One of the main memes that has been repeated in the Bitcoin community for many years is that the digital cash system will eventually replace the need for banks. While the general public still seems content with using Wells Fargo, Bank of America, and other traditional providers for their digital finance needs, there are plenty of Bitcoin proponents out there who plan to replace their bank account with a Bitcoin wallet as soon as possible. One such individual is Mastering Bitcoin Author Andreas Antonopoulos, and he recently discussed what Bitcoin companies need to do in order to defeat the legacy banking system in a talk he gave at the Harvard i-lab.
Don’t Try to Be a Bank
One of the main issues that Antonopoulos has seen with a variety of Bitcoin companies over the past few years is that too many of them try to be like the banks they’re trying to replace. Instead of creating metaphors related to the legacy banking system, Antonopoulos believes that Bitcoin service providers should be designing entirely new experiences:
“Part of the trick is not trying to be a bank. Do not try to do anything related to traditional banking because all that does is pollute their minds. You want new users to have a brand new experience with Bitcoin that is unlike any banking they will ever see. You don’t want it to look like a checking account. God forbid you use the word checking. Open any one of the exchanges right now — Circle, Coinbase open them up. What is the name of your account on Coinbase? It is the checking account, and it has a balance. And it shows you a statement. Who the hell did they