Bitcoin’s Biggest Use Could Be Its Application In Fighting Banking Corruption
Bitcoin’s Biggest Use Could Be Its Application In Fighting Corruption
The upsurge in demand for almost all the top cryptocurrencies, especially Bitcoin, shouldn’t shroud the fact that this digital asset could get a far much better use than merely ‘hodling’ it. Yes, it could help fight what the shameless “white-collar criminals” do in broad daylight and before everyone’s eyes!
In the banking world, it is quite common for an employee to rob the institution a colossal amount and still get away with it, despite getting prosecuted. For many, it is usually the best way of stealing a lot in profits and later using a fraction of it to deny and win the case in court. And it has always been hard for the institution to fight this vice off.
But there could be the unlikeliest of all ways of avoiding this, courtesy of cryptocurrencies. Bitcoin, if used to fight corrupt banking practices, can significantly sanitize the banking world and reduce the costs of doing business. This coin may greatly help stop the habit of bankers stealing lots of money only to pay little legal penalties and walk away with the rest.
Bitcoin has been billed to replace the conventional fiat, given that this alternative global phenomenon perfectly works outside the mainstream banking system. It is an “Off-the-grid” means of payment, immune from anyone’s control, including the government.
Imagine If The World Could Adopt Bitcoin And Majorly Use It To Combat Corruption?
Well, this isn’t another wild and weird idea on how Bitcoin can help stop this viral vice. Considering the number of crimes almost all the large banks have been involved in as well as the penalties accompanying each of them, this argument rightly makes sense.
First, Wells Fargo was found to have forced their clients (over half a million of them) to pay car insurance. On top of that, the bank was found to have charged its mortgage clients for flimsy excuses like when they missed interest rate lock-in deadlines, even though such was the bank’s fault.
It had also engaged in several fraudulent behaviors, including fictitiously opening 3.5 million customer accounts and slapping unnecessary fees on its customers. The penalty for all these “insurance abuse” cases was a mere $1 billion even has the amount paid was way over that. What even astounds more is the $2 trillion that Wells-Fargo is worth.
Another bank that’s widely notorious in criminal behavior, especially money laundering, is HSBC. It is a bank that’s infamously known for helping corrupt Nigerian leaders launder over 100 million dollars.
This bank has also dealt with terror groups and drug cartels, doing all these against the banking world’s code of conduct. And yet, despite committing all these, HSBC got a lenient penalty and was only required to pay an amount equal to its 5-week profits as penalties.
Another well-known bank with lots of well-documented corruption cases is JP Morgan Chase. From helping Ponzi schemes rip off millions of naïve individuals to the Madoff’s stocks and securities, not to mention its role in the 2008 economic crisis, this bank has done it all. In spite of committing all these, not even a single employee of this financial institution ever went to jail.
Bank of America has been ripping off depositors, insurers, homeowners, pensioners, investors and pretty much everyone, doing it almost at will. Thousands of Americans have had to appear in court, arguing against this bank’s false evidence on virtually any case you could imagine. And still, the federal government has been bailing it, using taxes, allegedly because it is “too big to fail.”
We could go on and on and even include Goldman Sachs, Citigroup, and many other banks find guilty of engaging in corrupt banking practices but still operating. The bottom line remains that participating in all these malpractices is a profitable venture for them.
How Bitcoin Could Be Of Help
Many of these banks portray Bitcoin as an invention favored by those operating unlawfully. While spreading such narrative, however, it is possible that they know the power that it has in stopping these vices.
The Blockchain technology that forms the backbone of cryptocurrencies has lots of positive utilities. Most of its features are the ones that compelled many to adopt it. But outside of these applications, it is easy to overlook or perhaps ignore the fact that it could be the most powerful tool in the fight against corruption.
Its rise in value has forced many to use it as an instrument of storing wealth. It is also known because any crypto-based transaction is trustless and doesn’t rely on approval by any authority.
If adopted and the banks continue boycotting it, the economy created will, therefore, be self-sustaining and there will be no corruption. And it will be the start of a powerful movement that could eventually help rid the world of this vice.
The highlight will be to allow Bitcoin to chart its course, different from the centralized and corrupt path of mainstream financial institutions. The other aspects about it, including its worth being higher than that of fiat, will come second. And that will have firmly set Bitcoin as a tool of protest while being the genesis of independence.