Banks are redundant except to give out loans. If we have hard money to save with, maybe we won't need loans.
Discussion
Nothing wrong with credit imo, it enables you to use your future pow
That is true, but in the fiat world we live in, credit creates new money, which increases inflation. It is not just a question of giving some money to be paid back later. It is another matter that, for this reason, we cannot save and are forced to take out more loans. It is a vicious circle from which there is no escape. Bitcoin fixes this.
Where we're going, there won't be any need for bank loans either. If someone wants to lend their bitcoin, they gotta send it and trust (hope) they get it back. No more hypothetication 😆
Loans will always be a key part of a free market, the difference will be the interest rate would be way higher if set by the market instead of a communist
rates would still be quite low, but the money you owe will keep its value, so the loan will not get easier to reimburse as time goes