Unreliability of traditional centralized banks

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.

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Crazy banking fees

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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Transactions can take a long time

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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Security Issues

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 and financial services are open to biases

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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Data collection

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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