Bank vs Crypto: Are they opposites? | Bitcointalksearch.org

aylabadia05

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Quote from: BALIK on September 18, 2023, 10:31:09 AM

Quote from: aylabadia05 on September 18, 2023, 09:33:35 AM

[snip]

Well, you're blaming the bank for using your money to make a profit? So I want to ask, do they force you to give them money? Or do you voluntarily and agree to give them the money to get that small profit back? They are just a business, and they need profits to survive, if you know that they are taking advantage of you, stop using their services.

I know they do it so they can pay their employees and make business-like profits.
In this context I don't want to blame them, as long as they can still be trusted then go ahead. In terms of actual profits, it is not that big for me personally if I use them as a place to store fiat money. Just a few percent interest which in my opinion will not be balanced with the return when Bitcoin passes the purchase price in a matter of years.

Quote from: BALIK on September 18, 2023, 10:31:09 AM

Just like when you go shopping, you know the store's prices are very high compared to other stores but you still buy and is it your fault or the store's fault? As for me, I'm still using both in different situations so I don't want to badmouth or compare them.

Of course, I always avoid saving money in banks even though I still need them to make withdrawals when I exchange into fiat currency considering that my country does not legalize bitcoin as a transaction tool.
I haven't had any fiat currency balance in my account except for a few for daily needs when my savings at home are empty.

Quidat

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Quote from: Ojima-ojo on September 19, 2023, 02:04:34 PM

Quote from: G_Besar on September 19, 2023, 12:14:01 AM

Quote from: Mophymac on September 18, 2023, 04:10:44 AM

Let's get something clear here guys, banks are the custodians of fiat (government approved currency ) while cryptocurrencies are digital currencies which transactions are recorded, verified and maintained by decentralized system using cryptography. Therefore cryptography can be liken to a digital bank.
The reason why most people might prefer fiat or rather commercial bank for their savings to cryptography is its volatility. However both serve almost the same purpose; medium of exchange for goods and services.

Your explanation is quite direct in this regard because you have also explained the differences between the two and the similarities between the two through almost similar goals. However, over time, most people have also chosen cryptography for their investment, although they also do not stay away from conventional banks because they may still be needed to store some of their fiat. But as for the problem of using both of them, I personally still use them very often because up to now there have been no problems that have prevented me from continuing to use both of them.

The truth is that, cryptocurrency and banks may ve direct opposites and their comparison may be unrealistic better we compare banks to blockchain technology since both of them deals with ledger and balance opening and closing.

And wherever we want to make any comparison it should be between cryptocurrency and other traditional currencies or cryptocurrencies against other assets in its class such as gold stock and the rest.

There's always that main differences but doesnt mean that they cant really be able to collaborate but of course there would really be always that fine line in between about their main differences.
Banks are heavily centralized on which it would really be just that so normal that they would really be getting in line with government rules and conditions on which it would really be just that so right
that you would really be that following on what government been mandating and knowing banks function then everything could be traced and control which is really that totally opposite when dealing up with crypto and this what makes things even more interested for some people who do really give out value when it comes to anonymity or simply that being decentralized. Interest would really be totally different to each person or investor but generally speaking, who doesnt really love on dealing with things which could protect out their privacy? This is why crypto did make or get that much traction and attention just because of this main characteristic or benefits and this is really that preferred.

Ojima-ojo

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Quote from: G_Besar on September 19, 2023, 12:14:01 AM

Quote from: Mophymac on September 18, 2023, 04:10:44 AM

Let's get something clear here guys, banks are the custodians of fiat (government approved currency ) while cryptocurrencies are digital currencies which transactions are recorded, verified and maintained by decentralized system using cryptography. Therefore cryptography can be liken to a digital bank.
The reason why most people might prefer fiat or rather commercial bank for their savings to cryptography is its volatility. However both serve almost the same purpose; medium of exchange for goods and services.

