June 21, 2021

Crypto Wallets Can Make Traditional Banks a Museum Piece

Cryptocurrency never leaves people indifferent. Some consider bitcoin to be digital gold, which performs the function of the preservation of the value. Others strongly believe that decentralized digital money will replace today's financial system in the not-too-distant future. Too soon to tell which scenario is more realistic. Nevertheless, they have one thing in common: the use of a crypto wallet.

This undeniably ingenious invention operates similar to a bank. It stores and protects assets, allowing users to transfer or receive funds. But here comes a but. The bank is an intermediary, some third party that knows its client and the source of his income. The crypto wallet offers you the same features but without total control. Let us explain what we mean.

The Core Benefits of Crypto Wallets:

24/7 Access

Judge for yourself: why would you go to a bank, when you have access to fund management 24 hours a day, 7 days a week? Crypto wallets provide you with unrivaled freedom. You can forget about long, boring hours of waiting in line and not worry whether a transfer happens the way bank employees say. What is more, it's getting easier to cash out digital money every day (more details right here).

Low Fees

For the most part, bank customers are forced to put up with various fees. People complain because financial institutions charge too much for the service: for the card, for the funds transfer, for storage, etc. The crypto space also provides for commissions, however, they are much lower.

Instant Online Payment

A crypto wallet means instantly transferring payments for some of us and receiving payments for others. Transactions are carried out in a matter of seconds by means of a mouse click or single touch. If that doesn’t get your brain melting, then how about this? 

Protection of the Confidentiality of Personal Data 

Now, it is no longer a secret that financial institutions know more about us than they should. They are well informed about what we spend money on, how much we earn, and where the funds come from. Moreover, they request and store tremendous quantities of personal information. In fact, they breach our privacy.

A virtual wallet requires none of the above. Any person of any nationality can create it anonymously. 

Unlimited Storage Options

While many users are familiar with bitcoin only, there are now more than 800 types of cryptocurrencies. In addition, if the De-Fi sphere continues to gain momentum, the number will definitely increase. 

A slew of crypto wallets supports the main cryptocurrencies (Bitcoin, Ethereum, Dash, etc.). Just as a single bank account can be the means for all your expenses, a single wallet can store all your coins.

Final Words

Over the centuries, people couldn't find a suitable replacement for banks. All that started to change once cutting-edge technology allowed new players to go out on the battlefield. The global pandemic has also contributed to this: it provides new insights into the digital world. As a result, more and more people are focusing on digital services and taking an interest in crypto. This is especially true of Gen Y (discover more here). If the current trend continues, traditional financial institutions risk becoming a thing of the past. Because crypto wallets open up much more financial opportunities for us. Now you know that for a fact.

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