In the past banks have playes significant role in financing in loans to the public. As gold and silver have been replaced with fiat currency and fractional reserve lending practices, the banks have reached an almost omnipotent position. Bailouts (taxpayer money) have been provided by governments to failing banks, due to the risks of financial meltdown in the society.
The question is what can replace such an abuse of both trust and taxpayer money?
Cryptocurrency has been such an alternative. Free from the influences of central banking it can be used by everyone, everywhere over the world. With new innovation and technology the time and cost of transaction is reduced to almost nothing. The question of the need for a private centralized banking system thus arises. What value can a bank deliver? Gold and silver have already been replaced by digital currencies. Transaction through traditional banks take time and is costly. The new cryptocurrencies are swift and free.
The case is clear it seems . Are we looking at the deaththrows of the traditional banking systems?