ICO projects as an alternative to Banks

Lebedev

Lebedev

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Jun 26, 2018
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Governments having control over common people’s finances are awful - this is the idea that affected Satoshi during the world financial crisis so much that he invented a new way of payment - cryptocurrency. Working on his project he had a lot of ideas how to change the world economic system so there was no opportunity for no one to control someone's money - brand new alternative to banks was founded.

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Cryptocurrencies as its creator had dreamed are now fully uncontrolled and unregulated by financial institutes, these are payment systems that work the way everyone understands and accepts. This way can overthrow modern financial institutes and the old banking system, what is more, it has already done that in a few ways and even in a whole country. This is Iran, an East country that was excluded from the SWIFT financial service in November due to the US sanctions. It now can't take part in international payments and is isolated from the outer world.

Fortunately, cryptocurrencies and tokens of different ICO projects can be used without any limits, and now it is the only way for Iranians to do payments both inside and outside the country staying safe. On the other hand, Iran as a country can still get international payments such as investments and money transfers for business development. By the way, it's one of the main ideas of crypto, that appeared at the time of bitcoin release - anyone can use it freely, even including the government.

On the other hand, in case your country isn't outside the world economic system, cryptocurrencies and a variety of modern ICO projects have a bunch of things to offer you. The most important is an opportunity to keep your finances safe from others, however in blockchain anyone can see all the transactions and how much money on your wallet - what can be found as a big disadvantage.

Bitcoin and altcoins are extremely useful if you need to save money during the crisis or if you are in a country, where government would like to control every your move. But modern coins are absolutely useless if we talk about everyday life: confirmation of a transaction can take up to 10 minutes, comparing with a few seconds needed for credit card. However, in crypto you have money on your wallet as soon as transaction is in blockchain and it can't be canceled, while bank will need a few days to send the money for you as a seller, what is more, bank may return the money back if it finds any reason to do so for as long as half a year or even 1,5 year when transaction is related to crypto.


Cryptocurrencies are about to affect our vision about payments and the bank system itself a lot. Not long time ago, the ICO project of TRON has ended, it gained giant amount of investment and is going to create a platform inside the telegram which will allow doing millions cryptocurrency payments a second inside the messenger. And when it is done, all of us will finally realize how many benefits does the crypto industry has and it will become an inseparable part of our daily lives, giving advantages to everyone from sellers to whole countries.
 
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