Beta
Author Sarvottam Mishra

Category Non-Fiction

Abstract The article explains how the Cryptocurrency has edge over the Traditional Banking conventions


Crypto discussions are usually about the price going UP or DOWN ,about the tech,not as much about the merits of cryptocurrency as a whole.
Advantages of Cryptocurrency over Traditional banking:
Ease of transfers: If the transaction is international,banks can charge hefty amounts of fees. Many rely on western union for this. Crypto solves this. Cryptocurrencies do not ask nor care where the wallet address belongs to.

Lower Interest Rate: It’s a well known fact that banks offer very low interest ,some countries even have negative interest rates. While staking your Crypto can have as low as 12% interest rate,this would even secure your network,and get one some passive income.

Bank Charges: This varies throughout the world,but banks generally charge for withdrawal,monthly/early operating expenses and sometimes even for transfers etc.

Entrance barrier: Banks ask an infinite amount of questions and hence the barriers,from your ID,to your home,to your source of income,banks ask everything. If you’re using a decentralized trading wallet,no such personal information is required.
Disruptions: banks often go through maintenance,the biggest government bank of India SBI, often when under maintenance is inaccessible from 7pm to 5am.

Control of Assets: Banks ,if they or the government want, can freeze your bank account ,sometimes even if you receive a high influx of money in a short amount of time,nothing like this in Crypto, your wallet address is anonymous and only under your control.

Catastrophic Failure: If any day ,your country or the economy collapses ,it gets under civil war, The money at home or the bank might no longer be accessible, but the game of blockchain is so beautiful that your assets will be accessible to you,as there is no central authority of Bitcoin,or Ethereum

There are 100s of more things,this one specifically was for layman, the other discussion for maybe some other day.