One of our acquaintances is a gold bug. That means they store their wealth not in fiat, but in gold bullion. They recounted the following story to me over drinks, that I must share with you right now. It is a story of how banks are going to be completely disrupted by . Bitcoin My acquaintance wanted to sell a single Krugerrand. She found a mobile gold buyer, who agreed to the trade. When the trader arrived, the deal got under way. He does this every day as a regular part of his business. Chip and Pin Two Factor Authentication devices. The trader had three devices; an for internet access, an to do the fiat payment from the company bank account to my acquaintance’s bank account, and a bank issued device with a slot in the top for his “Chip and Pin” bank card. iPad iPhone Two Factor Authentication The trader had the iPad on his lap, the iPhone in his left hand, and the 2FA device in his right hand. Once the iPad found a wireless signal, the buyer set up a local wi-fi network on the iPad and connected the iPhone to it. Then he opened his Bank account app, and logged in. He opened up a gold price checking iPhone app (I didn't glimpse which one) and got the spot price. He then typed out the account name, account number, sort code and bank of the gold seller into the iPhone app. Then he , switched the 2FA device to his left hand, pulled his wallet out of his right back pocket with his right hand, and took out his bank card, which he slotted into his 2FA device. He typed his PIN Code into the 2FA device, and retrieved a token to log into the iPhone App with. He was authenticated… put the iPhone down ….then he made the transfer. Now compare this Heath Robinson juggling process, with the payment process had the exchange been made instead of a transfer of fiat from bank account to bank account. After checking the gold price: for Bitcoin The gold buyer Opens on his phone. Samurai Wallet The seller shows his QR code on his phone. The gold buyer scans the QR code. Types in an amount of BTC. Presses send. Not only does this transfer require of (you can pay to a QR Code on a piece of paper as seen below) and not a maximum only two devices three plus a “Chip and Pin” card, , and its still totally secure by default. devices there is no third party involved in the payment of Bitcoin Which one do think is more efficient? Using Bitcoin, or doing a fiat bank transfer? Bitcoin is quicker, more efficient, more private. It is better than bank accounts by orders of magnitude, and of course, that Bitcoin could be transferred to another address , once again, without logging in or any other nonsense. you anywhere on Earth, in seconds Robinsonesqe Experiences like this make it crystal clear that Bitcoin is the future. Banks have no way of competing with it in any way, from the form of the money to their insanely complex , to Bitcoin’s global access and extraordinary utility. Security Theatrics 100% GAME OVER. You can’t tip dollars to this QR Code from your bank account…LOL! ↯

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Visions of How Banking Will Be Disrupted

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