What are the effects of cryptocurrencies on financial system?

[Good-Person]

Cryptocurrency market hold a value. In fact, it is a billion dollar market and it is a very popular market. Cryptocurrencies are used in many different ways when it comes to financial system. So, what are the effects of cryptocurrencies on the financial system?

 

[Riberet19]

Well, given that the crypto market is a drop in the ocean, speaking in terms of market capitalization, they have not much effect on the financial system, it is true that a percentage of transactions are filtering into the crypto world and that people are gradually realizing cryptocurrencies as an investment or as a payment system. But honestly, they still don't have a real or significant impact.

 

[Nomad]

As of now, the total market cap of cryptocurrency is $1.36 trillion, so you can understand how much influence crypto market has in the global financial system. Due to its decentralized nature, crypto has given ordinary people to create their own money and wealth.