Sadly, as half the population of Paraguay is finding out, your bank deposits are not in the bank. Bitcoin is "high powered money", M0. And it is all in the blockchain under high security. In the fiat system, only banks and the Fed are allowed to own reserves. You can own cash but it is inconvenient to keep all of your funds in cash at home. Bitcoin puts you on an equal footing; you can own the high powered reserve. So can any company or organization. "High-powered money, also called the monetary base or base money, consists of: Currency held by the public—notes and coins. Commercial banks’ reserves—balances held at the central bank and, under common definitions, cash in bank vaults. Monetary base}=currency held by the public + bank reserves It is called 'high-powered' because it provides the settlement foundation for the banking system. Banks use central-bank reserves to settle payments between themselves; the public uses currency directly. "