Is it possible for Traditional Banks to cooperate with Crypto

m2017

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Quote from: virasisog on July 13, 2022, 12:24:52 PM

Quote from: fuguebtc on July 06, 2022, 10:34:24 PM

Quote from: BuNga_cute on July 04, 2022, 05:23:11 AM

I am sure that in the future many countries will realize that crypto is indeed important for human life and will provide support for crypto.
If in the future many countries have legalized crypto, of course traditional banks will be given permission by the government to cooperate
with crypto.

Hate it or not, I firmly believe that governments will gradually accept crypto as it is the future of finance. They can't ignore it forever if they don't want to become obsolete compared to the rest of the world but there will certainly be strict regulations attached to the approval of cryptocurrencies. Banking and cryptocurrencies grow side by side, no one threatens the other and no one replaces the other. certainly so.

Now that more people are investing and even more businesses are adopting Bitcoin, I don't think the government and banks won't support crypto in the future. I'm sure that there's a big possibility that they will allow and permit it or even cooperate with it especially when they see the number of people that believe in it. Since they can't control the number of crypto investors, they won't have any choice in the future but to support it.

Not just more people investing in bitcoin, but a growing user base. The more users there are, the stronger the cryptocommunity. The time when governments and banks could ignore bitcoin is long gone. Now they can no longer pretend that bitcoin doesn't exist and in the future there will come a moment when governments and banks will have to reckon with bitcoin. I don't know in what form this will be implemented and legalized, but I assume that no one will will not refuse. I am sure that those countries that later begin to recognize bitcoin will begin to lag behind others. In the case of banks, they have no other choice but to adapt to the new reality and start supporting bitcoin, otherwise they will simply become useless.

virasisog

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Quote from: fuguebtc on July 06, 2022, 10:34:24 PM

Quote from: BuNga_cute on July 04, 2022, 05:23:11 AM

I am sure that in the future many countries will realize that crypto is indeed important for human life and will provide support for crypto.
If in the future many countries have legalized crypto, of course traditional banks will be given permission by the government to cooperate
with crypto.

Hate it or not, I firmly believe that governments will gradually accept crypto as it is the future of finance. They can't ignore it forever if they don't want to become obsolete compared to the rest of the world but there will certainly be strict regulations attached to the approval of cryptocurrencies. Banking and cryptocurrencies grow side by side, no one threatens the other and no one replaces the other. certainly so.

Now that more people are investing and even more businesses are adopting Bitcoin, I don't think the government and banks won't support crypto in the future. I'm sure that there's a big possibility that they will allow and permit it or even cooperate with it especially when they see the number of people that believe in it. Since they can't control the number of crypto investors, they won't have any choice in the future but to support it.

CryptoBuds

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Quote from: WalkerIVIV on July 04, 2022, 10:17:18 AM

It's always possible. This time crypto and traditional bank was also cooperating. I meant if people didn't use the bank to help them all to cash in their money and so what shall used by them for that? Honestly if crypto still needs the bank at this moment. that's the main gateway for the money to come in or out from the crypto ecosystem. It can't denied if crypto can exist without the bank and so what will be used by people to withdraw their money to fulfill their daily needs?

I completely agree with you. Fiat and banking are still essential to us today and they cannot be replaced or destroyed. We invest in crypto for the sake of profit, but at the end of the day, we still need to convert these cryptos into fiat for our everyday needs.

I like bitcoin as well as cryptocurrencies but life cannot be without a bank, how would you use crypto without fiat support. So a perfect world where cryptocurrencies and banks come together and support each other.

Abiky

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Quote from: fuguebtc on July 03, 2022, 10:51:19 PM

Many people think that cryptocurrencies were created to replace and eliminate traditional banks. This is a common mistake and it is these thoughts that are spread that make the banking system see crypto as a threat to them.

Crypto is the new financial industry and it was created for people with a need for privacy, financial freedom and it's all about personal choice. Its mission is not to kill the traditional banking system.

We should stop spreading this, in my opinion, it would be better if both existed alongside each other.

