Blockchain and the possibility of being your own bank

Traditional ways of making transactions tend to take time and incur in high costs, the time could be optimized by taking advantage of it in a better way, or even avoid going out for security reasons. Since Covid-19, it is recommended to stay home and keep social distancing. We have to go out and attend a place like a bank that requires making tedious queues for simple procedures.

Handling physical money and crowded places are some of the primary ways to spread coronavirus. On many occasions, we consider that the procedures in banks are simple but take time. This could easily be done from the comfort of home, without taking any risks.

Currently, the way of making purchases and even saving money is made in a different way, using cryptocurrencies. These changes have been happening quickly but sometimes companies are not prepared for those and this can be a disadvantage. Traditional ways that companies handle can take time and have higher fees. Many of the industries have been undergoing their transformation according to the evolution of technology, forcing them to adapt to new forms of doing business.

It is also important to mention that people can avoid the exhausting long lines that these transactions generate. Being your own bank, making your own transactions, and investing properly, all by your own is a great way to continue during this quarantine.

This is the occasion to talk about how to be your own bank:

The use of a cryptocurrency can be rational, avoiding the ways related to emotions and is the main reason why the use of digital assets has increased dramatically. It is not as new as it seems, but its usage has increased in the last couple of years. By carrying out transactions with cryptocurrencies, it can be assured that they will be faster and cheaper. Some banks have made the decision to start implementing this type of technology and adequately adapt to digitization.

It is considered that you can be your own bank because with cryptocurrencies and a decentralized system the blockchain system has the advantage of eliminating third parties that would be involved in traditional systems. Platforms that have digital assets quickly became a dominant financial model, making them considered fundamental to any type of strategy or investment. They generate their own income and that makes them attractive in order to get more users, allowing the financial industry to take advantage and better engage in the emerging market.

As mentioned, financial institutions have to join, because traditional forms are somewhat less agile when developing new products. Some of the perks of being your personal bank are:

• Avoid long queues and make every transaction from home, so you also can save money and time.

• Greater effectiveness. Banks use to be really slow for some procedures. Since you’re working on an online platform, you can optimize your time.

• Lower value of each transaction. Sometimes, wire transfers have a fee that may be really high, with crypto Currencies you will have lower values on every transaction.

• You do not need to contract a banking service and share delicate information.

• You make comfortable transactions from home without taking risks.

Anyone with a digital wallet can send and receive any amount they want as long as they have a balance. The transaction can be sent from anywhere in the world, quickly and efficiently. The best of this type of technology is that only the person who owns the keys can access these funds, without needing the support of a bank, but the responsibility for finances rests solely with each user.