Random Blog on Crypto (Part 74) : The Impact of Crypto on the Traditional Banking Sector [Part 02]
This is part 2 on this topic. There are examples of banks losing customers because of crypto. Many freelancers and online workers now receive payments in Bitcoin or USDT. They do not need bank accounts anymore. Companies also use cryptos to pay their employees. Tesla, for example, has accepted Bitcoin for car purchases. These changes show that banks are losing their power over money. In real-life blogging platforms, crypto payments are becoming popular. Many bloggers and content creators earn through crypto rewards. Platforms like Steemit, Hive, and Publish0x allow users to earn digital tokens. These tokens can be converted into money. Before crypto, bloggers had to rely on bank payments or PayPal. Now, they can receive payments directly in their wallets without any bank involved.
Cryptos also impact social media platforms. Some platforms reward users for their content. For example, in Steemit, users get Steem tokens for writing posts. In traditional social media, users create content for free. They do not earn anything directly. Crypto-based platforms give more power to users. They allow people to earn from their work without depending on banks or advertisers. The banking industry sees cryptos as a threat. Many banks now try to create their own digital currencies. They want to compete with Bitcoin and other cryptos. Some banks are working with blockchain technology. This helps them improve their services. But cryptos still give people more freedom. Users do not need approval from banks to make transactions. Crypto removes the control of banks over money. More people are joining the crypto world every day.


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