I feel like the goal is to coexist. Traditional banks fight for survival so it's normal for them to go against crypto that poses a threat to their revenue. For those who think that crypto doesn't pose a threat to banks - it does because banks have small margins. Without those margins they will go bankrupt. If crypto takes 5% profit from banks it's a huge threat.
You may think that 1% is nothing, but imagine that a bank takes 10% real revenue and that revenue has to be split between employees. You take 1% from that ant that directly influences how much they're making yearly. You take 3% and it could mean layoffs.
Topic: The Relationship Between Cryptocurrency and Traditional Banking - page 2. (Read 672 times)
February 10, 2024, 03:14:16 PM
February 10, 2024, 03:02:52 PM
Hello everyone a very good day you all.
So, let’s talk about this interesting duo: cryptocurrency and traditional banking. Some say traditional banks are threatened by crypto’s rise, while others think they’re starting to see the potential and hopping on the bandwagon. Either way, it’s a fascinating dynamic to watch unfold. What do you think? Are they destined for a happily ever after or is this just a temporary fling?
Let me know your thoughts on this.
So, let’s talk about this interesting duo: cryptocurrency and traditional banking. Some say traditional banks are threatened by crypto’s rise, while others think they’re starting to see the potential and hopping on the bandwagon. Either way, it’s a fascinating dynamic to watch unfold. What do you think? Are they destined for a happily ever after or is this just a temporary fling?
Let me know your thoughts on this.
Nope- I do not think that cryptocurrencies pose a threat to traditional banking methods and banks in general.
Remember that paper currencies will always prevail due to the regulation and strict implementation of cryptocurrencies across all countries. If you can also see, paper money is the main method of currency that is being used as the medium for each country. Not to mention, there are several countries that prohibit the utilization and usage of BTC on their country which poses another problem for the latter.
The only time that cryptocurrencies will pose as a threat to traditional banks is when there is a massive shift in a form of currency, which I do not think that will happen anytime soon even in the near/distant future.
February 10, 2024, 02:44:05 PM
Banks are very important nowadays and are very helpful in any field, yes, even though the existence of crypto doesn't mean it will eliminate banks. the only advantage of the crypto world is that transactions can be seen by the public. It's different from a transaction bank, only the bank can know and it's private. The two concepts of banking and crypto are mutually beneficial
I personally don't see that as an advantage, it may be in some certain cases that I currently cannot think of, but sometimes, your address can be linked back to you. For instance, someone who views my signature campaign's spreadsheet can find my Bitcoin address and see how much Bitcoin I'm holding. I know that there are other coins more anonymous, and that Bitcoin is pseudonymous, but you get my point. 
February 10, 2024, 01:25:32 PM
If traditional banks should disappear today, I would miss them and this is most likely true for most other people in the cryptocurrency ecosystem. A reason why we all use the traditional banks is that in the past, it was need and kind of the only choice or offer on the table. Look countries that are still developing a good number of their population are not "banked". Basically, banks are just payment services that aren't really doing anything in terms of value to their community other than bringing in profits for their shareholders.
The whole economy would collapse if banks were to disappear tomorrow because the capitalistic system is too dependent on them. Unfortunately, they're a necessary evil; you're getting paid through banks, conducting payments via transfers or cards, and withdrawing money. The current economy wouldn't function without them. Although cryptocurrencies can also conduct transactions, most of the time even faster than the banking system, they haven't been adopted for daily usage and aren't as convenient as simply paying with a credit card.Fighting the banking system is wrong; I don't think cryptocurrencies will ever be able to replace them. I don't think that was their purpose anyway; they're meant to co-exist, although only a small part of the population has adopted them.
February 10, 2024, 12:56:39 PM
If traditional banks should disappear today, I would miss them and this is most likely true for most other people in the cryptocurrency ecosystem. A reason why we all use the traditional banks is that in the past, it was need and kind of the only choice or offer on the table. Look countries that are still developing a good number of their population are not "banked". Basically, banks are just payment services that aren't really doing anything in terms of value to their community other than bringing in profits for their shareholders.
The whole economy would collapse if banks were to disappear tomorrow because the capitalistic system is too dependent on them. Unfortunately, they're a necessary evil; you're getting paid through banks, conducting payments via transfers or cards, and withdrawing money. The current economy wouldn't function without them. Although cryptocurrencies can also conduct transactions, most of the time even faster than the banking system, they haven't been adopted for daily usage and aren't as convenient as simply paying with a credit card.Fighting the banking system is wrong; I don't think cryptocurrencies will ever be able to replace them. I don't think that was their purpose anyway; they're meant to co-exist, although only a small part of the population has adopted them.
February 10, 2024, 11:30:18 AM
At the same time, there is concern that the growth of cryptocurrency may threaten traditional banking models. However, I believe this is more of a temporary phenomenon, and in the long term, cryptocurrency and banks will be able to find ways to coexist and engage in mutually beneficial interactions.
