The Future of Banking: Is Cryptocurrency Replacing Traditional Forms of Banking?

OlufisayoDecember 26, 201901,239 views

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Unless you have been living under a rock, there is no way that you have not heard of the terms cryptocurrency and blockchain. They are always much talked about concepts given the way they have forayed into almost every domain. There is no way to evade them or discuss about them under the wraps.

Cryptocurrency and its technology, the blockchain network has taken over the financial and the business world to such an extent that educational institutions and online forums like Forex Academy, have started coming up with full-fledged courses on the blockchain technology.

This is like a breath of fresh air, indeed, especially for those who would want to consider their career options in this humongous financial technology that has gotten a firm grip over every sector of the world. The point that we are trying to segue into with this discussion is the future of banking with the popularity of cryptocurrency rising with every passing day.

There Is Nothing To Worry About As Cryptocurrency Is Only Perfecting The TraditionalForms of Banking:

Investors and speculators who still believe in the conventional forms of banking need not worry about the rate at which cryptocurrency is taking over the banking sector. If anything, cryptocurrency and the blockchain technology are only perfecting the ways traditional banks function.

The blockchain technology is a digital ledger, and any kind of data that once goes into it is immutable. This makes keeping a tab on banking activities easy and convenient. The risk of fraudulent activities is minimised substantially, and there is utmost clarity in transactions.

There Shall Be Anonymous and Secure Transactions:

It is true that one might find the idea of dealing in cryptocurrencies for most financial transactions overwhelming and a bit too far-fetched. But if you really think about it, crypto banking has its own perks. Transactions involving cryptocurrencies are absolutely secure and anonymous. They are also immune to data breaches and leak of personal and sensitive data. These perks are something that is not much found in the traditional forms of banking.

Crypto Banking Does Not Require A Middleman:

The feature of cryptocurrency that makes it appealing lies in the fact that it is a decentralised institution with no third-party interference. This has been attracting investors in flocks, given that there is no governing body to overview the transactions.

The only thing that sees to the security and authenticity of transactions is the blockchain technology. The blockchain network makes it impossible for data to leak out of the system or frauds to take place. Rest assured that in the world of crypto banking, there is no one entity that holds on to your money. Your money is all safe and sound in the cloud of the blockchain technology.

Cryptocurrencies Have A Lower Cost Of Transaction:

Traditional forms of money transfers usually cost more for the process of transaction, but the same is not true in the case of transactions involving cryptocurrency. You can transfer huge amounts of money in the matter of a few moments and at an amazingly convenient transaction fee. Therefore, when such are the benefits of cryptocurrency, it is normal for people to seek refuge in its services.

Conclusion:

Cryptocurrency has changed the face of the financial market. It is no wonder that investors and speculators are increasingly moving towards the crypto form of banking from the conventional ones. The system of banking has undergone several changes over the past few decades, and it requires little mention that it might slowly be able to replace traditional banking in its entirety.

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