Banking System

When Bitcoin first appeared on the digital scene in 2008, the world snubbed it. Sure, it happened during the economic crash, but traditional banking institutions couldn’t become obsolete overnight due to cryptocurrency. Or could they? What started as a trend quickly turned into an opportunity for people worldwide and a threat to others. Today, over a decade later, Bitcoin is a global sensation. But, can cryptocurrency be the future of finance and the economy? Crypto vs. Traditional Finance The crypto…

In simple terms, capitalism is an economy where private entities have the financial power to utilize available resources as they wish. Every investor practices some form of capitalism. Therefore, investors take advantage of capitalism's most significant benefit, which is the ability to create wealth. Capitalism has been beneficial in society as countries grow economically, and living standards are improved.  Strong free enterprises get a significant boost since prices of goods and production levels are based not on a regulating body…

The US Consumer Financial Protection Bureau (CFPB) was formed in 2011 after the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed. Its function is to protect consumers from deceptive market practices. It released a report regarding remittance transfers under the Electronic Fund Transfer Act. The government agency noted in the report that it has been monitoring the nascent developments in the remittance market, which includes the growth of cryptocurrency asset firms such as Ripple. The report shows that…