If traditional banks should disappear today, I would miss them and this is most likely true for most other people in the cryptocurrency ecosystem. A reason why we all use the traditional banks is that in the past, it was need and kind of the only choice or offer on the table. Look countries that are still developing a good number of their population are not "banked". Basically, banks are just payment services that aren't really doing anything in terms of value to their community other than bringing in profits for their shareholders. 
February 10, 2024, 10:03:59 AM
At the same time, there is concern that the growth of cryptocurrency may threaten traditional banking models. However, I believe this is more of a temporary phenomenon, and in the long term, cryptocurrency and banks will be able to find ways to coexist and engage in mutually beneficial interactions.
This is where the banks are getting it wrong. The banks think that crypto currencies are threats to the banking sector and which is not true because they do not know what bitcoin is. The banks can help people to save their gold and other jewelleries which are assets but failed to save bitcoin and other crypto assets for people. These things are like physical assets but the difference is that they are digitally created and they remain digital. It would be good if banks provide crypto services to their customers or they can continue to miss. If they do not do, there are many ways to buy and sell cryptocurrencies without the need of bank. Even banks are custodian means which is not a recommended and advisable. I prefer noncustodial means. 
February 10, 2024, 09:34:13 AM
Cryptocurrencies are not threats to traditional banks. Many countries banned bitcoin and all other cryptocurrencies in the past but after some of them are knowing about what cryptocurrencies are, they unban them. Since today, all countries that accept cryptocurrencies and the ones that are very friendly with them have no problem, there banking sector has no problem. You can even see in those countries that some banks are allowed to hold coins and tokens for their customers. Banks can even embrace cryptocurrencies.
IMO, cryptocurrencies are a threat to the traditional banking system. The major role of banking is to hold money for their customers, then they take that same money and give out loans and funds projects and earn interest from that.
Now Bitcoin is an opportunity where you don't need anybody to hold your money for you. You have complete control over your money (that's if you use a non-custodial wallet of course). So the banks no longer get customers that deposit money with them for safekeeping, they'll have no means of giving out loans so they can't make a profit.
The banks know this and that is why they fight Bitcoin with all they've got.
Bitcoin is like a technology that came before its time, but it comes exactly when it's needed. I don't think people grasp the full potential of Bitcoin. You can be your bank with Bitcoin, no third party whatsoever. In a world where third parties cannot be trusted, we can eliminate them when dealing with our money.
February 08, 2024, 06:29:49 AM
In my opinion, the relationship between cryptocurrency and traditional banking represents an exciting dynamic. We may currently be in a stage of initial acquaintance and adaptation. Some banks are beginning to recognize the potential of cryptocurrency and are exploring ways to integrate it into their services. At the same time, there is concern that the growth of cryptocurrency may threaten traditional banking models. However, I believe this is more of a temporary phenomenon, and in the long term, cryptocurrency and banks will be able to find ways to coexist and engage in mutually beneficial interactions.
February 07, 2024, 07:33:31 PM
Banks are mostly operated by the government which is why it is the exact opposite of what cryptocurrencies is going for
I think it all depends on the bank because I know some banks would be so bent on keeping their clients and not allowing the usage of cryptocurrencies spread more on the other hand some banks have decided on their fates and decided to invest on cryptocurrencies as well
It’s like what they say “if you can’t beat them , join them”
I think soon banks are going to enforce rules and regulations on the cryptocurrencies they want to hold
I think it all depends on the bank because I know some banks would be so bent on keeping their clients and not allowing the usage of cryptocurrencies spread more on the other hand some banks have decided on their fates and decided to invest on cryptocurrencies as well
It’s like what they say “if you can’t beat them , join them”
I think soon banks are going to enforce rules and regulations on the cryptocurrencies they want to hold
some are already starting to integrate crypto in their system or other financial services. they can't stop the adoption of this market and they are understanding the fact that they can't do much in totally stopping this market
the sentiments on this market is changing as more and more governments are legally accepting this market in their financial system. just look at how many countries are making btc as their legal tender? it started from one country and now several countries are already looking at this option.
