Topic: Current banking system is centralized but only is decentralized brazil is exampl (Read 95 times)

Good question.

While crypto has exhibited impressive growth.

One aspect of the banking industry crypto has not been able to expand into are home and car loan markets. At the moment, it appears crypto can never replace banks, unless more progress is made in those sectors. There are simply no alternatives.

or it could be faster as well. when Biden told at the conference that investors will lose their money and only depositors get back their 250,000 the rest of the bank investors are going to be thinking it could happen to them. they will get out of the banking system as quickly as possible.

It's too early to declare the end of commercial banks. There were many cases of commercial banks going bankrupt in the past, but the banking system wasn't replaced by anything better. The crypto industry cannot fully replace the banking system, because the crypto industry failed at creating sustainable peer-to-peer lending platforms. The main function of the banking system is to gather deposits and give loans to the borrowers. The crypto exchanges cannot become banks, because there's no authority, that serves as a "creditor of last resort" that will provide  them with funds when they are facing liquidity problems.

If you knew bitcoin ATM transaction fees could suffocate you, you'dn't remove p2p methods from priority. FYI, recently the UK considered that crypto ATMs are illegal^[1]. In outline the new policy seems to be a classic excuse, "crime and money laundering prevention"

It will be a company waiting for the next bankruptcy due to too much trust in the pegged and cashable tokens.


1. https://www.engadget.com/uk-orders-bitcoin-atm-shutdown-125830919.html

That is rather a little bit too much of a extreme way to see the future, because obviously those who are in power won't allow decentralization to happen easily, actually, if all you are saying ends up being a reality, it would be many years in the future. i am not even sure I would be alive to see that level of crypto adoption.

Also I had no idea you could cash out USDT using ATMS in Brazil, that sounds awesome, do you have some source or news about it so I can read more about those USDT atms?  

Crypto exchangers area able to implement debit cards because they had been given licensed to implement by the financial institution.  If the financial institution deny them of the right, the binance will be charged of fraud if they issue such kind of service without proper license. 

In addition, cryptocurrency adoption is not as wide as you think, only a small percentage of the global population is using cryptocurrency and most are still using banks.  So basically, the use of bank is still in-demand.  I also contest the idea of crypto exchanges are much safer than banks.  I wonder if you missed the news of FTX, and many other exchanges that goes bankrupt making their users to lose 100% of their investment.

There is 2 ways how it goes
Those who don't know about btc and crypto how to use it they Will use goverment CBDC-S
Those who knows btc and crypto Will use crypto and they Will have their own freedom the financial freedom.

Some people like to choose their life but those with slave mind they let goverment to take care of themselfes.

Independent freedom like mindset people use btc and crypto but not independend not self thinkers will use CBDC-S.
Brazil is good example you can literally cash out your USDT from atm machines without third parties involved.


The whole world going to move towards decentralized wealth who don't go along with Will be in poverty.
The world going to be Like Monaco no taxes everthing privatized.

The banks are not much sustaineble anymore the trust are gone.

While I agree with you on the topic on how trust-less decentralized systems can be superior to traditional banking in many ways, the reality is that (regardless of the relatively high adoption in places like Latin America) most of the people in the rest of the world is not familiarized with Bitcoin or even stablecoins. That is why some states are already getting their CBDCs ready for official launch.

https://www.coindesk.com/policy/2023/02/08/unpacking-indias-cbdc-pilots-as-country-prepares-for-digital-rupee/
https://www.imf.org/en/News/Articles/2022/07/07/sp070722-central-bank-digital-currency-and-the-case-of-china
https://www.coindesk.com/business/2023/02/17/bank-of-russia-to-pilot-cbdc-in-april/

Bitcoin does grow, so does other alts in terms of adoption and price, but there still a long way to go before we talk about mass adoption.

Silicon valley bank is good example.
Fed IMF ecb boe...all of them have failed with their centralozid system.
The next bull run coins like btc the decentralized coins will be favoritie coins of investors.
People worry about alot and many people now learn about btc and crypto be your own bank and.

Cash , btc ,usdt are king brazil is good example how it should be there is opportunity to transfer just USDT and cash out.

In this case whole world Will follow to brazil brazil atm and crypto system is world best one.

It's unlikely people talk about CBDC-s anymore more people Will be into btc and crypto freedom way.
Many people are disapointed, and crypto is trusted now they connect crypto with cash then central banks neither commetcial Banks not Even needed.

Crypto p2p exchangers are not needed either near future becouse If you can cash out your crypto from ATM cash machine then you got all you need and with many crypto visa debit cards or mastercards you can pay at stores.

Also there are many commercial banks who are high leveraged with clientds money ( basicly they gamble) many commercial banks Will be deleveraged soon.

People need to understood it's a end of the commercial Banks as we know it time to move on who don't get into crypto they will risk with losses of using third parties banking services.

I trust more crypto exchangers then banks becouse crypto exchangers are connected with global faster capital of btc eth or USDT USDC or busd the main liquity and off course the TRX and xrp xlm.
Banks are still slow and not connected globally with so much instant capital.
So crypto exchangers are much more safer and with better liquity then many banks.
Crypto exchangers allready working with debit cards like binance debit card and who really needs a Banks anymore ??