Will digital currency put banks out of business?

Cryptocurrency has its own set of drawbacks which is why it is  difficult to make a case for a decentralized system consisting of the cryptocurrency.

While it has a potential as a replacement to central banks, digital currency itself suffers from multiple drawbacks, which includes  a limited supply and lack of legal status in most economies.

Perhaps the biggest concern is cyber security. Multiple banks responsible for their own security. If the central bank gets hacked, then the whole system could be fatally compromised. It would be a catastrophy.

Yes, digital currency may put banks out of business but it will take time for it to develop to ensure our money is safe.

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