The forthcoming layer 2.0 creation of Web 3.0 is marked by the advancement of digital finance and the relentless rapid rise of technology in the global marketplace. A problem can generate countless conclusions that can lead to countless solutions, whether they simplify life or not. With the help of chatbotGPT and Google search (Blackbox AI), the history of the internet is known. I’m not writing about the AI protocol, but it’s the future. Blockchain is a technology that is here to stay in terms of forward-thinking society. The majority of the world’s power fights against this technology because they don’t make as much money from it as they do from the local banks.
I can’t speak for everyone, but due to their way of thinking, not everyone is aware of the nature of blockchain or has discovered it. Creating projects that have access to the testnet, the node protocol, rolling out contracts and so many other things make this space confusing and require further explanation (education).
Whether owned by the private sector or not, the government always controls indigenous banks through its rules and regulations. According to social stratification theory, the lower middle or lower class is actually affected by this rule and order. During this time a cash shortage occurred and the local banks suffered heavily before the previous Nigerian elections started. Many Nigerians had no access to their money. Many civilians from different parts of the nation lost their lives at that time. Why was it impossible for the Nigerian government or central bank to solve these problems at the time? It is because the Nigerian government has already taken control of the power center of the financial system, which is why the local banks in the indigenous region are now behaving like a zombie. This should serve as a warning to local banks at this point. What the POS charges for withdrawals is unimportant to discuss. Due to the massive manipulation of domestic banks, I said blockchain technology would be here to stay. I was able to handle some transactions of the blockchain network during this time without experiencing any stress, and some knowledgeable vendors who really understood the educational nature of blockchain took advantage of it.
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This summary will help you better understand the topic we are about to explore;
Properties of Native Bank Technology
Anything generally accepted as an asset of trade or other forms of financial obligation is considered money. The brilliant economist discussed and emphasized the history of money and its applications so that everyone can understand how priceless and important it is. Based on research that promotes learning and development, Indigenous banks have implemented new laws and policies because outdated methods of saving money do not work and cause the value of the currency to fall. However, education allows consumers to start using their local banks to save and invest in bonds, fixed income and other investment requirements. However, I have embraced and still use this innovation until now, as new technology cannot immediately replace or undermine old technology. I don’t want to criticize the local banks, but their relationship with the government is like a monkey and a banana.
The upper and middle classes benefit from this approach while the common user is seriously disadvantaged by the manipulation of the local banks. This is called the centralized nature of banking. A centralized banking system essentially means that the decision to approve or reject any transaction within the system rests with them.
All user data is under their control for easy manipulation
Indigenous banks have made significant contributions to society as a whole, making the general public feel safe and believe in the value of saving money. The establishment of indigenous banks strongly encourages individuals to stop storing their valuables, such as gold, diamonds, indigenous currency and other precious materials, in their homes. During the study process, this technology has provided solutions to a wide range of problems, and has also led to a number of innovations that have given consumers greater confidence in their local banking system. the introduction of electronic banking services such as mobile banking, ATMs and others.
Blockchain technology has emerged due to restrictions in local banking transactions
A single theory can enrich several creations and innovations to address issues that may be on the right or wrong side. Blockchain technology was created by a native bank thanks to an anonymous protocol. I think no investigation would be necessary if there were no problems. Humans tend to solve problems, create things and develop things that lead to a better existence. Nothing worthwhile – good or bad – comes easy and requires a lot of effort to achieve.
Blockchain technology was created as a result of the proprietary banking system’s protocols on transaction policies, western payment policies, US payment policies, barriers to cross-border transfers, government policies, bank liquidation, fees, and minimum/maximum withdrawal. Although some people have used this technology on the dark web where the physical science has changed ever since Satoshi, the person credited with creating Bitcoin, first introduced it to the world. To complete a bid, these people conducted a peer-to-peer transaction on the dark web. However, if you examine the history of cryptocurrencies, you will be on your knees when you realize that they were initially used as a payment method on the dark web.
The simple definition of money as it is used for payments and other commercial obligations in general. It is no longer anonymous or legitimate as long as it is accepted worldwide. Well, some countries continue to fight against blockchain technology to this day.
In terms of the financial transaction protocol, blockchain technology only facilitates transactions more than native institutions, but the nature of blockchain transactions and its use requires a clear, educational explanation for the user. 90% of individuals feel more comfortable using a local bank to complete their transaction as they find it more trustworthy and reliable given the way natives protect citizens’ interests and enforce the law. However, you cannot do everything.
Will the Dutch bank go bankrupt?
It may depend on the technology, but new technology never quite surpasses old technology. As you can see, the bank’s technology is here to stay and will eventually become obsolete. 90% of people worldwide use local banks for their regular financial transactions. All users should have the attitude that creating a bank account is absolutely important to carry out their daily transaction activities. Yes, Indigenous banks are more often regarded as trusted financial institutions than blockchain technology. Discussing blockchain technology with a friend yesterday, he replied that he had no idea what I was talking about, but having his own bank account was 100% necessary.
Even the supposedly poorest members of society in Nigeria joke about opening a local bank account. I have not seen anyone in Nigeria without their own bank account. These examples show how Indigenous banks have made significant and ongoing contributions to the local and international communities to secure their assets and property. Blockchain is still a young technology and because banking is a native technology, native will always exist in 100 years. Native Bank’s motto is “War will come and go, but our land will remain our land.”
Why is there a lot of government policy around Blockchain technology?
I believe that government policies have influenced international trade, helping the government to work its way towards a better understanding of the nature of production and development. The world government embraces and legally protects the technology that is profitable for them. Due to its anonymous nature, blockchain technology continues to cause headaches for the governments of the world.
Any land on which you discover personal gold you must secure and protect until you remove everything from the land. This is how some businesses, especially those that provide goods and services, and some technologies are governed by government.
Whether it is due to the anonymous nature of the blockchain technology, the many trends of wallet losses or fraud in the protocols, it does not serve the official and legal world government. The reason why the government detested blockchain technology was that they could never influence it. The primary cause of this hostility is that. They have made an effort to learn how transactions are handled and who is responsible for managing them. However, the nature of the technology has remained anonymous since the dark web. However, they enforce a regulation that requires blockchain technology to have a KYC mechanism. Now for the summary.
Finally, as a beginner, I am interested in learning how to create and manage money.
Blockchain and indigenous banks are essential to human financial existence. Just accept and familiarize yourself with the process to find out how to do business while exceeding legal requirements.