The royal commission sparked anger at the big banks. Bitcoin’s not the only alternative.
In the wake of the banking royal commission, many people are fed up with the big institutions, and are hunting for alternatives.
But the growing number of options — everything from stashing your money under the mattress to investing in cryptocurrency or switching to a credit union — can be pretty overwhelming.
And if you’re thinking of completely ghosting your bank, it might not really be feasible — yet.
“In Australia our entire payment system is mediated through the major banks … essentially you have to go through a bank to pay for anything,” says Brendan Markey-Towler, an economist and researcher with RMIT’s Blockchain Innovation Hub.
But, he adds: “Watch this space.”
“We are definitely seeing a convergence of technological advance which is providing some serious competition,” he says.
The good news for now? There is no one-size-fits-all approach to managing personal finances, and you can keep shopping around until you find an approach that works.
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