As background, I’m on page 63 of a terrific book published in 2016 entitled, “The Internet of Money“, by Andreas M. Antonopoulos. Read it if you want to know what is going on around you – about everything. Great, quick read.
I was at the bank this morning to ask for a wire transfer to a title company that insisted I use a wire to move money from my account to theirs for closing on a real estate transaction. Apparently the old “certified checks” or “cashier checks” can no longer be trusted if they exceed $15,000. Guess which costs more? Of course, the wire!
Arriving at 10:00 a.m. I was greeted by a friendly woman who promptly asked me:
- To produce my driver’s license for her to copy for her file;
- Give them my account information at their financial institution to the remove funds;
- To fill out and sign a sheet of paper to describe the wire I needed, which was the same information on the sheet I brought from the title company that she could have used;
- To explain where the funds deposited to my account from 6 weeks ago came from originally (e.g,, the source of that check I deposited and they cleared as “good funds” over 5 weeks ago); and
- To explain why I wanted to send the money (e.g., to close on a purchase transaction).
After gathering this information, she asked me to take a seat saying, “This should only take 15 minutes or so”.
So I sat while she telephoned the title company to verify the account (required by law, apparently) and to verify what this removal of funds was all about.
When it hit about 10:28 a.m. I walked back to the window to ask how it “was going”. She was nearly finished. So she then asked me to sign the withdrawal slip. I asked for a copy of the wire details so I could verify that they input the correct destination info (routing and account number). She gave me a receipt and I left at 10:29 a.m. — NEARLY 30 minutes after I first spoke with her.
Compare this with a Bitcoin transaction — direct peer-to-peer transaction, just enter the number of Bitcoins and the address of the other party, and for about 5 cents and less than 5 seconds, you are done! No explaining where you got your Bitcoin, who it is going to, or why. Privacy + Security + Low Cost + Little Time Wasted + No Explanations. Nada.
Which would you prefer? Andreas Antonopoulos mentions in his book that he sold his car for Bitcoin – no hassle. I remember the last time I sold a car… if you sell it for over $2,500 in cash, the bank reports your transaction to the Feds in a “Suspicious Activity Report” and you are now on the record for having done nothing wrong. Sell the car for a personal check, and there may be insufficient funds. Sell it for a certified bank check, and even the banks say it may be fraudulent. But sell it for Bitcoin? Done. No need for additional verification / validation because of the blockchain technology it uses.
So Bitcoin really is: The Internet of Money. Which do you think people will be using in 5 years – traditional banking, or Bitcoin/digital money? Try moving your money overseas for any reason and see what happens!