Topic: Are banks needed for crypto? - page 3. (Read 811 times)
Not needed, if we go into crypto then there is no need for third party services such as banks, with crypto all control is in hand, the presence of banks will only create dependence and they can use our money for business without notifying us and when we withdraw it takes a process Long story short, crypto doesn't need banks.
Just started to learn about DeFi, and a question arose.
Fiats have a loan mechanism. Manufacturers use it to improve their production.
Is there something similar in crypto? How does it work then? And are such services in demand? Do manufacturers take loans in crypto?
Isn't that killing DeFi idea? Is there a future for loan mechanism in crypto?
It’s possible to take loans in cryptocurrency, and this is something that has been working even before the idea of DeFi came out. There has been a few legit cryptocurrency websites that allows you to take loans and it works the same way you’d take loans in the banks; you give something as a collateral, something that’s equal to the loan amount you’re about to take and later you can repay the money and then have back what you have given to them as a collateral. That’s the same way it works in the cryptocurrency ecosystem, if you want to take a loan you will have to give a collateral, though time around you’re using your cryptocurrency assets as your collateral. Fiats have a loan mechanism. Manufacturers use it to improve their production.
Is there something similar in crypto? How does it work then? And are such services in demand? Do manufacturers take loans in crypto?
Isn't that killing DeFi idea? Is there a future for loan mechanism in crypto?
Banks are middlemen that DeFi is trying to replace.
Sure, it may seem impossible right now to work apply DeFi to the real life, but truth is that increasingly a lot of the utility of banks are going away.
You can already borrow using collateral, enter into swaps, etc. with absolutely no middlemen on DeFi platforms. All these things you can already do, just think about what's possible in 10 years when DeFi actually matures.
It really doesn't look that impossible neither. There are few things that a bank can do that DeFican''t do just yet, like yeah we have lending there but not the way banks do have, banks give free money basically without expecting much, which is why they have such high default rates compared to past and yet they get bailed out so they do not care who they are giving loans since they will get it back one way or another. However, defi does cover so much of the regular banks situation.Sure, it may seem impossible right now to work apply DeFi to the real life, but truth is that increasingly a lot of the utility of banks are going away.
You can already borrow using collateral, enter into swaps, etc. with absolutely no middlemen on DeFi platforms. All these things you can already do, just think about what's possible in 10 years when DeFi actually matures.
A wallet, a good portfolio, some investments into yield farming and staking, you are literally set for life in your investment and your storage of value as well. There is really nothing else you may need. Give me 200k dollars right now and I could live with that forever ever needing to make any other money by working. That is what stock market and banks supposed to be, but defi took it all by itself and made it a lot better.
Loan mechanism in crypto space is completely secured but not reliable because the only way to get loan in the crypto is by providing valid collateral which should be equal to the value of loan your are taking but we also can ask that why someone have to take loan when they can simply sell those cryptocurrency and make money.
I don't think so, there are payment apps that accepts crypto and converts it into fiat so I don't think that we're going to need bank in our crypto, not to mention that their obsolete, we don't need a middle man in crypto so no worthy reason why we need them in the cryptospace.
I haven't heard or know other platforms that accept crypto and can be converted to fiat and able to cash out to the bank. In my country there is an app like that where I can receive crypto and can convert crypro to fiat. I don't think banks have a lot of role in this one but what I think is it could be useful if the bank supported the app where we can deposit fiat and buy crypto lile binance for example. I don't think so, there are payment apps that accepts crypto and converts it into fiat so I don't think that we're going to need bank in our crypto, not to mention that their obsolete, we don't need a middle man in crypto so no worthy reason why we need them in the cryptospace.
Yes we don't need anymore banks because crypto isn't made to be dependent on banks. More and more countries and legal tenders are now accepting transactions in the form of crypto and someday bitcoin and other leading cryptocurrencies will be legalized in the whole world and that's the specific goal of bitcoin.
In addition, banks nowadays aren't trustworthy anymore because anytime they can declare bankruptcy which we don't want to happen.
Not literally, crypto can stand without having an actual bank. Though we need it somehow in dealing using P2P trades usually a personal Bank account is needed. Yet, there are still P2P traders allowing transactions using another virtual wallet. So yeah, Crypto have its own workaround that Banks have. So nah, even without banks crypto will still move.
indeed without crypto banks can move as they are today, but we do not know what kind of crypto policy will be enforced in the future. we know the government plays an important role, where we cannot avoid the regulations that have been set. actually in crypto everyone has their own bank and must be responsible for the security of their wallet 
it looks like a token sale on a project can be interpreted as a loan in fiat currency. Here the investor acts like a lender and the development team will use the funds to develop the project. it doesn't stop there, later after the project develops investors will benefit from the token sale. maybe the investor's profit can be interpreted as interest on fiat currency loans.
Not literally, crypto can stand without having an actual bank. Though we need it somehow in dealing using P2P trades usually a personal Bank account is needed. Yet, there are still P2P traders allowing transactions using another virtual wallet. So yeah, Crypto have its own workaround that Banks have. So nah, even without banks crypto will still move.
Just started to learn about DeFi, and a question arose.
Fiats have a loan mechanism. Manufacturers use it to improve their production.
Is there something similar in crypto? How does it work then? And are such services in demand? Do manufacturers take loans in crypto?
Isn't that killing DeFi idea? Is there a future for loan mechanism in crypto?
Thanks everyone in advance for the answers.
Fiats have a loan mechanism. Manufacturers use it to improve their production.
Is there something similar in crypto? How does it work then? And are such services in demand? Do manufacturers take loans in crypto?
Isn't that killing DeFi idea? Is there a future for loan mechanism in crypto?