and besides, as the government is now creating crypto-related financial protocols such as crypto-based or btc-based ETFs, the public is now getting easy on this market. where way way back this market was labelled as fraud, scam, illegal, or any negative thoughts that they can think of, even portrayed to be the currency of hackers/scammers on the net in movies
February 07, 2024, 06:07:40 PM
Banks are mostly operated by the government which is why it is the exact opposite of what cryptocurrencies is going for
I think it all depends on the bank because I know some banks would be so bent on keeping their clients and not allowing the usage of cryptocurrencies spread more on the other hand some banks have decided on their fates and decided to invest on cryptocurrencies as well
It’s like what they say “if you can’t beat them , join them”
I think soon banks are going to enforce rules and regulations on the cryptocurrencies they want to hold
I think it all depends on the bank because I know some banks would be so bent on keeping their clients and not allowing the usage of cryptocurrencies spread more on the other hand some banks have decided on their fates and decided to invest on cryptocurrencies as well
It’s like what they say “if you can’t beat them , join them”
I think soon banks are going to enforce rules and regulations on the cryptocurrencies they want to hold
Exactly. Banks are patronized by governments themselves. Why should Bitcoin align with their ideals in the first place? After all, the cryptocurrency was created in response of bank failures. These powerful entities have realized Bitcoin is here to stay. So they're now "joining it" with the intent of destroying it in the long run (by centralizing it).
The approval of spot Bitcoin ETFs, and regulators becoming more involved in the industry, is the first step towards the demise of BTC as a decentralized and open cryptocurrency for everyone. People don't understand this, because they only want to fill their pockets with money. Just because ETFs promise to boost market demand (and price) for Bitcoin, doesn't mean they're a good thing. We've now opened the "floodgates" for powerful institutions to hoard large portions of the circulating supply. With this move, banks have ultimately won. No one can predict the future, so lets hope for the best.
February 06, 2024, 05:00:13 PM
Hello everyone a very good day you all.
So, let’s talk about this interesting duo: cryptocurrency and traditional banking. Some say traditional banks are threatened by crypto’s rise, while others think they’re starting to see the potential and hopping on the bandwagon. Either way, it’s a fascinating dynamic to watch unfold. What do you think? Are they destined for a happily ever after or is this just a temporary fling?
Let me know your thoughts on this.
So, let’s talk about this interesting duo: cryptocurrency and traditional banking. Some say traditional banks are threatened by crypto’s rise, while others think they’re starting to see the potential and hopping on the bandwagon. Either way, it’s a fascinating dynamic to watch unfold. What do you think? Are they destined for a happily ever after or is this just a temporary fling?
Let me know your thoughts on this.
The traditional market has existed for ages and they have tasted so many barriers and I can say they are still strong but because it's centralized and government control, it is not close to perfect for the people and I they feel threatened by the existence of Bitcoin(not to be confuse with crypto) and that's why often times, they use all they have to banter Bitcoin at any given opportunity.
Didn't you see because of the tremendous growth in Bitcoin, they have collaborate with government to offer Bitcoin ETF, they don't know how to downplay it's performance any longer so they opt for alternative to offer the same service through exchange traded funds and because the government is use to the tax and very greedy, they allowed it so they can get more tax as usual.
February 06, 2024, 04:10:11 PM
Banks are mostly operated by the government which is why it is the exact opposite of what cryptocurrencies is going for
I think it all depends on the bank because I know some banks would be so bent on keeping their clients and not allowing the usage of cryptocurrencies spread more on the other hand some banks have decided on their fates and decided to invest on cryptocurrencies as well
It’s like what they say “if you can’t beat them , join them”
I think soon banks are going to enforce rules and regulations on the cryptocurrencies they want to hold
I think it all depends on the bank because I know some banks would be so bent on keeping their clients and not allowing the usage of cryptocurrencies spread more on the other hand some banks have decided on their fates and decided to invest on cryptocurrencies as well
It’s like what they say “if you can’t beat them , join them”
I think soon banks are going to enforce rules and regulations on the cryptocurrencies they want to hold
February 06, 2024, 04:03:34 PM
We really need to do better with this. I am not financially doing "awesome" and a friend of mine who lives in another nation wanted to send me 250$ for me to do something for him, it wasn't really a difficult task, but it required me to go somewhere and handle some paper work for him, and some of that money (about 170) was for the job, and the rest for me as a payment, and I said yes. However, he doesn't use crypto, and Paypal is not allowed in my nation, so suddenly we had hard time even dealing with payment part. If crypto was connected to the banking world, then we could suddenly have banks all around the world moving money around without trouble at all.
February 06, 2024, 01:27:54 PM
Let me know your thoughts on this.
I think there is a relationship between cryptocurrency and traditional banking but the relationship is quite complex cryptocurrency are decentralized and do not directly involved bank while traditional banking is centralized and control by banks but some bank have started to provide cryptocurrency service, cryptocurrency is secret currency such as crypto trading or custody service which creates an interaction between the two sector. February 05, 2024, 07:51:42 PM
Hello everyone a very good day you all.
So, let’s talk about this interesting duo: cryptocurrency and traditional banking. Some say traditional banks are threatened by crypto’s rise, while others think they’re starting to see the potential and hopping on the bandwagon. Either way, it’s a fascinating dynamic to watch unfold. What do you think? Are they destined for a happily ever after or is this just a temporary fling?
