It is no secret that banks and financial institutions will probably be influenced by Crypto Currency and the underlying Blockchain technology.
If any crypto currency is accepted as the norm for payments, there will literally be no reason for banks to assist at all as your Crypto Wallet is the store of your value in a secure fashion.
This post is a bit of a rant, as I just had a look at my bank statements for the first tie in a very long while. I noticed what ridiculous amount of money I am paying for "Banking Charges"
Why does Banks charge so much for so little value?
I believe that most people in the world, especially those which not have been bitten by the Crypto bug, live in a dream world, where the norm is just accepted. I was driving to a meeting this morning, listening to our local radio station and an advert of one of our local banks came up making the statement that they can offer a 10% interest rate on your money. That is 10% per annum. How ridiculous did that sound?
I have started to play around on the crypto exchanges and investing some money in various alt coins. Now I am a novice figuring everything out as I go along, and where I am now, after just more than a month of trading, is that it will be very difficult to believe that an expert trader cannot make less than 1% per day. And I believe this is a very conservative number. I actually think that a trader with some experience, which is not me by the way, should make at least 10% on a weekly basis.
Sure, there are risk involved, but in my mind 300% to 400% per annum is a very conservative percentage to make on your initial investment.
In South Africa, bank charges can go up to around R1000 ($80) per month (easily even more), if you add the various charges, which includes, Admin Fee (Which is charged for the privilege to bank with the specific bank), Cash Deposit Fees, Cash Withdrawal Fees, Fees for this, Fees for that Etc., Etc.
And you do not dare using an ATM, from a different bank when you bank with a specific bank. These fees can go up to $1 for every $10 you withdraw from the other banks ATM.
So why do they charge all these fees? Because they can, that is the accepted norm in our country.
Banks in other Countries
I am not sure what the bank charges are in other countries, but if I remember correctly when I lived in the United Kingdom, I did not have an admin fee for my bank account. The bank I banked with, made their revenue from interest on the various loans they provide.
