I was talking to my sister today on our way back from the gym and she said that her friend who is a banker told her that crypto is just a waste of time and he doesn’t know why people are investing it, the bank can do what crypto can do and more, because they held a seminar disputing the importance of crypto. Its obvious that this man is saying this out of the of losing his job. The bank are seeing crypto as a threat and they are not wrong, crypto is a threat to the bank if they see it as a threat. This banker is obviously saying this because he hasn’t done his research and doesn’t know anything about crypto or its utilities. Its absurd comparing the crypto technology with the bank technology when the facts are obviously clear.
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CeFi used to be the go to in terms of convenience and security, people felt better leaving their money in the bank, because they felt its more secured, thieves could hardly rob banks because of their security, and due to the number of customers depositing their cash into the bank, customers always think its impossible for banks to be insolvent. But they were wrong, so this means that CeFi is not as secured as it was once thought it was. In terms of convenience, CeFi is no more a convenient means of keeping money as better options are here now. Before options were introduced, you would have to leave your house and go to bank to make deposits or withdrawals. But with Defi you dont have to leave your house to make deposits or withdrawals, you can just do it from the comfort of your home.
I can’t remember the last time I left my house to the bank because of crypto, crypto offers more convenience, better security if you are doing it right, decentralisation and far more transparency than CeFi, the is something that is being proven over time and CeFi can’t beat it. We have watched about three great banks fold with customers funds. part of the reason is insolvency as one filed for bankruptcy, so would you consider the banks secured still? Crypto offers you decentralisation and freedom to be responsible for your funds and hold yourself accountable. The technology is quite new and still developing yet look at how its threatening and shaking the banks and every other CeFi, just wait for it to bloom further in few years to come.