Sidney Raz: 10 Reasons Why Crypto May Be Better Than a Bank
By Sidney Raz
September 5, 2024.
Sidney is a full-time dad, husband, and content creator on TikTok and Instagram, with over five million followers across social media. Since 2007, he’s been passionate about all things digital, and that passion has only grown with time. In 2017, he discovered cryptocurrency and became fascinated by the world of digital assets.
Since then, he’s been learning all he can about crypto, holding strong through the market’s changes. Sidney enjoys sharing what he learns with his followers, helping them navigate the ever-evolving digital finance landscape.
Cryptocurrency has been on my mind since 2017, when the price of Bitcoin crossed $5,000 for the first time. Since then, I’ve invested a lot of time learning why cryptocurrency is a better form of banking for me.
The way banking works has been the way banks worked for centuries, and it more or less makes sense to us all. But in the last 17 years, that’s all changed with the invention of digital assets like Bitcoin, Ethereum, and Litecoin.
Here are 10 reasons why crypto banking might be considered better than traditional banking.
1. Control
This is the most important and hardest to grasp reason, in my opinion. Cryptocurrency can offer a different level of control over your own money compared to traditional banking. You own the private keys, and you’re the sole person with total access to your funds. No bank or entity can freeze your money as long as you store your funds in a digital wallet and not on an exchange. Wanna send a freelancer you’re working with a large payment without any imposed restrictions? With crypto it is possible!
2. Global Accessibility
Global access to funds at any time is just an amazing thing that is understated. Before digital assets, the only way we could send large sums of money internationally was through traditional money transfer institutions. These types of businesses charge huge fees or remittances for the service. Imagine you’re a person who’s trying to send money to their family in another country, and your only way is through a service you can’t afford. With cryptocurrency banking, the fees are extremely low, easy, and almost instant.
3. Financial Inclusion
Over the centuries, or honestly, millennia, that traditional banking has existed, so have exclusions from the banking system. These people are known as “unbanked” or “underbanked.” Cryptocurrency is beginning to provide access to financial opportunities and buying power for millions who previously lacked access to traditional banking.
4. Security
Crypto transactions are highly secure due to built-in encryption and the use of a distributed (or decentralized) ledger. These features may make your money less vulnerable to hacking compared to the traditional banking system. While there are valid concerns around crypto security, many people appreciate the built-in encryption and decentralized nature of cryptocurrency transactions.
5. Privacy
Privacy is a significant advantage of cryptocurrency banking. While the blockchain ledger is public, your identity remains anonymous unless you choose to reveal it. Your personal information isn’t shared with any third party or institution, which is a considerable benefit in an era where digital privacy is increasingly scarce. While privacy concerns do exist, they are typically related to how you manage your information rather than inherent issues with cryptocurrency itself.
6. Lower Fees
Banks are notorious for charging various fees, which many of us have come to accept as the norm, even though they shouldn’t be. In contrast, cryptocurrency transactions, especially when using systems like Bitcoin or Litecoin, typically come with significantly lower fees compared to what banks charge for similar wire transfers, whether internationally or domestically. This means that using cryptocurrency may save you a considerable amount of money on transaction costs.
7. Transparency
Blockchain gives you an incredible amount of transparency, which can sound like a mistake since it’s such a private system. Every single transaction is recorded on a public ledger, and that allows anyone to verify the authenticity and history of funds. While you can see the transactions, your identity and the identities of others involved are kept private through crypto techniques. This level of transparency is different from traditional banking and is seen by some as empowering.
8. Innovation
Cryptocurrency has been associated with a wave of innovation in financial technology. New projects and applications are constantly emerging, pushing the boundaries of what’s possible with finance and so much more. Think of it like bricks. The underlying transfer of money is just the base of an ability to build massive structures on top.
9. Decentralization
Banks are centralized institutions controlled by governments or corporations; cryptocurrencies operate on decentralized networks. The transactions are approved and confirmed on a massive network of computers all over the world. This means no single entity has control over the system, making it more resistant to censorship, fraud, and corruption.
10. Potential for High Returns
Investing in cryptocurrencies is risky, and while some have seen high returns, it’s important to be cautious and well-informed. Cryptocurrencies like Bitcoin have seen incredible growth, which is why it’s always in the news. Remember, not all cryptocurrencies are created equal, so it’s important to do your own research and only take risks you can personally afford.
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Disclaimer from Sidney: This information is for educational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.
*Disclaimer from SlotsLV: Any tips, predictions, or strategies published are entirely the opinion of the author, and are not guaranteed to be correct or result in financial gain. The Author is not an employee of SlotsLV. Please be aware that there are always financial risks involved in gambling and it is the responsibility of the individual to play with or without the information provided on this website. SlotsLV cannot be held responsible for any financial losses that may incur as a result of following any of the tips, predictions, or strategies provided on this website.
