Crypto has come to be of so much help. With its underlying technology (blockchain) there is financial inclusive space for everyone. Crypto and the blockchain technology place in your hand so much power and realizing that the power of control is placed in your hands can be a transformative moment. An issue I had with one of my banks sometime ago made me realised this. A while back, I faced significant frustration simply because the bank required specific details from my account before my Visa card could be used online.
While traveling, I planned to use my debit card from Ghana, as it still had some funds on it. Before travelling I informed the bank of my intention to use the card even while I'm in abroad. I was about to pay my fees in the UK, when I encountered unexpected issues. The first payment went through without a hitch, but when I decided to use it later it didn't work, I thought it was as a result of a period of inactivity. It was a crucial moment when I needed the card most but it stopped working.
All attempts to rectify the issue including several calls and emails to the bank led to a week-long process. Finally, I received an email from the bank that I should try using the card again. Unfortunately, it still didn’t work, and I had to transfer the funds using another option(mobile money) to another account to access my money.
This experience is some of the challenges often faced when dealing with traditional banks. While security and verification checks are necessary to keep your account safe, banking systems can sometimes require you to go through many hectic processes. Banks wield so much power of control over people's funds, they may make you feel like your money is no longer entirely yours.
Banks can question some of your transactions, can even block your account if they do not get satisfactory explanation with a transaction. Banks impose many requirements on you before allowing you to access your own funds, which they manage. These frustrations are some of the issues you are likely to encounter in your dealings with traditional banks, where control often rests with a central entity.
We can all choose to keep our monies at home for easy access but for security concerns we need a secured location to keep them. It's unfair when central players leverage your funds for their investments and then provide you with only a small return. Unless you invest wisely, you will end up enriching others more than yourself.
Many people today seek alternatives systems that offer more direct access and autonomy over their finances.
Blockchain technology is one that offer decentralized systems which can empower individuals significantly. Hive is a good example of blockchains which provides all users with enhanced control over their digital assets. With HBD as stabelcoin, businesses as well as individuals can transact easily and more conveniently. Users can have access to their Hive Wallet at any time, anywhere and this gives them the continuous control over their funds.
I see this level of control, accessibility and autonomy far better compared to traditional financial systems. We see the beauty of blockchain technology in how it places substantial control directly in the hands of users. This kind of empowerment promotes a sense of financial freedom and independence, allowing individuals to manage their assets without relying on centralized authorities.
correct, the traditional banking system is already in crisis with the arrival of blockchain, see many of them going into bankruptcy ?
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Reading this article made just me realize even more the true power of crypto and blockchain. Dealing with traditional banks can be frustrating, but with crypto, control is in our hands. It's time for more autonomy over our finances!
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