How would you like to have total control over your money? A situation where you are neither taxed and your cash get phenomenal interest rate and its autonomy is just for you and only you? Well, the answer to this issue is decentralization of currency which is popularly known as digital currency or cryptocurrency.

Why Decentralized Banking?

Simply put, we all crave a more instant and efficient service. Also, a trust-less service that is totally secured and immutable to third-party interference is a welcomed plus. But how is this achieved? Well, the simple explanation is a peer-to-peer network of computers from all over the globe that acts as decentralized systems which act as immutable transaction ledgers.

The main aim of decentralization is to remove the power of central authorization. The central banks and other sole administrators are in this case the centralized power with which are being replaced by a decentralized group of networked computers

Advantages of Decentralized Banking

There are a couple of noticeable and stand out advantages. These advantages are highlighted below

1. Secured funds: with the infrastructures built to secure the funds in the digital wallet used to store these digital currencies, there is no chance for fraudulent tampering

2. Instant transaction: the transaction needs no centralized mode of authority before it is being approved thus the transactions are much more instantaneous.

3. Global presence: unlike the traditional banking, decentralized banking has its application on a global scale. With the help of the internet, decentralized banking can be used anywhere in the world.

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