In the Struggle for Supremacy With Banks, Cryptocurrencies Striving for Greater Scalability and Application Cases

The recent advancements in technology have empowered users to a point at which the need for a centralized authority could start to seem redundant. The banking system is one of the sectors most affected by the assumption, as the host of scandals and allegations of corruption in recent years have shaken the legitimacy of the infrastructure as a whole. The centralized authorities of the banking system, such as the International Monetary Fund, have long been accused of profiteering and political manipulation, disregarding the needs of entire nations in the pursuit of profits for international banking corporations and their top management.

The elimination of the banking system altogether was proposed after every quaking scandal. The introduction of a global currency was also proposed as a panacea that would eliminate the multiple barriers involved in trans-border transactions. However, state economies and the reliance of most global organizations on a centralized authority for decision-making and financial regulation have made all such efforts futile. The results are believed to be lowered economic productivity and the persisting reliance of the global population on deep politics involving banking heavyweights.

Improving usability

Though the banking system still dominates over such new technological competitors as blockchain-based payment solutions, some projects have been successful. The Dash project is an example of a cryptocurrency-based payment gateway that has been developing steadily.

The first quarter of 2020 saw an increase of over 100,000 new users of the Dash mobile wallet, which is a 214% rise over last year’s figures ……………..

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Author: cryptopolitan
Original link: https://www.cryptopolitan.com/in-the-struggle-for-supremacy-with-banks-cryptocurrencies-striving-for-greater-scalability-and-application-cases/