Thursday, August 9, 2018
The origin story of your money probably went something like this: When first learning about finances, you opened a Savings Account. Your parents or grandparents gave you a check and you deposited it in there. Then, when you had enough to buy something you wanted, you made a withdrawal. Then, when you got a job (babysitting or mowing lawns), you opened Checking Account so you could have easy access to your money. Most importantly, you were told by all the responsible people, “Make sure you balance your checkbook!” The checkbooks even used to come with a balance sheet so you could calculate how much money was going in and how much was going out.
Today, that really isn’t the case. The big banks don’t want you to know where your money goes and they certainly don’t want you to balance your checkbook. There are fees for nearly everything – even with the “free” checking accounts. There are ATM fees and foreign transaction fees, convenience fees and administrative fees. Nothing seems to cost what it costs anymore. While much of it is inevitable, you can get back to the original point – saving. Saving money, no matter how much you bring in, can be an important part of achieving your goals. The time to save money is when you have some.
What would the 21st century equivalent to a checking account be? Moreover what would it's crypto-equivalent be?? Crypto is essentially decentralized, as humanity has seen in replete what the problems with allowing another entity to maintain control of our finances -- our "livelihoods -- can turn into.
Moreover though, more & more people are seeing the POSITIVES of ensuring our means of exchange isn't as easily lost and/or misplaced as computer hard-drives and/or passcodes/passwords so exceedingly complex as to sacrifice functionality for the ILLUSION of security.
What about a hardware wallet? A tangible, handheld device -- along the lines of a modern smart-phone -- that not only had a hard drive to store your digital assets (NFTs, etc), but passwords and other stuff?