The banking system as we know it is on the verge of a revolution. The centralization of information and power has led to corruption, greed, and inequality. Bitcoin has shown us that there is another way – a decentralized way where all transactions are peer-to-peer, without any need for intermediaries. In this blog post, we will discuss 11 reasons why crypto currencies are already proving to be an effective alternative to traditional banking systems!
– They are not controlled by any nation or institution.
– There is no need to have a bank account – you can make transactions through websites like Coinbase and LocalBitcoin for free.
– You don’t need access to the internet, as it’s possible connect your personal storage device (hard drive) with other people who want to receive crypto currency.
– Transactions are irreversible, so there is no chance of identity theft or fraud like with credit cards.
– There’s no need to share your personal data about where you live and work – which means that crypto currencies offer protection from governmental surveillance (and invasions into our privacy).
– With Bitcoin, nobody knows who has money because the transactions are anonymous! This also protects people against thieves and scammers in cases when they lose their private key for example. It also prevents governments from tracking down those “offshore” bank accounts 😉
– They’re not tied to a specific country or economy as well as traditional banking systems, meaning they’ll remain viable even if one country introduces radical changes to its financial system. This keeps them decentralized.
– They’re not regulated by a central bank and can’t be manipulated by governments.
– It’s easier to send money abroad because there are no borders or hidden fees when using crypto currencies like Bitcoin, meaning it doesn’t matter if you live in the US or Canada for example – as long as your recipient has access to internet banking (or is on their phone), they’ll get the same exchange rates!
– Crypto currencies offer quick transaction times that work 24/hours every day unlike banks which have limited working hours and days of operation. Transactions with traditional banking systems can take weeks while transactions with crypto currency only require minutes!
– Users don’t need a credit card, debit card, or even an email address! You can send and receive money easily with just a crypto address.
– Transactions are irreversible, meaning that no one can touch your funds without first getting your permission – unlike traditional banking systems where you could be charged an overdraft fee even if the bank made a mistake!
– Crypto currencies offer excellent privacy for users as transactions cannot be tracked or followed to find out who sent what to whom. This is different from credit card companies such as Visa where they issue customer information like name and email when a purchase is made, thereby exposing their identity to other people. In contrast, Bitcoin and related cryptocurrencies only require you to input public key at all times during transaction process which acts like an anonymous account number so nobody ever knows your name or personal details unless you mention it.