Traditional banking services has been in existence for quite a while now, it is a physical type of bank that allows for financial transactions to done when the individual is physically present. In Nigeria we have various banks because most people before now were not acquainted with carrying out transactions online or using their mobile devices. The traditional bank has their limitations and set back in different way. This is why I intend to compare the differences between a decentralized crypto wallet, following my experience with hive, leofinance, binance, trust wallet and so many more.

The crypto wallet being a digital service where keys for crypto transactions are stored and medium of exchange is carried out is a decentralized way, that is void of third party control. It has been proven to be safe and easy if the necessary steps and instructions are carried.

MAJOR DIFFERENCES BETWEEN TRADITIONAL BANK AND CRYPTO WALLET

• CENTRALIZED AND DECENTRALIZED: Centralization has to do with when a particular body is in total control of an organization or activity. In the case of traditional banking, the bank has control over all activities carried out, the have control over all the transactions that goes on in the system. Unlike the crypto wallet that is decentralized, which mean that no third party is involved, it is decentralized in the sense that it is controlled by more than one authority. Thus in the blockchain, decision making and control is carried out by a distributed network. People have complained bitterly of how these traditional banks come up with dubious means to generate more revenue from their customers without prior information, they can decide to shut down or carry actions on your accounts without your permission. But this is not the case with crypto wallet.

• SECURITY: In traditional banking, we are awrea that the system of security measures carried out are usually implemented by the bank officials as against the crypto wallet where keys both private and public are given to ensure tight security for your wallet. For instance when onboarding hive, we were given a set of key for carrying out transactions. These are meant to be kept safe by you alone. But in traditional banking passwords are generated and waiting for confirmation.

• PHYSICAL PRESENCE : This is one of the major factors of a traditional bank it requires the physical presence of customers to perform a tradition, to cash a chequered, to fill a Form, to change name, to transact huge some of money and so on. But for the crypto wallet no physical presence is required, more so, you can do your transactions from the comfort of your space. All that is required is good network connection and all other things in space. It is so good as these days you go to the bank and have to stay on a long queue before you get attended to, sometimes in the process their network breaks down and you just have to wait.

• ACCESSIBILITY: Do you know that on day when there are public holidays, the traditional banks is not available except by means of their mobile banking system. In crypto wallets it is readily accessible 24/7,gou can perform transactions anytime and any day.

• PRIVACY: Crypto wallets offer the best privacy policy for their customers, the only way your wallets can get compromised is if you give out your keys to the wrong person or place them carelessly or click on spam links that scammers and hackers can gain control. So one has to be careful. In traditional banking system privacy is a thing but not really because your account is easily accessible to people, like the bank staffs. When an investigation is being carried, they have no choice but to access your accounts.

Although, one cannot entirely strike out traditional banking because in my country, many people are still ignorant of internet banking, talk more of crypto wallets. They prefer to see their monies in a bank and physically behold them. But in all crypto wallets has proven to be safe, efficient and reliable service. It requires network fee for transactions but not like the numerous charges banks roll out, that at the end of the year the interest is nothing to write home about.

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