Why Crypto is more secure than banks. Explained simply for beginners.

here it goes.

Cryptocurrency is often considered to be more secure than traditional banking systems due to several technical factors related to its design and architecture.

Firstly, the decentralized nature of cryptocurrency means that there is no central authority controlling transactions or storing data. Transactions are verified by a network of nodes that reach consensus on the state of the ledger through a process known as "mining". This distributed architecture makes it very difficult for any single entity to manipulate the system, as they would need to compromise a large number of nodes simultaneously.

Secondly, the cryptographic algorithms used by cryptocurrency systems are extremely complex and secure. These algorithms are designed to protect the integrity and confidentiality of data, making it very difficult for attackers to intercept or manipulate transactions. Cryptocurrency transactions are also verified through a process of digital signatures, which provide a high degree of assurance that the transaction has not been tampered with.

Also, the transparency of the cryptocurrency ledger makes it difficult for fraudulent activity to go undetected. Transactions are publicly visible and auditable, which makes it much harder for bad actors to cover their tracks. This also makes it easier for authorities to trace criminal activity and recover stolen funds. there are of course exceptions to this rule. Which are privacy coins. These cryptocurrencies are untraceable or near.

Finally, the user-controlled nature of cryptocurrency wallets provides an additional layer of security. Users are able to store their funds in a digital wallet that is protected by encryption and other security measures, and are able to control access to their funds through private keys. This gives users greater control over their finances and reduces the risk of theft or fraud by third-party institutions.

This only skims the surface on why cryptos are safer than our current banking system according to blockchain specialists. there are also many arguments why banks can be safer than crypto. I can cover that topic too if you guys like this post. As always, do your own research and have a great day!