Let me know your thoughts on this.
So, let’s talk about this interesting duo: cryptocurrency and traditional banking. Some say traditional banks are threatened by crypto’s rise, while others think they’re starting to see the potential and hopping on the bandwagon. Either way, it’s a fascinating dynamic to watch unfold. What do you think? Are they destined for a happily ever after or is this just a temporary fling?
Let me know your thoughts on this.
With how centralized the crypto industry is becoming, I don't think it will ever threaten mainstream banks. Especially when the world is still stuck with the Fiat standard. Using crypto (particularly Bitcoin) as a unit of account is a long and distant dream. Between scaling issues and volatility, crypto will only remain a speculative investment tool forever.
Now with approval of Bitcoin spot ETFs by the SEC, banks have won. So much for "removing the trusted third party", right? Most people don't care about this as long as their pockets are filled with money. I'm hoping it's not too late and Bitcoin can still deliver its promise of "banking for the unbanked".
February 04, 2024, 08:53:59 AM
Hello everyone a very good day you all.
So, let’s talk about this interesting duo: cryptocurrency and traditional banking. Some say traditional banks are threatened by crypto’s rise, while others think they’re starting to see the potential and hopping on the bandwagon. Either way, it’s a fascinating dynamic to watch unfold. What do you think? Are they destined for a happily ever after or is this just a temporary fling?
Let me know your thoughts on this.
I don't see crypto posing any direct threat to the traditional banking system because the traditional Banking system still have the reservations around the traditional Fiat which is the very first point of exchange to cryptocurrency and even after you acquire cryptocurrency probably as a means of payment or you were gifted, go you still need to convert it into the local fiat to be able to use it in the local market of your country and at this point the banking system comes in because you can use crypto to pull every transactions through your at some point need fiat.So, let’s talk about this interesting duo: cryptocurrency and traditional banking. Some say traditional banks are threatened by crypto’s rise, while others think they’re starting to see the potential and hopping on the bandwagon. Either way, it’s a fascinating dynamic to watch unfold. What do you think? Are they destined for a happily ever after or is this just a temporary fling?
Let me know your thoughts on this.
They are both complementary and I don't see any replacing the other any time soon because they both need each other in other to make their transactions work from both ends.
February 04, 2024, 05:52:40 AM
Cryptocurrency does not threaten the existence of banking because after all banking is a necessity for today's society and it is still a choice for people, but it disrupts the transaction system globally. threatening banking and disrupting the system are 2 different things, and Bitcoin stands for disruption.
Bitcoin disrupts the global transaction system and makes it more transparent, decentralized, secure, and has lower fees on transactions between countries, and in this innovation banking happens to still use traditional systems and the technology is already outdated.
and in that case banks may feel threatened because they are afraid that more people will use Bitcoin in their transactions, and now they are starting to change their technology and starting to follow Bitcoin's steps. So in conclusion, Bitcoin actually advances the transaction system in banking and makes it more friendly and faster for its users.
Bitcoin disrupts the global transaction system and makes it more transparent, decentralized, secure, and has lower fees on transactions between countries, and in this innovation banking happens to still use traditional systems and the technology is already outdated.
and in that case banks may feel threatened because they are afraid that more people will use Bitcoin in their transactions, and now they are starting to change their technology and starting to follow Bitcoin's steps. So in conclusion, Bitcoin actually advances the transaction system in banking and makes it more friendly and faster for its users.
February 04, 2024, 05:25:51 AM
Bank and cryptocurrency are not in competition with each other. They are both serving there purpose individually and non is a threat to the other. We still have a wide population of the world who are using banks and those who are crypto investors.
February 04, 2024, 05:03:59 AM
Bitcoin is a digital assets one need to understand how it works before going into the Bitcoin investment and Bitcoin is not get rich quick business platform, but get rich is sure if you can applied simple techniques being patient in holding, and most country that band cryptocurrency has started reverse the case by accepting Bitcoin in traditional Banking system as a means of payment, after knowing the process on how it's work's.
Anything finance needs understanding be it crypto or even, traditional banks the basics that you need to be briefed about before you can start anything, bitcoin is more complicated than traditional banks because everything concerning the traditional banks is direct you only need to read the rules. Compared to crypto, in terms of regulation, banks are completely regulated and also beneath the government's observation. and I don't banks will give you the profit that Bitcoin gives even when it is not a get-rich-quick scheme, and the only people that get much profit from the banks are big stakeholders.People still have a lot of trust issues with Bitcoin and because a lot of people are investing in Bitcoin the banks are becoming jealous of Bitcoin and that is why they are trying to make everything more difficult for Bitcoiners. the major thing in Bitcoin is to follow the rules and start from the foundation of it and you won't have much of a problem. And now the folks banding Bitcoin are the once accepting it back.
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