Requiring no third parties like banks to charge you high fees and taking multiple days to process that payment.
One flaw with the old system - is the tyranny involved - They harass you about your own money and business.
Its like there is a war on people & they're private financial business. (Which is actually all tracked and permanently logged into data bases. etc.)
Simply try to withdrawl a large amount of your money from a bank and they flag you and interrogate you with questions which violate your rights to privacy - asking for information like how did you get this money, where is it going who are you sending it to & why.
And if they dont like your answers they may stop you from accessing your funds.
This is no joke - its happened to me before - they also froze my account and stopped a purchase from going threw with a buyer because it was a large sum of money. & they're systems say I dont normally receive large amounts of money. Which was like them saying Your poor - you stay poor! Since when was it a crime to get paid more than what you normally do?!
I wont go into more of that as Its a little infuriating. In the end the trade was cancelled.
They interfere with everything - like the credit card payment service -Stripe- They stopped my online tonic store from accepting credit card payments!
Why? - Because to them anyone selling superfoods, tonic herbs and teas are deemed as bad people who are not allowed to use they're services.
I've seen this happen time and time again with a few stores I used to buy from like tranceplants, ethicalbotonicals, etc,
They also charge huge fees for the seller & take 7-10 days to process a payment - which is just unacceptable!
Most people just want to use a credit card to buy things online - so thats a big chunk of buyers who now have to go a different route to send payments to my health store for purchases.
- So now I really only use Cash
- Paypal (whom is also abit tyrannical when its comes to purchase over $500)
- And Cryptocurrencies.
Why banks are afraid of bitcoin -
By removing the source of funding from the central banks & government- funding for wars and a multitude of inhumane activities will dramatically decrease as they're source of funding is dissolved & as the fiat currency collapses & becomes worthless- not many will want accept this devaluating dollar that has been inflated away - similar to whats happening in Venezuela right now.