The Cryptocurrency industry continues to take the old financial world by storm with drastic changes hitting from the innovation of blockchain technology. According to this source, the banks are seeing lower customer rates because of cryptocurrency exchanges wide availability today.
Furthermore, the article states there are more than a few reasons as to why banks may be losing out to the decentralized and young cryptocurrency industry.
“Some of the reasons why this is so are:
1) The interest if the risk pays
2) No paperwork before a transaction
3) Quick transaction rate
4) Low cost of transactions”
These reasons seem to make perfect sense to us at Newa as well. The faster transaction times hail in comparison to the often multiple day wait needed in traditional markets. Even further, the assets are high risk and high reward oriented thus attracting a younger crowd which seem to be more prone to trust technology over entrenched bankers. These changes should be seen as an exciting step in the adoption of cryptocurrency as they aim to replace traditional banking institutions.
This Article was redrafted from the original source: https://zycrypto.com/banks-are-losing-their-customers-to-cryptocurrency-exchanges/