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Exchanges could become like our new banks as that is where things are heading.
The last time I went on a major vacation with the family was about 7 years ago sadly yet so much has changed. Back then I had to visit the bank and apply for foreign currency paying a premium for the service. The government controlling your every move dictating what you are allowed even when the money is yours. It is fairly painless, but the more you want the more questions you are asked and the more papers you have to sign. This thankfully will never have to happen again due to how things have changed.
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Banks at one time banned the buying of crytpo on credit cards and now we are seeing crypto on credit cards which is a complete u turn. The reality is the banks have no choice but to move with the times or they are history.
Over the last 6 months many financial institutions are coming out with crypto debit and credit cards. The world as we know it is changing and quickly which is good for all of us. Binance launched one fairly recently where you load your crypto onto a card and away you go. If I am not mistaken that was for Europe only and that won't take long before it is global. There is no nonsense having to go through a bank and going through the process of applying for foreign exchange.
This I believe is going to be the first part of the banking division that will disappear. If my memory is right we paid a premium of around 7 percent to have the funds loaded onto a card plus you also include the inflated foreign exchange rates meaning in real terms it is more like 15% by the time you are done. When you arrive back the same process happens in reverse when they offer you way less for the currency converting it back. All in they are making a good 20 percent by the time you are done and they call that a service.
The crypto cards are a game changer as now all you have to do is have an account registered at Binance or one of the others and load some crypto onto it and there is no real difference. Imagine having a bank card with a few Bitcoin loaded on it and you went travelling when the market was pumping and came back to find you had more loaded on the card in value $$$$ wise than before you left.
I know many of us don't like to spend our crypto right now as we know it is still early in the day, but still a better use case than spending money you would have spent anyway. Crypto cards will be like the new travelers cheques we had in the past and the beauty is the government has no controls over what we do. There is no being screwed with hidden 20 percent fees plus on some of these cards you earn crypto rewards every time you use them.
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