If you understand cryptocurrencies you understand that banks as they currently exist are under threat. If you’re Rick Falkvinge then cryptocurrencies is an “extinction event” for central banks.
You’ll also understand that Bitcoin is not the only player in town; with alternative coins nipping at the heels and with the recent news that Bitpay (merchant payment service) will be supporting multiple cryptocurrencies.
I didn’t quite appreciate the utility all of this until I started using https://uphold.com
- Free member-to-member transfers and payments with no limits on the size, amount, currency or frequency.
- Low-cost currency conversions - unlimited and instant (over 30 currencies + 4 precious metals)
- Add and hold funds in fiat money, precious metals or popular cryptocurrencies: bitcoin, ethereum, litecoin, bitcoin cash and dash for now.
- Send or receive money to or from any member, anywhere - across town or across borders - instantly, securely and free.
- Hold funds in the currency of your choice for safe keeping, long-term investment or everyday use.
- They also have an API that makes the likes of https://heleum.com possible. A kind of savings account based on the fluctuations of cryptocurrencies. Heleum’s algorithm buys based on a 5% fall, followed by a 1% rise. Then it sells based on a 5% rise, followed by a 1% fall. You don’t get the huge gains of cryptocurrencies having a huge run, but something a little more stable (since March their algorithm has generated 5% gains per month).
So the reason I’m mentioning all of this is that Uphold makes Monzo look positively anachronistic, despite it being the most modern (and amazing) bank in the UK.
Why shouldn’t we be able to do our banking in cryptocurrencies with Monzo? Why shouldn’t we be able to hold savings as cryptocurrency with Monzo? Why shouldn’t we be able to instantly send family, friends or others any currency instantly for free, using Monzo?
Monzo shouldn’t just support the likes of Uphold through APIs but emulate and improve on them (e.g. cryptocurrency payments with mobile). If regulations permit. Do regulations permit?