Centralization Is on Its Way out
Centralization has brainwashed us into believing there is no viable alternative to keeping hard-earned wealth except with a bank. However, decentralization has emerged, exposing the drawbacks of the conventional banking system we so much trust.
For example, a study published by the Hongkong and Shanghai Banking Corporation Limited (HSBC) showed that the bank froze 1.9 million accounts for performing no transaction within a specified period. In other words, the account got restricted for being ‘dormant.’ The survey found that more than half affected customers never regained access to their assets after entering dormancy. Sadly, the restricted accounts predominately belong to aged men and women.
Furthermore, centralized authorities grab cuts and fees for every cash transaction. The average cost of sending money abroad from the United States is 5.52% of the amount sent, while the average credit card processing fee imposed on corporations can be as high as 3.5%. Additionally, international payments pass through multiple intermediates, causing the proc …
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