Topic: Bank vs Crypto: Are they opposites? - page 2. (Read 782 times)

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.

in principle they are. On one hand we got Banks who are all for the "saving of the denominations of money that you have" which means if you want to save up let's say, 1 million dollars, you can best believe your money, as long as you don't touch it or do anything to it, will remain to be 1 million dollars even after years have gone by. It's a little counterintuitive to some people as it may drive you to think that "there's no difference between saving your money in the bank" and saving it under your bedsheet covers, but what you're really after when you entrust your money in a bank is the sense of security and insurance.

On the other hand, crypto is there to save the value of your money. Say you wanted to invest 1 million dollars in crypto, if things go well and they often do, not only are you going to just have 1 million bucks lying around, you'll most likely have more money after the whole ordeal as it yields profits, and of course, ensures that the value of your money from years ago is retained no matter what.

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.

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.


This happened during the crash of Luna, and the same thing happened during the crash of FTX, but we believed that Bitcoin would recover its value very soon, and the current price is in front of you how Bitcoin has recovered its value after major crashes. If we are not careful, our wallet can be hacked, but many people's bank cards i.e. ATM cards can also be hacked without being careful. Such cases are common. So be very careful with things online. The government is creating regulations to regulate and legalize cryptocurrency, but I think Bitcoin is definitely a challenge for the banking sector.

Why don't you mention the risks of investing in cryptocurrency and bitcoin? The risk of depositing money in a bank is that the money may lose value over time and the account may be frozen. The risk when investing in bitcoin is that we can lose everything we have if bitcoin suddenly crashes, or our wallet can be hacked...but in return, we have the opportunity to profit big profit instead of depositing money in the bank. Both have their pros and cons.

Apart from bitcoin, the rest of the cryptocurrencies are mostly centralized, so it may not pose a threat to banks as governments may also be looking to control cryptocurrencies, with the exception of bitcoin.

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.

There are some potential conflicts between banks and crypto. For example, banks are concerned that crypto could reduce the use of fiat currency and reduce their revenue from services such as credit cards and loans. Additionally, banks are concerned that crypto could be used for illegal activities such as money laundering and terrorist financing.

Here are some examples of potential conflict and collaboration between banks and crypto:

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.

Collaboration:

Banks can use crypto to improve efficiency and reduce costs.
Banks can use crypto to provide new services to customers, such as loans based on crypto assets.
Ultimately, the future of the relationship between banks and crypto is uncertain. However, it is clear that both will continue to evolve and influence each other.

Additional thoughts:

It is important to note that the relationship between banks and crypto is still in its early stages. As both technologies continue to develop, it is likely that we will see new and innovative ways for them to work together

Banks are now looking at how they can gain something - meaning profits - out of cryptocurrency. Why is this so? Because many of banking leaders are now convinced that cryptocurrency is here to stay and its market is expanding. So banks are now looking forward how they can collaborate and cooperate with cryptocurrency most especially since they are sensing of a big demand coming from their own client base. Potential conflicts can always be ironed out for the sake of making a slice in the profit cake.

This notion keeps circling in my mind because I have a penchant for weighing the benefits of one approach against another. It's true that P2P can be employed to bypass intermediaries, but thus far, these intermediaries wield significant control, and the reputable stature of banks as trusted financial agents endures in society.

If one were to solely rely on Bitcoin without any FIAT currency, I would find myself unable to procure sustenance (at least for the present moment). For minor expenses, executing BTC exchanges through P2P runs smoothly. However, when it comes to what I perceive as substantial transactions (such as converting BTC to FIAT with large amount), I still find myself reliant on banking services for this large-scale transactions.

Banks and cryptos don't seem like adversaries to me. Every country has banks but not every country has crypto approval. When there are more than one private bank in a country, the competition between the private banks can be called rivals, but since crypto is not approved in most countries, crypto will not be an opponent of the bank. But Bank China let people of their country transact through crypto or let people of their country invest in crypto. Because whenever the people of a country invest in crypto, the amount of people keeping money in the bank will decrease which is harmful for the bank. That's why banks are always anti-crypto but not anti-crypto.