Your explanation is quite direct in this regard because you have also explained the differences between the two and the similarities between the two through almost similar goals. However, over time, most people have also chosen cryptography for their investment, although they also do not stay away from conventional banks because they may still be needed to store some of their fiat. But as for the problem of using both of them, I personally still use them very often because up to now there have been no problems that have prevented me from continuing to use both of them.

The truth is that, cryptocurrency and banks may ve direct opposites and their comparison may be unrealistic better we compare banks to blockchain technology since both of them deals with ledger and balance opening and closing.

And wherever we want to make any comparison it should be between cryptocurrency and other traditional currencies or cryptocurrencies against other assets in its class such as gold stock and the rest.

hafiztalha

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Quote from: G_Besar on September 19, 2023, 12:14:01 AM

Quote from: Mophymac on September 18, 2023, 04:10:44 AM

Let's get something clear here guys, banks are the custodians of fiat (government approved currency ) while cryptocurrencies are digital currencies which transactions are recorded, verified and maintained by decentralized system using cryptography. Therefore cryptography can be liken to a digital bank.
The reason why most people might prefer fiat or rather commercial bank for their savings to cryptography is its volatility. However both serve almost the same purpose; medium of exchange for goods and services.

Your explanation is quite direct in this regard because you have also explained the differences between the two and the similarities between the two through almost similar goals. However, over time, most people have also chosen cryptography for their investment, although they also do not stay away from conventional banks because they may still be needed to store some of their fiat. But as for the problem of using both of them, I personally still use them very often because up to now there have been no problems that have prevented me from continuing to use both of them.

I am using both bank and cryptocurrency.I think everyone use bank account because anyone who want to invests in crypto uses a bank to receive thier investment in cash or another account .And when it becomes to volatility , cryptocurrency is more much volatile than bank.By investing in bank, you get fixed profit and by investing in cryptocurrency, the more profit you can get and also the more risk you may face and your investment will become zero.I think we should use bank for saving and use cryptocurrency for investment.

G_Besar

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Quote from: Mophymac on September 18, 2023, 04:10:44 AM

Let's get something clear here guys, banks are the custodians of fiat (government approved currency ) while cryptocurrencies are digital currencies which transactions are recorded, verified and maintained by decentralized system using cryptography. Therefore cryptography can be liken to a digital bank.
The reason why most people might prefer fiat or rather commercial bank for their savings to cryptography is its volatility. However both serve almost the same purpose; medium of exchange for goods and services.

Your explanation is quite direct in this regard because you have also explained the differences between the two and the similarities between the two through almost similar goals. However, over time, most people have also chosen cryptography for their investment, although they also do not stay away from conventional banks because they may still be needed to store some of their fiat. But as for the problem of using both of them, I personally still use them very often because up to now there have been no problems that have prevented me from continuing to use both of them.

BALIK

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Quote from: aylabadia05 on September 18, 2023, 09:33:35 AM

Quote from: Cryptomultiplier on September 17, 2023, 03:34:42 PM

Both banks and crypto are financial engines that makes every monetary implementation and project possible. Why could there possibly be a conflict between both or in this instance classed as opposites?

Government is mostly making a lot of noise about crypto because of some scam projects that have proved unreliable with crashing or freezing of accounts and money laundering activities. All they want is to tax, monitor and control Crypto.
If they succeed, then we would see how both entities would exist in physical proximity and relational services.

I wouldn't want any mention of crypto for Bitcoin. Their business continues to maintain their desire not to use Bitcoin and still thinks that Bitcoin is bad because of money laundering activities or other illegal acts. For me, Bitcoin will have no effect on sustainability until they really realize that Bitcoin is a system that can be a solution in transactions.

We spend too long rhetoric about banks and governments being anti-Bitcoin or those who are pro-crypto which can be controlled by them, which will not provide good benefits for us here because banks are not transparent in managing our funds. They use their savings to make a profit. Bitcoin does not. As for other cryptos, it's up to them.

