Today, the easiest way to buy and store your cryptocurrency is through an established cryptocurrency exchange like coinbase or binance, however owning any digital asset or digital representation of an asset through a third party can be risky as the only way to know if the balance is real and not just numbers on a screen is by trying to redeem all your funds.

Bank accounts are useful because they made it easier for people to manage their cashflows without having to touch physical cash, however, the user still has no way of knowing for sure whether the current balance they see on the screen is real till they try to redeem their funds.

Blockchain assets are useful because the owner can take custody of their assets by using a hot or a cold wallet with minimal physical constraints. The balance of this wallet is also easily verifiable by checking the address on your preferred block explorer or you can participate in the network by running a node which can also check balances.

Traditional financial primitives such as swaps, yield farming, borrowing and lending being facilitated by blockchains and their asset enable the individual to retain full control of their assets while using these primitives. The implications of this might impact how individuals interact with traditional bank accounts and the existing methods of accessing the associated primitives.