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Many people still prefer to keep their assets in crypto currencies instead of banks. Since their assets may be at risk of devaluation in banks, they are likely to get good returns on crypto currencies, especially Bitcoin. If people invest more and more. Assets in crypto currencies or Bitcoin instead of banks, this will also have a huge impact on banks. However, banks have their importance and its importance cannot be denied. However, I don't think the relationship between banks and crypt currencies can be cordial, rather the situation between the two is more likely to remain tense, as both perceive each other's existence as a threat to themselves.

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.

There are some potential conflicts between banks and crypto. For example, banks are concerned that crypto could reduce the use of fiat currency and reduce their revenue from services such as credit cards and loans. Additionally, banks are concerned that crypto could be used for illegal activities such as money laundering and terrorist financing.

However, there is also potential for collaboration between banks and crypto. For example, banks can use crypto to improve efficiency and reduce costs. Additionally, banks can use crypto to provide new services to customers, such as loans based on crypto assets.

Here are some examples of potential conflict and collaboration between banks and crypto:

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.

Collaboration:

Banks can use crypto to improve efficiency and reduce costs.
Banks can use crypto to provide new services to customers, such as loans based on crypto assets.
Ultimately, the future of the relationship between banks and crypto is uncertain. However, it is clear that both will continue to evolve and influence each other.

Additional thoughts:

It is important to note that the relationship between banks and crypto is still in its early stages. As both technologies continue to develop, it is likely that we will see new and innovative ways for them to work together

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.

Bitcoin and cryptocurrency won't defeat or kill central banks, commercial banks and fiat currencies or CBDCs. Bitcoin can outperform fiat currencies, CBDCs in purchasing power over time but by beating, killing I meant Bitcoin will get rid of fiat currencies and CBDCs. It simply won't happen in future and it is kind of over fear.

If a Bitcoin maximalist, investor hope it will happen, it is unrealistic hope. If globally, there are governments, it will not happen.

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.

There are some potential conflicts between banks and crypto. For example, banks are concerned that crypto could reduce the use of fiat currency and reduce their revenue from services such as credit cards and loans. Additionally, banks are concerned that crypto could be used for illegal activities such as money laundering and terrorist financing.

However, there is also potential for collaboration between banks and crypto. For example, banks can use crypto to improve efficiency and reduce costs. Additionally, banks can use crypto to provide new services to customers, such as loans based on crypto assets.

Here are some examples of potential conflict and collaboration between banks and crypto:

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.

Collaboration:

Banks can use crypto to improve efficiency and reduce costs.
Banks can use crypto to provide new services to customers, such as loans based on crypto assets.
Ultimately, the future of the relationship between banks and crypto is uncertain. However, it is clear that both will continue to evolve and influence each other.

Additional thoughts:

It is important to note that the relationship between banks and crypto is still in its early stages. As both technologies continue to develop, it is likely that we will see new and innovative ways for them to work together

Bitcoin and cryptocurrency won't defeat or kill central banks, commercial banks and fiat currencies or CBDCs. Bitcoin can outperform fiat currencies, CBDCs in purchasing power over time but by beating, killing I meant Bitcoin will get rid of fiat currencies and CBDCs. It simply won't happen in future and it is kind of over fear.

If a Bitcoin maximalist, investor hope it will happen, it is unrealistic hope. If globally, there are governments, it will not happen.

Well, Satoshi's idea was to create


This eliminates the idea of central banks, and all other banks, as they are third parties. Another thing is that with the development of the bitcoin industry, mainly centralised exchanges, which is where most retail investors buy their bitcoins, this idea seems like a nice utopia today, but we cannot see it as feasible.

So, to answer the question of the thread, yes and no. Bitcoin was conceived as the opposite, but this is not necessarily the case, as is unfortunately the case.

It is true that the purpose of Bitcoin is precisely to eliminate the intermediary or the bank.  You say that cryptocurrencies cannot be used without the use of a bank but it doesn't seem like that to me, there are some p2p methods or you can always pay in bitcoin and you will only have money for your wallet