Well, you're blaming the bank for using your money to make a profit? So I want to ask, do they force you to give them money? Or do you voluntarily and agree to give them the money to get that small profit back? They are just a business, and they need profits to survive, if you know that they are taking advantage of you, stop using their services. Just like when you go shopping, you know the store's prices are very high compared to other stores but you still buy and is it your fault or the store's fault? As for me, I'm still using both in different situations so I don't want to badmouth or compare them.

aylabadia05

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Quote from: Cryptomultiplier on September 17, 2023, 03:34:42 PM

Both banks and crypto are financial engines that makes every monetary implementation and project possible. Why could there possibly be a conflict between both or in this instance classed as opposites?

Government is mostly making a lot of noise about crypto because of some scam projects that have proved unreliable with crashing or freezing of accounts and money laundering activities. All they want is to tax, monitor and control Crypto.
If they succeed, then we would see how both entities would exist in physical proximity and relational services.

I wouldn't want any mention of crypto for Bitcoin. Their business continues to maintain their desire not to use Bitcoin and still thinks that Bitcoin is bad because of money laundering activities or other illegal acts. For me, Bitcoin will have no effect on sustainability until they really realize that Bitcoin is a system that can be a solution in transactions.

We spend too long rhetoric about banks and governments being anti-Bitcoin or those who are pro-crypto which can be controlled by them, which will not provide good benefits for us here because banks are not transparent in managing our funds. They use their savings to make a profit. Bitcoin does not. As for other cryptos, it's up to them.

romero121

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Crypto and banks weren't opposite. Both does similar functionality, but on a different process. With banks third parties does the work of recording the transactions and have complete control of the user accounts. With cryptocurrency thing is different, everything happens in an orderly manner based on the framework developed. Banks have control over the user funds and the banks were under the control of governments whereas cryptocurrency is completely different and functions recording each and every activity through the cryptographic operation.

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Quote from: apilpirman17 on September 08, 2023, 03:13:51 AM

In short, the answer is no. Banks and crypto are not opposites, but they have different purposes and ways of working. Banks are traditional financial institutions that provide services such as savings, loans, and money transfers. Crypto is a digital currency that uses blockchain technology.

Let's get something clear here guys, banks are the custodians of fiat (government approved currency ) while cryptocurrencies are digital currencies which transactions are recorded, verified and maintained by decentralized system using cryptography. Therefore cryptography can be liken to a digital bank.
The reason why most people might prefer fiat or rather commercial bank for their savings to cryptography is its volatility. However both serve almost the same purpose; medium of exchange for goods and services.

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Quote from: aylabadia05 on September 17, 2023, 12:43:46 PM

Banks are not against crypto. There are already banks in several countries using the Ripple network for international deliveries. This shows that banks and crypto are working together and not opposites.

Quote from: apilpirman17 on September 08, 2023, 03:13:51 AM

Conflict:

Banks are concerned that crypto could reduce the use of fiat currency and reduce their revenue from services such as credit cards and loans.
Banks are concerned that crypto could be used for illegal activities such as money laundering and terrorist financing.

These two items regarding conflict have been refuted and the answer has been received that the relationship between the two is good in terms of cooperation. It's possible that the item you raised tends to be Bitcoin because there are differences between Bitcoin and crypto. It's just that people outside the forum still think that crypto is Bitcoin
.
Bitcoin does not consider that banks are government-owned or privately owned financial bodies that are managed by groups consisting of several people and must be avoided, but the implementation of the bank system is irresponsible.

Both banks and crypto are financial engines that makes every monetary implementation and project possible. Why could there possibly be a conflict between both or in this instance classed as opposites?

Government is mostly making a lot of noise about crypto because of some scam projects that have proved unreliable with crashing or freezing of accounts and money laundering activities. All they want is to tax, monitor and control Crypto.
If they succeed, then we would see how both entities would exist in physical proximity and relational services.

WatChe

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Quote from: serjent05 on September 16, 2023, 06:25:16 PM

Banking institutions have learned that they are missing out on not accepting cryptocurrency, the reason why now some are partnering with some existing cryptocurrency. Unlike in the earlier years of cryptocurrency, banks are very hesitant and even giving warning to people who are actively participating in the cryptocurreny market. Some central bank even banned the use of cryptocurrency but due to the performance of the cryptocurrency industry, some banks are now accepting Bitcoin as mode of payment. and even some of them are investing in the knowledge to learn about cryptocurrency.

