Cryptocurrency is a type of encrypted digital currency that is independently operating of a central bank. It offers wealth that cannot be confiscated and used without restriction. Currency without limits, without the need for physical coins and bills in order to exists. A currency that isn’t controlled by any external factors and offers a true paperless bill option that can be used by people from all walks of life in various countries.
No need to go to money exchanges at every airport just to exchange your currency from one country to the other, no need to stress yourself that your cash will get stolen from your wallet in the subway, you can earn money through it and spend it at will, easy transfer from one crypto to another. Imagine that world to exists, imagine that because there’s still no telling when that will come, maybe 5 years, 10 years, 20 years, or 50 years, from now, no one knows for sure, the only thing that people know right now is that they can benefit from it, they don’t know much about it and they need to exchange it in their currency still.
The banks and cryptocurrency: Cryptocurrency like bitcoin might not need the bank to exist in the virtual world but it whether you like it or not the fact is it still needs banks because banks are the only gateway for crypto earnings and funds to ever become a physical money that you can spend in the real world. Why? Because paperless is still very far from being true, although groceries, gas and so one accepts digital money (local currency), there are still store that doesn’t and not to mention, cryptocurrency still isn’t widely accepted.
Where to spend it anyway? Even if one cryptocurrency can easily be converted from one crypto to the other, the question still remains, where can you spend it anyway? There are already ecommerce sites that are accepting it, the question is what’s the site? The fact right now is that cryptocurrency isn’t still widely accepted and businesses that accepts it isn’t widely known as well too. Crypto it can break out of it but its still not the thing that people dreamt about.
Crypto is a threat: Because cryptocurrency has the same functions as banks the and the only thing that it lacks is the control of banks for trade from virtual money to physical money, most banks hate crypto and there are only a very few banks that are backing it and the question even is up to what extent? There are bitcoin friendly banks and they are mostly in the United states and in the United Kingdom, in other parts of the globe you have to go to a loop to make that happen.
Cryptocurrency represents an ideal virtual world where currency isn’t controlled and highly valued. It’s revolution has begun but it hasn’t got to a point yet where it can be known and accepted. People know it existed but people don’t know where to use it for without the need to convert it. That is why it still needs the bank, the problem is the bank doesn’t see it as a friend but rather as a threat.