In a time where we seem to be on the bleeding edge of technology and innovation. it seems strange to me that people do not question the way things are. Financial Institutions hold a monopoly, there is no alternative to banking. Banks have no competition, outside of themselves. This allows them to be riddled with inefficiencies and charge you all sorts of fees. Currently it is a hassle not to have a bank account. So we are all stuck.
One of the most fee intensive are cross border transfers. Otherwise known as a wire transfer, these types of payments are costly and sometimes can be very slow. When you are paying $25+ for a transaction you would think it would be close to instant. A domestic wire can take close to 4 hours and international can take days. Large fees for cross border payments is something that Crypto can solve.
An ACH (Automated Clearing House) payment is what is used when you provide your routing and account number to a company. This can take around 3 business days to come out of the account. This just seems unacceptable today when you can use an app and transfer funds to someone that same day using their card information. But i have to wait 3 days for my credit card payment to leave my checking account. Long wait times for transactions to go through is something that digital currency can solve.
Today using a card to pay for things is a quick and convenient option. The Problem is that the card information is not very secure. With each transaction the information can be stored at the merchant. This creates a honeypot for hackers to compromise card numbers. These days it seems like there is a large scale hack of a merchant each month. I believe Cryptocurrency might be able to limit this problem in the future.
At some point I think that at the very least digital currencies will provide a viable alternative to Banks. This would require regulations in the space to prevent fraud and scams. Which will hopefully lead to more adoption of crypto. Since Banks Have no real reason to Improve. Why would they? That reason alone is why i think Cryptocurrency has a good chance.