DeFi Would Do To Banks What the Internet Did To Telegraph| POLYCUB Perspective.

Today I came to realisation that I haven't visited the bank in about 3 years. How's that even possible in a country where people visit the bank or ATM machine atleast once a week? Well, the banks still have my details but I just haven't gone to make withdrawals, deposits, take loans or make a complaint ever since I was seriously involved with cryptos.

Here are some global facts about banks. They are establishment meant to store fiat, valuable documents, commodities and minerals. Their services spread through offering saving services to customers who had no immediate use for their money and wanted to have it secured while it's value increases, giving loans to customers who needed money and provide fiat to the citizens of the country for their day to day activities.

Times have changed and like telegraph which is regarded to be the grandpa of the internet, the Banks would also become almost entirely useless and irrelevant in the future. This is already happening in many countries and I'm experiencing it but not fully as I still get cash whenever I need it from vendors around me, but not from the conventional banks. I make transfers more from my microfinance bank app and sometimes make payment using crypto (USDT), something that only works with a few folks who have businesses that accept cryptos.

Cryptos are the future of finance, but DeFi is the future of the banks. Taking Polycub as an example, it is one of the latest DeFi project and the next generation DeFi yield optimizer that offers services like collaterized lending, bonding and earning from staking (savings). These are some services most banks of today offer but really badly from the high fees/ interest on loans to the very low interest on savings. Also, transaction fees from the conventional banks are just crazy and that's one of the things that has frustrated me and made me hop on to microfinance banks where I just make use of their services via my smartphone.

I really don't see most of these conventional banks of today in the future because the idea behind them even though they've been helpful to humanity, is archaic and not what the future would want. The financial services of banks are carried out so well by many defi projects today and there's more development to make Defi projects truly worthy of the future like extra security and implementation of stable coins so remove the risk associated with market instability.

The eradication of the conventional banks is inevitable and what would hasten this process is more adoption of crypto around the world. It's bound to happen and the only way out for the banks to remain in business is to adopt crypto and develop with it which may not be so easy since banks are mostly monitored and controlled by the government. Hopefully some have the courage to adopt cryptocurrencies and restructure to become a part of the decentralization movement and the future.