Attempting to say that there is some kind of silent battle between cryptocurrency lovers and banks would not be an exaggeration. And besides, banks collect interest rates and have a history of overcharging some facilities, and everybody knows that. However, even though many believe cryptocurrency to be the smart alternative for fiat, banks clearly don’t like that concept.
About blockchain decentralization
This is an old war but this is perhaps the most critical aspect of the banks vs the crypto skirmish. Banks are centralized, which implies that they can decide things that, in turn, impact customers without them getting a say in it. In reality, the whole planet is a centralized system of governments that regulate how people live their lives.
That isn’t terrible, however. Excluding these bodies and lawmakers, the planet could soon become extinct. When it comes to centralization, it’s some people who are bad, not the regulatory authorities. Issues like envy and a need to always have more can do considerable damage to society.
On the other side, we have a decentralized structure of cryptocurrencies. In reality, it’s nothing fresh, but the world has never been able to use it. Unfortunately for the banks, it was through Bitcoin that this system became famous for the first time and was correctly enforced.
Banks and crypto
Banks often dislike crypto because of this, which ensures that financial transfers do not require intermediaries. So, the banks are not involved at all! The node network manages these transfers. So, it’s just normal for banks to dislike crypto out of principle.
Then there is the fact that crypto transfers have lower costs and are much quicker. When you have a bank in the middle, it can take a couple of days for your money to reach an account. For crypto, that’s not a concern at all!
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