The progress of the world today is being restricted by the COVID-19 pandemic. While people are trying to save themselves from the disease, the current financial system fails to support people the right way.
Experts have estimated a staggering 1.7 billion people in crisis due to the shortcomings of our inadequate, inefficient and highly outdated financial system. The only way to make this right is to overhaul the legacy systems we are using presently and develop something fair, open, economical and in sync with the digital era in its place. Something like blockchain technology.
Thankfully, cryptocurrency and blockchain technology has already started to lay the foundation for a modern global financial system. The popularity of cryptos continues to surge and even though they haven’t reached the mainstream yet, there are strong efforts being made to extend its accessibility towards everyone.
Blockchain technology is also being utilized in many government procedures of numerous advanced countries and the result is absolute transparency and reliable security.
If more people are properly educated and innovative approaches are taken in cooperation with the prevalent financial regulators and institutions, the development of a new democratic financial system can be expedited exponentially.
Now, cryptos are new to the people and they function differently as compared to the current financial systems. This is why common people are reluctant to place their trust in them. Understanding the cryptos and how they work is an essential part of the whole gig. If you understand the cryptos and the workings of blockchain technology, you can use cryptos in the best possible manner.
These days access to cryptos has improved drastically and people are starting to understand the positive use cases of blockchain technology. There are new trading platforms out there providing improved user experience. You can also see the regular debut of new cryptocurrencies there. Bitcoin isn’t stealing the show anymore and people are interested in other cryptos such as DDKoins, Ethereum, etc.
Sadly, the traditional financial system has fallen short of offering lower fees, enforcing systemic transparency, and improving speed of service, a new democratic system is slowly taking its place. Blockchain technology and cryptocurrency find themselves in the best position to track all the major issues with the traditional financial systems and experts believe the future to be dependent on the said technology.
Since the traditional financial system is so vast and diverse, it is impossible to eliminate it in the short-term. We can only create a financial system fit for the digital age in its place. The new system will provide cheaper transactions, safer access and faster services to all. You won’t even need a bank account for using this system.