“In this globalized world money is the only vehicle that moves us around and at the moment we trust our money with the centralized banks to prevent us from the scams. But the truth is that these entities of trust are the one’s scamming us the most. Thus, is it time to leave these banks and move on to something more trustworthy?”
The world is increasingly getting globalized and these banks or as we can call them extralegal multi-nationals are the ones that claim to be our trustworthy partner to keep our money safe. Finance is the most important vehicle in this world that keeps us moving and these banks are like service centers that have been entrusted upon by us for maintaining this vehicle for us. But are these centrally controlled institutions managing and protecting our interests in the same way as we are trusting them to do so?
For a century now, the wealth has been shifting towards a few and the gap in the money distribution has been ever increasing. It is these banks that favors the rich and frowns upon the poor. To get a loan without having an influence in the financial sector is as difficult as getting out of the house engulfed in smoke and fire. These banks were the reason for the 2008 crash and recession and still they enjoyed taxpayer funded bailouts as they are deemed too big to fail. The reason these malpractices have taken control of these banks is their centralized nature and until there is a human control, the tendency of the human nature to take advantage of others can never be removed and thus we need something that takes the elements of trust away from the banks and we move towards the new era of moving forward with cooperation.
Thanks to the Blockchain technology that we now have the technology to do so. The DeFi protocols are being built at the war footing in the blockchain world and the emergence of DAOs (Decentralized Autonomous Organizations) has paved a path that will make the most important part of our life (The System of Money) to come under our control rather than controlled by some money hungry entities. These DAOs are completely decentralized and are controlled by none. They work autonomously through the rules hardcoded into their protocols and all the transactions are stored on a public ledger making them as transparent as they can be. On top of that, they come with extensive security of the blockchain preventing cyber crimes.
Thus, the crypto revolution has paved us a path for a true democratic system of money. The only thing holding us back is the question: are we ready to leave our banks or not?
Disclaimer: The article is just to provide information and shouldn’t be considered as any financial advice. It is advisable to conduct thorough research before investing in any cryptocurrency.
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