Can Blockchain-based Cryptobanks Overtake Centralized Competitors? We say, yes!

Why is digital banking the future?

People are using online banking without being frustrated and wasting time in the physical banks. The majority of shopping and buying is moving from physical to digital channels across industries every day. People want a simple, convenient and efficient way to buy goods. You can’t deny that having a mobile phone wallet and leveraging it in everyday life is the easiest way to use banking. But what else do you need from the bank? That’s right, nothing. You just need security, convenience and low fee payments. Digital banking is undoubtedly the future.

How Can Crypto Banks Change the Current Institution?

In 1994 Bill Gates said: “Banking is necessary, banks are not”. Today, about 2.5 billion people globally have no access to bank accounts or formal financial services. Cryptobank networks are the perfect solution to this lack of infrastructure! Businesses like Baanx.com can allow any person, business or charity who can pass AML checks to open a Cryptobank using their infrastructure as a template. This would mean that instead of waiting years for banking licenses this portal could mean that eligible constituents could open a bank in as little as 72 hours using this open platform.

Digital banking services can reach places which have never been reached by the physical banks. The banking service is now on its second birth and the solution is indeed cryptocurrencies. Cryptoeconomy and cryptocurrencies in particular are growing at an exceptional rate.

Traditional Bank VS Cryptobanks

Market changes that are always adapted to new technology will make changes to the economic order as they have to adjust to the new system. The use of blockchain implementation technology can undoubtedly have an essential role in the crypto-economy. The purpose of blockchain in the application of digital banks certainly has an advantage when compared with traditional banks. Here are some benefits of Cryptobanks:

• Use of a Cryptobank knows no national borders and is not limited by binding capital and regulation

• The number of clients on a traditional bank will be limited by the country’s operations and systems. However, in a blockchain bank, it is not a limitation unless there is an absolute technical limit

• The level of scalability in a blockchain bank is much faster and cheaper when compared to traditional banks that tend to be expensive and slow

• Each can determine the value of transfers made in a bank blockchain unlike a traditional bank that sets a value limit

• The advantages of Cryptobanks also lies in transaction costs that are only 0.5%

• Time to process a transaction within a blockchain bank can be quickly resolved without having to wait for several days.

• Withdrawal of significant funds can be made promptly without having to wait or make a deal first

• Cryptobanks have decentralized controls so it will be faster by checking and storing transaction data

• The integration of new services and partners can be done quickly

• Currency conversion inside the blockchain also reaches the lowest point of 0%

Baanx.com — Fighting Traditional Banking with Cutting-Edge Technology

Baanx.com is the World’s 1st Decentralised Blockchain Cryptobank with an Open Access, Open Source and Open Ownership platform — sharing bank licenses between Cryptobanks.

They are a Cryptobank with a difference, allowing qualified businesses, individuals, banks and charities to launch their own Cryptobank on the platform using rules based, smart contracts.

Baanx.com puts the end user in full control of their money, a trait the financial sector does not offer. With digital currency, there is no need to trust a third party for safekeeping one’s money. People can become their own bank and carry their cryptocurrencies with them wherever they go.

Baanx.com will deliver huge change to the market and disrupt traditional banking by scaling the size of the Cryptobank network to levels big enough to rival the established financial services sector. Their mission is to bring daily use of Cryptocurrencies to the world and create an unopposed banking service for both Crypto and Fiat currencies.

Baanx.com aims to be the largest Cryptobank in the world, with so many brands and customers, that they can prevent traditional banking institutions from shutting the Cryptocurrency movement down.

In conclusion

The explosion of cryptocurrency in the media may make it seem like a dizzying phenomenon that only the most full-time enthusiasts can handle. In reality, the emergence of all-in-one service providers such as Baanx.com puts the power of advanced AI systems and real-time world currency metrics in the hands of any savvy individual.

Join the Fight Today!

If you are interested in learning more about the Baanx.com movement then check them out at www.baanx.com and learn how you can support change in banking, decentralisation and open source, open access and open ownership for Cryptobanks.

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Written by:

Sarah Murray

Communications Manager at Baanx.com