Cryptocurrencies have had an incredible year, surpassing the $3 trillion mark at one point in 2021. According to Chainalysis research, crypto adoption increased by more than 2300% in 2021 as compared to 880% in 2020. This adoption was mainly seen in developing nations of Asia, including Vietnam, India, and Pakistan, proving that crypto has been easily accessible to emerging and under-developed nations where banks have failed to create a suitable foundation. With easy internet access, crypto has expanded to every corner of the globe, thanks to its features like fast and cost-effective transactions, transparency, complete ownership of money, and strong privacy. The flippening of TradFi has begun with crypto reaching the ends of the world. Banks Fail to Reach Billions Banks have always been plagued by many challenges. One critical problem is that the majority of banks deliver services through intermediaries who demand high fees. For example, making a large purchase of a house, car, or land involves a lengthy procedure with several hoops to go through, including attorneys, notaries, and other professionals that cost an arm and a leg. Another issue is that banks are centralized, which means they are controlled by the authorities, raising the possibility of devaluation or theft. Moreover, today’s banking infrastructure is such that banking services are inaccessible to around 1.7 billion adults worldwide. Similarly, the sluggishness ...
