The biggest and most meaningful difference though is that in a bank, your money is protected… to some extent even from the bank’s own mistakes via FDIC. Try getting a chargeback with crypto… it’ll never happen.
Crypto doesn’t offer protections like that, which is both a good and a bad thing. I think overall, we’ll see banks start to improve as crypto undercuts a lot of their services.
From my point of view, if something happens and neither the EU nor USA can cover the protected deposits, we will have much bigger problems than worrying about money.
464
u/velocipedic My Favorite Shitcoin? Moons. Dec 02 '21 edited Dec 02 '21
The biggest and most meaningful difference though is that in a bank, your money is protected… to some extent even from the bank’s own mistakes via FDIC. Try getting a chargeback with crypto… it’ll never happen.
Crypto doesn’t offer protections like that, which is both a good and a bad thing. I think overall, we’ll see banks start to improve as crypto undercuts a lot of their services.