Macquarie Bank, one of the largest banks in Australia, will not allow its customers to deposit or withdraw cash or cheques from its office branches starting this month. The move comes as the bank goes cashless, and transitions to digital payments, stating these are “a safe, quick, and more convenient way to bank.”
source
Safe and convenient for whom? For the banks, going completely digital and gaining full control over their clients' funds, or for the clients themselves? I'd argue that it's definitely not the latter. Once again, in the banking industry, amid the COVID pandemic, we witness liberties being sacrificed in the name of safety.
The extinction of cash means the loss of numerous freedoms, in my opinion. While I understand that cash is impractical for some businesses and various mundane activities, let's not overlook that cash offers the ultimate form of financial privacy.
Bitcoin was initially touted as a viable alternative to cash, a digital one, of course, promising users fast transfers, privacy, and transactional freedom. However, as we've observed, Bitcoin has faltered as a currency. It excels as a digital asset but flounders as a medium of exchange.
Monero was perhaps the epitome of digital cash, yet its usage remains limited. Moreover, exchanges are hastening to delist it due to concerns of regulatory backlash. So, where is the promised mass adoption?
In the case of Bitcoin, discussions often revolve around its acceptance as an asset and its potential leverage. However, I firmly believe we will never witness Bitcoin functioning as true currency. Look at these Bitcoin maximalists—they rejoice as Bitcoin's price skyrockets over the years.
It's disheartening because, simultaneously, Bitcoin strays further from its original vision as a currency for the people. The absence of figures like Antonopoulos active in the Bitcoin community speaks volumes about its current state.
The maximalists I refer to are essentially fiat enthusiasts, fixated solely on Bitcoin's price. They disregard the broader implications, and frankly, I have no respect for them. Toxic maximalists indeed.
Hive's HBD shows more promise for mass adoption among the masses than Bitcoin. Ripple is developing a stablecoin for public release, while Stellar Lumens will do the same through the Velo Protocol. What does this signify?
It suggests that unexpected blockchains are already laying the groundwork for widespread cryptocurrency adoption as payment currencies. The dominance of the dollar is under threat, and while some fear it, I celebrate it. I know that when the dollar's supremacy wanes, internet users won't resort to digital rubles.
The ongoing conflict between BRICS nations and the US will greatly benefit crypto, contrary to popular belief. However, Bitcoin won't emerge as the internet's currency because it's no longer a currency, and there won't be a single currency to fulfill that role. Unfollow anyone who claims otherwise.
Nonetheless, let's not forget that without Bitcoin, we wouldn't be where we are today.
Thanks for your attention,
Adrian