Anyone who’s signed up for a crypto platform in the UK will be familiar with the FCA’s risk warning and “appropriateness assessment”. These apply equally whether it’s a Bitcoin-only app or a memecoin casino.
While registering with Strike, a question struck me: what if the same standard applied to the “safe” traditional alternative - opening a current account and saving money in good ol’ British pounds? What if, before the bank could take a penny, you had to prove you understood how the system actually works: where your money goes, who legally owns it, how much is kept safe, and by how much the government aims to devalue it?
Here’s what that would look like:
⚠ Fiat risk warning
Don't deposit unless you're prepared to lose the purchasing power of all the money you deposit. This is a high-inflation currency and you are unlikely to be protected if something goes wrong.
Before opening a fiat current or savings account, you must complete this appropriateness assessment. You must answer all questions correctly.
You scored / .
Congratulations - you are sufficiently informed to trade and save in fiat currency.
Your funds will be available once the mandatory 24-hour cooling-off period has elapsed.
You scored / .
Assessment failed.
You do not yet understand that fiat is a custodial, unbacked, inflationary, under-protected and heavily-laundered form of money. You are not informed enough to trade and save in fiat currency.
You may retake this assessment in 24 hours. (Or just press the button below - I'll waive the cooling-off period. Unlike your bank.)
For the avoidance of doubt: this is a thought experiment and general information, not financial advice. Then again, the FCA now seems to think explaining what a UTXO is counts as a financial promotion, so who am I to say what this is.
Whether you passed or failed, there’s an alternative
Save in Bitcoin. No crypto, no distractions - just the hardest money ever created, held by you. There’s no fractional reserve lending, no money printer, no manager who can freeze your account because they don’t like your politics. When you self-custody Bitcoin, literally no-one has the power to seize, freeze, or unilaterally devalue your money. Learn about Bitcoin; challenge your preconceptions.
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