Our world banking system is since 17 century doesn’t have the customer’s best interest in mind, considering the exorbitant fees they charge and the degree of control that banks exercise over their depositors.
Most people think when they deposit their paycheck into the bank they are just using it as a repository for their money. The utility of the bank allows them to use their cash to pay their bills and to send money to others. How many people have had to explain to the bank exactly where they are sending their money, and why? How many of these customers have had the bank tell them that they are not going to permit the transaction?
The banking industry uses have not been improved in several decades. Transactions are very slow and restricted, It can take a week or more for larger payments, or those made internationally, to be effected. Other ways that banks charge fees is through penalties for lateness, using certain ATMs outside of their network Banks collect extremely sensitive data from their customers, and this can allow them to profile you and to even share this data with partners or other third parties. Many banks still ban credit and debit card purchases of crypto. According to a Forbes article banks make more than $15 billion a year in overdraft fees.
This system doesn’t have its customers best interests at heart. Banks charge exorbitant fees and have undue control over customer’s deposits.
Bitcoin and other cryptocurrencies were created in order to allow anyone to transact with anyone else without the need for a trusted third party. One of the main utilities of cryptocurrencies is that they are completely outside of the banking system.
Cryptocurrency operates 24 hours a day, seven days a week, every day of the year, whereas banks are closed at weekends. Crypto operates 24/7 every day of the year, whereas banks are closed at weekends.
Cryptocurrencies are secure as long as they are held in a safe and secure wallet Hot Wallet or Cold wallet and not held at exchanges, which have to spend in frequently updating their security.
Just as long as cryptocurrency is stored in a safe and secure wallet, the customer keys can be kept by the owner. Decentralized finance (DeFi) is the next major financial revolution. It’s already transforming how people think about money and it’s just getting started.
Decentralized finance (DeFi) is the next major financial revolution. It’s already transforming how people think about money and it’s just getting started. The financial system is evolving into a new era, one that’s more open and accessible.
Now, it’s DeFi which is starting to provide an alternative that could turn the economic landscape on its head and democratize access to finance.
The financial system is evolving into a new era, one that’s more open and accessible. DeFi is starting to provide an alternative that could turn the economic landscape on its head and democratize access to finance.
