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bitcoin

From the coin clipping of ancient Rome to the rise of electronic payments, this article explores the recurring failures of money throughout history. We delve into why gold, paper, and even digital payments fall short and what lessons they hold for creating better systems. Can Bitcoin succeed where others have failed? Read on to find out. They say that men can’t stop thinking about the fall of the Roman Empire.

Explore more in detail in my first edition of the newsletter 'New Money Matters':

https://newmoneymatters.substack.com/p/why-does-money-fail-part-1



Why Does Money Fail? - Part 1

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They’re attracting millions of customers🧑🏻‍🤝‍🧑🏻
While operating at a massive loss 📉
Neobanks are missing something important.

***

Neobanks like Revolut, N26, Monzo, Wise, etc, are growing rapidly.

Their offers are perfect for the young, tech-savvy crowd:
▪️ More flexibility with multi-currency transfers
▪️ Competitive savings products 
▪️ Crisp UX/UI and simplicity
▪️ Member benefits
▪️ Low fees

So why aren’t major banks going belly up from losing customers?
Well, they haven’t lost customers. 

Neobank customers still have one foot in the traditional banking world.

Think about it.
Do you have accounts with both neobanks and trad banks? 

Most of us do.

Gym discounts and travel insurance are cool, but how many customers use them?
Institutional money, savings, and even salaries are kept with big banks 🏦

Earlier this year, the Simon-Kucher report stated:
“Of 400 neo banks in the world, less than 5% are breaking even.....several are in the cash-burn zone losing as much as $140 per customer annually.”

Neobanks haven’t scaled in terms of customer use and monetary volume.

Customers don’t trust them, yet.
And there is always the risk that they will go out of business, or simply debank the customer (it happens a lot to crypto users).

What I take from this is that having an engaged and trusting customer base is important.

We at Bringin embrace self-custody Bitcoin. Support all features required for users to spend Euros and Bitcoin. 

We’re working hard to incentivise Bringin users to use the app. Integrations with other systems our users love (like BTC Pay and Opago). Plus, responsive customer service 😁

Bringin (https://brngin.xyz) is not a bank, but it could become a bridge that guides customers to control their own money.

What do you think about neobanks?

Will embracing Bitcoin, lightning, and self-custody make a difference in trust factor?

Neobanks acquire customers quickly. But they don’t always return.

Bitcoin is the first-ever digital bearer asset, and having access to a wallet's private keys signifies ownership of the Bitcoin in the wallet. Storing bitcoin in an exchange or with a custodian may give you the illusion of ownership, but it is only an IOU from the custodian who owns the underlying asset.

Anyone who cares about security and ownership should understand hardware wallets and how they give actual ownership and secure your Bitcoin. 

Published a blog post - An Overview of Hardware Wallets!

This blog post introduces hardware wallets, provides an overview of the various types of wallets, and outlines best practices for transacting with hardware wallets.

If you find it useful, please share it with others. If you would like to get these valuable resources into your inbox once a month, please subscribe to our newsletter.

Link: https://bringin.xyz/blog/resources/overview-of-hardware-wallets/

![Hardware Wallet Data.png](https://m.stacker.news/29252)
