A friend asked; Why should I choose crypto over Bank?

While awaiting the arrival of the lecturer, we decided to take advantage of the lapse by discussing other beneficial issues that are not related to the classroom. We usually do this just to get ourselves enlightened and to also relieve the unquantifiable stress of medical school. During these times, issues like politics and business are usually discussed. For today, we dived into the crypto universe and I was so surprised, there are many young blood who do not still know the advantages of crypto over fiats and Banks.

While the discussion was on and the few enlightened ones were testifying to how cryptocurrencies have benefited them, the misinformed ones watched and got even more curious. One of them who could no longer withhold the curiosity and the doubts inside Him decided to let it out by throwing in the question: "Why should I choose crypto over Bank?"

Even though the question was obviously intended to insight argument, the atmosphere soon became calm as I tried to give my best answer. I could easily tell from the expression that an impression was made and enlightenment rendered. Below are few points I was able to make;

With crypto, you are your own account manager

Anyone who understands the banking system knows there's someone such as an account manager who watch over and execute most of your transactions for you. If your account is fat enough, you need to hire an account manager and get him paid. The aim of this is to reduce the stress involved in Bank transactions and to reduce your number of visits to the Bank. The ugly side is that, your expenses on account maintenance increases.

With crypto, you don't need an account manager and you don't have to leave your bed to any bank to execute any form of transaction no matter the volume. You simply access your account and execute your transactions yourself and at will. By this, you bypass the stress of having to give someone else a call to execute a transaction for you and the absurd charges you would have incurred for that.

With crypto, no one monitors your transactions (privacy)

The Banks are government agents and a great tool used in monitoring the people. You would have to be invited for questionings whenever an unusual amount of money lands in your account if ever you still want to access your funds. This discourages a lot of people from keeping their hard earned money in the Bank and they then resolved to keeping it in their safe at home.

With crypto, your account can never be freezed by anyone. No one can access your account except you(with your private keys). Even though transactions are made public on the blockchain, the origin can't be traced by anyone and you remain anonymous and completely safe.

With crypto, there's lesser to no queued transaction.

This is one of the most discouraging thing about the banking system. Transactions are mostly never instant. You would have to wait for hours or days for you to receive a payment or for your payment to get delivered. This doesn't solve issues that require instant interventions. You simply can't help a friend that got stuck at the bus station using the bank.

But cryptos like BCH have changed this scenario and rewritten the story for many testifiers. Transactions are almost instant within few seconds and could help out in life threatening situations.

With crypto like bitcoincash, you wouldn't have to pay absurd fees just to move your own money.

The Bank charges a lot! They are probably not to be blamed totally since they have to keep the facility running. But at the user's end, it's so discouraging. For the common man who just wants to make payment with few dollars, there is usually a great effect.

At least I can trust bitcoincash as a crypto when it comes to fee. You hardly would even notice the charge.

With crypto, there's no limit to number of transactions or transaction volume per time.

Banks limit the number of transactions a customer could execute per day and also there is usually an upper and lower limits to the amount one could transact especially when sending. This is so disturbing to people wanting to send huge or minimal amount.

With crypto, there's no limit to the numbers of transactions even per minute. There is also no upper or lower limits to the amount transactable. At least I can trust BCH when it comes to this. You can send even less than a cent.

With crypto, you potentially can earn very high returns from your savings.

No Bank offers more than 12% interest rate per annum even though, they can give your money out as loan.

Crypto is a highly volatile asset and there is a high chance you get high returns from your savings. Since inception, there has been a geometric growth in price of crypto. This is not to say that you shouldn't weigh the risk.

• When it comes to my personal recommendation for a crypto that could offer all the benefits outline above, it is definitely going to be bitcoincash.

Crypto is changing the world and pushing the banking system to the edge for good reasons and I don't think you or anyone else should be less informed.