Will Crypto Take Over the Traditional Financial System?

5:37 pm, Mon, 31 May 21

The numerous drawbacks of the traditional financial system are one of the major reasons why a vast audience has now diverted their attention towards the cryptocurrency industry. According to Charles Hoskinson, creator of Cardano, the traditional financial system is ‘corrupt’ and digital currencies are the ‘antidote’.

As reported, the entrepreneur emphasized the importance of cryptocurrencies and claimed that the central banks will slowly fade away as they are corrupt and slow. He also expressed that the only solution to the current financial system is the digital currency industry, which is undeniably on the rise.

Considering the growing significance of crypto assets it can be a suitable time for interested parties to invest in cryptocurrencies if they haven’t already. The safest way for potential crypto investors to purchase Cardano is by using a secure exchange such as Binance or Kraken.

Can Crypto Really Be the Solution?

Digital currencies can be seen as an innovation in the financial world, however, the important question is, can crypto be the answer to the corrupt and outdated traditional financial system?

According to Charles Hoskinson, it is certainly the case. The creator of Cardano and co-founder of Ethereum is one of the most influential people in the world of crypto. He recently shared his thoughts on the current financial system and stated that it is not as efficient as it once was. He also stated that the central banks are no longer significant institutions and they will soon cease to exist, as they are slow and corrupt.

Hoskinson stated:

You can’t go back. You can’t change that, you can’t put that genie back in the bottle. Central banks will fade away. It’s just going to happen. Your conventional legacy banks are going to fade away. The payment rails that are so nepotistic, and corrupt, and slow.”

He continued to highlight the significance of digital assets and defects of the current financial ecosystem by giving several examples.  

Based on his examples, Charles Hoskinson stated that digital assets are the “antidote” to the corrupt and defective financial system and will “change the world”.

The creator of Cardano stated:

Never allow them to say that ours is the industry that’s the risk. Ours is an industry that’s the antidote to the corruption and nepotism that we found. Theirs is an industry of frustration that has now been replaced by an industry of creativity and innovation.”

In theory, it can be anticipated that crypto might overtake the traditional financial ecosystem at one point in time. However, it is yet to happen in real life.

Have you Invested in Crypto Yet? If Not Here is What you Should Know

Given the recent achievements and technological advancements announced for Cardano, it can be said that the creator and enthusiasts of Cardano are in high spirits about the future of crypto. According to reports, the recently launched Alonzo upgrade for ADA can make it a direct competitor of ETH.

However, Cardano or Ethereum is not the only crypto asset in the market. Someone looking to step into the crypto space should have proper information about the cryptocurrency industry so they can make an informed decision and invest in a digital asset that is according to their needs and requirements.

Therefore, people who have not yet invested in crypto should choose a crypto asset and use a secure exchange if they plan on trading or investing in crypto. Bitcoin, Ethereum and Cardano are some of the popular crypto-assets potential investors should know about.

Binance and Kraken are two of the safest exchanges to choose for people interested in buying Cardano. On the other hand, if they are looking to purchase Bitcoin or Ethereum then SwissBorg and Kraken are two of the top exchanges to use.

Novice investors of BTC and ETH can also opt to become crypto traders and enjoy the benefits if they use a secure exchange such as Bybit.

The crypto space has unlimited opportunities for all interested parties including people who are beginners or have a busy schedule. In such a case, they can opt for copy-trading by using PrimeXBT Covesting and enjoy the returns generated as a result of direct copying of an experienced trader’s trades.