Are Cryptobanks Future? - page 10. | Bitcointalksearch.org

Mahanton

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Quote from: jak3 on April 20, 2019, 02:24:53 PM

first of all, I do not think "Crypto" and "bank" should be a word. because both are a different thing, I mean they are literally competitors. well, I do not think the crypto world needs the involvement of banking systems because that will make it centralized and the government will try to control it or make it illegal to use it. as for you new information if some people are already working on some crypto bank projects then I guess there is still a lot of experimentation needed. let's see how it goes with these crypto banks.

They are really fully contrary to each other that's why I don't really see a point why it should needed to be tied up.Centralized vs Decentralized,these things
wont collaborate no matter what and the heck,why would need banks if we would able to makeourselves to be one? That's the thing or the opportunity that it
gives by Crypto itself where you do have the full control of your funds without the need of banks.

Artemis3

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Quote from: iTradeBit on December 08, 2018, 11:52:26 AM

Friends, I have recently read an article on the future of the banking system thanks to proliferation of smart contracts, some countries are already preparing cryptobanking projects, and this should happen the next few years. Actually the conclusion of the article was that the free financial market - cryptocurrency is the future for the financial system. Do you agree? Is it so positive, or will the state regulation complicate things, but in my opinion it is inevitable for the banking sector, in your opinion?

Some people can't manage their own money and do need a third party to secure it for them. Full reserve banking certainly has a place with crypto, but remember if you want them to keep 100% of your money, you have to be ready to pay a fee for the service. Alternative they could offer you accounts for lending, in which case you agree for them to use your money to lend it to others, during this time your money will be unavailable. This is more or less how full reserve banking works, and people need to adjust to that. But sure they do have a chance, especially if they also add other services such as exchange and/or payment processor for legacy fiat only businesses...

The State messing usually ends in detriment to the people. The less State, the better. They want "control" and we want "freedom".

jak3

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first of all, I do not think "Crypto" and "bank" should be a word. because both are a different thing, I mean they are literally competitors. well, I do not think the crypto world needs the involvement of banking systems because that will make it centralized and the government will try to control it or make it illegal to use it. as for you new information if some people are already working on some crypto bank projects then I guess there is still a lot of experimentation needed. let's see how it goes with these crypto banks.

usorin

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I have the belief that any bank is just a bank and nothing more and i think that the same goes with the cryptobank, the hole idea of crypto technology is that we should not do transaction thru the bank, right?

Falgorn

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I do not understand a little what crypto banks will do. Regular banks are mainly engaged in lending to individuals and legal entities, social programs and entire sectors of the economy. In my opinion, lending in cryptocurrency is too risky for banks. Unless conditions of such crediting will be too specific.
Services for the usual exchange of cryptocurrency on fiat will be provided by all ordinary banks.
In general, we need to look in practice at what services crypto banks will provide in order to make a conclusion whether we need them or not. In any case, their activities will depend on the demand for such services.

teosanru

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The use of blockchain in banking industry is happening and is definitely a future. Blockchain has all the quality to disrupt the banking industry. But I think of cryptos go mainstream, we won't really need banks. We wont be this much dependent upon them. Regarding banks integrating smart contracts. That's the possible use case.

leea-1334

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Quote from: Russlenat on April 19, 2019, 11:56:17 PM

Quote from: Centareum on December 14, 2018, 01:07:56 AM

Most of the Governments won't do this! they need things to be centralized as they wanna keep an eye on everything! Roll Eyes

Nailed it, that's one of the hurdle of why the digital currencies and blockchain tech aren't advancing in each government.
They just need to keep an eye on the taxes in particular, if you dig deeper property taxes or estate taxes for digital currency.

No, it is just decentralized blockchain technology that governments are against, like Bitcoin for example. They would love a private blockchain that only they control, they would love only digital currencies that they can easily track. You can track XRP for example,,, exactly and easily and know who it went to, even freeze it if you want to. Which country does not want that level of control?

SixOfFive

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See banks means centralized economy system. If we need banks than whole concept of decentralized currency would be contradictory. But if crypto banks able to get a way out to retain people privacy and concept of decentralization(which seems to be not possible) then it would definitely the future.

shinharu10282016

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Quote from: ?? on ??

Well this is really good news to all of us. Even it is not happening it's still a good news. Cryptobanking will be a good idea for the future. I hope when that time comes almost all of the people will know about bitcoin and they can adapt on it so there will be no more problem when using it.

