The billionaire Mark Cuban said that crypto is the best option for a lot of financial activities. Check out the latest reports below.

Crypto is the best option for finance

According to billionaire celebrity investor Mark Cuban, blockchain technology is a superior choice for traditional finance (TradFi) activities.

As the owner of the Dallas Mavericks, he informs his 8.8 million Twitter followers that cryptocurrencies outperform conventional banking systems in various aspects, such as security and efficiency.

“Now let’s discuss traditional lending vs. crypto lending. It’s simply a matter of trust and process.”

He continued and stated this:

“In banking, there are layers upon layers of management and systems to protect against corruption, social engineering hacks and more. Those layers add cost, time, complexity and even worse, limit access to many who need it. In crypto there are transparent smart contracts with explicit rules that is available to anyone. Both have hacking risk, but smart contract risks decline over time.”

Cuban made sure to explain the fact that proper regulation of crypto, such as beefing up customer protections, will only enhance the virtues of digital assets, increasing their edge over TradFi.

“None of this is changed by regulation or requirements for how funds are handled and stored. In fact, both will make the advantages of smart contracts for finance even stronger, allowing them to be safer and a better solution for many lending and finance needs. Again, with bright-line regulation, consumers can be protected and get the benefits of the technology.”

Finally, Cuban suggests that individuals should gain knowledge about cryptocurrency by utilizing the technology firsthand instead of making impulsive judgments.

“You really need to use it to understand it. Try using a smart contract, or even using ChatGpt to summarize some for you. It’s all transparent. But to dismiss it without having at least a basic understanding of what it can and can’t do is disingenuous.”

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