My Wallet My Money

Most people in the crypto world have a crypto wallet and a bank account; this applies to me as well. The big difference between these two methods of storing money is how centralized it is. A bank account would be centralized while a crypto wallet would be on the other spectrum of decentralized. Today, I will be covering which method I prefer to store money and of course with the reasons why.

Between a bank account or a crypto wallet, I would prefer the crypto wallet to store my money. I actually have more money in my crypto wallet in cryptocurrency and NFTS than I do in my bank account. Ideally, if I could just keep all my money in a crypto wallet I would but the world hasn't reached to the point where we can make payments for anything that we need to with crypto. I'm forced to have a bank account to make payments for whatever I need in real life and I don't see that changing anytime soon. I think crypto is still far away from mass adoption as people still fear what they don't understand. They just see what's on the news which is mostly bad news. We have cases like FTX and Terra Luna that probably just made people not even think about crypto. The rich don't want the masses to come into crypto but that's just what Hive account@aruchard and I believe. The only time they come in is when he news is saying oh BTC all time high and that's when they FOMO (Fear of missing out) and buy in. Then the people that bought in earlier will all sell to these retail investors which make them further reinforce their belief that crypto is bad.

I think most people would like to have control over their own money. They wouldn't want to be questioned or rejected on what they were buying. My friend, Hive account@aruchard told me his story about having trouble with the bank. He had a fair amount of money in the bank but he told me how they wouldn't let him short the market because he knew it was crashing. He also needed permission to make purchases for crypto especially if it was in fairly big amounts. This is the bad part about centralization. If it's our money, the bank shouldn't be worrying too much unless it was stolen money or something.

Another thing is banks are generally safe but there are cases where they can go down. A great example of this that happened not too long ago was Silicon Valley Bank. It must be scary to see on the news that everyone is withdrawing from your bank right. This won't happen in crypto because only you have access to your own wallet unless you got hacked or something.

I feel in the future all banks will adopt blockchain technology fully and even now some are already in the progress or have implemented partially. We will probably soon have a digital dollar or digital currency for a country. This is already happening in China with the digital Yuan. I believe this is foreshadowing the future. A world with just digital currency and cashless everywhere for payments.

Once people wake up and realize how great storing value in crypto is, I think crypto will be one of the places to save money. If one of the richest financial institutions CEO Larry Fink is calling BTC digital gold, I don't know how you can't be bullish on the future of crypto. With all that being said, everything I said here is my opinion please do your research on crypto if you are new to crypto. Feel free to argue any of my points in the comments.

Thank you so much for reading. Comment below your honest take on this topic. Would you prefer a crypto wallet or a bank account?