Learn more about economics with this collection
How to create and sell NFTs
The future of NFTs
The benefits and drawbacks of NFTs
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.
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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 tra...
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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 syste...
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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 ...
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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.
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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.
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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,
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