The economic system across the world is highly centralized and has remained unchanged for years. This has given the governments and central banks complete control over it, snatching away the financial independence of the citizens without their knowledge.
In addition, the problems with centralized financial systems became evident in the last decade during the Global Financial Crisis of 2007-08, causing a long term effect on the economies across the world. Even today, many countries across the world including few in the European Union are struggling to keep their economies afloat.
It is not just the debt, but also certain sudden decisions made by governments, even if they are well-intentioned ends up causing hardships to the general public, like in the case of India. The Indian government’s sudden decision to demonetize INR 500 and INR 1000 bank notes overnight, has caused a panic among people as many of them are left with no valid currency to spend for their daily needs. It is a huge problem, especially in a heavily cash dependent economy like that of India. In other words, people are always at the mercy of the governments in centralized financial systems.
The decentralized nature of cryptocurrencies helps individuals and corporates alike