The buzz about cryptocurrency is not new anymore; still this innovative blockchain application is expected to be better than the traditional banking. The reason lies because of the global crypto banking platform.

Despite the fact that there are ample numbers of possibilities lies within this innovative technology, there are people who believe that cryptocurrencies cannot process as good as traditional banking platforms.

Innovative technologies like Blockchain present numerous opportunities which can be leveraged by common man and then later change into fruitful resources.

In this post, we will discuss some of the applications of cryptocurrencies which showcase the prowess of cryptocurrencies over the traditional banking.

So, without any further ado, let’s get you started,

 

It Circumcised the Middle Man

Think about when you make a major purchase, like a house or a car or property. It’s usually a lengthy process with multiple hoops to jump involving lawyers, notaries, and others. But contracts made using cryptocurrency can be made without the need for third parties, considerably cutting down on both the time it takes to settle a transfer and the fees involved.

No government control

For starters, cryptocurrency is decentralized, rather than complete control being consolidated in the hands of a specific government as it is with other forms of currency. Because no one person or entity controls cryptocurrency, it can’t be devalued or taken away from you according to the whims of a government.

Everyone gets access

Many people around the world lack access to modern banking systems, but they do have internet and mobile phones, which means they can have a crypto wallet. Anyone shut out of traditional exchange systems can partake in the crypto economy this way, an avenue that’s especially important for people in underdeveloped nations as the world moves toward ever-increasing levels of globalization.

Eliminates fraud

Just as a central government cannot tamper with cryptocurrency, it is also by its very nature fraud-proof. Because it is both digital and decentralized, there is no way to counterfeit it as one could with paper currency. Likewise, reversals by the sender are impossible, unlike charge backs of credit card payments.

Winding It Up

So, as you can see there are many benefits of cryptocurrencies over Traditional Banking Platform. The reason being the cryptography encryption and number of global crypto banking platforms that enable decentralized banking system. What are your thoughts on this? Do you think as well that global crypto banking platform has the potential to make the cryptocurrencies better than traditional banking systems? Let me know your thoughts via comments and I will get back to you as soon as possible.

Published by Michal Federed