I think that now everything changes to: Banks need cryptocurrencies ", currently the intervention of banks is not needed for cryptocurrencies, in fact there is a symbolic act that is taking place from Spain, (I name Spain for being a very radical country in terms of Regarding taxes and payments to the government (Treasury)) are studying the possibility of implementing crypto in the BBVA bank, which will allow all BBVA subsidiaries in the world to accept cryptocurrencies and use them.
This means that apart from JP Morgan having to lower his head to BTC, when his clients demanded that he accept BTC, now one of the greats worldwide such as BBVA is joining this party, in this way it is like the greats Corporations bow their heads to the representative of the economy and financial freedom.
Topic: Are banks needed for crypto? - page 4. (Read 811 times)
I think that there will be no need for banks to use cryptocurrencies. Now, we need banks to convert our cryptocurrencies to a fiat currency because we mostly spend fiat currencies nearly everywhere now. And unless we are able to use cryptocurrencies almost everywhere, we will be needing banks in the future too. Besides, the digital currencies that are in development by governments can replace fiat forever and then, banks will also have to transform into a much different structure to be able to survive.
Mate, in many countries we still need banks as these are very important and part of life for millions because they can't do many things without them. One thing is sure this is going to be big challenge for banks if they are not going to adopt new technology and better ways for peoples because now just because of this crypto we have revolution in many sectors which is changing life of peoples, so they also need to go with this all.Now one question is many countries already done good for crypto so they already in good process for use of crypto, and they can handle this all without any bank help but in few countries where system is not updated even crypto is in between legal and illegal we still need them for converting crypto into fiat.
I think that there will be no need for banks to use cryptocurrencies. Now, we need banks to convert our cryptocurrencies to a fiat currency because we mostly spend fiat currencies nearly everywhere now. And unless we are able to use cryptocurrencies almost everywhere, we will be needing banks in the future too. Besides, the digital currencies that are in development by governments can replace fiat forever and then, banks will also have to transform into a much different structure to be able to survive.
Mate, in many countries we still need banks as these are very important and part of life for millions because they can't do many things without them. One thing is sure this is going to be big challenge for banks if they are not going to adopt new technology and better ways for peoples because now just because of this crypto we have revolution in many sectors which is changing life of peoples, so they also need to go with this all.Now one question is many countries already done good for crypto so they already in good process for use of crypto, and they can handle this all without any bank help but in few countries where system is not updated even crypto is in between legal and illegal we still need them for converting crypto into fiat.
The loan system adopted by the bank requires you to have collateral in the form of physical asset such as cars, vehicles, houses, land and so on. I think that is also embraced by projects that have loan program in this space. Unsecured loans are still currently on the loan board, but the number of loans you will get will be very limited and probably not all borrowers will be approved by lenders there. If you want to get a loan easily, then you must have collateral that you will bet here to get 50% -80% of the total value of your collateral.
OP, I think almost everyone has the same thought about your question or at least they have answered you correctly. Don't really know what caused the defi project to be affected by this situation.
OP, I think almost everyone has the same thought about your question or at least they have answered you correctly. Don't really know what caused the defi project to be affected by this situation.
I think that these projects do not need lending, from their name you can know how they work "decentralized financing projects" that is, the financing is done by users in a decentralized way, meaning there is no one person, institution or one central company that does the financing, therefore I do not think that we need to Borrowing because these projects are decentralized self-financing by users who finance the project and then take profits as a return on the financing they have made.
I think that there will be no need for banks to use cryptocurrencies. Now, we need banks to convert our cryptocurrencies to a fiat currency because we mostly spend fiat currencies nearly everywhere now. And unless we are able to use cryptocurrencies almost everywhere, we will be needing banks in the future too. Besides, the digital currencies that are in development by governments can replace fiat forever and then, banks will also have to transform into a much different structure to be able to survive.
Be able to change, how people there way of living,it's big contribution to the people if cryptocurrency will be together and join to all banks,all process and methodes will lead to be faster distribution to people ,service will be good and also will increase people to enter to negotiate some business.
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?
There are lots of platforms in the cryptocurrency world where you can take loans for whatever you want to do. But there is a way that this works in the cryptocurrency world, when you are about to borrow money from any platforms such as Nexo.io, you will be required to make use of Fiat as a collateral for the loan you are about to take.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?
Without your Fiat as a collateral, you won’t be able to borrow any loan from these platforms.Personally, I don’t think that we need any bank to make use of cryptocurrency. Bitcoin and other cryptocurrencies that are similar to it were created to be managed by us personally and not by the banks.
We don't need banks for crypto. Adding banks would just make the whole system centralized which is what bitcoin and most of the crypto currencies are completely against. Borrowing money or taking loans in crypto in a decentralized way might be very complicated. I don't think there are currently any projects that offer anything like this. There used to be (not sure if they still exists) centralized platform where users could take loans in crypto. You had to give something else (more in value to protect lenders from volatility) as collateral. A centralized way with a third-party ensuring everything is fair.