Couldn't agree more with you, mate. People are totally wrong when they think crypto can replace banks. The latter won't go away anytime soon since governments patronize them every step of the way. Banks will simply adapt themselves to the latest technological trends. It's most likely they will create blockchains of their own instead of embracing existing cryptocurrencies that are decentralized by design. Some banks offer crypto custody services to its customers, but the vast majority of these financial institutions are stuck with Fiat.

I don't think crypto will disappear simply because of its decentralized and censorship-resistant design. It will simply co-exist with Fiat for generations. With CBDCs at the brink of launch, banks will only become more powerful than ever. We should focus on making crypto a better alternative to existing banks by embracing decentralization altogether. Who knows how the world's economy will look like with both types of currencies (crypto & Fiat) in play? Just my thoughts Grin

Kemarit

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Quote from: fuguebtc on July 06, 2022, 10:34:24 PM

Quote from: BuNga_cute on July 04, 2022, 05:23:11 AM

I am sure that in the future many countries will realize that crypto is indeed important for human life and will provide support for crypto.
If in the future many countries have legalized crypto, of course traditional banks will be given permission by the government to cooperate
with crypto.

Hate it or not, I firmly believe that governments will gradually accept crypto as it is the future of finance. They can't ignore it forever if they don't want to become obsolete compared to the rest of the world but there will certainly be strict regulations attached to the approval of cryptocurrencies. Banking and cryptocurrencies grow side by side, no one threatens the other and no one replaces the other. certainly so.

Yeah, why not? crypto no longer that image of just used by criminals. More and more people have bee with in the last 5 years so it has grown tremendously.

And with that banks and government can take advantage of it. Maybe they can even make money through it, they have the business model already, they just have to incorporated cryptocurrency and they are good to go.

fuguebtc

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Quote from: BuNga_cute on July 04, 2022, 05:23:11 AM

I am sure that in the future many countries will realize that crypto is indeed important for human life and will provide support for crypto.
If in the future many countries have legalized crypto, of course traditional banks will be given permission by the government to cooperate
with crypto.

Hate it or not, I firmly believe that governments will gradually accept crypto as it is the future of finance. They can't ignore it forever if they don't want to become obsolete compared to the rest of the world but there will certainly be strict regulations attached to the approval of cryptocurrencies. Banking and cryptocurrencies grow side by side, no one threatens the other and no one replaces the other. certainly so.

blue_hurricanger

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It is possible for traditional banks co op with cryptos as long as both sides respect and don't encircle each other turf. Banks stay with the fiat and stablecoins and cryptos stay with volatility alts that people want to get rich quick, abit with high risk. This makes both of them have their own use and can create a natural ground with regulations to keep both sides happy.

Pandu Geddon

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Quote from: Questat on July 04, 2022, 10:30:01 AM

Until these banking institutions see that people are still in the use of fiat money, that absolutely makes them not cooperate with crypto, it wasn't the time yet, maybe soon when the majority are adapting crypto already. But I'm still uncertain if that be going to happen as these crypto holder/investors don't need banks anymore as they can use online/offline wallet to store their cryptos. I'd see them as no use anymore unless they will offer responsibility and consider them as a storage platforms like they did with fiat money.

financial management can be distinguished. Banks can adopt crypto to manage the legal currency in their country. it's like making crypto out of their currency. so there will be different functions. but perhaps this should cooperate with the exchange in its management.
but I agree more with the adoption of blockchain technology in banking and government. I'm sure there will be more benefits that we can see.

Questat

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Until these banking institutions see that people are still in the use of fiat money, that absolutely makes them not cooperate with crypto, it wasn't the time yet, maybe soon when the majority are adapting crypto already. But I'm still uncertain if that be going to happen as these crypto holder/investors don't need banks anymore as they can use online/offline wallet to store their cryptos. I'd see them as no use anymore unless they will offer responsibility and consider them as a storage platforms like they did with fiat money.

WalkerIVIV

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It's always possible. This time crypto and traditional bank was also cooperating. I meant if people didn't use the bank to help them all to cash in their money and so what shall used by them for that? Honestly if crypto still needs the bank at this moment. that's the main gateway for the money to come in or out from the crypto ecosystem. It can't denied if crypto can exist without the bank and so what will be used by people to withdraw their money to fulfill their daily needs?

