Can Big Eyes Coin, Ripple, and Ethereum replace existing financial systems?

Can Big Eyes Coin, Ripple, and Ethereum replace existing financial systems?

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After Bitcoin and Ethereum ruled the crypto industry for over a decade, the time has come for new players like Big Eyes Coin (BIG) to take the procession forward with excellence in technology and innovation.

There is no question about the rise of cryptocurrencies in today’s era. After spending over a decade in a quagmire of darkness and negative propaganda, the crypto industry is all but ready to present a new financial system that is primed to replace the existing one or even run by the side.

This blog will delve more into the discussion and explore the possibilities and implications of cryptocurrencies on traditional global financial systems.

Can Cryptocurrencies run simultaneously with existing financial systems?

The potential for cryptocurrencies like Ripple (XRP) and Ethereum (Ether) to replace the mainstream global financial systems has long been a matter of discussion for many.

Can Two or More Financial Systems Coexist?

It has also been one of the related discussions when it comes to the potential for cryptocurrencies to coexist with the existing financial systems in the world. It is possible for two or more global financial systems to run simultaneously.

For the record, the world already has multiple financial systems that coexist and run simultaneously. These financial systems operate based on different regions and countries, e.g. traditional banking, Islamic banking, barter, etc. Some of the financial models are widely used and hence are dominant. On the flip side, other smaller options serve their particular niche markets in some parts of the world.

These financial systems may differ in terms of the currencies they use, the types of financial products and services they offer, and the regulations that govern their operations.

The majority of these existing financial systems are interconnected and interdependent. That’s why the possibility of cryptocurrencies serving as an alternative financial system gets more steam.

Challenges for the Crypto Industry

Cryptocurrencies have long been braving against negative propaganda by different circles.

a) Extremely Volatile Option

Cryptocurrencies are regarded as a highly volatile option. Investors, businesses, and traders involved in cryptocurrency trading are always wary of high volatility in crypto prices, thereby making it difficult to accept them as a form of payment.

b) Lack of Control

As we know, cryptocurrencies are not regulated by any financial regulator or government. This lack of control can emerge as a hurdle for government agencies to tackle illegal activities like money laundering and tax evasion.

Opportunities for the Crypto Industry

Apart from negative propaganda about various shortcomings, cryptocurrencies also offer a multitude of opportunities.

a) You Can Be Anonymous

Many traders prefer to stay anonymous while making financial transactions. Traditional financial systems require people to share their personal information and verify their identity at the time of financial transactions. On the contrary, cryptocurrencies allow their users to send or receive payments without having to reveal their identity. It sounds perfect for many individuals, especially the ones existing in countries with unstable or corrupt governments.

b) No Restrictions

Cryptocurrencies set their users free. Unlike traditional financial systems, cryptocurrency traders can send money to countries where traditional arrangements fail to operate. Furthermore, many people can use cryptocurrencies to avoid currency exchange rates, which are a costly affair, especially for foreign transactions.

c) Easy to Access Financial Services

Another aspect that can build the case for cryptocurrencies to replace the existing financial systems is their easy-to-access financial services. For example, a huge number of people living in developing countries do not have access to traditional financial services, such as banks. The unavailability makes it difficult for them to save or invest their money. On the contrary, cryptocurrencies enable these people to access financial services from any part of the world, using only their smartphone and an internet connection.

The traditional financial systems have been here forever and the fear of getting replaced has already sent a chill down their spine.

With the launch of smarter and more innovative cryptocurrencies like Big Eyes Coin, Ripple, Dash, Verse, and lots more, the crypto industry is finally all set to offer the world an alternative to the existing financial model.

How Can Cryptocurrencies Replace Existing Financial Systems?

Cryptocurrencies have managed to survive against the odds. The time has come for cryptocurrencies to realize their true potential and emerge as an alternate financial system in the world.

The innovative nature of cryptocurrencies allows them to revolutionize the way people store and transfer value, thereby replacing banks. The crypto industry is backed by state-of-the-art blockchain technology that allows them to become the core mode of payment in various industries like real estate, gaming, healthcare, and supply chain management.

What Needs to be Done?

Cryptocurrencies do have a great chance to coexist alongside traditional global financial systems. They can achieve this goal by cutting down the cost and time of financial transactions, especially cross-border transactions.

This could be the very reason why cryptocurrencies might replace existing financial models as people would love to complete their financial transactions within minutes and without having to rely on intermediaries like banks.

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Key Takeaways

While cryptocurrencies are still evolving into an innovative force to reckon with, they present the potential to disrupt existing financial systems at some point in time.

They offer numerous benefits, such as increased privacy, lower transaction costs, and faster transaction times. On the contrary, many challenges need to be addressed, such as the volatility of their value and the lack of regulation.

Despite the odds, cryptocurrencies are set to revolutionize the way we store and transfer value, and it will be interesting to see how this technology develops in the coming years.

Find Out More About Big Eyes Coin (BIG):

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Website: https://bigeyes.space/

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WARNING: The investment in crypto assets is not regulated, it may not be suitable for retail investors and the total amount invested could be lost

AVISO IMPORTANTE: La inversión en criptoactivos no está regulada, puede no ser adecuada para inversores minoristas y perderse la totalidad del importe invertido

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