Decentralized economy VS classic banking: what are the advantages of digital assets ?

0xProcessing
2 min readApr 22, 2022

In times of global change, companies are faced with changing internal processes: finding more ways to deliver goods and buy materials, new payment options. Each step helps to keep existing customers and often to find new audiences.

The shutdown of financial services corporations has forced freelancers, entrepreneurs, and large business owners to think about using cryptocurrency. Today, we’ll find out what the difference is between classic banking services and digital assets.

1. Anonymity
When you pay by card or transfer, you can see who is making the transaction. Many would prefer to get rid of it — because of shyness, a desire to keep personal information private, or other reasons.

Despite the fact that banks do not distribute personal data for nothing, it is cryptocurrency transactions that can provide complete anonymity due to the established mechanisms of exchanges and wallets.

2. Spending on Commissions
It is impossible to say the exact amount of commissions in cryptocurrency transactions, but they are much less than bank ones. Banks provide about 10–15% (high-risk business gets a higher percentage).

3. Checks
Many people do not like frequent inspections by the bank, combined with the possible complete blocking of accounts or denial of service. In these unpleasant situations, you can always get to the bottom of it and probably regain access to assets — but how much time will be lost? How much energy?

In cryptocurrency transactions, the parties to the transaction take full responsibility. There will be no checks, but you always have to be careful and check the data you enter and the wallet addresses.

4. Transaction speed
Here cryptocurrencies win with a large margin — transactions are almost instantaneous. Bank transfers often take 3 days or more.

5. Income reports
Anonymity extends to income reports to the governing bodies of the state: in the cryptocurrency world, it is not necessary to do them, while in traditional banks it is a necessity.

And, of course, cryptocurrencies solve problems with fraudulent chargebacks.

Periods of crises are scary, but it is thanks to them that you can decide to change. Digital assets will become a part of everyday life very soon, and connecting a system to pay for goods or services with cryptocurrencies today means making a contribution to a good, quality future.

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