The banking system demands fees of many sorts including the remittance fee which is the devastating addition to the already balance shrinking system of the banks. The founder and the chief executive officer for WazirX, Nischal Shetty explains that the cryptos allow the users to conduct transactions without minimal or no fees at all. The extra money that is supposed to go to the banker wallets, can be in turn used by the entities that actually own the money. The bankers work so as to fill their pockets in without paying much heed to what are the exact services and how much of attention do the usual users demand. According to Shetty, around $2.3b is thrown in the name of remittance money which is rather shocking. With manipulation level to full extremes, banking system is the crude version of what the cryptos bring to the table as Shetty describes. BlockPublisher carried on with the discourse extracting our remarks revolving the very discussion.
The banking system deducts a net remittance fee of about $2.3 billion which the cryptos can avert totally or present a minimal version of it. The saved money can then turn to the families who actually own the money instead of the pockets of the bankers.
The cryptos include a decentralized environment that keeps a firm check the all the nodes are treated equally and that no one can impose dominance in terms of monetary strength. This turns out to be the case that the banking system elevates and promotes in order to snatch the wealth away from the users’ hands and invest for their own ventures providing the users very little money for the ventures’ hefty outcomes.
Nischal Shetty has previously alerted the Indian authorities that the banking system must be duly cared for on expedited basis. This stunt might be a little difficult for Nishcal but it will surely pay off in the end. He believes that the money belongs to the person who owns it to begin with, not to the bank that is likely to check the money out and invest it into other ventures and inducing sponsorships.