Fintech startups are offering cryptocurrency savings accounts, advertising as an alternative to traditional banks. Users can earn interest on their crypto deposits similar to earning interest on a savings account.
The idea of building an organization where decision-making rules can be written as smart contract rules is gaining popularity. Examples of this include DAOs such as MakerDAO and NFTs representing digital art and video game assets.
Banks and companies like Visa may use Bitcoin as the base layer for financial operations, while it may coexist with sovereign currencies as a reserve asset.
Venezuelans may start using crypto for peer-to-peer transactions, but taxes could be paid in a state-run currency, according to discussions of the presence of a large underground crypto economy in Venezuela. Developing countries that see more potential in building a technology firm outside the US and smaller governments may beat the US to adopting Bitcoin or other crypto as a reserve currency.
Online banking has revolutionized the way we access our bank accounts by providing convenience and ease of use. Wells Fargo paved the way in 1995 as the first bank to offer internet banking to their customers.