Banks vs. Crypto: Battle for Domination
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July 01, 2019
It seems, that finally, there’s an opportunity for early adopters and crypto enthusiasts can now live a ‘tokenized’ life away from big banks and corporations.
The prospect of decentralization brought on by cryptocurrencies like Bitcoin, Ethereum and a thousand more didn’t sit well with the banks. For one, it challenges the banks’ longstanding prime institutional position in the finance sphere. Once considered the key players in financial policies, they are slowly being moved to the sides by digital technologies.
The second was the control of the assets. Consumers with non-custodial wallets can enjoy the maximum possible control of their funds; all the while protecting their assets from malicious intents. Unlike banks, these digital structures don’t have a centre point of failure and they don’t really charge a lot.
With rapid increase in the interest of the masses in decentralization, the future looks bleak for the banks unless they either work hand in hand with digital technologies or provide more incentives to their already existing consumer base.
On the Federal Bank of San Francisco, an article from 2001 urges reader to imagine a world without banks. It then goes on to ask the now tense reader to think about where would they go to borrow money, or what would they do with their savings and how much risks might they bet against in doing that. This rhetoric essentially communicates the importance and the role of banks in providing convenience and security to the people.
Fortunately for us, we can say that in this age, we don’t need the banks, at all. We have successfully tamed the whole banking system and its benefits into a single system available for use for the whole world, free of cost.
TokenCard is Ethereum-powered self-service, fully decentralized, non-custodial banking alternate solution that allows users to spend their Ethereum and smart contracts on Ethereum blockchain (ERC-20) in real life. It provides consumers a fix of their own habits, with an additional lot of benefits and convenience.
TokenCard employs Visa Card that is accessible anywhere just like a normal debit card. They have just launched their own dedicated iOS application that brings control of the assets even closer to the consumer. With an option to convert from token to fiat, preloading your Visa Card will make it useable – globally.
Mel Gelderman, CEO of TokenCard, says launching on the iOS App Store is the first step towards displacing the centralised economy of old with a smarter, more agile system that gives its users full control over their money:
“This is an opportunity for early adopters and crypto enthusiasts who want to make living a ‘tokenised’ life away from big banks and corporations a reality.”
This is exactly cryptocurrency in specific and blockchain in general, doing to the banks – stripping them of unchallengeable control on finance of the whole world.
Mel Gelderman, talking about TokenCard, also discussed the uniqueness it brings to the table:
“Compared to other crypto card or wallet providers TokenCard makes daily token spending and storing really easy, accessible and secure without compromising on decentralisation. TokenCard will never touch user assets, they are theirs and theirs alone.”
TokenCard has also announced that the first 1,000 people who sign up to use the card will get $15 worth of DAI, the Ethereum-powered stablecoin, credited to their account. Customers that have already signed up and who were actively using their card during the TokenCard alpha, have already been rewarded with 50 TKN – TokenCard’s native cryptocurrency.
This is a huge step towards consumer adoption of blockchain based-products. Without the physical presence of a third party in a transaction that not only adds delay to the process but also chips away chunks of your money, the entire process will not only become easier, efficient but cost-effective. The convenience of the iOS application is just the cherry on top.