Why HEX is KING of DeFi.
In wake of FTX, Celsius, 3AC, and many more large, centralized entities failing and billions of dollars in customer funds lost forever, it’s time we take a good hard look at what the difference between cryptocurrency and traditional banking really is.
Traditionally, banks are a storehouse for an individual’s money and provide the feeling of ‘safety’ for an individual’s finances bottled up as convenience. Unfortunately, giving up security for convenience comes with drawbacks.
Banks often cannot allow individuals to withdraw large amounts of funds at one time without special permissions or even placing orders in advance. In short and without going too deep into the banking system itself, Banks are middlemen that create an increase in feeling of security but a loss in freedom of financial movement.
To make matters worse, we have seen as of late that banks can and will freeze customers funds due to either law enforcement request, or internal decisions.
If you then tack on the simple fact that every dollar is going down in value every single day due to the currently monetary system’s inflation, we have a system that is designed to make it hard to freely move your money all while the banks are being enriched and your dollars are become less valuable at a currently alarming rate.
Cryptocurrency was invented to be an alternative to relying on the current monetary system and relieve the need for middlemen; Bitco