Cryptocurrency and blockchain as alternatives to traditional banking

Cryptocurrency and blockchain technology offer alternatives to traditional banking systems. Fiat currency relies on centralized authorities like national banks and private commercial banks, but cryptocurrencies like Bitcoin and Ethereum operate on decentralized networks. Transactions are verified through computations performed by computers on the network, eliminating the need for intermediaries like payment processors. Cryptocurrency has been used for illegal transactions, like the Silk Road, and has gained speculative value, with people investing in the hope of price increases. The technology behind cryptocurrencies and blockchains is complex and has limitations, including scalability and the potential for attacks on the network.