Cryptocurrency And Conventional Financial Systems
Basic differences between Cryptocurrencies and conventional financial systems
Cryptocurrency is a digital asset in a decentralized blockchain world with anonymity, unassailability, and transparency.
Decentralized assets there is no central authority to control them, you have absolute control over your assets. While conventional currency is under the control of the bank.
Transaction Fee
Cryptocurrencies have higher transaction costs than convention currencies, while convention currencies have lower fees.
Transactions are safer.
Cryptocurrency transactions are safer than conventional currencies.
Anonymity.
Non-transparent transaction details. Although a transaction can be publicly enabled and everyone can see the status of a transaction, they cannot trace it back to the user. As opposed to currency conventions that are known to banking authorities and they can contact you, it is because the return address is fully stated and stores all your sensitive information.
Fast transaction.
Make Crypto Transactions fast with seconds and one click. While conventional transactions that take hours in the execution period. And transaction fees in conventional financial systems are higher than cryptocurrencies.
Non-repudiability
The fast and anonymity nature of transactions may sound cool, but you shouldn't forget the non-refundable nature of cryptocurrencies or there is no way to get them back, if you make a mistake with the user's address. Whereas conventional currency is able to handle such problems.
Hey there. I's like to remind you about the community rules. This post would fit better in Leofinance, a community you know very well already.
OCD community is for topics that don't fit in any other community and should be used when you don't find a niche community for your post.
Here's a guide I put together to help you learn about how communities work and why you should use them -> Communities Explained - Newbie Guide. I also put together a list of communities, which is not complete, there are much more communities on Hive, but it will help you get started.
Once you posted your post in the right community, you can then cross post it to OCD community. Here's a guide about cross posting.
Please don't delete any post with the purpose of reposting it in another community as that can be considered abuse. Leave this post here, you'll get it right next time.