Banks Under Threat From the Internet

The Internet has disrupted the security of ordinary money. The economic system controlled by the banks for centuries is now under threat. Bitcoin is an example of new money. Its mere presence in feared by the banks. Money, or at least its value, depends on people having faith that it can easily be exchanged for different goods.

In Germany before WWII security in money was severely challenged. There was rampant inflation, so much so that people had to push barrow loads of  cash to a shop to get a loaf of bread.

New money is everywhere: PayPal has taken the banking world by storm. These bank-like services are being offered by Google, Apple and eBay. To get Followers on Twitter, many sites are offering seeds. Though the websites deny trading for followers, this is exactly what it is.

Google's Wallet is really a bank service. Smartphones can be swiped in store terminals to buy goods. The problem is most money does not really exist it is just recorded in books as they used to say. Now it is data stored on computers. The money supply is no longer controlled by central banks.

The question is - Will banks go the same way as traditional shopping centers and newspapers? It is possible!
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Australian Blog