Cryptocurrencies and Traditional Banking in the Modern World
We currently live in a world where financial innovations come quickly in different forms and shapes. Most of us own not only just one, but maybe two bank accounts, digital wallets, and credit cards where we manage and use to spend to buy our daily necessities. We are adapting to a lot of changes quicker and faster than most of us realize.
Now that the financial industry and merchants around the world are slowly accepting cryptocurrencies as a form of payment, let us dig deeper into the usage of both traditional banking and cryptocurrency.
*Will the traditional banking transactions will be put into the side once cryptocurrencies are mass accepted?* This is the question that most of the people are asking upon the introduction of cryptocurrency in the market.
Cryptocurrencies run like a traditional currency minus the physical form. People can spend it and store with the help of blockchain technology, where crypto transactions happen. Cryptocurrencies introduced the concept of decentralization and the possibility of having access to a record of transactions through a public ledger. It became a game-changer in the financial industry as it enables people to have access to easier, quicker, and borderless payment transactions without any interference from a third party.
We are raised to learn that a proper way to handle our finances is to open a bank account where we can keep our money safe and secure. Through the years, traditional banks have helped in educating people on how to keep and manage financial assets.
Some banks even extended their services and offer features that are beneficial to their clients, such as lending, protection, or insurance against fraud, and easier accessibility at millions of locations worldwide. However, these offers come with a price. Financial instit...