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Three years ago, I was so excited to open my first bank account in a local bank and to get my first debit card, which was really difficult because I had to provide all the legal documents, even though my parents were the source of income. After applying and providing all the documents, within two months I received a letter from the bank that says my account is opened, now they need further verification for debit card and cheque book in order to collect, I thought it is a normal legal procedure from which everyone might have to go through. They asked many questions during the procedure, for a while I felt I don't need a bank account anymore, but my parents encouraged me. So I ignored all types of behaviour from the bank officials and got my first bank account. But something weird happened.
Something Weird
This year suddenly my bank account was blocked and my MasterCard as well. I wasn't able to make any transactions anymore, nor able to use my Mastercard. Then, I went to the bank to ask why they have blocked my account. Surprisingly, they asked for all the legal documents again and said I can't access my own money until I provide them with all the documents. ugh! For one last time, I have provided all the documents so I can withdraw my savings and never look back to our centralized banking system.
Blockchain Is My New Bank Account
Thanks to Blockchain technology, for providing us with a decentralized system, where we can store our savings and can use it as a payment method as well. But at first, migrating from a centralized banking system to a decentralized blockchain wasn't easy, mainly because of lack of awareness. I took my time in research and understanding before adopting blockchain as a bank account. Half of my savings have been transferred on a blockchain through Bitcoin and different altcoins. The rest of the savings will be transfer soon after finding more new potential altcoins. But what made me convince to step into blockchain technology?
Why Blockchain?
There are tons of definitions to understand blockchain technology, but I am going to use the way how I understood this concept easily. Blockchain is a type of Distributed LEDGER Technology (DLT), in which transactions are recorded called Hash.
Key Features of Distributed Ledger (DLT)
- Programmable - A blockchain is programmable i.e. Smart Contracts.
- Distributed - All network participants have a copy of a ledger for complete transparency.
- Secure - All records are individually encrypted.
- Immutable - Any validated records are irreversible and cannot be changed.
- Anonymous - The identity of participants is either anonymous or pseudonymous.
- Time-stamped - A transaction timestamp is recorded on a block.
- Unanimous - All network participants agree to the validity of each of the records.
Risk You Must Know
- 51% attacks.
- Proof of Stake vulnerabilities.
- Double spending.
Conclusion
It's been months since I have moved to blockchain technology. My savings are secure, and I can make payments where ever crypto is accepted as a payment method. Even with time my savings is increasing in value, this is one of the major benefits of blockchain technology. There are some risks but the benefits are far more than a disadvantage.
In my opinion, we all should get rid of our centralized banking system and join a decentralized blockchain. As a beginner don't invest all of your savings, just get started with some small amount, do study, research and gain some experience in blockchain. Once you feel qualified, then it means you are ready to step into the future of blockchain technology. It's a good thing to prepare yourself for the survival in future. There are more innovative technologies are coming in the second decade of the 21st century, it's important for us to keep ourselves up to date with the new stuff coming. Fiat currency might come to an end soon.
disclaimer: I am not a financial advisor. Kindly do your own research before making any decision. I am not responsible for any financial loss. You are solely independent to make your decisions. I do my own research before investing and then share my experience so others might get benefit from my little knowledge. The article is completely written by myself. No part of the article is copied from any source or website.
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Some referrals, if you would like to join.
Binance - read.cash - CryptoTab Browser - HoneyGain
