@geraldonx
> They still need middlemen for their operations.
> They are partially regulated by the government.
> They are considered to be off-chain even though they deal with cryptocurrency.
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● This system, over time, has proven to be inefficient. This is because of:
- Centralized control ÷ A system in which one body or individual has control of everything being said and done in the corporation or business.
They decide the fees and the rate at which money is exchanged — in banks, e.g., the Central Bank or World Bank.
From who can deposit to how much can be deposited, they must have a say in it.
This centralization is not only in banks but also happens in big tech companies like Amazon, Google, Facebook, etc.
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- Limited access ÷ Not everybody has a bank account, so it might be difficult to go about daily business in this day and age — not to talk about getting loans and buying things online.
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