Is Satoshi Nakamoto’s creation a threat to Global Banking Systems ?

“Bitcoin would be convenient for people who don’t have a credit card or don’t want to use the cards they have” – Satoshi Nakamoto

The word Cryptocurrency is on everyone’s lips right now. People are diving into the era of modernized digital money which is devoid of any governmental influence, other outsider rules, and regulations. It has become hope to humankind because It is driven by the people themselves and not by any prime individuals. Over the last few years, technology has brought a drastic change in the way we work, make payments, communicate and live. Our mode of payment was marked as one of the biggest changes. We might be well-acquainted with some popular payment methods like Debit cards, Credit cards, Bank transfers, Apple pay, etc. But little did we know that sooner or later we would even carry digital money in our pockets (Cryptocurrency).

When you transfer money from your bank to PayPal, what you have is PayPal owing you money or a debt to be precise. If PayPal decides to not honor the debt, then you’re out of luck. If PayPal decides that you cannot send it to someone, then you’re out of luck. But on the flip side, in the case of Cryptocurrency, it is not the same case. When you have a cryptocurrency you have an asset in your hand that YOU and only YOU control. You can make immediate transactions sitting in one corner of the world to another within just a few minutes using Bitcoins. Whereas, in the case of the traditional banking system it takes around one to five working days. So in a time of emergency, Bitcoins are the solution.

People making transactions using payment methods like debit cards, credit cards, etc. bear other miscellaneous hidden expenses also called bank fees whereas, payment by bitcoins involves zero or negligible fees. Plus people are not required to interact with banks and their middlemen. Why would people continue to use these modes of bank payments when they have an easier- simple option on their platter? But, as of now, Bitcoins are volatile in nature since there are only very few people in the world who are investing in them on a global scale. Slowly and steadily people are becoming smarter and changing their approach. The invention of crypto has become a revolution.

The world is evolving and so is the payment system. Satoshi Nakamoto, the inventor of Bitcoin did not only overwhelm the world with its exciting innovation but also marked the beginning of the ‘Crypto Era’.

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