We all know we are now in a digitalized world, all sectors of life is now evolving around technology. There are new ideas and experiments almost everyday, things are really changing and everyone in the world today is adjusting to these realities of life.
In terms of financial services, technology is really helping everyone of us. Even though you don't have a physical cash in your pocket, once your mobile phone is with you or your ATM Card, you can do a lot with your money once you have money in your online wallet or bank app.
The likes of electronics transfer, the use of Automated Teller Machines (ATM) has made payment and withdrawal so easy for almost everybody. We now run cashless policies all thanks to the advent of technology.
Had it been technology wasn't involved in the financial services in my part of the world, the majority of us here would have been so frustrated with life because the banking system nowadays is like the weapon of destruction fashioned against us.
In my beloved country, banks aren't reliable and I'm part of those that usually pray daily never to have any problem that will make me need urgent help from any Nigerian Bank. The queue both inside and outside the banking hall is always discouraging.
The conventional banking system here is in shamble because of government unfavorable policies, so the advent of cryptocurrency brought a switch from what we are used to, which is the involvement of government in our money to the opposite in which we can be the sole controller of our money.
Although the fiat and bank of the conventional banking system has both advantages and disadvantages likewise cryptocurrency but if one should consider how the government is toying with our hard earned money with a lot of unauthorized charges, one might be tempting to say the world should run solely on crypto. Let our money be fully ours and let individuals decide on what to do with their money without the involvement of anybody.
But I don't believe in the monopoly of anything whatsoever, I like having a variety of options whenever I intend to do a thing and I believe that's the best way to run life.
So I believe in the co-existence of the two financial services. An adage says one man's food is another man's poison, so anyone of the financial services that's convenient to each and everyone of us should be chosen.
Till now, I know some people who don't make electronic transfers, likewise don't have ATM cards. They don't use the ATM machines at all, they prefer making their withdrawals through the counter in the banking hall and make payments with cash, so tell me how will such a person live if crypto runs the world?😁
Everyone should have a choice and preferences, so it will be better if the two services co-exist so that we will have options to choose from. If it's crypto that you want use it to the fullest and if it's conventional banks use it to the fullest as well.
Having a combined system of fiat/bank and cryptocurrency is beautiful. Let both run hand in hand and let all individuals be happy with their choices.
Thanks for visiting my blog and have a nice weekend.