The emergence of blockchain technology has changed the development of global digital payment system business. With the impact of new cryptocurrency projects on banks and other financial institutions, many companies are forced to start making changes to their systems.
In the traditional financial system, the regulator will monitor your operations in order to maintain the integrity of the system, and the process will incur large costs and may be full of fraud. But the blockchain system gains integrity by incentivizing the best interests of the system and allowing anyone to verify it.
Blockchain and cryptocurrency are integrated into all walks of life to solve traditional solutions with safer and more efficient technologies. Although it is well known that it cannot replace cash, it may have the opportunity to replace or cooperate with traditional banking systems. Blockchain as an important innovation field of financial technology, can it replace the traditional banking system in the future?
I strongly believe in Blockchains and different innovations. I do hope that I will move to the Internet one day. I will not depend on anything physical then. I am going to create a digital identity for myself. And of course, in that world I will not need fiat money and banks, only digital currencies, that can't be regulated by anybody. Moreover, there are currencies that don’t change their value every day, so we can use them for payments easily.