The idea of crypto is that can give full control over your finances, than traditional finances and with the astronomical rise in the popularity of cryptocurrencies in last two years it is possible future replacement of banks.
Some traditional banks are even beginning to integrate crypto directly into user accounts, as they see the benefits of cryptocurrencies and they know that can’t avoid crypto in order to stay in the financial market. Also VISA and Mastercard are adopting crypto and use crypto transactions. This comes naturally because this payment providers will be out of business if they don’t embrace crypto, especially because of the incoming CBDC’s. Visa and Mastercard have made significant progress, connecting crypto and blockchain networks to its global payment networks.
An increasing number of cryptocurrency and fintech companies like,Square, Paypal, Coinbase, Binance and others, are enabling the ability to direct deposit funds onto their platforms, making it easier to convert or directly receive traditional payments in cryptocurrencies.
Saving fiat-currencies (aka money) in banks gives you maximum 2% annual yield and their value decreases over time, due inflation while in other hand cryptocurrencies are deflationary assets and they give users annual yield from 2% to 80%, which is far more than traditional banks. Decentralised finance are offering everything that traditional banks offers, but they are open for everyone to use them and the control of the assets is in the hand of the users. Digital assets can replace banking with faster transactions, higher levels of security, lower fees can lend or take out a loan, raise capital and it’s just getting started.
Many believe that we could replace banking and finance easily with a more efficient digital decentralized economy, but the banks and governments hold the most power in the world. It would be naive to think that they will stand by, while the cryptocurrencies replace them. Taxes need to be paid, and the government needs their cut and that’s why nearly all world central banks have considered releasing digital version of their fiat-currencies (dystopian CBDC’s). The main reason is the fear of Bitcoin and cryptos, from gaining too much momentum, so with CBDC’s they will gain total control and even they can stop people to buy cryptos.
Cryptocurrencies are great way to bypass bank and government restrictions, unlike traditional banking methods, it’s completely anonymous and operates in a decentralized manner. The lack of centralized government oversight means that it’s difficult to regulate the cryptocurrency’s value and prevents the government crackdown.
The fact is that as the public becomes more educated on crypto and decentralization, the more they see the benefits in the future of finance and the internet. The public looks kindly on innovation, and massive companies like Microstrategy, PayPal and others have spearheaded a possibly of irreversible adoption of digital assets.
The public is realizing that cryptocurrency goes in mainstream adoption and there are much deeper uses for blockchain and DeFi. The will of the people will always prevail, and what people always have better solutions to their problems, so the rise of crypto market is inevitable, with Bitcoin leading the pack.