BuNga_cute

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Quote from: fuguebtc on July 03, 2022, 10:51:19 PM

Quote from: Asiska02 on June 13, 2022, 03:13:12 PM

The traditional banking system sees crypto as a threat even though crypto is not here to threaten them. Each of them have their own method of operations and exclusively independent of each other. They all share something similar, they’re both known for financial services. No matter how exclusively they operate, one must definitely pose threat at a particular point in time. Cooperating with each other is not something that might be possible now or can ever be possible because of how volatile the crypto market is and also the traditional banking system been decentralized.

Many people think that cryptocurrencies were created to replace and eliminate traditional banks. This is a common mistake and it is these thoughts that are spread that make the banking system see crypto as a threat to them.

Crypto is the new financial industry and it was created for people with a need for privacy, financial freedom and it's all about personal choice. Its mission is not to kill the traditional banking system.

We should stop spreading this, in my opinion, it would be better if both existed alongside each other.

One of the obstacles why until now traditional banks do not cooperate with crypto, that's because most people really misunderstand
the purpose of crypto being created. Even the government does consider crypto as a threat, therefore the government in my country
only allows using cryptocurrencies for investment and trading. Many countries do not allow crypto to be used as a means of payment,
because the government is afraid that fiat will be replaced by crypto.

Even though crypto was created to make it easier for humans to carry out financial transactions, crypto was created as an alternative
payment. So crypto is indeed not to replace fiat, but to complement the shortcomings of fiat, it would be nice if crypto and fiat co-exist.
I am sure that in the future many countries will realize that crypto is indeed important for human life and will provide support for crypto.
If in the future many countries have legalized crypto, of course traditional banks will be given permission by the government to cooperate
with crypto.

gabbie2010

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Quote from: Desmong on June 22, 2022, 06:18:35 PM

There are so much benefits if the traditional banks decided to go in fully into crypto especially in countries that does not ban crypto activities. Crypto is a god market to invest and also have it own risk that must be taken before any pérsons think of going into the crypto market. If the government eventually connect with crypto especially the Bitcoin, them bank will have more up hands to benefit much.

Well it's true that traditional banks can work hand in hand with crypto, however mandatory KYC request from the traditional banks will discourage a lot of crypto hodlers and investors to use the banks, a lot of investors preferred using cryptos unanimously because it's is decentralized, while many government in many countries kicked against adoption of crypto by individuals this is another bottleneck and setback that Will make banks not to work with crypto, while in countries that allows crypto a lot to investors will be skeptical about the workability between the two thus will ignore banks.

fuguebtc

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Quote from: Asiska02 on June 13, 2022, 03:13:12 PM

The traditional banking system sees crypto as a threat even though crypto is not here to threaten them. Each of them have their own method of operations and exclusively independent of each other. They all share something similar, they’re both known for financial services. No matter how exclusively they operate, one must definitely pose threat at a particular point in time. Cooperating with each other is not something that might be possible now or can ever be possible because of how volatile the crypto market is and also the traditional banking system been decentralized.

Many people think that cryptocurrencies were created to replace and eliminate traditional banks. This is a common mistake and it is these thoughts that are spread that make the banking system see crypto as a threat to them.

Crypto is the new financial industry and it was created for people with a need for privacy, financial freedom and it's all about personal choice. Its mission is not to kill the traditional banking system.

We should stop spreading this, in my opinion, it would be better if both existed alongside each other.

LUCKMCFLY

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Well I don't know if you are aware that the banks in Spain are looking for a way to enter with crypto purchases, and JP Morgan had to put BTC in their banks at the request of their BTC clients even though he did not recommend it, of course, For me, JP Morgan is a very bipolar person with respect to BTC, or I don't know, maybe at the time he did FUD to BTC he would do it to manipulate and then he spoke well or to finally go against BTC, so these are things that they do to control, all banks should accept BTC and crypto in the near future.

GowithMi_GMAT

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With no payment given to crypto for our basic needs, traditional banks will still exist because after all in the business world there will be competition in any field even though the financial system in Defi resembles a traditional bank, in fact we still need Fiat to make transactions. without a Bank how do we get the Fiat to exchange from Crypto? it would be better if the two side by side and walk together.