It is indeed a good idea but how can we be really sure that it is safer than traditional banking when cryptocurrency exchanges in the market are getting hacked? When security is one of the concerns, even traditional banking isn't fool proof, especially the consumers.

akram143

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Yes definitely cryptobank had the wild opening in the middle of the people in the society especially when economic situation will be critical in this cryptocurrency will be the most important think to solve the all problems so I think it will work in any kind of situation

Shenzou

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Crypto currency can not have banks, the whole point of crypto is to be decentralized and banks deify that concept, with coins like bitcoin and ethereum where they are blockchain based they don't need a bank and the coins are stored in the network where you are your own bank and every transaction made is secure and fast unlike banks where you are a pray to thief and hackers and at any time they could just take away your money.

Fortify

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One of the biggest benefits to cryptocurrency is the fact that you don't need to use a bank in order to keep your money safe. Exchanges should be seen as a temporary holding location when you want to convert your money into fiat currency or a different cryptocurrency. Ultimately though some people will rather keep their bitcoin with a secure provider if it is too difficult or dangerous to secure it on their own pc.

Hardtolife

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Quote from: iTradeBit on December 08, 2018, 11:52:26 AM

Friends, I have recently read an article on the future of the banking system thanks to proliferation of smart contracts, some countries are already preparing cryptobanking projects, and this should happen the next few years. Actually the conclusion of the article was that the free financial market - cryptocurrency is the future for the financial system. Do you agree? Is it so positive, or will the state regulation complicate things, but in my opinion it is inevitable for the banking sector, in your opinion?

I myself agree because nowadays it's also the digital era so we also can't avoid it. if cryptocurrency is good future money, then those who work are not difficult to use and we will also be facilitated, but of course it is not easy to realize because each country must have its own regulations so that it can take a long time.

Zuilhsa

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Quote from: ?? on ??

Well this is really good news to all of us. Even it is not happening it's still a good news. Cryptobanking will be a good idea for the future. I hope when that time comes almost all of the people will know about bitcoin and they can adapt on it so there will be no more problem when using it.

Crypto banking won't exist in the near future as this will get termed to be a centralized platform. People prefer cryptocurrency for its decentralized access which we cannot expect with banking services. Maybe there will be services between banks and cryptocurrencies tied together, that will help with enriching the cryptocurrency community as well banking move forward supporting each other.

bonker

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Quote from: D3m1r4wanti on April 15, 2019, 08:43:16 AM

if they really do the job well and are in accordance with the plan and can be accepted by the crypto currency holders then they will be very developed like the FIAT currency bank. can even develop faster.

Job of making transactions right? But in crypto currency you can make it on your own and if you give control of your funds to someone then they will steal your money.There is no need for crypto banks because it is already in digital form so we no need a place to store it.

vixcious

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Quote from: iTradeBit on December 08, 2018, 11:52:26 AM

Friends, I have recently read an article on the future of the banking system thanks to proliferation of smart contracts, some countries are already preparing cryptobanking projects, and this should happen the next few years. Actually the conclusion of the article was that the free financial market - cryptocurrency is the future for the financial system. Do you agree? Is it so positive, or will the state regulation complicate things, but in my opinion it is inevitable for the banking sector, in your opinion?

I agree with the electronic money call as the future of the financial system. Certainly the battle between banks and blockchain businesses will take place but I guess that banks will have to convert their payment services if they want to continue to grow. After 5 to 7 years, blockchain technology will take new steps and it can completely serve financial enterprises and still secure the money for customers. Wink

senin

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Quote from: iTradeBit on December 08, 2018, 11:52:26 AM

Friends, I have recently read an article on the future of the banking system thanks to proliferation of smart contracts, some countries are already preparing cryptobanking projects, and this should happen the next few years. Actually the conclusion of the article was that the free financial market - cryptocurrency is the future for the financial system. Do you agree? Is it so positive, or will the state regulation complicate things, but in my opinion it is inevitable for the banking sector, in your opinion?

If crypto banks are in demand for their specific services, they will be a good complement to the decentralized cryptocurrency. I think that such banks will partially provide services in ordinary currency and their ratio to cryptocurrency will depend on the specific demand for certain services. In any case, crypto banks will positively influence the development of a common cryptocurrency.

Russlenat

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Quote from: Centareum on December 14, 2018, 01:07:56 AM

Most of the Governments won't do this! they need things to be centralized as they wanna keep an eye on everything! Roll Eyes

Nailed it, that's one of the hurdle of why the digital currencies and blockchain tech aren't advancing in each government.
They just need to keep an eye on the taxes in particular, if you dig deeper property taxes or estate taxes for digital currency.

D3m1r4wanti

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if they really do the job well and are in accordance with the plan and can be accepted by the crypto currency holders then they will be very developed like the FIAT currency bank. can even develop faster.

jjjfff

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Crypto.BI

Well if this happens, then Bitcoin becomes a mere technical curiosity.

The whole idea is to keep money controlled by decentralized masses. If you centralize it like fiat, then Bitcoin becomes a mere technical curiosity like a credit card was 40 years ago.

The only thing that makes cryptos special is decentralization. If you take that away, then forget about it.

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