The creation of cryptocurrency has brought a revolution to the financial market. Without any physical equivalent, a huge infrastructure was created in which billions of dollars were invested. Of course, it doesn’t end there. Digital currencies will take their place in economic history more than once. There are severe preconditions for that, but they also have weaknesses. Let’s examine if we can expect crypto projects to replace the traditional banking system or if this is just an ever-optimistic vision. In most areas, traditional financial tools are still prevalent. Payments with cryptocurrencies are very complicated because there is insufficient infrastructure. Transfers to bank cards are available, but paying for purchases with crypto funds at the store is still impossible. The corporate segment is loosely involved in the crypto market, and people keep using classical bank loans and receiving a salary in the form of fiat money. But that is the point of the enormous potential for the development of crypto, especially since it has several undeniable advantages. Decentralization entails a lack of boundaries for financial operations and customer service, wherever they are. This is the most significant difference between the crypto market and the classic one, where some local restrictions often bind companies. Crypto operations pass almost instantly, and the cost of billions of dollars in transfer can be cents.
Full analysis : How Cryptocurrency Will Impact the Future of Money as We Know It.
