Rethinking Traditional Banking: How Cryptocurrencies Offer a Superior Alternative

Abstract

The introduction explores the evolution of money. From barter to banking system, today, finance and money are moving towards decentralization. The traditional banking system has severely impacted individuals due to its limited capacity. The purpose of the research is to address the limitations of financial institutions and the provision of a superior alternative. The paper uses a qualitative method to support arguments. The analytical part examines the inherent features of cryptocurrencies like their security, transparency, and financial inclusivity, which are very much relevant for policymakers and economists. The concluding part summarizes key arguments with a focus on the adoption of cryptocurrencies rather than fiat currencies.

Keywords: Cryptocurrencies, Financial inclusion, Devaluation, Blockchain, Inflation