Can Crypto Become Our New BANK?

I fundamentally agree with the notion of crypto becoming our new bank.

A renaissance which will impact not only the financial and technological industry but the whole culture in the coming years. The news such as “Toys r Us” is just the beginning.

We are still underestimating the value and the impact of crypto because it is still in its birth, but it might potentially neutralise the whole financial system with a rapid pace by pushing banks and other financial institutes out of business.

On a larger scale, it might also impact governments of various nations if reluctant to adapt. (Russia is implementing a perfect strategy).

Is It Realistic?

Can Crypto Become Our New BANK

The peer to peer transaction can become more usable, hence more users can utilise the procedure to transfer anytime, any day to any 3rd party in which it excludes any financial bureaucracy.

Although subject to its volatility, as technology improves through the years crypto can be recognised more of a secure process and more of a beneficial step in the financial industry.

In fact lately, major news has been announced that The World’s Biggest Cryptocurrency Exchange – Binance – is moving to Malta.

If banks accept to adapt to the new financial ergonomics, it can potentially help lead further the financial tech scene into more significant opportunities and hence provide a more stabilised platform.

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For sure more education will be needed to provide the proper guidance to eliminate miscalculated jargon and most of all the “sheep” mentality of investing without the proper foundations.

Overall crypto has to be monitored in the long term, and in due time we will debate if it excels in efficiency or in “chaos”. But we can not debate the fact that it introduced a “silent giant” system – The Blockchain.

In the next blog, I will explain more about – the power of Blockchain.

The question of the day:

If you had to be paid in bitcoin would you accept it?

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Bernard is a freelance UI/Graphic Designer based in Malta. Interested in Tech, Digital and Modern Communication, BiteMyCoin is his first attempt at sharing his new passion for FinTech and crypto-world.
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