In the crypto world, we like to talk more about how Bitcoin and others enable us to have no need of the banks. More recently, there has been a lot of buzz around how the real winner of the cryptocurrency movement has been the revolution of block chain technology, the decentralized ledger which underpins Bitcoin and others and is integral to its function. Without the block chain, there is nothing special about Bitcoin, and without bitcoins, say many, there is no incentive to utilize the block chain.
However, opacity and centralization have long been a problem for private banking institutions. You float $5 billion to another bank and a year later you have no idea if they actually have the reserves to repay you. A huge contributing factor to the financial crisis, in fact, was opacity. Not to mention credit