Bitcoin
BTC$64 364.24

-0.32%

Ethereum
ETH$3 416.30

-0.72%

Tether
USDT$1.000190

-0.02%

Binance Coin
BNB$570.57

-0.84%

Solana
SOL$156.65

-2.73%

XRP
XRP$0.630018

8.50%

3 Best Alternatives to Traditional Banking


27 Feb 2019

#Bitcoin

There used to be a time when the traditional banks were the safest way to go about storing your money. However, due to the banking royal commission, a lot of people are turning away from institutions, and are seeking out other ways to manage their personal funds.

This is a trend of the modern age when alternatives to traditional banking keep appearing. As such, the younger generations are especially prone to seeking out different solutions.

Of course, there is always the option to stash your cash under the mattress and hope it will remain safe there. You will not see any interest, but you will also not have to deal with account keeping fees either. However, as mentioned, there might be other interesting and even profitable solutions.

So, if you are ready to say goodbye to a traditional bank (or if you already did so), here are your options regarding what to do with the cash.

Cryptocurrency investments


Most people have probably already heard of cryptocurrencies, Bitcoin, blockchain technology, and similar high-tech sounding terms. It has been a decade since this technology came to life and a few years since it started gaining worldwide popularity.

Even so, it might still be confusing to many, so let's quickly break it up. Cryptocurrencies are a new form of money which comes as digital cash. Bitcoin is the prime example, and the first cryptocurrency to see the light of day. It is decentralized, meaning that no centralized authority or institution has control over it. Instead, it is managed by the community. As for the blockchain, this is the technology that underlies cryptocurrency.

Due to its decentralized nature, high speeds, universal availability, and a certain level of anonymity (which is really more like pseudonymity), Bitcoin took the world by storm and inspired the creation of countless other cryptocurrencies known as altcoins. While Bitcoin, as well as many other coins, aim to be digital cash — some of the altcoins have different goals in mind, such as fueling development platforms, disrupting countless industries, and changing the world of business.

For the time being, cryptos are popular among regular people, and a handful of countries has accepted them. Most, however, did not, and it should be viewed as an emerging trend which currently still lacks regulations. As such, they have yet to reach mass adoption, but many believe that the day will come when people will be able to pay for pretty much anything via crypto. Interested yet?

P2P lending


Another good application for the money you own is to use it in P2P (peer-to-peer) lending. In recent years, a lot of platforms emerged with the goal of connecting borrowers and lenders directly. There is no need to go to the bank and pay their fees, simply connect directly to the lender/borrower and do your business at much lower interest fees.

There are risks here as well, of course, so be cautious and always check the fine print, the interest rate, and whether the service you're looking into has the necessary licenses.

Credit unions


Finally, there is another option, which is considering a credit union. For all intents and purposes, they are just as safe as any traditional bank, with the difference being in the fact that these are customer-owned banks.

Their popularity has also grown in recent years, with customer-owned banks usually being made up of credit unions, building societies, and mutuals. However, they are still a part of the finance sector, so potential acquisitions and merges remain a possibility.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 77.6% 43 $64 364.24 -0.32% 11.97% $1 269 716 723 462 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 76% 50 $3 416.30 -0.72% 10.22% $410 712 230 766 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94% 1 $1.000190 -0.02% 0.03% $113 246 119 775 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 78% 43 $570.57 -0.84% 9.29% $84 205 292 105 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 81.6% 36 $156.65 -2.73% 11.05% $72 712 740 994 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 78% 43 $0.630018 8.50% 44.13% $35 158 388 966 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 92% 1 $1.000058 0.01% 0.01% $33 786 650 760 USDC 7 days price change
8 Toncoin (TON) TON Toncoin predictions 86.4% 13 $7.13 -2.95% -1.57% $17 903 663 385 TON 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 73.2% 55 $0.122344 -1.78% 14.15% $17 759 171 787 DOGE 7 days price change
10 Cardano (ADA) ADA Cardano predictions 77.6% 36 $0.440835 0.42% 14.99% $15 820 624 845 ADA 7 days price change
11 TRON (TRX) TRX TRON predictions 79.2% 44 $0.133868 -0.20% 2.14% $11 660 500 653 TRX 7 days price change
12 SHIBA INU (SHIB) SHIB SHIBA INU predictions 79.2% 37 $0.000019 -2.98% 14.79% $11 047 738 934 SHIB 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 76% 41 $27.63 -2.12% 7.39% $10 907 302 760 AVAX 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 94% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change

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