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How Cryptocurrency Wallets Could Replace Banks



The use of cryptocurrencies varies depending on who you are talking to. Some believe that digital assets can replace our current financial system, while others see crypto as a store with value like gold. Each utility case has its pros and cons, but they also have one thing in common: a cryptocurrency wallet.

A non-custodial cryptocurrency wallet acts like a bank. It stores and secures your assets so that you can also transfer or receive funds. But a bank is still an intermediary – a third party who can limit expenses, take away funds and see all your transactions. A crypto wallet provides the same, but without moderation. If the use of the case takes hold, we can well see that wallets make the banks irrelevant.

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7;s a bold claim to make, so let’s break down why non-custodial cryptocurrencies have such potential. We use Unstoppable wallet as an example.

Infinite storage

There are hundreds of cryptocurrencies out there, and there will surely be more if DeFi continues on its upward trajectory. Fortunately, unstoppable can store pretty much everyone.

The wallet supports large blocks such as Bitcoin, Ethereum, Dash, Zcash and most importantly, all ERC-20 tokens and coins, among other main line assets. Just like how a bank account can finance all your expenses, this wallet can contain all of your different cryptocurrencies.

They have your privacy in mind

Current banks know all about their customers. They know what you are spending on, how much money you are making, or where they are coming from, and have lots of personal data on it. In a world where information has become currency, banks are really a breach of our privacy.

Unstoppable wallet needs nothing. Each person of any race or background can set up an anonymous. With cryptocurrency wallets, discrimination is a thing of the past.

24/7 access

Because people run banks, they have to close every so often. Holidays, weekends and nights make it difficult to quickly get money for a surprising expense. You have to plan ahead with banks, which is not always possible.

Cryptocurrency wallets that are unstoppably autonomous. The market is always on, and you can access your money from most electronic devices at any time. No more waiting for checks to clear or hurry to the bank after work to withdraw money. In addition, there are Bitcoin ATMs available for those who want a real solution.

Lack of fees

Cryptocurrency transactions have fees, but they are not as ridiculous as bank charges. Savings accounts cost money. Disposal costs money. Getting money from an ATM costs money. All of these small costs add up over time, which is stressful for those in less fortunate financial situations.

It is free to keep belongings in an unstoppable wallet. You can pay a one-time transaction fee from a central to your wallet, but you can keep it forever without a single charge in your wallet.

Higher interest rates

Current interest rates are drastically affected by inflation. On average, a traditional bank will give you anywhere from 0.01% to a 1% or 2% annual interest rate on your savings. Unless you have saved huge amounts of cash, this interest rate is almost nothing.

On the other hand, cryptocurrency wallets related to the DeFi ecosystem can give you so much more. It is cryptocurrency to earn anywhere from 6% to 20% in annual interest. You can lend cryptocurrency to anyone who has the security to have it, all without jumping through the banks. Not to mention earning rewards for participating in certain networks, which ensures you even more profits.

As cryptocurrency technology expands, you will even be able to take out a car loan or have a credit line completely separate from a traditional one – all connected via a wallet as unstoppable. Depending on the platform, you can also adjust your minimum amounts and how often you also pay them back.

Immediate payments

Bank transfers can take hours or even days to complete. International can even take weeks. If you travel, you need your money ASAP. No one has weeks to wait for funds they already own. Transfers have high fees on top of this.

Your crypto wallet follows you all over the world. If you travel from the US to China, you can instantly buy anything that accepts cryptocurrency. Ideally, the number of cryptopositive spaces will increase as technology evolves. It is actually a worldwide currency.

This is doubled to transfer money to someone else. Sending money to a relative around the world is a problem. It can get lost in the process, and charge you even more in time and fees. The problem is almost not worth it.

However, cryptocurrency transactions take minutes. If both parties have unstoppable wallets, you can send any supported cryptocurrency. The recipient can then pay it to their local fiat within half an hour. If anything makes banking technology useless, it is cryptotransaction rates.

Conclusion

You have probably collected this, but cryptocurrency wallets open up financial opportunities for everyone. Banks need money to run and pay their employees. They tend to support those with the most money instead of having an objective relationship with all customers. Crypto wallets need nothing of the sort. All you need is to buy the cryptocurrency and submit it. Your possibilities will then be endless.


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