Silberman

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Quote from: Kasabus on June 22, 2022, 05:46:39 PM

Quote from: lizarder on June 13, 2022, 02:35:45 PM

DeFi or decentralized finance can threaten the world of traditional banking, because of the shift in lending, even DeFi itself is known to be able to provide loans like other traditional banks.
This can affect existing traditional banks, because there will be competition between traditional banks and crypto in general, regardless of the various problems that will occur, crypto and traditional banks must be able to adapt to each other.

Crypto development is progressing so rapidly, this can be seen from the many users who join here, if Traditional Banks close themselves it is not impossible to be abandoned in the next few years.
Although currently crypto is still very risky, it is not impossible that in the future crypto can change finances, just need to wait for regulations or legal regulations, if this happens, it is certain that crypto will grow and be accepted by many people.

Traditional banks are always against with the cryptocurrencies financial system but if in the future the government will consider cryptos as a reserved currency, then we can expect for traditional banks to cooperate with crypto. In the end, centralized banks are only following the laws mandated by the government. If they will oppose, they will be subject for closure in the future.

I also think that governments and banks at some point will accept bitcoin as they will not have any other option, however that is when the real game will begin, governments will start to use bitcoin as a reserve currency and it would not surprise me if they began using it to back their currencies as well, but that means that whatever bitcoin they get will never go back in circulation ever again and then they will try to impose their fiat once again, only then we will know how resistant this market really is as we will have to face such a huge pressure coming from them.

Desmong

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There are so much benefits if the traditional banks decided to go in fully into crypto especially in countries that does not ban crypto activities. Crypto is a god market to invest and also have it own risk that must be taken before any pérsons think of going into the crypto market. If the government eventually connect with crypto especially the Bitcoin, them bank will have more up hands to benefit much.

isaac_clarke22

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Quote from: poodle63 on June 20, 2022, 07:24:48 PM

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Considering that countries are making their own crypto coins, I would assume banks would do it as well. Though I would still stay with Bitcoin, as I have been comfortable with holding that for almost 5 years and still going to buy more.
I am sure that these banks will make us undergo KYC because why not right? I am not fan of that though.

Kasabus

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Quote from: lizarder on June 13, 2022, 02:35:45 PM

DeFi or decentralized finance can threaten the world of traditional banking, because of the shift in lending, even DeFi itself is known to be able to provide loans like other traditional banks.
This can affect existing traditional banks, because there will be competition between traditional banks and crypto in general, regardless of the various problems that will occur, crypto and traditional banks must be able to adapt to each other.

Crypto development is progressing so rapidly, this can be seen from the many users who join here, if Traditional Banks close themselves it is not impossible to be abandoned in the next few years.
Although currently crypto is still very risky, it is not impossible that in the future crypto can change finances, just need to wait for regulations or legal regulations, if this happens, it is certain that crypto will grow and be accepted by many people.

Traditional banks are always against with the cryptocurrencies financial system but if in the future the government will consider cryptos as a reserved currency, then we can expect for traditional banks to cooperate with crypto. In the end, centralized banks are only following the laws mandated by the government. If they will oppose, they will be subject for closure in the future.

Silberman

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Quote from: poodle63 on June 20, 2022, 07:24:48 PM

The bank definitely gonna create their own system since it's gonna be beneficial for them.
You could see many bank has already researched the technology of blockchain and if they could integrate it in their system, maybe in the future we gonna see hybrid system of bank combined with blockchain to increase efficiency.
I think that's the thing that most of the banks gonna takes the direction in, since maybe creating or combining blockchain into their system gonna be really easy.

But as long as whatever they develop on those blockchains is centralized then it does not matter what they make as it will run opposite to what bitcoin is trying to achieve, now taking into account how little interest the average person has on those topics I think they will succeed on the short term, but since whatever they create is going to have the same weakness as what we already have right now then once we see an important number of issues on the economy that is when people will realize that bitcoin is way better than what they offer and the rate of adoption will skyrocket at that point.

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