Banks really using cryptocurrency? Think again. As far as decentralized cryptocurrency like Bitcoin is concerned it's very unlikely that centralized financial institutes like Banks will ever use them. They are using centralized cryptocurrency like XRP or USDT.

We need to understand this thing that governments and banks have no objection on use of centralized cryptocurrency but the decentralized ones. Today's centralized cryptocurrency are no way near to original model proposed by Satoshi Nakamoto, i.e. peer to peer electronic cash transfer.

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Quote from: JohnBitCo on September 17, 2023, 03:59:05 AM

Yes, They are opposite to each other. In the bank, you can take a loan but in crypto, you can't take a loan.

You can take a loan in crypto and that's like a P2P loaning service that we have in the lending section.

Quote from: JohnBitCo on September 17, 2023, 03:59:05 AM

First, you should invest then you create money. But some things are similar for example: Banks provide safe places for businesses to deposit their own money and you can withdraw when you need money. Almost this thing is similar to crypto where you deposit crypto in centralized exchanges.

But when your crypto is in the centralized exchanges, your funds are on their custody and they're the owner of it.
Yes, you may be the owner of it but as the usual thing that we're saying, 'not your keys, not your coins'.

goldkingcoiner

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Crypto? I am guessing that you hopefully mean Bitcoin by this because I would not vouch for any other cryptocurrency other than Bitcoin when it comes to holding your money. But as I was saying, when it comes to Bitcoin, the very purpose of it is for you to be your own bank and not only that, but a much better bank, because nobody can touch/freeze/withdraw your Bitcoin without your express permission (assuming that you hold your Bitcoin in your own wallet and not a third party wallet like an exchange website wallet).

So in a nutshell: Bitcoin is the better bank because with Bitcoin you are your own bank.

aylabadia05

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Banks are not against crypto. There are already banks in several countries using the Ripple network for international deliveries. This shows that banks and crypto are working together and not opposites.

Quote from: apilpirman17 on September 08, 2023, 03:13:51 AM

Conflict:

Banks are concerned that crypto could reduce the use of fiat currency and reduce their revenue from services such as credit cards and loans.
Banks are concerned that crypto could be used for illegal activities such as money laundering and terrorist financing.

These two items regarding conflict have been refuted and the answer has been received that the relationship between the two is good in terms of cooperation. It's possible that the item you raised tends to be Bitcoin because there are differences between Bitcoin and crypto. It's just that people outside the forum still think that crypto is Bitcoin
.
Bitcoin does not consider that banks are government-owned or privately owned financial bodies that are managed by groups consisting of several people and must be avoided, but the implementation of the bank system is irresponsible.

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Quote from: irhact on September 17, 2023, 04:50:58 AM

Quote from: JohnBitCo on September 17, 2023, 03:59:05 AM

Yes, They are opposite to each other. In the bank, you can take a loan but in crypto, you can't take a loan. First, you should invest then you create money. But some things are similar for example: Banks provide safe places for businesses to deposit their own money and you can withdraw when you need money. Almost this thing is similar to crypto where you deposit crypto in centralized exchanges.

You can take loans in cryptocurrency just as you can take loans in bank, some cryptocurrency are created just for this purposes. I have seen many cryptocurrency that you can buy, stake them on their website and get a loan in stablecoin that when you repay the loan you can get your tokens that you kept as collateral. Some cryptocurency exchange also offer the service of taking loans on their exchange with a collateral of high value cryptocurency like Bitcoin.

Banks and altcoins are alike but banks and Bitcoin are different, banks and altcoins are alike because we have many altcoins that are centralized and work just like banks works that they can freeze your coins. BNB freezes hacked funds in hackers wallets just like banks.

. Many of your claims concerning crypto loans and controlled cryptocurrencies working like banks are accurate. You should be cautious. Cryptocurrencies provide greater financial independence than ever, but they also carry hazards that traditional banks have mainly avoided.

