Traidtional vs Cryptocurrency
When it comes to traditional banking, not much has changed when it comes to how you interact with your money. Your options are typically dealing with physical cash or using the online services of your bank. You know it works but might not understand their process when it comes to transactions or how they secure and protect your money. With this being the only option for so many years, a lot of their success comes from allowing their customer to assume the banks’ procedures. Despite the fact that their handling of your money all occurs behind closed doors. This is why cryptocurrencies have disrupted this establishment. Not only are they transparent with their transactions, but you are given the option of how you want to store your currency. Transactions go through a peer-to-peer, public, decentralised global ledger that is encrypted and can verify transactions instantly and directly. The role of cryptocurrencies is to return the power to the people who want more control over their funds. Despite the mounting benefits of cryptocurrency, it doesn’t make traditional banks redundant as they are still the most trusted and familiar institution that is accepted nearly everywhere. But as the understanding of cryptocurrencies and blockchain technology grows, we will see a shift in how money is handled and exchanged. It is clear we are at the beginning of a new chapter in finance.