At the moment, most of your income and expenditure probably goes through your bank (or, perhaps, banks). Here in New Zealand, only a handful of banks dominate the market, and I think the processing of EFTPOS and credit card transactions involves even more market concentration.
This centralization of money transfers has several downsides. Fewer players means less competition, greater risk of fraud by employees of the big companies, and obvious targets for malicious hackers. So how could we decentralize money transfers? Continue reading Money transfer via social network