Can Bitcoin Be the Saving Grace for Ailing Banks? - page 2.

mobnepal

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Quote from: cheezcarls on December 01, 2019, 02:39:41 AM

Crypto banks are on the rise, slowly but surely. Now that people are slowly transitioning to put their money in Bitcoin and other cryptocurrencies than in banks, it is clear that this is the future and no one can stop it. If these banks are still against it, they would be left behind.

Most of the crypto banks these days are attracting their customer through high returns on their saving which might got really low when there will be more people willing to lend their money to traders. Majority of borrower in those crypto lending platforms or wallets are traders who want funds to trade with leverage and are happy to pay high interest for short term loans, those loans are not like long term bank loans therefore those high interest rate can't stay for long time.

Crypto banks can or never will be able to provide similar long term loans as they can't compete with interest rate banks are providing.

However yes regulation will help crypto to get better adoption right now.

avikz

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Quote from: electronicash on December 01, 2019, 03:52:45 AM

banks will try find some ways that they'd still be used by people despite the fact that the wallet itself can function like a bank already. so what does the bank do again this time, they will still ask money for storing your coins to them?

although there will be users who will be embracing banks to also accept cryptocurrency deposits, it will really be unlikely for the people to use banks especially the ones who knows why satoshi created BTC.

I don't think banks will start accepting crypto deposits! The German parliament suggested banks to use cryptos for their own reserve fund and also to participate in the crypto market to generate income! But it's highly unlikely that banks will start accepting crypto deposits from the mass!

There's no issue in embracing cryptos in mainstream banking system, but there will be strong protests from the banking fraternity! It's not always easy to embrace your strongest enemy!

electronicash

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banks will try find some ways that they'd still be used by people despite the fact that the wallet itself can function like a bank already. so what does the bank do again this time, they will still ask money for storing your coins to them?

although there will be users who will be embracing banks to also accept cryptocurrency deposits, it will really be unlikely for the people to use banks especially the ones who knows why satoshi created BTC.

TheUltraElite

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So anyway, I applied as a merit source :)

I still think bitcoin and banks can complement each other.

Both are designed for a different purpose - bitcoin for the generation that wants censorship-resistance, somewhat untrackable mode of payments while banks allowing fiat - for the generation that is not willing to go to much into the technical aspects and dont bother about government censorship.

Banks may have taken a stern policy not just in Germany but many others too which have come up in the recent news. Still there is chance that in future bitcoin becomes a force to be reckoned with and banks may change their stance.

Blockchain technology is being developed in many IT companies, soon enough bitcoin usage will follow and governments will be forced to accept it than use a centralized crypto.

sovie

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Quote

On November 29, 2019, the German Parliament passed a bill which amends an existing anti-money laundering directive to allow German banks to both sell and store cryptocurrencies. The new law will take effect January 1, 2020, though certain requirements must first be met through the country's financial regulator
https://thetokenist.io/germany-passes-law-enabling-banks-to-store-cryptocurrencies/

Governments are not willing to accept crypto in its unregulated form, they will regulate it in order to use them in there regime. A regulated currency wont be a cryptocurrency.

cheezcarls

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Bitcoin began as the enemy of the banks, a new tool to bring traditional finance to a halt. However, as the cryptocurrency permeated the mainstream, it has become clear that the path for Bitcoin adoption is through financial regulation. But, does that mean that this decentralized digital asset can become the savior of the banks?

A bill in Germany, having successfully passed through the Bundestag, the German federal parliament, is suggesting that traditional banks should buy, hold, sell and trade cryptocurrency. This could be a big step in helping struggling banks resurrect themselves.

Read here for the full news

For so many years, banks think that Bitcoin and other cryptocurrencies are their enemies and the biggest threats of the financial ecosystem. Lots of them aren't allowing crypto companies to open bank accounts, or even existing ones are being forced to close their accounts.

Crypto banks are on the rise, slowly but surely. Now that people are slowly transitioning to put their money in Bitcoin and other cryptocurrencies than in banks, it is clear that this is the future and no one can stop it. If these banks are still against it, they would be left behind.

But good thing that there are other banks who embraced Bitcoin, cryptocurrencies and blockchain.

As the old movie saying goes, "Either you're with us, or against us!"

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