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A redditor makes a comparative analogyof the difficulty of on-boarding new users with opening a bank account

A redditor makes a comparative analogyof the difficulty of on-boarding new users with opening a bank account

Bitcoin Cash Reddit

Reddit / Bitcoin Cash Reddit 12 Views

I'll try to make a comparative analogy of putting money into a savings account (original version).

  1. Walk to bank to open a bank account (some days open 8am-1am, on work days, so make sure it's open!)
  2. Wait 30 min to an hour for bank teller/employee to to help you (some branches don't even have tellers to save costs!).
  3. Verify identity
  4. Sign several documents
  5. Get pressured into opening a credit line. The other employee gossip on the client who just left.
  6. Wait for Bank to deliver your internet banking credentials
  7. Deposit money to your new bank account at the bank or through an ATM or have it transferred to your bank account from another account
  8. Log in to internet banking with 2FSA
  9. Click multiple times to get to the page where you can make a bank transfer from your checking account to your savings account
  10. Confirm said transfer with 2FA
  11. Enjoy your 0.5% pa

What the banking has going for it is just the first mover's advantage.

submitted by /u/unitedstatian
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