Disintermediation is a new model of relationship between individuals and finance.
In the traditional system, almost every transaction goes through an intermediary, such as banks, clearing houses, payment circuits or money transfer companies.
However, Bitcoin demonstrates that it is possible to transfer value globally without intermediaries, operating instead according to a peer-to-peer model as defined in the 2008 white paper. This involves:
1. Direct international payments: no SWIFT or correspondent banks required, with reduced costs.
2. Individual savings: wealth is no longer dependent on the operations of a central institution.
3. Reduction in transaction costs and settlement times.
4. Greater resilience: fewer centralised points of failure.
5. Global access to services, even in areas where the banking system does not reach.
The BIS and the IMF recognise that this disintermediation raises questions of financial stability, particularly in emerging markets. However, they also acknowledge that Bitcoin's innovations are already influencing monetary policies and payment architecture, prompting many countries to consider CBDCs (unfortunately, providing another means of control).
Bitcoin has indeed introduced a new principle: the ability to transfer value without a central authority. All other digital innovations in finance are a response to this discovery.
Understanding disintermediation is key to understanding the future of finance.
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