“The world of finance as we know it is highly centralized. Anytime you buy a Starbucks coffee or pay your electric bill, the funds pass through a heavily congested financial highway that is exclusively controlled by the banks.
All the money is funneled through their system. It’s expensive. Inefficient. And incredibly outdated.
Think about an international wire transfer—the funds flow from one bank, to a larger bank, to an even larger bank (typically in New York), and back down to smaller banks on the receiving end.
And everyone takes a fee along the way.
This is ridiculous in 2015. The technology already exists to eliminate all of the middle men and allow transactions to pass directly between a buyer and seller.”
(note: no problem reading the article and listening to the 28 minute podcast, be aware there is a further Video at the bottom that requires your email, and an email confirmation process to watch – Money Talks Editor)
