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What benefits does cryptocurrency have in your country compared to traditional fiat?

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by COINS NEWS 90 Views

In my country, the transfer of money is done feeless and can be done 24/7 through banking applications. That also includes the remittance of money to other countries.

However, there has been an issue recently where hackers/scammers will guess the debit card details and withdraw funds through online purchases. This has been an issue since the start of last year and there has not been a solution. If the hacker gets his hands on slightly large sum of money, the banks will just shrug and say that it is not their problem anymore. In this case, a self-custodian wallet would prove superior especially if it is a 24-word wallet where there are billions of permutations.

There's also an issue where p2p transactions are forbidden and if there's even a single transaction that the banks link to a hacker/scammers' bank account, they will freeze your account. This whole process could take an hour to happen and months to solve. I have had friends who had their accounts frozen for no reason because a hacker/scammer deposited money into their account. Authorities were informed and some were lucky enough to get their account back after a few months and some weren't so lucky. The worst part? Some had their life savings in those accounts. This could also be prevented by having self-custodian wallets.

Cryptocurrency still has ways to go before we will see any adoption of it in my country and there are companies that host events to raise awareness. What benefits do you think cryptocurrency has that beats traditional fiat?

submitted by /u/seazboy
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