BMN Blog

MAR 05
Cryptocurrencies, Blockchain & the Value of Trust

 

Over the last year or so, cryptocurrencies and blockchain technology have grabbed the attention of global markets and its participants. Whether it be a finance commentator on one of the major networks, general office chatter around the water cooler or the bag boy working at the local grocer; nearly everyone has heard of or been drawn into a conversation about the two. Admittedly, I am no subject matter expert about either, but I do know that they share at least one core underlying thematic principal: trust. In anthropological theorist Dr. David Graebers’ book Debt: The First 5,000 Years, he contends that modern economic theory is incorrect in its teaching that barter came first, then money, then credit. Graeber contends that credit was first, and that money (or currency) was established out of necessity when merchants began traveling and trading outside of their familiar communities where they knew well (or “well trusted”) those they traded with and conversely were well known (or “well trusted”). So, where am I going with all this? How well do you trust your bank and banker? Many people have become leery of banks and bankers. However, the right banker can prove to be a valuable asset to your business. Here are some questions to ask yourself:

  • How important is your relationship and business to your banker?
  • Is your banker accessible and responsive?
  • Does your banker listen?
  • Is he or she proactively working to understand your unique needs and objectives?
  • Does your banker look for ways to add value and provide business advice?

These days it’s simply not enough to just provide good service. A good banker should be someone you can count on; someone that values you and your business, and who works diligently to add value through service, understanding, and expertise.

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