Bitcoin and Switzerland part 3: Swiss Bank account in his pants pocket. A guest post by Pascal Hügli.

Pascal Hügli
30. September 2019BTC$8.319,94 , and 0.61%part Facebook Twitter LinkedIn xing mail

As in the second part, shown, is fighting Bitcoin on many fronts – in a way, also against the banks. The latter have a hard time. Outdated systems, new technologies, political initiatives and also the negative interest rates make your life difficult. Since their introduction by the SNB in early 2015, the Swiss banks have paid up to 2018 6.3 billion Swiss francs at the SNB. This year, it is estimated that 2.2 billion Swiss francs will flow to the Central monetary authorities.

negative interest rates in the global financial system

Also in other Parts of the world – Japan, Germany, or the rest of the Euro area – see investors with negative interest rates faced. A total of 17 trillion of negative-yielding debt securities exist in the meantime. If the interest are low levels, is currently difficult to estimate. After all, we are at a psychologically crucial threshold. What is as a result of higher fees last real already the case for some time, afraid of more and more people are reducing their savings from the Bank adopted a negative interest rate. This could trigger a Substitution in cash to a greater extent, would vary from economy to economy in different. The Swiss national Bank is likely to have negative interest rates is still more room for manoeuvre, since the SNB has a better control over the more manageable of the Swiss financial system as the ECB on the Euro area. In the day of trouble, the Swiss could give the Central Bank the banks are more to the table and this cause to make it difficult for customers to withdraw cash.

time for Plan ?

Especially to be emerging that negative interest rates are the new reality, convinced the Narrative is always more that Bitcoin offers a possible way out. Time for Plan ?, especially in the various channels of social media and to read again. Whether a simple Bitcoin-Investment or an interest-bearing assessment of other crypto-Assets using so-called DeFi-protocols – the possibilities are lucrative and lead to capital out of the traditional world flows.

the current state of The financial world is water on the mills of Bitcoin and crypto-Assets, and could accelerate the Institute functionalization of the banking system. The crypto-Enthusiast sees Andreas Antonopoulos Bitcoin as a “Swiss Bank for everyone’s pocket”. Banking would always be unbundled and more, offers more and more frequently by Software and Algorithms, controlled. It should succeed in the crypto-world, to deny the banks the payment function, should people keep less and less savings there. In the era of negative interest rates on the Deposit accounts of most of the people already in your savings account. Without the savings accounts and savings of the people, the banks also to their traditional function as credit intermediaries brought. Thus, banks would on one of its historical functions promoted: the management of stock – including the safekeeping of private keys from crypto-Assets.

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the Software is devouring the world of today, in many areas today, obviously, and also the banks will not be spared this fate. To many people this Abstraction, and the Substitution of human reference points act strange, which is why they react with Reserved or even dislike. The movement around Bitcoin, it is understood, in this regard, often incorrectly. So Bitcoin techno is based logically on the principle of trust minimization. First and foremost, it’s about the Element of human fallibility, but also the human susceptibility to Manipulation and makes desire to minimize. In this respect, at the level of Software and technology to reduce the attack surfaces in the best way possible.

From the security advantage at risk

of Course, this cannot succeed on the basis of the Protocol. The Bitcoin is built on mathematics, cryptography and incentives. He is a man-created construct remains, the trust relationships do not entirely eliminate, but can minimize. This is one of the biggest points of criticism of the crypto-Asset is The trust minimization is contrary to the human being who is trying to strengthen since the beginning of its history, mutual trust structures, and scale – and with no shortage of success, such as the historical point of view over the last millennia, encourages.

with Bitcoin, the self-sovereignty to the power of may be, is a laudable and desirable thing, for it is always the party should take. Those who want to live a self-sovereign, with Bitcoin at least the possibility and hope that this wish can come true. However, is likely to perceive the majority of people this self-sovereignty less as a liberation, but rather as a burden. Freedom due to the burden of responsibility, do not want to carry a lot of people out of respect and convenience.

Such talks, ultimately, for institutions such as banks or companies, and that these will lose their right to exist never fully. Even if eight out of ten people are likely to be handling your private access key to Intermediaries delegates, a future with Bitcoin and crypto-Assets, from the point of view of the control better. Today, you can not threaten the banks with the “physical” delivery of all the securities in the account when the financial world seems on the whole to be unworthy of our trust. Alone the Option to self-government is already a lot of value.

Still, we are at the very beginning. However, the nascent Bitcoin world is predestined to act as a permanent sword of Damocles, the traditional institutions in the future, keep getting stronger in chess. So should maybe become a Swiss glad that there is a a decentralized and politically stable substructure-based national currency, a decentralised, global and politically independent world currency. Then, wif the should legally turn out to be an institutional-political substructure of a day, not as a Feature but as a Bug. Our modern societies and their economic and political structures depend more on the creation of money, as we are likely to see it.

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about The author: Pascal Hügli is a Journalist with the financial media AG in Zurich. For years, he has worked intensively with the topic of Bitcoin, Blockchain and crypto, and also occurs as a Moderator and speaker. Many of his basic thoughts on the subject are to be found in the recently released crypto-book “Ignore at your own risk – the new decentralized world of Bitcoin and the Blockchain”.

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