Cryptocurrencies have been a much debated topic since their inception. The term is difficult to comprehend but just as fascinating. Ever since the big boom of crypto in 2017, cryptocurrencies and Bitcoin specifically became one of the most searched terms on social media as well as popular online mediums. Likewise, Cryptocurrency Exchanges climbed up the Fintech charts to become a top hit as a genius monetary transaction scheme.
Of course, most cryptocurrencies are still in their adolescence stage that are calling to be explored; the truth imposes that crypto is already a crazy, big thing with thousands of innovations that have not only transformed the way money exchanges or investments are carried out but currently are also posing a major threat to traditional banking systems.
The Cryptocurrency Doctrine
Everyone knows that cryptocurrencies were innovated to be a more secure and reliable form of currency, a better alternative to all the money woes that took shape in traditional banking systems. That's exactly why cryptocurrencies were developed, a decentralized form of currency that is free from the prying eyes of the government and is not limited to borders.
Let us be real, there is no way that traditional banking or fiat currencies will be dethroned by cryptocurrencies anytime soon and definitely will not vanquish off the face of the planet. However, crypto banking sure does hold a higher power than traditional banking systems! Read on to find why cryptocurrencies, crypto mechanisms and crypto banking could actually be a great idea if given the chance.
· A Private Affair
Cryptocurrency exchanges happen over digital mediums, a secure transaction exchange that takes place between two parties. An online cryptocurrency exchange requires two people to deal in cryptocurrencies and partake in crypto exchanges that are devoid from third parties and eager meddlers are kept at bay to maintain the air of privacy.
Traditional banking demands a lot of paperwork with private details to be shelled out in case you want to make a purchase or exchange money. However, lengthy and tasking processes are cut down and mostly never required in crypto banking.
· Government Stays Out of Crypto Matters
As cryptocurrencies are decentralized, the government has no control over any legal matters that may rise up or are included in cryptocurrency exchanges. The sole power rests in the hands of the crypto users involved in the exchange and the security is in no way maintained by the government unlike that of traditional banking where the authorities are not sanctioned to keep a tab on crypto matters.
In crypto banking, there is no control over cryptocurrencies and that is what makes it so great; the government cannot enforce any unneeded law.
· Identity Theft and Fraud Becomes Non-existent
Counterfeit is avoided. Fraudsters are avoided. Identity theft is avoided. What more could one ask for? Cryptocurrencies do not allow the government to break in; the idea itself seems bizarre if any other third parties or fraudsters could. Also, personal information is never asked for so it eliminates the chances of data to be tampered or leaked; a risk that is always on high with traditional banking.
· No Extra Fees
Traditional Banking is a lot of things but it ain't cheap. Regular banking at traditional banks involves a lot of extra charges for a lot of things from opening a new account, cash processing, national to international currency exchanges, taxes, overheads and let us not forget the extra charges of an ATM that we have been putting up with for quite some time now.
So do cryptocurrencies not charge any fees? Some crypto wallets may pose stand-alone requirements but apart from that most cryptocurrency fees are a buck too palpable and stagnant throughout. No matter what you do or buy, cryptocurrency fees just do not want to change and that is a great thing!
· International Money Exchanges Made Easie
When it's international, it's expensive. International money trading often comes with a lot of extra fees and even more so, the hassles are multiplied. Money that is to be exchanged internationally are tedious to carry out and tiring to be dealt with.
Since cryptocurrencies have forayed into banking, international money exchanges have become simpler and also as coins hold the same value across all countries, crypto users can exchange money internationally without having to carry any currency conversions.
Crypto is super unreliable but with so many banking innovations, it's time to invest in a crypto wallet of your own!