Can blockchain replace banks?

30 Sep 2022 By PAYCEC

First, let's go over why blockchain is still in existence today:

  • Because Bitcoin is not backed by any person or organization, transaction costs are lower.
  • People can send, receive money by scanning a QR code or using an online wallet.

In short, payment processing using blockchain is quicker and more cost-effective since there is no third-party intermediary.

For instance, PayCEC charges customers 1.5% per cryptocurrency transaction , while they are charged 3.4% per card transaction.

However, we must not ignore blockchain's concerning drawbacks. To access the Bitcoin wallet, you must first own a key, and you will run the risk of losing your wallet if the key is missing.

Besides, the price of bitcoin fluctuates constantly; it can plummet and skyrocket to its peak, after which the market will quickly lose momentum.

For the time being, all we can say is that blockchain technology will be used much more for preventing fraud in many fields such as provenance or property rights.

But can blockchain replace banks? Only time will tell.

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