For many decades, human civilization has been using monetary system controlled by an authority. Over the years we have some major changes in this monetary system. But still we are facing some major problems in this kind of system, as the currency is controlled by an authority which is obviously controlled by humans. That is why we have been searching for an alternative system, an alternative currency- which will not be affected by petty human activities. In this article, we are going to talk about the problems of regular monetary system. Click here to know about crypto exchange.
Controlling
This is the basic problem with the regular monetary system. The currency is controlled by a central organization which controls the money flow. That is why it comes very important that the policies of the central organization are diverse enough to ensure proper currency flow all over the country. Visit this site to know about crypto exchange.
Corruption
When a group of people have the authority to control a big organization, usually corruption occurs there. As, it is human who controls the regular monetary system, corruption is often found. For example- policies may be taken to help the capitalists which may kill the financial system, which will make poor poorer. Also, people in the power can take unfair means for their own benefits.
Problem of security
This is an obvious problem. In the regular monetary system, it is very hard to secure the money. We see many examples that money has been stolen from banks by hackers. The regular online transactions are often not that much secure. At least for this point, we need a new system, where the transactions will be secured by some sort of technology. Under the circumstances, block chain technology can be a great alternative which can solve the problem of unsecure transaction.