Money, the driving force of human life, is the cornerstone of our civilization. In ancient times, money took the form of cattle, food grains, and animal products. The barter system prevailed worldwide, representing the only means of exchange. Cattle, food grains, and other natural resources were highly valuable, but also susceptible to theft and natural disasters. People had to remain ever vigilant to protect their assets.

As civilization progressed, the use of precious metals and cowry shells as a means of exchange became commonplace. Gold and silver coins eventually emerged as the primary mediums of exchange, although cattle and food grains remained highly prized assets.

Throughout this period, there were no banks. People stored their valuable possessions in secret places such as closets, chests, strongboxes, safes, or concealed openings in walls or floors. Some even resorted to burying their hard-earned belongings like gold and silver jewelry and coins, though this method was far from foolproof. Wealthy individuals like kings and ministers employed guards to protect their treasures, but this was often insufficient to thwart burglars, bandits, or enemies. Occasionally, people forgot the locations of their hidden treasures, or they passed away without revealing the secrets to their heirs. Life was no less complicated for the wealthy in ancient and medieval times.

The introduction of the banking system revolutionized everything. It provided assurance for the safety of money and protected against collateral damages. Today, we deposit our money in banks, with the ability to deposit or withdraw funds at any time. We can also easily obtain loans and earn interest on our deposits. Banks have robust security systems, and money is stored in strongboxes that are nearly impenetrable. Nevertheless, even with these stringent security measures, banks remain vulnerable to fraud, robbery, insolvency, and other threats. In the digital age, hackers can steal money from banks without any direct contact, using specialized computer programs to hack accounts and gain access to passwords.

However, the most significant challenge we face today is the inherent corruption, crony capitalism, and collusion between bankers, businessmen, and politicians. This allows common people's hard-earned money to be legally siphoned off. For instance, in India, a small group of businessmen owes 99 percent of the total bank dues. They easily secure loans and often fail to repay them. These loans are repeatedly restructured, allowing them to access more funds. Ultimately, their companies become insolvent, and banks are deprived of their dues. This hits the savings of common people who trust banks to yield a good return. Corrupt bankers and willful defaulters lead to increased banking service fees, affecting common people once again, or they receive bailouts from the government using the taxes paid by the public.

In the present era, even money in banks is not entirely secure. We have witnessed banking system collapses repeatedly, with governments shielding the rich and powerful from prosecution. Meanwhile, common people face harassment from banks if they fail to meet a single installment. It is in this context that cryptocurrencies emerge as a potential solution for securing money. So, we have discussed about the vulnerability of the banking system. But, do we have a solution?

Cryptocurrencies offer a decentralized, secure, and transparent way to manage assets, reducing the risks associated with traditional banking systems. While cryptocurrencies have their own challenges and uncertainties, they present an intriguing alternative to the traditional banking system. As the financial landscape continues to evolve, it's essential to consider the potential role of cryptocurrencies in safeguarding our hard-earned money and reducing the influence of corruption and crony capitalism in the financial world. Money, which has been central to human existence for millennia, is entering a new era of transformation.

Thanks!