Greetings to all my dear readers, I am here again to talk to you a little bit about the interesting link between blockchain technology and banking entities, I want to share with you my thoughts on how blockchain is transforming this sector especially in our country, Venezuela, although surely you have not heard much about Cryptos in Venezuela.
Well, as I Will mention below, Venezuela has been one of the countries where crypto adoption has not been massified, at least not at the momento.....
Table of contents for this article:
♦️ The Blockchain Revolution.
♦️ Blockchain and Banks in Venezuela.
♦️ Blockchain Use Cases in Banking.
♦️ Challenges and Opportunities.
The Blockchain Revolution.
I do not want to extend much in this article today, because the initial idea to write this and share it with you, was after I made a purchase of a new computer with the use of the Stablecoin called USDT (Tether), that purchase was the one that made me think about some of the things that I will mention here today.
The blockchain is a revolutionary technology that allows the transfer of digital data with an encryption too sophisticated to explain here, but it is certainly interesting to analyze, and all this goes hand in hand with a security that sometimes banks can not provide, or at least that's what I would say, as an extra fact, I tell you that some months ago I was talking to my mother about the banks in Venezuela, and she told me that a few years ago, a bank arrived in Venezuela which promised profits in % depending on the amount of money you deposited in that bank.
Let's say it was something similar to the operation of the 20% APR that they give us for having our HBD in savings, that system that many use in the HIVE network, but the intriguing or striking of this matter, is that, after about 6 months, the bank became popular in Venezuela, to be a new banking entity in the region, many people deposited their trust and their MONEY in that bank, bank that after a few more months ended up disappearing with the money of Venezuelans who sought to earn an extra % ....
Today the most used banks in Venezuela are Banks like:
♦️ BancaAmiga.
♦️ Provincial.
♦️ Mercantil.
♦️ Venezuela.
Each one of them offers different characteristics, as in my case, the bank to which I subscribe is the Provincial bank, a bank that is in many other countries and not only in Venezuela, and that is a plus, and besides that, it allows me to buy $ with the local currency and have those $ in a card totally different from the local currency card, that allows me to make purchases in other countries using my balance in $, a good plus and for that reason it is my favorite.
But...
Would it be a Good idea that these banks allow the purchase of Cryptos with our local currency?
I mean to be able to buy USDT with the local currency of my country, that certainly would have facilitated me a lot the process I have done to buy my computer which is on its way and will soon arrive at my home, I had to pay an extra 3% of the initial amount of $ 250, by the fact of having paid with a crypto, even being a stable currency, here is an image which I provided at the time of payment, is there where the extra % to pay in my country in case you want to use the crypto as a method of payment is shown.
Blockchain and Banks in Venezuela
In Venezuela, the adoption of blockchain in the banking sector has been a bit slow but steady. Banks are beginning to realize the advantages that this technology can offer. The blockchain can provide greater transparency, efficiency and security, features that are much needed in our banking system, and much more so because of the high inflation we are going through at the moment, but we already know that this has its benefits as well as its disadvantages.
Blockchain Use Cases in Banking.
There are several blockchain use cases in banking that could be beneficial for Venezuela. For example, the blockchain could be used to improve payment systems, facilitating international transactions and reducing commissions, or as it was in my case, for the simple purchase of a computer.
In addition, the blockchain could help to improve the security of transactions, reducing the risk of fraud and cyber attacks, or even to prevent cases like the ones I mentioned at the beginning of this publication.
The system would be simple, a bank that allows me to buy $USDT or even $BTC - $ETH - $LTC - $HIVE, with my local currency, and that those funds are transferred to an external wallet, because I do not think it is a good idea an internal wallet within the same centralized bank, I would not like that.
Challenges and Opportunities.
Despite the many advantages, the adoption of blockchain in the banking sector also presents challenges. These include the lack of regulation as I stated above, resistance to change and the need for education and training on this new technology, as many users who are unfamiliar with Crypto will be confused or even wary of the process.
However, I firmly believe that the opportunities outweigh the challenges and that the blockchain has the potential to transform the banking sector for the better, so that the next purchase I make in the future, I can already make it in a simpler way and without having to pay extra money to use my Cryptos....
The blockchain is here to stay, and its influence in the banking sector is undeniable. As Venezuelans, we have the opportunity to adopt this technology and use it to improve our banking system, but for now we just have to wait and see what the future holds for us in Venezuela, so far I leave my article today, you may notice that it is more an opinion article than informative, but I wanted to share this experience with you, so you have a closer idea about how Venezuela is with the issue of payments in Cryptocurrencies.
Thank you for reaching the end of this article and remember to leave your opinion in the comments, for me it will be a pleasure to continue talking more about this topic, happy day to you...
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English is not my native language, so I have used Hive Translator...
Posted Using InLeo Alpha
Esta interesante mi pana
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