You are right we don't need banks as these could be to make all this centralized, and we are doing things against this all. Crypto is just being your own bank, it never said anything about concept of what banks are, you just become one yourself. In crypto, there is P2P trading which means, you and another person buy and sell crypto. These days crypto is in beginning time, so we can see more new ways and platforms those happen to bank can serve better services to common peoples. Even it's going to take very long time because right now too many regulations coming for controlling crypto.
And also the tax would surely be implemented if crypto will be tied nor be adopted with banks so I prefer that there's no institution like that holds bitcoins since its really bad if they take certain parts of our earnings if they enter the scene then government will regulate it.
But maybe we can see this happen but as you said this is long to debate by certain officials if they really want to do it or not.
To be able to survive in the future, of course, banks must immediately implement blockchain technology, this is the future of transaction systems and blockchain is the answer to all the shortcomings that exist in banks, besides implementing blockchain, banks must also have crypto so that customers can easily access their assets.
Now things are changing very quickly around the globe so if Banks to go with this all changes then surely they need to adopt this Blockchain technology and have some better policies for cryptocurrencies as well because now in future crypto technology is going to be bringing some good ways for common peoples and with these banks also need to have these changes. Right now in many countries banks giving some good services which are need of time as they can't live without banks but after adopting this technology they will be able to serve in better way as this will bring some better speed and transparency in their service satisfaction for common peoples.
To be able to survive in the future, of course, banks must immediately implement blockchain technology, this is the future of transaction systems and blockchain is the answer to all the shortcomings that exist in banks, besides implementing blockchain, banks must also have crypto so that customers can easily access their assets.
We don't need banks for crypto. Adding banks would just make the whole system centralized which is what bitcoin and most of the crypto currencies are completely against. Borrowing money or taking loans in crypto in a decentralized way might be very complicated. I don't think there are currently any projects that offer anything like this. There used to be (not sure if they still exists) centralized platform where users could take loans in crypto. You had to give something else (more in value to protect lenders from volatility) as collateral. A centralized way with a third-party ensuring everything is fair.
You are right we don't need banks as these could be to make all this centralized, and we are doing things against this all. Crypto is just being your own bank, it never said anything about concept of what banks are, you just become one yourself. In crypto, there is P2P trading which means, you and another person buy and sell crypto. These days crypto is in beginning time, so we can see more new ways and platforms those happen to bank can serve better services to common peoples. Even it's going to take very long time because right now too many regulations coming for controlling crypto.
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.
Before starting out, I will like to make my observation clear that your topic question is totally different from the content of your post. The mention of banks in the title that deviates from the context (not content here) doesn't distract the dual nature of your post anyway. Let me dwell on the title – "Are banks needed for crypto", however. To that I would say, yes the crypto industry needs banks to survive and make a headway. There's a reason Bitcoin started out with fiat pair. It amuses me when I hear people argue that banks should be jettisoned when it comes to cryptos. It will be an uphill task to achieve Bitcoin greatness without fiat and the banks, really. 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.
DeFi and other instruments have only pushed us closer to this eventuality.
Banks are exactly what crypto promises to replace. Stablecoins which require banking institutions to be effective are not the way forward.
DeFi and other instruments have only pushed us closer to this eventuality.
Banks are exactly what crypto promises to replace. Stablecoins which require banking institutions to be effective are not the way forward.
I don't mind banks existing in a crypto environment. They'd just be what the modern day exchanges are with no fiscal control over the global markets. My biggest problem with central banks (among other issues) is they don't even try to be fiscally responsible. They'll purposefully manipulate the currency in order to push spending by creating a built in inflation mechanism.
Imagine if within the Bitcoin protocol there was a mechanism involved that diminished your balance of BTC by 2 percent every year. That's modern day inflation for you, where central banks target inflation at some arbitrary rate year over year to discourage folks from hoarding currency.
Imagine if within the Bitcoin protocol there was a mechanism involved that diminished your balance of BTC by 2 percent every year. That's modern day inflation for you, where central banks target inflation at some arbitrary rate year over year to discourage folks from hoarding currency.
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.
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.
No way that crypto needs banks, I've been using crypto for a long time and I don't use banks just to convert or buy some crypto. Banks are a different kind of entity, it may coexist but merging isn't the best for both especially for cryptocurrencies.
Totally agree, I only use online payment apps that can be connected to Binance to get my fiat that came from my converted crypto profits. Definitely bad for crypto to merge with banks since the people at the top of the bank is definitely going to do something so they can fully control crypto when they merge. 
We don't need banks for crypto. Adding banks would just make the whole system centralized which is what bitcoin and most of the crypto currencies are completely against. Borrowing money or taking loans in crypto in a decentralized way might be very complicated. I don't think there are currently any projects that offer anything like this. There used to be (not sure if they still exists) centralized platform where users could take loans in crypto. You had to give something else (more in value to protect lenders from volatility) as collateral. A centralized way with a third-party ensuring everything is fair.
DeFi offers services of lending, borrowing, staking, farming several ways to make your money produce. So far I have participated in staking and farming services. With these two reward incentives I have earned and I really like it. I had the opportunity to invest with a minimal investment and win.
Only you should investigate and join just hodl is not enough we have the freedom to learn to manage our money.
Only you should investigate and join just hodl is not enough we have the freedom to learn to manage our money.
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