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Infographic: Bitcoin vs Banking

July 14, 2014

If you haven’t heard of Bitcoin yet, the chances you will as time goes on. Bitcoin is currently the most popular alternative to regular bill-and-coin money. Almost every day now it seems more companies are offering to use bitcoin as an option in financial transactions. On this site I won’t get into the details behind Bitcoin, there are many great websites dedicated to that purpose. Instead I would like to mention where the greatest source of resistance to Bitcoin will be coming from: banks!

Banks make a lot of money charging for fees and penalties. One of the many advantages to bitcoin is the lack of hidden fees. What fees do exist are so small they are almost negligible compared to what a bank charges. For example the average credit card merchant account will charge around 3% to a retailer for the convenience of accepting credit cards. The same transaction via bitcoin will have a minuscule fee (or no fee at all). It really depends on the miner (but that is a different topic). The point is the banking industry will lose billions of dollars if consumers choose alternatives such as cryptocurrencies. For those looking to fight against the big-money crony-capitalists on Wall Street there is no better means than via Bitcoin.

I would urge everyone to veiw the infographic below to see why the banking industry might be afraid of the new cryptocurrencies (especially Bitcoin). The infographic was provided by the Visual Capitalist and does a good job highlighting why the banking, insruance, credit card, and other financial industries are afraid of people switching away from bill-and-coin money.

Infographic source: visualcapitalist.com

Infographic source: visualcapitalist.com

PS. I accept tips via Bitcoin on the right hand side of my site. I also accept tips via Paypal for those not yet ready for cryptocurrency.

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