Should Traditional Finance Surrender To Bitcoin?

I used to work in the “Bad Finance” industry. And then I left. Why because in my opinion, traditional finance is deeply unconscious. Firms operate solely for the profit motive. Anything that opposes them is something to be destroyed.

At the end of college, I started YouBux.com a personal finance portal for young people to help them make better financial decisions that they will live with for the rest of their lives. Interestingly, the verdict from the startup was that people didn’t care enough to make changes. They weren’t in enough pain to make the switch to a more prudent personal financial plan.

If I had known about Bitcoin back then, I probably would have focused on it. Today, the movement against traditional finance or what I would call “Bad Finance” is back in full swing. See traditional finance has caused more problems for humanity than it has solved. It has enriched 1/7th of the world at the expense of 6/7ths. To me that doesn’t seem fair. Luckily, now there is an alternative which is very much alive in the form of the Crypto Industry. The funny part is that crypto offers a real competitor to traditional finance, with a better product. I think deep down traditional finance experts are very scared that their way of life is ending. For example, that is why people like Warren Buffett denounce Bitcoin. It’s not that Bitcoin is bad, it’s that Bitcoin is a threat to their form of capitalism. What they will do when the tide shifts, I don’t know. There may be massive upheavals, changes in the political landscape among other positive changes to the world. Only, you may feel a certain way depending on which side of the fence you are on. Generally speaking, some of the people that will benefit are those that are open-minded, risk takers, technologists and people from countries without access to banking to name a few. This is just a simple example. But as in the movie “The Matrix”, you can take the red pill or the blue pill. It is your choice.

One noticeable exception I have found is Blackrock which has created a societal impact score for some of their investments. This is a good thing.

Now back to Bitcoin. There is a version of Bitcoin that most closely resembles the original Satoshi Nakamoto vision. It is called Bitcoin Cash (BCH). I strongly believe in this version of Bitcoin. The funny thing is that it sells for a much cheaper price then the older version of the chain. You can also buy it in small fractions. You don’t need to purchase 1 BCH at a time. The other funny thing is that the fees are very low to transact with. Usually, it costs about 1 penny USD per transaction so people all over the world can afford to use it. Mind you, this is still capitalism but in a different form then you are used to…

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