Thanks everyone in advance for the answers.
Absolutely not. Banks are middlemen that DeFi is trying to replace.
Sure, it may seem impossible right now to work apply DeFi to the real life, but truth is that increasingly a lot of the utility of banks are going away.
You can already borrow using collateral, enter into swaps, etc. with absolutely no middlemen on DeFi platforms. All these things you can already do, just think about what's possible in 10 years when DeFi actually matures.
You Subject is entirely different from your write-up. But I will say you don't need a bank for crypto
I don't think so, there are payment apps that accepts crypto and converts it into fiat so I don't think that we're going to need bank in our crypto, not to mention that their obsolete, we don't need a middle man in crypto so no worthy reason why we need them in the cryptospace.
Yes we don't need anymore banks because crypto isn't made to be dependent on banks. More and more countries and legal tenders are now accepting transactions in the form of crypto and someday bitcoin and other leading cryptocurrencies will be legalized in the whole world and that's the specific goal of bitcoin.
In addition, banks nowadays aren't trustworthy anymore because anytime they can declare bankruptcy which we don't want to happen.
I don't think banks need crypto, as we know that the function of banks is to help us transact, if we can do everything ourselves then banks are no longer needed, banks are actually dangerous for crypto because we give money to banks and we have no control.
The banks will decide whether they need crypto or will still use their way to control the finances. If they are aware of the development and have a vision for the future, they can learn about blockchain so the banks will get their position in cryptocurrency. The banks themselves will still be beside us and serves people who want to transact. As long as we can know how to treat the banks, we will not have a problem with our money. I think the banks will learn or research about blockchain and if they think that it is good to implement the blockchain in their system, they will use it.Banks do not get in right away with their own money, there are hedge funds that they bankroll which would be the reason why they end up making a profit from those hedge funds actions. Look at USA, literally the exact same thing that I am talking about is happening there as of right now.
I don't think banks need crypto, as we know that the function of banks is to help us transact, if we can do everything ourselves then banks are no longer needed, banks are actually dangerous for crypto because we give money to banks and we have no control.
The banks will decide whether they need crypto or will still use their way to control the finances. If they are aware of the development and have a vision for the future, they can learn about blockchain so the banks will get their position in cryptocurrency. The banks themselves will still be beside us and serves people who want to transact. As long as we can know how to treat the banks, we will not have a problem with our money. I think the banks will learn or research about blockchain and if they think that it is good to implement the blockchain in their system, they will use it.Banks do not get in right away with their own money, there are hedge funds that they bankroll which would be the reason why they end up making a profit from those hedge funds actions. Look at USA, literally the exact same thing that I am talking about is happening there as of right now.
I don't think so, there are payment apps that accepts crypto and converts it into fiat so I don't think that we're going to need a bank in our crypto, not to mention that their obsolete, we don't need a middle man in crypto so no worthy reason why we need them in the crypto space.
Bank payment is also an option in some exchanges and I guess, as long as fiat is existing, banks will still be needed in crypto especially if we're transacting a huge amount of fiat and local encashment is needed. However, I believe that crypto could work independently in the future. It only needs time and more adoption.
That will only only happen government of countries around the world has accepted Bitcoin and other Altcoins as a medium of exchange for goods and services. Although, there company like Binance and other crypto currency exchange companies are offering loan services already so it might not be necessary Banks.
One don't really need Bank before you can get lone because not only bank that give out loans. There are companies and private individual who currently give out loans currently in Bitcoin and other crypto currency both within here and outside of this forum.
But the problem with those private ones are higher interest thats why people are getting into the banks though there are a lot of requirements and a lot of papers need to fulfil they will do that so that they will get low interest. When you loan to individuals mostly you could get easily the money but the problem with this is really high interest and you should pay it monthly also if you fail to pay it there are more addition to the interest
What is a Bank in common man's view ?
A place where one can make use when there is financial need. The service is provided through collateral and several other means, though the banking network is taking control of people's money there is some form of connection and trust.
Now when we talk of what's the need of Bank for cryptocurrency. In my country everyone is made to create a bank account. There are exceptions without banking account. When we think of taking the cryptocurrency among the entire population, banks can be used as a channel and it gives people more trust than reaching people through other means.
A place where one can make use when there is financial need. The service is provided through collateral and several other means, though the banking network is taking control of people's money there is some form of connection and trust.
Now when we talk of what's the need of Bank for cryptocurrency. In my country everyone is made to create a bank account. There are exceptions without banking account. When we think of taking the cryptocurrency among the entire population, banks can be used as a channel and it gives people more trust than reaching people through other means.
Its the other way round this time. Banks need crypto and blockchain to become useful for the people who engage in the blockchain.
Today I read some news from the cointelegraph about a bank in El Salvador working with the Bitcoin Defi platform Sovryn which is popular in the forum. Developers I think are happy to work with banks as well to spread the adoption.
One don't really need Bank before you can get lone because not only bank that give out loans. There are companies and private individual who currently give out loans currently in Bitcoin and other crypto currency both within here and outside of this forum.
I don't think banks need crypto, as we know that the function of banks is to help us transact, if we can do everything ourselves then banks are no longer needed, banks are actually dangerous for crypto because we give money to banks and we have no control.
The banks will decide whether they need crypto or will still use their way to control the finances. If they are aware of the development and have a vision for the future, they can learn about blockchain so the banks will get their position in cryptocurrency. The banks themselves will still be beside us and serves people who want to transact. As long as we can know how to treat the banks, we will not have a problem with our money. I think the banks will learn or research about blockchain and if they think that it is good to implement the blockchain in their system, they will use it. Jump to: