As we all know, the last few years have witnessed major changes in global economy. With the advent of decentralization, a new form of asset came into being- one that has the potential to replace liquid assets. While banks continue to remain at the core of the financial system, there’s potential threat of these being toppled from a position of imminent power and authority. Big banks such as the Bank of America and J.P. Morgan Chase & Co. have already accepted the fact that cryptocurrencies have to be incorporated by the banking system so as to maintain the status quo. No doubt, cryptocurrencies such as Litecoin discards the need for banking transactions. Neither do you need to open a bank account, nor do you need to pay hefty account fees. Thanks to the Blockchain technology, your Litecoin cannot be hacked by a third party unlike your bank account.
The long-standing debate regarding Litecoin’s association with the banks has come a long way. Many banks have already started to explore the possibility of incorporating the Blockchain technology to ensure speedy transactions at low costs.
On a surface level, banks may seem like a good old option for traditionalists. Global banks have a very good customer base, which far exceeds the recent popularity of Litecoin. Only a few handful are using Litecoin at the moment and the question still remains- can this new cryptocurrency take over the dominance of fiat currencies and become ‘the thing’ in the mainstream global market? There are myriad possibilities that this digital asset has to offer to the consumers and only time will tell if it can replace the traditional banking system in the near future.
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