Wouldn't it be great if we never had to deal with these types of institutions ever again?
Over the last few months I have had my eyes widened with how much control institutions have over our lives. Here I am battling away to get what some would consider a small fortune having to prove my identity on so many levels to obtain something that is rightfully mine. I not only find this sickening, but this is also morally wrong along with being time consuming.
Banks love holding our wealth because it generates their profits loaning it out to others plus they charge us for withdrawing our own funds. If you had $10 million in the bank you are considered well off, but you are also trapped in a system that tells you what you can and cannot do. You can only draw x amount per day so even tough it is your money they still can control how you spend it. I a sure those limits will be higher with that type of bank balance, but still there will be daily limits.
My bank cancelled my credit card 2 years ago without consulting me due to the fact I had not used it enough. Not on the grounds I cannot afford the limits, but due to lack of profitability on their side. They would rather someone who cannot afford the payments to be using their credit so make that make sense. Banks used to provide a service to their customers and now it seems it has to suit the banks needs over their clients needs.
In comparison if you had the same amount being $10 million in crypto there is actually far more freedom. Just think of how that sort of portfolio will be compounding daily in comparison to money sitting in the bank generating peanuts. Maybe the freedom is not available right now with the limited and controlled off ramps we have, but these will open up once regulation is passed and adoption happens. This is always a slow process in the beginning and then suddenly it happens so we have the belief this will be the case with crypto as well.
My aim has always been to be able to walk away from what we see as the normal and that is by removing the need for having to have a bank in my life. The only tools I would need is the off ramps, but keeping wealth locked up in a bank account turns my stomach because the only benefit is convenience and no monetary value is added besides their low APR which is pathetic at best.
If you need to purchase a big item like a car or a property then I have seen there is lending available in crypto or you just pay it outright. The idea of living on credit is something we should all be aspiring to remove from our lives. The only credit I have owing is on my property and if I sold the other property I own I would be nearly debt free. This is how I want to live owing no one anything even when I eventually move back to Europe.
Crypto is the ticket that can transform all of our lives in a good way removing the living form paycheck to paycheck scenario which is how the majority live by. I cannot think of a sadder existence even though I have lived like that for most of my life.
Growing your crypto bags is the future we all desire because of what it offers besides just the dollar values as this idea of being financially free is far bigger.