Crypto Wallets, Banks - Should There Really Be Any Other Answer?
The world of finance is one we are going to keep debating about till the end of time. For different reasons, we all seem to have our varied opinions on the path we wish to explore. Most of us have been in the traditional banking space for a very long time that we tend not to look for better or other options. I choose to say other options because what is better for you and I may not be better for another person.
Most if not everyone in the hive blockchain has also come into contact with banks and other banking systems. Cryptocurrency was introduced in the first place as a way to tackle the disadvantages of the traditional banking systems. Before crypto was introduced in 2009, the banks did not allow its users to have the freedom they wanted and most importantly did not allow them to access their assets when and how they wanted. Isn’t it annoying and quite exhausting to not have control over your money?
That is where cryptocurrencies came in and has revolutionized the game. Crypto came with web3.0 and with one major aim, decentralization . And with these cryptocurrencies that first started with BTC, there needed to be ways to store them. So, crypto wallets were introduced.
Metamask wallet
The introduction of crypto wallets merited everything crypto stood for by being decentralized, secure, 100% owned by the user and still granting the account holder a chance to be anonymous. Something traditional banks and centralization based wallets do not have.
Since I got introduced to crypto wallets, I have preferred to store my assets in crypto wallets. I choose crypto wallets because I have control over my assets, I determine when and how my assets are handled and the security of my assets is up to me. Nothing is a 100% secure but it is undeniable that crypto wallets especially the decentralized ones are more secure.
I use wallets like metamask and trust wallet and also use wallets of exchanges like huobi and Binance but I use hive’s wallet more. Hive’s wallet has proven to be very secure for me since I started using the blockchain. I have not had any issues like how we usually have issues with banks during the weekends. Most banks do not work during the weekends and in the evenings. In my country, a lot of banks close at 4pm UTC and the ones that do not the best close by 5pm UTC. However, almost all of them do not work during the weekends.
Hive does not work this way. Hive works everyday, 24/7. I have been able to transfer hive coins to other users anytime of the day and of the week. I can transfer to binance exchange as well to get fiat currency anytime I want or to trade for other coins.
At a bank to pay school fees
Bank accounts help us to transfer funds to our friends and family but at exorbitant transaction fees. That is another reason I dislike banks and prefer crypto wallets. Crypto wallets do not charge huge fees for their services but allow you to send assets to friends and family at quite low fees. Take hive for example, I can send a hundred hive tokens or a 100 $LEO to another hive user at zero fees. That’s the beauty of crypto wallets.
With banks, you deposit your money and have no idea what is being used for. Some banks use our money for their own needs like investing and quote money to the general public that may not necessarily have at the time. But with crypto wallets, there is full transparency. Your funds are not used by anyone else but you.
Crypto wallets are also more preferred by me because they have removed the need for third parties or intermediaries. I for one prefer to be the only one handling my money and so the use of no intermediaries is a plus for me. Smart contracts are used instead by crypto wallets.
With all these, one of my money important reasons for preferring crypto wallets to banks is the speed of transactions. Transactions made with web3 are more scalability focused than banks. Some blockchains carry out transactions in less than 5 seconds while some boast of even doing it in a second. Impressive right? All this is done with top notch security.
So here you have it, my reasons for using crypto wallets for saving my money instead of banks.
Links from LeoGlossary
Posted Using LeoFinance Alpha
One time I went to the bank to withdraw money and I was so pissed because they was a long queue and I was in a hurry.😂
You should have gone to the front and mention my name.
And what’s your name again?😂
You already forgot?? Then I am sorry you have to go and join the queue or go back home
Then I’ll go back home.😂
Better for you. Than you come and spoil my solid reputation
Your reputation is liquid.😂
😂and who are you again?
Why stress my life. Everyone wants to know me. I decided to stay anonymous.
😂 the amount of time we spend in banks is very very bad.
I tell you.😅
Woow! Just love the way you organised this work and it's so detailed. What more should I say? Personally I don't like going to the bank for any reason. Infact in my area we have 3 banks but it doesn't bother me so I use one that is not around but offers better serve.
I have for better improvement in the system.
I wish you well this mid week
Thank you very much for your kind words.
The way banks are set up don’t encourage us to use them. Once you start to use web3, you realize the defects even more
Crypto wallets are better to banks, anytime anyday. The fact that we have sole control over our money makes it more interesting
You’re exactly on point bro. ownership and freedom is very much needed.
Yeaaaaah👌
Unnecessary and unexpected charges piss me off with local banks. Especially when I was still in school and already planned on how I will spend my little amount. Gbam. They already deducted SMS alert charges. 😆.
Decentralized is still the best to opt for.
😂 haha sms alert charges js bad bro. They want to finish the small money we have
😂. Let work for big ones so when they deduct probably we might not feel it anymore
My friend... you need money to do business... I don't think we have reached anywhere near that stage that you pay HIve as transaction for some service stuff... so crypto right now, not really solid money, its a investment I agree.
Crypto wallets particularly metamask can be hacked, banks atleast good banks safegaurd your funds.
You get interest in banks for depositing your money, but you don't get it in crypto wallets although you can choose to use it in DEFI apps, but again crypto assets are not solid money, that's liquid to be of immediate use.
With online, you can transfer money from net banking anytime, you don't need the banks to be open for this.
You have to correct this sentence 'because what is better for you and I may not be better for another person.' remove 'and I'
YOu need banks rightly to be part of financial system and benefit, and traditional banks are linking to crypto, so it can be traced, your wealth, where it goes and all.
You really can't use crypto like money unless, your country regulations are ok with it and crypto is acceptable payment option and all... without that this bank vs crypto wallet discussion won't make sense.
Anyway... nice thoughts but rght now not practical
Nice content bro you just opened my eyes