Hey hivers, if you are looking for the information regarding the evolution of banking vs the rise of Crypto, then you have landed in the right place. There is no doubt that, currently, Banks are shaping the backbone of global commerce, and this has been happening for centuries. So here you can see the banks are very old compared to cryptocurrency. The loan concept comes from the Mesopotamian civilization, and there were grain loans and it is You can now see this with the central banks. So, from the Mesopotamian civilization, it has evolved, and now we have a modern Banking system and central banks following it.
Now we are seeing the regulation and technological advancement, and when you see this growth, then this is happening around centralization, and currently, we are seeing that it is. Currently, most populations see it as a secure system, and they are also taking advantage of Services like Insurance, loans, and more. banks earn through the interest, fees & Charges, and the investment.
After the 2008's worst financial crisis, Bitcoin was born in the year 2009. With the bitcoin launch, the crypto asset World has been started. It is not just a Digital asset or money, but it decentralised ecosystem that provides benefits to the people and gives the power in the hands of the people who really own the assets or money. The biggest advantage is that there is no entity control, no middleman like banks or government. The system works based on peer-to-peer, and the transition is verified by blockchain technology, and the transaction data and other data are stored in the blockchain technology forever, And it is most secure. By using crypto, you can save yourself from inflation and the greed of corporations.
Crypto is not just a buy-sell thing, but there are multiple other technologies involved in crypto, such as Defi, NFT, Web 3, and stable coins, and more concepts are developing. Defi is complete decentralised finance that is a replacement of the traditional financial system, and here you can borrow, lend, and trade your assets. And the good thing is that no middleman is needed, and no banks are involved in this particular thing. So this particle system provides transparency, freedom, and the most importantly, international/borderless transactions. That's why Crypto is getting popular because of its technology, and even institutional investors are involved in this economy.
Neither system is perfect because in crypto, we often see volatility. So there is a regulation issue in the Crypto. We often see the scams. It is it happens because lack of knowledge. You have to save your keys. You have to keep your keys in safe places. Otherwise, you will face security threats and scams. You have to save yourself from the fishing websites in Crypto. So this is the problem with the Crypto, but it is still better than traditional banking or finance. Please share and comment because your support is very important to me. Now I'm signing off.
The concept between crypto and banks is a broad subject, and I like how you were able to go into key details in this post. Cryptocurrency has shown many people what it feels like to be in charge of their funds without any form of centralisation. The crypto space has offered digital wallets that keep our assets secured with the ability to move your assets in and out anytime you please without any restriction. Day by day, we see more people keep their assets in a secure wallet than in their bank accounts this just shows how fast crypto is changing the financial sector.
Thank you, bro, for reading this post. Crypto is the best solution for many financial problems.
I just hit the follow button. I am looking forward to reading more of your content.