Why do we need banks anyway?

Level 1: Crypto Baby

Hey BreakinCrypto Nation!

I am up early at 3:02 am Central standard time and thought I’d share a short story with you all.

Guzo Day by the City of Houston January 29, 2019

For the past 5 years, I’ve been running a tech startup with my older brother, Gordon Taylor. It’s been an amazing five years and learned more than I can think about at this time. I am constantly thinking of solutions to problems in the world or that I specifically see around me.

All White Boat Party via Lakeshore Chicago

I ran across one problem when I recently flew to Chicago for my good friends graduation celebration (which was EPIC by the way).

Being the crypto lover that I am, I hold a decent amount of money on digital asset wallets (Coinbase, Crypto, Ledger, Uphold, Gemini, Exodus, etc. > I’ll write about digital wallets soon!).

The only problem is… Our society isn’t quite ready to be FULLY Bankless yet. 

In this particular instance, my Wells Fargo account currency was low however, as stated before I have more than enough money (digital assets) on my other accounts…. THE PROBLEM was, I could not immediately pay for my train ticket and other miscellaneous items on the way to the Airbnb. (Not to include my phone died and was stuck in the airport for a while.)

Could it get any worse? 🤷🏽‍♂️

First, while we do have Cashapp, Zelle, and Venmo, we need more options to be able to on and off ramp crypto currencies in exchange for payments just like the USD (United State Dollar) or just paying directly from a crypto focused digital wallet.

Secondly, cryptocurrency exchanges and wallets have work to do when it comes to User interface and experience (Yes Coinbase, I am talking to you as well). We still have 2–3 years, maybe less, before these new platforms become super easy for the average person to use on a regular basis with so many choices to potentially pay for an item with DOGE, BTC, ETH, ADA, DOT, stable coins like USDC, etc.

Exchanging back to fiat United States Dollar would have taken 5–7 business days. And I don’t believe any exchange allowed me to do an instant debit card exchange like the web2 wallets do (I.e. Cashapp). 

Lastly, we will have an increasing number of regulation conversations and laws passed come into the space in this next cycle for hopefully the better rather political and stifling to innovation.

Why should I have to wait for my money when I need it NOW? The old banking model of ACH/ Swift payment system is old, costly and needs to wither away. Oh really? Yes, yes, the reason Bitcoin was created. WOWWWW OH REALLYYY!!!

In conclusion, I managed to get around the city pretty decently and had great help from my homies, but being BANKLESS has a ways to go… at least for 2 more weeks for me! 

Coinbase launched their debit card and it will be in my possession in less than 2 weeks. 🙂 I will be releasing a series for Crypto babies on how to use digital wallets. HOT and COLD wallets. (Coming soon) 😉 

The road to web3 and Breaking into Crypto continues… Don’t wait!

It’s still early your time is NOW.

Subscribe >>> www.breakincrypto.com

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Joshua C. Taylor

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