Topic: Bank of Crypto? (Read 2212 times)

Hmm, is possible but is gonna take time to come to manifestation it will be more than decade because there are some barriers that will affect it successful implementation.
1. Since it's not generally acceptable fully in a whole country talks Less of the world
2. The goal is still in blueprints and it takes forever for his implementation to come through.
And many more

I think a bank of crypto can exist and compete with ordinary banks. The only question is the regulation of such banks by states. Not all countries approve of cryptocurrency.
But cryptocurrency was created as an independent, free currency, so this will contradict its purpose.

It is different from fiat currencies, where cryptocurrency makes it possible to invest, but the increase in crypto is due to the greater number of requests, and many countries have not legalized it. but if all countries have legalized it, are the fluctuations still the way they are today?

This goes against everything that crypto stands for pretty much. But I can understand it from the point of security, safety and freedom of mind. I think they only advantage of a crypto bank is that people
can use it and have the responsibility passed onto the bank. So if they missend crypto to the wrong address or want to take things back. I think this is what most people fear about crypto and a guess a crypto bank tries to find a solution to these fears. I must admit I get shaky when making transactions. Maybe one day they will have some sort of gateway sort of like an escrow that holds your crypto so a bank can check it is right and then they release it.

One thing for sure, is that crypto and Blockchain tech has attracted the likes of governments and central banks worldwide. Their huge interest in these emergent technologies, might lead them to devise their own financial solutions that are frictionless, and cheaper to operate than the existent financial system of today. No one knows what will happen in the future as the crypto industry is completely unpredictable. Rest assured that if a crypto bank becomes a reality in the future, it'll become subject to the same regulations as the traditional banks of today. Newcomers into crypto will find it much easier to store their money in a crypto bank, than doing so themselves. After all, the responsibility of securing crypto funds is passed to the "Bank" (middleman) instead of the end user. For us, crypto veterans, it's best to be our own bank in every way possible. Using existing wallet solutions like Hardware wallets and Paper wallets, you can secure your crypto funds against malicious actors in cyberspace.

Time will tell us, if we ever get to see a "Bank of Crypto" operate within the mainstream world. If that never comes true, there's no need for newcomers to worry about securing their crypto funds, and requesting banking services as the world of "Decentralized Finance" (DeFi) is growing right before our very eyes. Ethereum and other smart-contract-based cryptocurrencies provide many decentralized services (like lending and borrowing) that are common within banks of today. Crypto bank or not, the entire crypto industry will continue to grow in popularity for years to come. Just my thoughts

this is not in accordance with the main philosophy of crypto. A bank is a service to save money and also loan money without increasing value. if crypto becomes like that, I think it won't be good. because crypto has an investment value that makes it possible to get profits.

In my opinion, cryptocurrency was created initially to eliminate or reduce the role of banks or central banks as middlemen in every transaction we make, so it becomes absurd when crypto banks are deemed necessary. We already have a private key and are also free to trade easily and I don't think crypto banks are needed except for exchangers

It is actually better for everyone here earning crypto since they have started. It should be implemented in different countries where there are lots of users are using cryptocurrency. Because instead of bank of fiat that can accept also cryptocurrency, I agree that why we can have our own bank in which we can invest or we can withdraw our crypto. The idea is that it should be famous first because as far as I know there are ATM machines now in different countries wherein they can withdraw or buy bitcoin.

There are already attempts to create such banks, and I am sure that such banks will appear in the future.
The big question is how much they will be successful, however, I personally do not believe that the banking system will be able to adapt and get along with the cryptocurrency market.
I see this as parasitic coexistence, but not as a symbiosis.

That's also a correct answer because it is also do it by your owm bank account and saves your money without any problem by storing it in your wallet.

