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Can you imagine a world without the banking industry in it? No paper money nor metal coins. Well, If you asked me the question ten years ago, I would absolutely shake my head no and I may have even laughed about it. But now that we are in the present age where numerous companies, corporations, and projects are embracing the concept of cryptocurrency, it is not possible that crypto may replace the banking industry.
Since then, until today, banking and finance have been and are still an integral part of our lives. That is why Federal Reserve kept more or less watchful eyes on those in positions of power. More so now that with the rapid growth of technology and the fact that many people have been indulging themselves in digital currency and how much of their financial lives really can be accomplished via crypto. And because of that, traditional finance started to feel the negative effect of digital currency on them.
A World where Crypto has Taken Over the Traditional Finance
Several years after I was introduced to cryptocurrency and how it has proven its worth, I can now say that it is no longer impossible to live in a world where traditional finance is not that essential anymore. If that ever happens, tech companies will surely continue to develop products that will be beneficial to the digital currency and that can provide an easier way of earning money. In addition, newly developed phones, computers, laptops, and others will be in demand.
“Be your own bank” and “Bankless” are one of the crypto's catchphrases you may often hear. Digital currency offers more control over your financial future which many may find promising and useful.
Closing Thoughts
Many youths of today’s generation and even some from the older generations are becoming more and more ambitious when it comes to earning money. It is an undeniable fact that earning money is not easy. In fact, earning money can be stressful and time-consuming.
And now that the popularity of cryptocurrency is increasing progressively, more businesses are jumping into the trend and companies are producing their own digitized coins. Sure enough, it is possible that digital currency can replace traditional finance, but will it ever happen?
We cannot underestimate banking and government as they hold the most power in the world. It may be naive to think that they will just stand by as crypto and blockchain replace them. Taxes need to be paid, and the government needs its cut. At this point, nearly all world powers have considered releasing a digital version of their currency from their central bank — the main reason being to head off Bitcoin and crypto from gaining too much momentum.
Source: https://steemit.com/crypto/@lynches48/as-cryptocurrency-remains-progressive-will-the-traditional-finance-continue-to-thrive