Decentralized Finance (DeFi) will replace the Traditional Banking System

I went to my local bank today and I could not think of anything else aside getting my money out of the system.

Of course, you heard me right! My money!

It all started when my account was restricted for receiving a particular amount of money.

And I mean, that’s normal since I can’t argue that there are limits decentralized applications (dApps) too.

However, I’m not a new customer who’s yet to complete my KYC. In fact, I’m a serial one who has been transacting with their banks over the years.

Let’s leave that aside.

After staying on the long, seemingly unending queue for hours, I finally get myself into the bank.

To be sincere, their customer service is not that bad. At least, I was made to complete the queuing I started outside inside too before they finally offered me a seat.

Then came series of questions just so I can upgrade my account. Not sure why, but I don’t know what my mother’s maiden name has got to do in a bank application.

And…

I couldn’t even complete the upgrade in the end because they lost their internet connection for the second time since I arrived in the morning.

What people suffer with Traditional Banking System

1. Long queue (which might be fruitless in the end)

2. Need for special authorities to authorize your transactions and attend to your complaints

3. Being questioned for their own hard-earned income

4. And all the ones you also know about.

What Decentralized Finance (DeFi) come to resolve

1. Eliminate central authority

2. No queue, you don’t even need to be there in the first place.

3. Unlimited access to your funds and perks; just complete your KYC.

4. And lots more that are yet to come.

Looking at all these factors, we all can agree that the traditional banking system doesn’t look like what people enjoy. Ranging from long queue to restrictions on account and third party authorization.

An alternative to all of these is decentralized finance and that is what the world will resort to sooner than later.

And, Yes guys, you can consider this article the return of a Crypto/Web3 writing champ.

It’s been a while here and I hope you guys are doing pretty well.

Hang in there, the winter will soon be over.

I’m Abdulmumin Solihu, and I spent hours researching and writing about web3, defi, crypto, and blockchain so you won’t need to do so.

I educate investors, retail traders, and web3/blockchain enthusiast on the need to steer clear of any uncalculated step in the industry.