Buying BTC is also an act of protest against the status quo of banks.

Buying BTC is also an act of protest against the status quo of banks.

Since the Bitcoin appeared in 2009 and was gaining ground over the years, the conventional financial industry has not been able to sleep on its profits as before.

They know very well that cryptocurrencies have been made to surpass in all aspects conventional physical coins. But I think the underlying question is: What led Satoshi Nakamoto to have the need to create bitcoin?

I could detail a lot of facts over the years that show that the last thing that banks cares about are PEOPLE, but I will only quote two of the most recent in financial history. These information will make very clear why people hate banks now more than ever before:

Just in Spain, between 2012 and 2015, 177,900 “home deliveries” were carried out to banks both with a court order and without it. Of these, no less than 143,800 were the homes of the mortgaged according to data from the Bank of Spain. According to the PAH data, the previous four years there were another 244,000 evictions. (Source: vozpopuli.com).

I understand that when you stop paying the loan of your home, the bank that lent you the money will come to seize it as a last resort to “recover” your money in some way; however, I believe that these laws should have exceptions in times of global crises like the one that occurred in 2008.

It can not be possible that there were so many families that had to live in their cars or on the streets to survive. That’s why International organizations should create emergency mechanisms that allow families not to be evicted of their properties in these extreme circumstances.

Did you know that the number of people in North America and Europe who between 2008 and 2010 have taken their lives as a result of the cuts is 10,000?

Major economic crises can worsen mental health and potentially lead to suicide mainly through three avenues, says this research. First, the loss of work is an independent risk factor for the increase in depressions and suicides, which are about 2.5 times more frequent among unemployed people. Indebtedness, as a consequence of unemployment, is another independent risk factor. And, thirdly, debt and unemployment give rise to foreclosures and evictions that are in turn associated with depression and anxiety disorders. (Source: elmundo.es).

Just to mention the Spain’s case, the benefits of the great Spanish banking system are still far from the figures they presented when the crisis broke out. But in the ten years since then, there has not been a single one in which those entities, as a whole, stopped making money. Between 2008 and 2017, Santander, BBVA, CaixaBank, Bankia, Sabadell and Bankinter pocketed a total of 84,000 million euros.

The only one that caused losses during the period was Bankia (-16.755 million), due to the adjustments made in the 2011 (-2.976) and 2012 (-19.056) accounts by José Ignacio Goirigolzarri, Rodrigo Rato’s successor as president. To avoid its collapse, almost 25,000 million euros were needed, which the State put in exchange for keeping the majority of the capital.

All this process has been carried out with important public aid, basically aimed at the reorganization of the entities or to cover possible subsequent losses. Its amount exceeds today’s 50,000 million euros, without counting guarantees and tax benefits.(Source: publico.es)

As described in the examples above, it is very clear that over the years, banks have had absolute control over money in our lives, even in countries where the rate of bank penetration is low and they NEVER lose under any circumstance.

However, in 2009 the only technically serious alternative was born that will continue to revolutionize the way we manage money and it´s called Bitcoin.

We aren’t going to talk about the advantages and disadvantages of bitcoin (You can see them here) But I want to highlight that this cryptocurrency (which has many limitations compared to the most current cryptocurrencies) has allowed the creation of “money of internet” industry which is supported by the blockchain technology.

The impact of bitcoin and other cryptocurrencies in the world has been so great that the largest social network in the world (Facebook) has created its own currency called Libra. The change is imminent.

This new system of encrypted money is extremely safe and impartial, which was created not to continue under the abusive conditions of the banks where one has control of their finances which has new conceptual bases that have to be internalized by all.

Of course, the adaptation of this new economic system has been gradual; However, since its creation, the crypto world has had innumerable obstacles on the part of the world financial status quo that have slowed down its popularity.

However I think that from the creation of the cryptocurrency of Facebook (Libra), banks will have to adapt or sign their extension as they are now.

Published at Mon, 24 Jun 2019 22:20:49 +0000