The crypto currency went on a hype last 2 years, but I still have little faith on it due to its economic structures, without central government and central banks it could really cause a lot of worries for starters.
There are people or group of big players that stands out and control the banking system, perhaps that's one of the reason why crypto was created , but do you think it could be the same group of profit earners that is now running and controling the digital frontier?
There are people or group of big players that stands out and control the banking system, perhaps that's one of the reason why crypto was created , but do you think it could be the same group of profit earners that is now running and controling the digital frontier?
I seriously believe that it is not the case at all. Whales could somehow manipulate the market at some level, (as some reports suggests) creating panics and hype, shake the digital world upside down and flip the scene but, crypto will still be crypto.
There maybe some negative insights about the whole crypto currency existence. But one thing is for sure that it is here to stay and will make the financial technology era a bit more efficient than with stereotypical banking system.
When we talk about transaction settlement, offshore banking, and financial freedom, centralized systems of banks fall significantly behind major cryptocurrencies, which can offer all three services with low costs and a robust infrastructure compare thru the existing banking systems that we have.
Conclusively, cryptocurrencies like Bitcoin and Ethereum have significant advantages over banks in a number of areas, including security, borderless transaction settlement, efficient payment clearance, and lack of dependence on centralized service providers or entities. Although the offshore banking industry is valued at $32 tln and the valuation of the cryptocurrency market remains below half a trillion, the above-mentioned advantages could allow cryptocurrencies to compete against banks across many sectors.