There must be more banks in the world than number of cryptocurrencies

just_Alice

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Why do you think that banks will accept Bitcoin in the nearest future? As far as I know, the banks are being careful for now, it is risky to accept something that volatile if the turnover isn't high enough. They declare that it's a possibility in the future when the demand is high enough. For instance, recently Daniel Pinto, the co-president of JPMorgan stated

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If over time an asset class develops that is going to be used by different asset managers and investors, we will have to be involved...The demand isn’t there yet, but I’m sure it will be at some point.

And other banks aren't in a rush towards Bitcoin adoption either. Though, maybe Goldman Sachs will be the first one to take a step forward.

fullhdpixel

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Quote from: DashingAgent on April 04, 2021, 06:50:02 AM

More banks can also help to keep the dollar and other currencies stable, as it is because a competition exists between banks which helps to keep the dollar or any other fiat currency stable. It will also help to keep the Bitcoin and number of other cryptocurrencies stable as in near future banks will also accept bitcoin so they would want to keep the bitcoin stable to prevent from losses. Which means that if a whale who holds thousands of bitcoins sells it to dump the market for his own benefit, may fail to disturb the market. It will also provide the security to cryptocurrency. Banks are also good for economy growth and it helps the governments to pay and collect taxes. If there will be more banks, governments would want to reduce or even remove taxes from cryptocurrencies as they can earn sufficient amount through banks to run its economy.

If there should even be more banks I don’t see much that they are going to be doing for the cryptocurrency market. Yes banks do manage finance, but look at cryptocurrency, it is not like the normal finance (fiat), this one is something else and it is decentralized. More banks wouldn’t do more than what exchanges are doing now, they are just going to be like another exchange, because what they will be doing is to help in exchanging fiat and cryptocurrency and taking their fees from it, and I don’t see any much.

As for the security of your cryptocurrency assets, it’s still going to rely on you and not on the bank, it’s not like your bank account that is managed by the bank, no it is not managed by anyone and that’s it, so you will still be in charge of your security, although if you’re going to be making use of an online wallet that is run and controlled by the bank, then your safety is on them, but even at that, banks are regularly being hacked and in the case of cryptocurrency it’s going to be totally different what we see in fiat that can easily be traced banks.

Ucy

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Depends on what you define as Bank. A Crypto Bank that is based on the principles/ideals of True Cryptocurrency could be created and licensed to operate if it meet the basic standards that are Just and good for society/people.
Would be great if such banks operate more like certain crypto wallets operate, in ways that allow their customers to control their private keys/funds and just services the customers transactions. Governments will still be able to collect their taxes in this manner. The users just run their nodes and use the crypto banks for certain transactions, when necessary.

In regards to Bitcoin/crypto stability, I think it needs to be resistant to inflation and devaluation of customers funds

* By the way, I believe advanced smart-contract could enable such bank (crypto bank) access users funds anytime(maybe for investment purposes) , based on list of fair conditions users can accept or/and reject whenever they want. Users should still be able to use the crypto bank services whether they accept or reject the conditions.

Shasha80

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I don't agree with many banks, meaning that there is more money in circulation, because not all banks can print money. However, it is the government
that determines the amount of money in circulation. Many banks only create competition between one bank and another. They will compete to provide
the best service to society, only banks that are widely used by people will survive. So many banks do have a good effect on society. It is a pity that
the number of banks that accept cryptocurrency is still very few, if all banks in the world can accept cryptocurrency so much better in my opinion.

Lordhermes

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Quote from: ReiMomo on April 05, 2021, 07:45:02 AM

Bitcoin might be stable, stable enough for it to be forced to be centralized and regulated. During that time, all of the transactions must follow the anti-money laundering act and that’s a pain in the ass, I swear.

You are saying a perfect thing here mate, I will really feel for those that fall in this shit trap, the ignorant that had refuse to understand Bitcoin and her purpose towards been to be anti-governmental, imagine debiting random amount of Bitcoin as bills monthly, isn't it outrageous and looks like choosing to leave a poor lifestyles?.

Quote from: ReiMomo on April 05, 2021, 07:45:02 AM

However, if that happens things will change as we want them to be....
So we would better stick with what we have now and take advantage of it until it lasts.

