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Problems of the centralized banking system
  1. Segregation
Banking services are too expensive for some people. To use banking services, you need documentation, such as an ID card, that many people don’t have. Banking services can be denied to people with certain political views or those conducting certain businesses. People might also be denied service due to their ethnicity, nationality, sexual preferences, or skin color.
  1. Privacy Issues
When it comes to electronic payments such as credit cards or bank transfers, traditional money poses several privacy problems. States can easily
Trace payments Censor payments Freeze funds Seize funds
  1. Inflation
Inflation means the purchasing power of a currency decreases.
Fiat currencies are subject to inflation. e.g. According to (https://www.officialdata.org›2013), between 2013 and 2023: Domestic services experienced an average inflation rate of 3.53% per year. This rate of change indicates significant inflation. In other words, domestic services costing $20 in the year 2013 would cost $28.28 in 2023 for an equivalent purchase.
Reading "Grokking Bitcoin" by Kalle Rosenbaum