The fight indeed is going on between digital cash and bank deposits to win over customers. And for now, the public is not yet sensitized fully about the cryptocurrency market, which gives banks an upper hand. The banking system is all they have known about the financial system since the early stages of their lives. The public believes banks offer high safety for their payments, which they feel comes at low fee levels and they also offer more payment solutions, all in most cases at low interest rates for example loans. The trust in the banking system is still cemented in the public but any lapse in the banking system would give the people no choice but to turn to cryptocurrencies which people have as the top most alternative to the banking system. Financial and political uncertainities indeed would trigger this. But I feel it's not going to take long for people to start having more trust in cryptocurrency over the banking system. Blockchain technology is growing at a very fast pace, more and more people getting aware about it with the recent rise in prices that have turned many into billionaires in a short time playing a role in this awareness campaign. I believe with cryptocurrency, a system that will block the market from being used for illegal and illicit activities is getting worked on. This will win more trust from governments and the public in general.. And we shall see cryptocurrencies proving a real challenge to the banking system in terms of attracting more customers.
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