Is there any need of banks when all countries will accept digital currency?
11 October 2017 Posted / 9489 Views
If your country is fast and modern than the rest of the countries then, cryptocurrency is coming speedily coming your way. Discussions regarding the implementation of digital currencies, have been doing rounds for a long time. With the centralized traditional structure going on presently in the world, it gives the government the full authority to decide the amount of money a person can withdraw, with limitations, taxes and other powers over your money. In this case, your money is not your money but governments money. But, if the countries adopt digital currencies your asset will be only yours, and it will be only you who will decide the fate and transactional decisions regarding your money. It will be just like the native money, but with such cool features that will not only give you the authority over it but also create an environment for a secure network, where there will be no bank robberies.
The need of banks will vanish because digital currencies function on the blockchain technology, due to which decentralization of currencies will emerge as a powerful method of storing, trading and investing. Every local/native currency will be replaced by digital currency. From online shopping to traditional commerce payments to purchasing day to day necessities, every transaction will be via the digital currency. Owing to such situation, if in case this becomes a reality, banks will probably lose their value in the economy. There will no usage of cheques, Demand drafts, Cash withdrawals, which will be replaced by cryptocurrency wallets and exchanges.
The idea of a fast and efficient digital money, that does not carry any kind of handling charge, that can be traced by the financial systems, is a fascinating one, who has attracted many people.The advantages of digital currencies over the present banking system, are huge, which cuts off the risks, scams and any kind of policy in the system.The idea of digital currency is something that gives the user the power and authority over it, but the government and banks won't like it much because they want a control over it. But, in case all countries adopt digital currencies, banks will definitely lose their shine.