It is this problem with the lack of the necessary preparation of the population and business for digital technologies that the taklimakan platform solves. Now you can take training courses or use the recommendations of experienced traders to conduct crypto investments. And with an increase in the level of knowledge, the society will be more ready to start working with cryptocurrencies and blockchain, then the central bank will only have to issue its coins faster, so as not to lag behind requests

I believe that the emergence of a crypto bank is a very real possibility and most likely it will be realized in the near future. Why? Well, strictly speaking, it is unlikely that someone from the powers that be would have allowed to have non-regulated assets, well, this simply cannot be. In other matters, everything that happened a few years ago and now it is pulling more and more people into the crypto sphere, and in order to increase this flow, you need to bring cryptocurrencies to a higher level, namely, give them free use and offer to store it in a centralized bank. All this looks like a kind of plan that is being realized before our eyes right now. So most likely it's time to take off the pink glasses and think about what to do when the crypto jars appear.

Storing your coins in your own wallet and with your private key is the proper way of keeping coins in crypto so why will you need a bank when wallets functions like bank for individuals. You are suppose to work link a bank yourself, independent from any centralized control why act like you have a Stockholm syndrome like loving the banks. They will take your coins from you and you will have to pay them, how is that making sense?

Banks are always looking to take advantage of the next trend in finance. Ever since Blockchain technology came into inception, Banks have shown an interest to adopt Bitcoin's underlying technology for their own benefit. We may not be able to see a "Bank of Crypto" in the future, but we'll definitely be able to see central bank digital currencies (CBDC) soon. Several countries like China, and France, have already announced that they'll be launching their own digital currencies based on Blockchain technology. This means that one way or another, crypto (government-backed, of course) will be adopted by worldwide Banks. They won't be going anywhere as long as they're able to live off fees from their customers. With the adoption of Blockchain technology, they'll be able to win more than they're willing to lose.

In the decentralized world of crypto, people will continue to use digital assets like Bitcoin and Ethereum their own way. Nowadays, there are methods to secure one's crypto funds such as Hardware Wallets, Paper Wallets, and even Multi-signature addresses. With this, an average person can become his/her own bank without the need for a middleman. In the future, the battle will be between the worlds of centralized finance and decentralized finance. With proper education about how crypto and Blockchain technology works, having a "Bank of Crypto" would be entirely unnecessary. But if we ever see a "Bank of Crypto", then people would be able to use crypto easily without the need to worry about hacks or theft. Just my opinion

I think companies like NEXO are almost like Crypto banks and they give loans and you can get a bank SEPA or wire to your bank account when you take out the loan. They also give you interest if you hold stable coins on their site and also they are bringing out a debit card. This is a company that is good for people like my Wife who are working full time in crypto and earn mainly Bitcoin for a living. She says it is better than a bank because you can make money by having an account and holding your stablecoins there, but in the bank we earn hardly anything, yet the banks use our money to make huge profits year in year out, while we lose our fiat value due to inflation.

Don't people go to Bitcoin to escape the banks? Now I don't think banking will be popular again. Also blockchain with classical banking does not match much. We're going to the new world where everything is in the approval of mathematics!

Many DeFi startups already offer similar services to traditional banks and what you are referring to in terms of securing customers assets is custody solutions and this area including blockchain payment processing is still under development with a major project like Libra potentially offering some of these solutions

your coin = your responsibility

TBH crypto Bank can lead to centralize and it is opposite with crypto is. So, it can change the whole crypto and make people doubt with crypto
if you wanna safe your money, using hardware wallet is the best thing you should do. buy like Nano Ledger or trezor
Those are good choice which well-known hardware cryptocurrency wallet

What's wrong with storing crypo in your own wallet with your own private keys? I am a normal user but I'm not demanding for a crypto bank. I think holding itself is already very profitable. Why ask someone to keep your bitcoin for you, and then actually pay them to do it, or earn a few percentage of interest? If you're gambling for sure, go ahead but if it's your life savings? Please learn your lessons and keep your own money the way crypto meant for you to!

Decentralization is the centre of Blockchain and Cryptocurrency. Though, there are risk associated to safeguard crypto assets but proper education of crypto assets holders reduces the risk of losing ones assets in crypto-world. My major problem of Cryptos is the high volatility, dumping, fake projects (scam) etc. If all these can be address. Hiring, consulting a professional or education improves security.