Let’s start with an understanding of the world of banking and ideally, I should start with the basic definition. So, here goes: In simple words, banking is a service that allows a person or a business to deposit into and/or withdraw money from an account, called a bank account.
Diving deeper, there can be different kinds of bank accounts: Checking, Savings Accounts, Money Market Account, CD, etc. Each one of them come with their set of rules/limitations.
What if there was just one account (interest bearing) that does all of the above, with no limitations/frustrations, let’s call it “The Bank Account”. What if!
Let’s focus on businesses and their two main use cases:
- Collect money from their customers (credits)
- Pay those that help them run the business (debits)
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