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
And it’s not “crypto”. That’s a casino and a distraction. Bitcoin is different; it’s the hardest money ever created, and you can self-custody it. 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, no bank, government, or middleman has the power to seize, freeze, or unilaterally devalue your money. Learn about Bitcoin; challenge your preconceptions.
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