Why is crypto better than the banks?
Cryptocurrencies are a form of digital currencies. On the other hand, cash is just a banknote without an intrinsic value. Cash isn’t backed by precious metals or anything valuable anymore. Cash only has a market value until the Government is functioning. Fractional reserve banking enables banks to give more capital than they have in reserves, and this phenomenon can cause a catastrophe due to the creditors. Therefore, no cryptocurrency ever lends or uses a fractional reserve system for the coin.
The Clear Difference: Banking vs. Crypto
We grow your portfolio via cryptocurrency investment. Here we have only stated facts about how much better it is than the conventional methods—publicly regulated yet unregulated as the cryptosystem is designed to be better than the improperly regulated banks. The algorithm on which cryptocurrencies are created has been designed to keep your wealth secure and your freedom to be more accessible than ever. For example, there is only a stack of 21 million Bitcoins, and the mining rewards are declining. It directly helps in reading inflation, keeping the coin stable. Any cryptocurrency will never be able to block your transactions or seize your wealth. Any wealth transaction has to have your approval or the one you have given the power to approve. It is an upgrade from all the unauthorized charges on your bank account.
Far Better Interest Rates
No cryptocurrencies have an interest rate, and that is a fact. Their value grows constantly.
Low Account Maintenance Fees
You never have to pay a maintenance fee or maintain a minimum value. There are always small transaction fees paid to the miners, as they help in securing the network. Have you heard about the negative interest rates? Many countries have started drifting towards negative interest rates. That is a solid reason to consider Cryptocurrencies.
Privacy at its Best
A centralized committee governs banks, and Bitcoin is also under surveillance by people worldwide. The significant difference is that the bank has all your personal information, name, phone number, email, any other detail you name it, and they have it. No cryptocurrency will ever collect your personal information. The above statement indicates that you can maintain the amount of privacy you want. However, it is not the limit. The wallet always generates a new receiving address whenever clicked on the ‘receive’ button. You can connect your wallet address to your bank account or service provided and stored.
Easily Creating Wallets
Creating a Cryptocurrency wallet will take you a minute. You go to a trusted wallet app or website, click on the ‘New Wallet’ or equivalent button, and enter a recovery phase. You can easily create one or multiple wallets add how much ever wealth you want without a limit. Thus, you can have an active and separate inactive wallet that is not frequently accessed. Creating a bank account is stressful and complicated and discarding it or replacing it is an even bigger headache.