
Most people have nothing to hide, so they will be focusing on the word ‘cheaply’.
Millions of people send money to loved ones every week, and banks do very well out of it. However, this new system with Bitcoin can reduce the fees of sending money home quite dramatically, which means that if you send money regularly, you and your loved ones could save a lot of money.
And that is what it is all about, and that is also what upsets the financial institutions.
Suddenly, you don’t need to pay them big fees to send your family money, which takes days, you can do it yourself in hours and often in minutes.
All the best,
PS: This is a bank that I have become aware of recently. It has nothing to do with Crypto-currencies. It is a ‘normal’ bank, but new in style. I often send money from the UK to Thailand. It used to cost £20 a time and take three-five days. Now it costs £1-£3 and takes five minutes! Click the image below for full details. It’s free to join up.