How Crypto Currency Can Change The Way You Do Banking?

Posted by Ask Bank ifsc code on March 27th, 2019

Banking is one of the most important sectors that governs the country wealth and is the primary deciding factor of the country global dominance. Being the backbone of the country wealth, banking sector has to be assessed to review the affect that the banking sector is experiencing form time to time. Crypto Currency is a new technology that is soon or later will affect the banking sector as this is a digital currency and not a currency decided by the government or any other authority. This type of currency is mined by the miners and then introduced to the market for the consumer exchange.

Crypto Currency in Mobile Banking

Crypto Currency is used worldwide by many people and there are a lot of people who exchange commodities and services in exchange with the crypto currency. Since it is a digital currency therefore, it requires the digital means to store the crypto value. A digital wallet is used to store the digital currency. Mobile Banking is currently using the very few service and only transactions of the real currency is used. Services like fund transfer, balance Check number, mini-statement, and account balance details.

Crypto Currency in Net Banking

Crypto currency is using the internet as a medium to transfer or to generate the new currency for them. To use the Net Banking and crypto currency is very easy as bank may offer the user to mine the Crypto currency and provide various tools that can support the system.

Why Crypto Currency Is Not Mainstream Currency?

Money is Power and power gives dominance and dominance will create global establishment. The crypto currency is designed and conceptualized in such a way that the power is distributed among the user and you cannot control the currency. To control various indexes of a country currency value it becomes extremely important for the country to keep the currency in control of the central Banking Authority and this is the main reason that the Crypto Currency is not the Mainstream Currency. But, it is important to mention that more and more people are using the crypto currency which is increasing the value of the currency and in near future it can be used instead of the normal usual money.

Source- Bank IFSC Code