If you simply compare banks and altcoins because they freeze money, thats not true. Banks can do it because the rules protect people. Crypto rules are usually written after a mess.

Caution is your best companion on this financial adventure. Altcoins are not banks, despite popular belief. While useful, crypto loans are risky. Remember that anything you do can make or break your money.

irhact

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Quote from: JohnBitCo on September 17, 2023, 03:59:05 AM

Yes, They are opposite to each other. In the bank, you can take a loan but in crypto, you can't take a loan. First, you should invest then you create money. But some things are similar for example: Banks provide safe places for businesses to deposit their own money and you can withdraw when you need money. Almost this thing is similar to crypto where you deposit crypto in centralized exchanges.

You can take loans in cryptocurrency just as you can take loans in bank, some cryptocurrency are created just for this purposes. I have seen many cryptocurrency that you can buy, stake them on their website and get a loan in stablecoin that when you repay the loan you can get your tokens that you kept as collateral. Some cryptocurency exchange also offer the service of taking loans on their exchange with a collateral of high value cryptocurency like Bitcoin.

Banks and altcoins are alike but banks and Bitcoin are different, banks and altcoins are alike because we have many altcoins that are centralized and work just like banks works that they can freeze your coins. BNB freezes hacked funds in hackers wallets just like banks.

JohnBitCo

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Yes, They are opposite to each other. In the bank, you can take a loan but in crypto, you can't take a loan. First, you should invest then you create money. But some things are similar for example: Banks provide safe places for businesses to deposit their own money and you can withdraw when you need money. Almost this thing is similar to crypto where you deposit crypto in centralized exchanges.

fruktik

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Quote from: molsewid on September 16, 2023, 05:23:06 PM

Yes it will be a challenge to banks but I think sooner or later we can see that more banks will accept it and more companies with good names will begin to upgrade to web3. People will soon accept crypto as well that why the demand will rise so banks will be needed to accept pegged coins I think. Next year will be halving that is why it is possible to see bitcoin with new ATH.

There is no need to rush to premature conclusions. It’s much easier now to just watch how the price reacts to certain events. The news background is too dynamic, but somehow this does not give any positive results. Therefore, we can assume that the previous high will not happen during the period that everyone is so looking forward to.
Large speculative players understand everything perfectly and are aware of the reaction of the bulk of investors and traders. Do you understand what I'm getting at? They will definitely make money on this by carrying out a series of manipulative operations. The majority will again be left without money.

Macoach

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You might find it surprising that banks aren't necessarily opposed to cryptocurrencies. Regardless of how advanced and advantageous cryptocurrency may be, it remains intertwined with traditional banks and fiat currencies. One can't truly make purchases without the support of banks, as cryptocurrency relies on fiat currencies for exchange.

Interestingly, banks might indirectly support cryptocurrencies because some of their owners could have obtained loans for their businesses. Even as cryptocurrency becomes more widely used, banks are likely to persist in their roles within the financial landscape.

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Quote from: HONDACD125 on September 15, 2023, 01:37:52 PM

We all know that crypto currency market is a risky market. Anything can happen at any time, but Bitcoin is more reliable than other currencies, but still Bitcoin cannot be exempt from risk. It is a fact that where there is gain there is also loss and this should never be ignored. The value of Bitcoin can fall, and often the value of Bitcoin fluctuates. Also, any bad news can cause a sudden drop in the price of Bitcoin.

Can fiat never have hyperinflation? Yes, national currencies are subject to even greater risk than Bitcoin. Look at the foreign exchange market and everything will immediately become clear to you. In my country, the currency has devalued against the dollar by almost 40% since the beginning of the year. And the state purchases almost exclusively imported goods. Consequently, prices have risen sharply and continue to do so.
Also, inflation risks have not gone away, exceeding 15% for the year. Salaries are not indexed. Question. How to survive under such conditions?
It is much easier to use cryptocurrencies than these pieces of paper, which are rapidly depreciating.

Topic: Bank vs Crypto: Are they opposites? (Read 686 times)