Topic: Bank vs Crypto: Are they opposites? - page 6. (Read 782 times)

I understand that cryptocurrencies can be used to launder money, but the only individuals who will engage in such criminal activity are those who hold crypto assets for illicit purposes. Now, I want to ask you, Isn't money laundering also done using fiat currency? Doesn't it also apply to things that are illegal?

In other words, fiat money is identical to cryptocurrency, which is utilized for criminal purposes like money laundering. Because of this, I occasionally find it puzzling when individuals claim that Bitcoin or other cryptocurrencies can be used in criminal activity when the same is true with conventional money.

Banks are concerned that crypto can affect their source of income, they are concern that it will affect their business and people won't want to deposit large amount of money in the banks anymore, remember that Banks are very good at using their customers funds to make more money, especially those amounts in fixed accounts locked for a long period of time.

Crypto is eye opening, as banks as made many people believe that interest way is the way to make money off your deposited amount, the longer you leave the money in your account the more you get get some percentage annually, now we all know it's nonsense, crypto gets people to where they wanted to get to, and faster.

Government is worried about a few different things too, they pretend that they are saving the people from a big bubble but that's not true, there is more to their concerns, they control banks and they have no control over Bitcoin because it's decentralized, Bitcoin also brings better ROI than Real estate and co, meaning many lives can change if done right, the poorer people gets the better for the government.

The government of a country decides which currency should be used and not banks. Since government knows that they can't control the use of bitcoin because it is decentralized that is why some countries see it as a threat to their local currency,making them to ban cryptocurrency.

Not banks but the government. Who says bank isn't used for money laundry. In my country as long as you know the bank manager of a branch and you are a politician, you have the free access to launder money and give the bank manager his own quarter.

This is false, it's not that easy to use crypto for illegal activity, do you think fiat can't be used for illegal activity? go search in google. Even you use a privacy coin, you still need to trust someone and it's sometime will expose your identity, receiving money through bank will make the sender know your real name.

Yes. But since Bitcoin is decentralized, it shouldn't be associated with banks or any other third party intermediary.

I don't know where this is coming from but one thing that is certain is that banks and crypto are never in competition whatsoever as Crypto can't do without banks but banks can do without crypto.

What you stated above are the concerns of the government and not banks, only that some banks will not tell you when they are behaving anti-crypto, it's the government's undertone and regulators on their neck. It's business as usual for banks as no one can purchase crypto without the banks and no one will sell crypto for money and not get the money in their bank account or in fiat online.

I believe that fiat banks and crypto banks will always be separated unless a bank has both in their different branches of operations. Mind you, the risk with crypto is very high, fiat banks might not consider it but might continue to deal with crypto-related businesses if there is no restriction in their country.

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