I'm a bank teller at a large North American Bank, and every day I'm reminded how much we need Bitcoin.

EDIT: Yes fraud is a tough subject and will be a hard problem to solve with crypto however we can't simultaneously say wide Bitcoin adoption is 5-10+ years away without expecting to have 5-10+ years of development that needs to be done to solve some of these things.

As someone who works for a bank in a customer-facing retail setting I'm one of the first people they come to when they have banking issues they need help with, or complaints with our policies.

These issues/complaints include any and all of the following:

• Credit/debit card fraud in which their card is being used without their permission.

• Card fraud in which their card/personal details where stolen either through phishing or a similar scam.

• Cards being locked due to "suspicious transactions"(which might not even be suspicious in many cases which just frustrates people)

• Checks being put on hold for anywhere between 1-6 business days, or even up to 10 for big checks.

• Accounts being partially frozen or even closed due to potential fraud activity.

• Payment apps like Zelle either not letting people link their accounts, or blocking payments due to lack of similar payment activity or whatever they deem "suspicious activity"

• Customer cannot easily transfer funds from their old bank to ours because the other bank has no local branches

• Customers wanting large withdrawals, but don't we don't have enough cash on hand to give it all to one customer

• National coin shortage causing frustration for business customers

• Wire transfer fees/processing time

• Maintenance fees

• Overdraft fees

• Bank check/money order fees

• Non-customer fees

• Non-customer ATM fees

• "Non-transactional account" transfer fees

• Pending transactions taking days to post

• Real companies making charges on people's cards when they haven't even been there in months

• People complaining the ATM doesn't work after they just stuffed dozens of shitty dirty bills and water stained checks in it

• A couple deposited all their money via bank check from their old bank and it was put on hold for over a week leaving them with no money.

• Woman wanted to wire $100 to her family but was turned away because Intl wires cost $50 off the top and may or may not have fees on the receiving bank as well.

• Guy couldn't access his money from his old bank across the country which required him to physically be there to initiate a wire.

• Guy lost a fairly large bank check in the parking lot a few plazas over and took weeks to get in contact with him to put a stop on it.

• Checks/cards not showing up in the mail, wasting people's time to have to come in and reorder and put stops on the lost items.

• Old people who literally pay money to buy checks only to drive to the bank, stand in line, and write themselves a check for $100 cash and ask for a balance - only to repeat this every other day.

The fact that these problems and inconveniences even exist is a problem in itself. Bitcoin fixes all of these because they are completely irrelevant on a Bitcoin system. In economics 101 they teach you that the definition of an efficient market is one where all information is transmitted perfectly, completely, instantly, and for no cost. Bitcoin dramatically increases efficiency in banking and will inevitably become the standard medium of storing money/value.

Food for thought: Customers will often ask for their pay checks to deposited as cash. If we can tell the check is legit or if we're familiar with the person(kyc) we'll deposit it as cash even though the check is from another institution, meaning in reality the receiving bank isn't getting anything besides a piece of paper and a promise that the account on the check is good for the funds. Verifying those funds takes a business day or more, but meanwhile the funds get poofed into the persons account at the click of a button. Also as many of you know, since March 2020, deposit institutions are now required to keep 0% of their total deposit accounts in cash reserves. Zero percent!

So that's why when I hear someone say that Bitcoin isn't "backed" by anything, my question is what the hell is a dollar backed by besides dirty green rectangles with some old guy's signature?