From Bank Corruption to Bitcoin A Necessary Breakthrough?

That International Banking Day, which is celebrated on December 4th, is only five days away from the International Day Against Corruption, which is celebrated on December 9th, a kind of involuntary poetic justice on the part of the United Nations could appear or a message from the cosmos itself to reflect a reality. What do we find in the banks? A necessary evil or the engines of the economy?

While it may seem like a legend, the history of banks is closely linked to Bitcoin. Without the near-collapse they experienced in 2008 thanks to their own clumsy financial measures, Satoshi Nakamoto would not have completed his brilliant idea of ​​“A Peer-to-Peer E-Cash System”., translated into Spanish as a personal electronic money system and which we know today as Bitcoin.

But what does Bitcoin have to do with banks? The first block of “financial emancipation” already warned us. “”Chancellor on the verge of second bank bailout”The headline in The Times newspaper, which Satoshi used to show his dissatisfaction with the government’s aid to banks in the midst of the world crisis and what the ultimate goal of his work would be. “”Long Bitcoin, Short the Banks”As the phrase that has become popular on social networks would say.

From a corrupt system to a free system?

From Bank Corruption to Bitcoin A Necessary Breakthrough?
From Bank Corruption to Bitcoin A Necessary Breakthrough?

Besides the fact that the average Bitcoin’s hatred of the banking sector comes from an anarchist or cypherpunk thought, lThe truth is that the banking system has tried hard to earn this contempt through demonstrations of an unequal system, and 2008 was the clearest example of the “Cantillon Effect”.

When millions of people were evicted from their homes in the midst of one of the most severe financial crises of our modern times, The United States was concerned about printing money and lending $ 1.3 trillion to banks. And this is not limited to the past or the Americans. In Europe we see ourselves in the middle of a crisis due to the coronavirus pandemic. The European Central Bank is providing loans to the financial sector at negative interest rates, while several nations have worrying unemployment figures.

Despite the fact that the authorities have worked hard to ensure that this aid to banks is targeted so that the global economy does not collapse completely, The fact continues to show that in the midst of a crisis, those who get the newly printed money first are the companies closest to the issuers.

Actually, We have found that the beneficiaries themselves recognize that they would find themselves in a precarious economic situation today if states had not provided economic aid to the financial sector.

Unfortunately, not only was the gray performance of banks negatively affected in 2008, but we recently saw the FinCEN files show that banking was under the smug gaze of states It continues to be involved in actions of dubious origins in which they manipulate, corrupt and act against humanity itself in handling their customers’ money.

And despite the fact that banks’ bad behavior might be believed to be “recent” history, the truth is that their mistakes came from the start. Ever since the Medici laid the foundations of banking in Europe as we know it today, the institution has caused problems. In fact, the Medici banking empire itself fell due to … corruption and waste.

However, all of this was necessary to land on what we have today: The first citizen currency with global reach, which is preserved without a hierarchical structure and whose true identity the founder Bitcoin does not know.

Although it is not remotely similar to the traditional banking system in that it does not provide credit or a plastic card for you to use “your money”, It gave us the opportunity to move funding into a more transparent, decentralized field and with an empowerment approach for any type of public.

A day to celebrate sustainable development

Amid this series of ideas, it is convenient to remember once again the day we celebrate: December 4th, International Banking Day. So it was decided to recognize the role of these institutions in sustainable development.

However, if we continue to set the goals, What more could contribute to sustainable development? A transparent asset with no borders and no barriers to entry or a damaged system, without trust and difficult to access?

Bitcoin has proven useful for small communities of people with no bank account, as an asset for money transfers when traditional systems are blocked, or even as an alternative to saving for those who don’t have the ability to protect their assets. Can banks demonstrate the same in order to continue to assert themselves as an indispensable tool for sustainable development?

Government aid with funds belonging to all citizens has focused on maintaining the banking sector as it plays a positive role in society. However, given the reality, it is possible that the bank may no longer be the one genuinely called upon to achieve these goals.

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