World without banks and fiat, just cryptocurrency

"A world without banks and our local currency?"

"Will that be a good thing?"

I asked myself these questions and sighed! Phewwwww!

I’m among those who could go year after year without stepping into a bank. I handle all my transactions through banking apps on my phone. And in situations where I can't complete a transaction—especially when buying small items in the market—I quickly look for a POS stand to make a withdrawal and pay for whatever I’m buying on the spot. Going to the bank sucks, and I’ve always loved the convenience of my current method. However, one major challenge is the transaction fees, especially when using POS services. That’s where I’ve been wishing we could switch entirely to crypto, where transaction charges are almost insignificant.

But if we go the crypto way...

As much as I don’t fancy banks, I’m not in support of scrapping them or doing away with local currencies. No way! Here are my reasons:

Banks Are a Country’s Pride and Play a Key Role in Regulating the Economy

Banks serve as a country’s pride, contributing significantly to its economic growth and regulation. We know that banks in my country (yes, I’m using my country as an example) are not doing their best, especially with how poor most of their services are. But one thing is certain—these banks help put the country in the limelight. They represent the country well. You can’t tell me you haven’t seen something like that.
Banks bring development, serve as a major source of employment, and play a crucial role in economic regulation.

Is “boosting” the right word to use? Okay, let me rephrase: regulate. Yes, banks are a vital tool for regulating a country’s economy. While this regulation may not always seem beneficial—since it often involves reducing money in circulation or increasing it when necessary—it remains essential.

If we go fully crypto, what happens during a dip season? It would be messy, especially since no one has control over the market, and there’s no certainty about when coins will rise in value again.

Banks Bring have been improving... competitiveness

This may sound awkward, but you can’t ignore how hard banks are fighting to keep up with modern transaction trends, especially those influenced by crypto.

Back in the day, banks didn’t offer easy transactions using usernames or simple codes. But as the crypto space introduced faster transactions with minimal charges, banks had no choice but to adapt. Before now, we all knew how much it cost to make transactions or the high fees banks deducted at the end of the month. These costs have significantly reduced—except in a few banks (and I blame those still using them).

Ohhh! Recently, my country’s government introduced another method of deducting money through taxes. That’s bad! Maybe that’s why we should go fully crypto—because then, the government wouldn’t have control over our transactions.

But what makes us think that if we go fully crypto, the government won’t find a way to impose charges on our transactions? I mean, transaction fees? I saw what my country’s government did to Binance, and it proves that anything is possible.

Let me stop here.

Thanks for reading.

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_{This is my entry to the Week 156, Edition 03 of the Weekly Featured contest in Hive Learners Community}

Image used is mine