Will Banks Disappear??!!

In this video, I'm going to explain to you why those buildings behind me, those banks, are going to disappear very soon. So I stroll down any city center and you'll see the banks, just like the ones behind me. They're the nicest, biggest buildings in the city. And the reason for that is because they have a lot of business there. They make a fuckton of money, if you remind my words. And you can just see it. And when I see this, I just feel like this is all going to go away very soon. The reason why banks are around today is because there's trusted entities. People trust them to save their money there. People trust them to combine businesses together. They hold a lot of function there because they're so huge and because, well, they're trusted. The idea of the blockchain and smart contracts is that now we can not just only trust banks, but we have a whole decentralized system for trust. This is such an interesting concept because back in the past, we always have just one party that we trust, just like a bank. You go to the bank, you save your money there, and you can trust that they'll keep your money safe. And there's bank saves and bank vaults, which are well-insured and protected. The thing with cryptocurrencies is that the coins themselves, they live on the blockchain. And the chain is built up by this whole network of computers. All these computers have the same copy, the same copy of a ledger or the same state of a virtual machine. So in actual fact that everyone, the trust is gathered by all these parties in the world. And this is something that is so new and so groundbreaking that a lot of people haven't clicked in their heads what this is going to do. That you can store your cryptocurrencies on the blockchain and they're just as safe, in fact more safe than a bank. You have the best asset protection in the world because no one can touch those cryptocurrencies unless they provide the private key. So that really replaces a lot of the deposited functions of a bank. But there's more to that. The fact that smart contracts out there, they basically do functions that the bank would perform as well. For example, if you want to merge two companies together or even swap your kind of stocks, you can potentially do that with a smart contract. The fact that you can code on this contract terms. For example, when you receive a certain amount of money, issue out a certain amount of tokens or shares. This is a function that is something that's usually done by a bank. But this can be replaced by the smart contract. And because a smart contract doesn't take an intermediate fee, we're basically cutting out the middlemen. We're cutting out the banks in this whole situation. So this is why I feel like and I do believe that these banks are going to struggle in the future. And we've seen that evidence of that. Bank of America posted to the SEC's hearing that, well, they don't have any kind of products to compete with smart contracts. They're starting to realize that in the future, as smart contract technology progresses, as we start to move more and more business onto these decentralized networks, that they won't have anything to compete against that. So this is why they're so alarmed. And this is what makes smart contract and blockchain technology so novel and so amazing. It's that now not only do we have to just not rely on these trusted sources anymore, these large banks. And in fact, why do we even trust them anyways? They're so big. But in fact, in the past, they have betrayed the public many times, especially when it came to the financial crisis of 2008. So now instead of trusting these entities with our information, our data and our funds, we can trust the blockchain on that. And this is why the blockchain revolution is important. So when it comes to this, when it comes to prices, we see price for cryptocurrencies just fluctuate like this, as if this is the most speculative asset in the world, or maybe even the biggest bubble in the world. But you must also remember that this is the most groundbreaking technology in the world. We can finally don't have to trust these trusted entities anymore. We can trust the public network and the public blockchain. I hope this makes you understand the technology a little bit more and it makes you understand why this is so important. Leave a comment down below if you feel like you have a use for smart contract technology and you find this useful. Do you see banks and do you see that they're potentially losing, going to lose all their business to smart contracts and blockchain? Thank you guys so much for watching. Remember to subscribe down below and check out my Instagram for more updates from me.