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Reddit user TheCryptomath recently posted an internal image from Bank of America’s systems showing a cryptocurrency training session.
The development illustrates how the bank is shifting to a greater focus on cryptocurrencies and ensuring that their employees are well versed on the topic to meet consumer demands. This defensive move makes sense since they previously detailed how cryptocurrencies are a competitive threat to their business model since it would “negatively affect [BoA’s] earnings by creating pressure to lower prices or credit standard”. This training session can be interpreted as an attempt to gradually increase exposure to the industry.
Crypto bypasses banks, but can benefit from their adoption
Cryptocurrency is ultimately intended to be peer-to-peer and enable individuals to send money back and forth without middlemen charging excessive fees or wait times. This is especially important for individuals that live paycheck to paycheck and need money immediately after earning the money, which previously, meant only using cash. Others have to deal with onerous fees when sending remittances to friends and family. However, cryptocurrencies now allow individuals to have the convenience of digital money without having the inconvenience of banks.
Nevertheless, there are still difficulties surrounding cryptocurrency usage, mainly education about how to use cryptocurrency since it can appear intimidating at first. Thus, as more banks begin to adopt cryptocurrency and slowly introduce it to their customers, individuals will become more adventurous on their own and realize that they can use cryptocurrency without their bank at all.
The Dash community has been trying to speed up this process by educating consumers themselves and showing consumers how to use Dash to make real purchases at real merchants around the world, especially in Venezuela and Colombia. Dash has been able to accomplish this thanks to its innovative DAO Treasury model, which helps fund programs that further mesh together the banking and crypto world to speed up adoption.
Traditional finance meshes with crypto
While many around the world are unbanked and are looking towards crypto as a solution for holding cash, there are still significant amounts of people that have to be convinced that crypto is better than their current bank account. To gain this adoption segment of the population, cryptocurrency is making it easier for consumer to enter, participate, and leave crypto. The most recent examples are SALT and Celsius, which now allows Dash and other crypto users to earn interest on their crypto and borrow against their crypto. This helps consumers better understand how crypto is similar to the current money they already use by seeing similar financial lending structures.
Additionally, Uphold has been serving consumers with easy ways to move in and out of cryptocurrency, which makes their adoption more likely due to easier access to liquidity. Dash made this even easier with a direct integration into the Dash wallet. As cryptocurrency continues to develop its features, individuals will begin to notice its significant advantages over banks.