Regardless of what I am going to say right now, I honestly believe that you still have your choice to make, but permit me to take you on this ride.
The emergency of cryptocurrency was in 2009, when Bitcoin was released as open-source software. Right from that moment on, there have been plenty of ups and downs in the cryptocurrency world.
There have been numerous arguments as to its sustainability, especially when it comes to people seeing it as a means of getting out of financial stress. Investing in cryptocurrency has become a global addiction, with thousands of individuals seeing it as the best method to save money and prepare for the future.
In view of all this, people keep coming up with a lot of suggestions as to whether or not cryptocurrency can replace the banking system in due time.
Cryptocurrency or banking system
The arguments still continue, especially when it comes to suggestions that cryptocurrency can replace the banking system in our society.
There have been numerous advantages attached to the use of cryptocurrency in our society today, even though its disadvantages were also outlined.
****Benefits of cryptocurrency for our society****
Let's take a brief look at some advantages attributed to the use of crypto in our society today.
(1) Fast Transactions: This is definitely one of the biggest points to look at. Most individuals have pointed out that settling payments with the use of crypto has no delay at all. Unlike banking systems that do delay payments at times, payments with crypto are always faster and more reliable at any time and don't require any third-party authentication before execution.
****(2) Wealth building structure:**** One of the best means of growing wealth in our society today is cryptocurrency. Apart from real estate, many individuals have pointed to crypto investment as one of the best possible ways to get financial freedom in today's world.
Investing in crypto projects, especially by investing in various coins, is absolutely one of the fastest means of hitting financial freedom without delay.
Even at this point, many individuals still think cryptocurrency is not the way out, especially when it comes to its price volatility. The crypto market price is something plenty of individuals have seen as one reason why they will never take it over the banking system.
So many individuals are saying cryptocurrency is not fully ready yet, especially when it comes to its price volatility. The rate at which the price moves down at times is something plenty of individuals can't bear. But regardless of all this, I kept on asking, Is the banking system ready to push cryptocurrency aside?
Many individuals are coming out with facts and still hoping that with the days to come, the banking system will absolutely live up to its expectations. There have been some facts used as evidence to support the growth of the banking system, especially from individuals who think the banking system should override the introduction of cryptocurrency.
The introduction of technology is one thing plenty of individuals are saying currently. It has been established that the banking system keeps on coming with numerous upgrades daily, especially with the level of competition gotten from the use of crypto as a mode of payment recently in some countries.
Today, as part of banking system upgrades, customers can get all queries attended to from the comfort of their homes without getting to bank premises, thanks to the introduction of bank apps.
Even at this point, many individuals still think the rate at which banks charges their customers for maintenance is another factor affecting the banking system.
The banking system has upgraded its activities to the level of electronic means of payment; today, individuals can pay for goods and services with the use of ATM cards and also have access to their funds by making withdrawals from ATM.
Regardless of all this, there are limitations to this, especially when it comes to the fluctuation of the network at times and customers getting unnecessary charges, which are part of numerous fraudulent activities most individuals think the banking system needs to work on.
Even at that, individuals opinions are still different, with some rooting for the banking system as the best means of maintaining and gaining financial freedom, especially when it comes to access to loans or the level of interest that comes with a fixed deposit, while on the other end, so many still think the way and the future lays with crypto, regardless of its price volatility.
Note
Many have chosen crypto investment and having it as a mode of payment as the best way to go.
Conclusion
The choice is now ours, depending on each individual's way of seeing this, so what's your opinion? Which of these modes of transaction are you rooting for?
Banking system or cryptocurrency?