Monero Vs banks

Cryptocurrencies are on fire these days with the recent hike in the Bitcoin prices. Now more people have started taking calculated risks in the crpytomarket which has seen a great seepage of alternative Blockchains and Bitcoin forks. If there’s one altcoin which has the power to take on Bitcoin’s soaring popularity in the immediate future, it is Monero. First launched in the year 2014 by the name BitMonero, Monero or XMR is a great form of investment for even a layman who doesn’t know much about ROIs.

An open-source, private currency which focuses on decentralization and scalability, Monero (meaning ‘coin’ in Esperanto) became a sort of market sensation by mid-2017, when its market capitalization increased from a mere $5 million to a whopping $720 million. It is secure and inexpensive (the transaction costs are comparatively lower) which makes it a popular global network for payment as well as crypto-mining. XMR doesn’t operate via wire transfers as banks do, thus negating all chances of fraudulent chargebacks and long holding periods. Since XMR is not a centralized currency, no tax can be levied on it and no one country can ban it in the name of law. Fiat currencies, on the other hand, levy charges on transactions and exchanges as imposed by the government.

Why Banks Are Becoming Redundant

Banks charge heavy interests on credit cards and loans, which makes you wonder if opening a bank savings account is actually a good option. In case you are an account holder in any of the centralized banks that are government-operated, you would have already known the demerits by now. Banks charge an annual fee on all savings or business accounts which again makes you think of your future tie-ups with traditional financial institutions.

Why Monero is better ?

Many must have noticed by now that more and more businesses have started accepting XMR as a form of payment. It is a far cry from the conventions set forth by the traditional banking system. You cannot physically touch your XMR coins, nor do you need a bank locker to store the same. This internet-based digital currency also comes in the form of an app, all thanks to Monero GUI wallet. Graphic User Interface wallets enable you to view your overall balance, available cash, staking balance, as well as your incoming and outgoing transactions. These are operative 24/7 and you get a superior return of investments than banks offer, owing to the fact that the value of XMR has been consistently rising ever since its first wakeup call. Also, you do not have to pay any monthly or yearly fees. More and more banks have started to acknowledge the technology behind Monero that ensures user safety and security.