Why Banks Pose A Bigger Risk Than Crypto Currencies
Cryptocurrencies have been gradually getting its due as the number of countries around the globe incorporating crypto regulations have been on the rise. Even the biggest of centralized financial institutions and banks are looking to either provide crypto services or launch their own version of cryptocurrencies to milk on the trend.
The biggest resistance for a wider cryptocurrency acceptance and use has been possed by the advocators of centralized institutions who believe that without the centralization in consensus like the banking system crypto use can lead to unmonitored financial freedom for criminals that can create anarchy like situation.
However, the same advocates wont tell you that these banking systems have failed us several times in the past, and Satoshi Nakamoto actually created Bitcoin after the financial meltdown in 2009.
The same banking systems have brought us trillions in debts and there is no going back from here. Actually, the centralized system is designed in a way that it is rigged to favor the rich and powerful be it a crony businessman or the operator of the drug mafia. If you have enough money you can get away with any law barriers.
Every year banks are responsible for laundering 42 trillion illegal criminal money, and even when these banks are caught in the process, they get away with paltry fines and continue to launder money. Thus, the banks posses a much bigger threat than crypto use for criminal activities would ever do.
We will look at various arguments against cryptocurrency use and try to debunk a few necessary myths resisting the wider acceptance of the decentralized economy.
You May Also Read: Whats Next For Altcoins in 2019?
Banks Hold Monopoly Over Peoples Own Money
Centralized banking institutions have been there for centuries, and even though there have been a ton of technical advancements over the years, these banks have not passed on the benefits of these advancements to the people. It was with the advent of Bitcoin and other altcoins, people realized that banks are just playing with power and the amount of service fee they charge looks kind of criminal now.
If centralization is the best way to move forward then why does it favor the only the top brass who only need the services of these banks to help them manipulate the system and evade as much as taxes as they will. On the contrary, Cryptocurrency is backed and aided by the Distributed Ledger technology and its quite difficult to manipulate the system, as it is not controlled by anyone.
You May Also Read: How To File Income Tax Returns For Cryptocurrency Income In India?
Cryptocurrencies Can Put an End to the Unfair Advantage for Launderers
The biggest argument of centralized system worshippers is that the anonymity feature aid the criminals go unnoticed and thus a wider acceptance can lead to a much bigger p ...
source:
The biggest resistance for a wider cryptocurrency acceptance and use has been possed by the advocators of centralized institutions who believe that without the centralization in consensus like the banking system crypto use can lead to unmonitored financial freedom for criminals that can create anarchy like situation.
However, the same advocates wont tell you that these banking systems have failed us several times in the past, and Satoshi Nakamoto actually created Bitcoin after the financial meltdown in 2009.
The same banking systems have brought us trillions in debts and there is no going back from here. Actually, the centralized system is designed in a way that it is rigged to favor the rich and powerful be it a crony businessman or the operator of the drug mafia. If you have enough money you can get away with any law barriers.
Every year banks are responsible for laundering 42 trillion illegal criminal money, and even when these banks are caught in the process, they get away with paltry fines and continue to launder money. Thus, the banks posses a much bigger threat than crypto use for criminal activities would ever do.
We will look at various arguments against cryptocurrency use and try to debunk a few necessary myths resisting the wider acceptance of the decentralized economy.
You May Also Read: Whats Next For Altcoins in 2019?
Banks Hold Monopoly Over Peoples Own Money
Centralized banking institutions have been there for centuries, and even though there have been a ton of technical advancements over the years, these banks have not passed on the benefits of these advancements to the people. It was with the advent of Bitcoin and other altcoins, people realized that banks are just playing with power and the amount of service fee they charge looks kind of criminal now.
If centralization is the best way to move forward then why does it favor the only the top brass who only need the services of these banks to help them manipulate the system and evade as much as taxes as they will. On the contrary, Cryptocurrency is backed and aided by the Distributed Ledger technology and its quite difficult to manipulate the system, as it is not controlled by anyone.
You May Also Read: How To File Income Tax Returns For Cryptocurrency Income In India?
Cryptocurrencies Can Put an End to the Unfair Advantage for Launderers
The biggest argument of centralized system worshippers is that the anonymity feature aid the criminals go unnoticed and thus a wider acceptance can lead to a much bigger p ...
source:
https://cryptonews.com.au/story/why-banks-pose-a-bigger-risk-than-crypt…