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The goal of Satoshi Nakamoto's invention of Bitcoin was to enable two willing parties to transact directly without needing a trusted third party.
The reason is that modern banks have flaws and disadvantages to the consumer. Due to their centralized nature, they can be unreliable, vulnerable to security threats, charging fees and even biased. This is why cryptocurrencies will pave the way for a better banking and payments experience in the future.
You entrust your money to banks, and in turn, they become gatekeepers of your finances. If you use mobile banking and their servers are down, you can't access your finances unless you go to the local ATM and withdraw cash.
Cryptocurrencies never go out of service as they use automated systems and are always accessible. Cryptocurrencies are bought through crypto exchange platforms and stored in safe and secure crypto-wallets. They are decentralized and operate very securely.
Banks make over $15 billion a year in overdraft fees. But fees can take many other forms, including late penalties, returns, using an out-of-network ATM, money transfers, inactivity, international remittances fees, and customer support.
Cryptocurrencies don't charge you so many fees for transactions. The most common fees for crypto transactions are called gas fees, a reward given to miners for entering transactions on the blockchain or executing the transactions.
With centralized banks, large amounts of cash or international payments can take a week or more.
Cryptocurrency transactions are quick and can handle more daily transactions than traditional banking systems. The financial service issuing officer can deliberately delay transactions or even freeze your assets. Thousands of people have their life savings frozen by banks and exchanges every month.
Bank transactions depend on account numbers and personal information, making them open to biases.
Cryptocurrencies don’t judge or profile you. The decentralized nature minimizes human interactions, which makes them free from biases.
Many platforms today share your data with third parties.
Centralized banks can share your personal and sensitive data, such as passport or ID information, residence address, SSN, and employment information with their affiliates or partners or third-party buyers,
According to a survey by Accenture, banks suffer an average of 85 attempted serious cyber attacks a year, and one-third are successful. As a result, some people lose large sums of cash from their accounts or get scammed. The systems are also prone to fraud and especially money embezzlement.
Crypto relies on a distributed network of computers all over the world. Crypto is more secure and reliable because it uses anonymous ID numbers in transactions and is tamper-resistant.
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