Even to the layman, it's easy to understand how it works. All you need is a personal online wallet that is simple to create, then you can onboard into swift transaction where ever you may be.
ACCESSIBILITY:
Decentralization is a method whereby every transaction is being handled by the owner of a crypto wallet, meaning that this system is not controlled by any other authorities, making the owner of a wallet their own bank.
Usually, all you need is your password to access and keep transacting online.
Online crypto transaction has made it possible for anyone to move funds to all corners of the world safely and swiftly without any hitch among users involved.
In a typical centralized banking system, we rely on people and further third-party systems to achieve our banking transactions which sometimes does not work perfectly because its controlled by humans who are either incompetent in specific areas or inefficient due to terms and conditions in place, leading to delay and set backs.
For instance, even the globally used debit cards issued by centralized banks often experiences failed network transaction, and purposeful blocks which has made me time and again to not have access to my funds.
SWIFTNESS:
Quite regularly in the world of cryptocurrency and decentralized applications, we see dealings of huge sum of investments bringing benefits and profits in the long term to these investors, this can actually never be compared to physical banks popularly referred to as the centralized banking system, where movement of funds is closely regulated and cross-examined the bigger in number it gets.
Even for we small-term investors, this has benefited us in more than one way in payments and receiving funds from others.
A good example is curation system here on Hive and the multiple tokens we acquire when we blog, share contents or by directly purchasing them.
I once experience an issue sending some funds to USA from my local bank because of a current government stipulated law, allowing only incoming money transfer but not permitting outgoing funds within a threshold.
Some business dealers in international money transfer in my country were requesting for almost double the initial sum of money as interest in other to make the payment through their own personal sources.
Before deciding on this corrupted pathway, my daughter who is a regular in web3 contacted her online friend from the US who is also a crypto user, the resolution was to convert the payment into crypto, send it to him, and he makes the payment. This worked out in less than 30 mins, compared to the week's stress we had been undergoing.
This was when I first took a big interest in crypto and the web 3 space.
RELIABILITY:
I have always been a user of the centralized banking system until I got awareness about crypto majorly with the aid of my daughter.
When I got on Hive, everything changed for good with how reliable the decentralized system here has been and I believe that it will continue to expand as time goes by despite the fact that some countries are yet to adopt it.
But with the trials, improvements, and reliability we have seen for years, countries who have already adopted this system will continue to create more awareness around it which will make more countries reconsider their stance in crypto, decentralization and it's reliability in the real world.
The physical banking system is generally not a place you will expect your funds to multiply or grow quickly even though there have been little improvement lately.
Hive has brought me the awareness to understand how I can be involved in growing every bit of my earnings no matter how small they are.
Through creating, interacting and sharing contents which is my main support to hive, I buildup through every upvote I receive. This is without a doubt, an opportunity I can never get in a centralized banking system.
This is my participation entry for the Hive Learners Community contest for week 72 edition 02.