We aren't stealing the usage of cryptocurrency, the bitcoin we have today wasn't stolen, if the bank start adopting bitcoin today then your non-custodial wallet remain yours, and so the government can't destroy it or regulate your coins(money) and but then you represent your own bank. This can only affect those that follows the government storage of Bitcoin while having a serious monthly debits as tax in bitcoin, that's insane.

adzino

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Quote from: DashingAgent on April 04, 2021, 06:50:02 AM

-snip-

More banks = More Money
More banks can also help to keep the dollar and other currencies stable, as it is because a competition exists between banks which helps to keep the dollar or any other fiat currency stable. It will also help to keep the Bitcoin and number of other cryptocurrencies stable as in near future banks will also accept bitcoin so they would want to keep the bitcoin stable to prevent from losses. Which means that if a whale who holds thousands of bitcoins sells it to dump the market for his own benefit, may fail to disturb the market. It will also provide the security to cryptocurrency. Banks are also good for economy growth and it helps the governments to pay and collect taxes. If there will be more banks, governments would want to reduce or even remove taxes from cryptocurrencies as they can earn sufficient amount through banks to run its economy.

That's not how banks work, you know that right? Even though there may be many "commercial" banks, there are few central banks. The commercial banks cannot make money. So more banks doesn't mean more money. Even more central banks, doesn't mean more more. Those reserve banks work together to make monetary policies and if they print money, they do it in such a way that it won't cause much damage to the economy. Having a lot of commercial banks also doesn't mean that it might be able to stabilize the currency or cause economic growth. In fact too much competition is unhealthy, and since all banks are regulated by the central banks, this means that the commercial banks won't be able to compete with each other and will have to set almost same policies (like interest) causing many new banks to have little to no customers at all,

Sithara007

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The number of banks are low, because there are a lot of regulatory requirements if someone want to open a new bank. On the other hand, if someone want to create a new cryptocurrency, all he needs is a decent internet connection, a plagiarized white paper and a website. There is no regulation and the promoter can create as many coins or tokens as he want. And this is one of the reasons why we have so many cryptocurrencies in existence (10,000 to 15,000).

davis196

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1.The quantity of the banks doesn't matter.
2.Banks have nothing to do with the stability of fiat money.Fiat money are stable,because they are a legal tender and their supply is still limited(despite the massive money printing).
3.Bitcoin and cryptocurrencies are created as an alternative to the banking system.
4.Banks are crucial for every economy,because every business needs loans,in order to survive and grow.
Why are you making a comparison between the amount of banks and the number of cryptocurrencies?
Such comparison is totally pointless.

Darkelf11

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Banks is part of the different country that support their currency and of course, the cryptocurrency is not too much widely develop mostly on the different countries. Mostly now there are country accepting the use of cryptocurrency with the use of the ATM and the payment too.

Banks is part of their business this requires on their country because the country itself gets a benefit but the cryptocurrency does not apply to this.

Darker45

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Of course, there must be more banks in the world than cryptocurrencies. Banks have been here for quite a while. Cryptocurrencies, on the other hand, have just started to rise in number recently. Many of which have already been abandoned for lack of success or support. Banks are a business so they are expected to multiply. Cryptocurrency is not.

More banks does not mean more money. Well, more money for those who are running the banks, of course, but not money for the people. Banks are money-making tools for the elite. But it does not help much the ordinary people which comprise the majority of the population.

uneng

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Quote from: AicecreaME on April 07, 2021, 11:49:59 AM

Banks aren't also that friendly to cryptocurrencies which makes me rethink your enthusiasm about it. There are very few banks accepting cryptoccurencies because of the latter's nature - unregulated. Which is the exact opposite of banks which is centralized. I just hope that sometime in the future, banks would be more open in accepting crypto without altering or ruining its nature or how it originally works.

The new banks generation already exists: crypto banks.
They don't use this title, but it's actually what they are by looking the services they offer. They replace traditional banks with excellency and the best part is that they deal with crypto currencies. You can borrow money in different currencies, you can lend money and earn interest, you can order your debit/credit card with cashback feature (so far banks around me never offered this feature).

These sites are just starting, but they are the future of banking system for sure.

Twentyonepaylots

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Quality over quantity. The existence of nunerous banks and financial institutions proved futile to the rate at which bitcoin and cryptocurrencies become more valuable. So it doesn't always guarantee that if we were to get more banks, circulation will commence thus saving the dollar. What needs to be done is to limit the printing, and commence circulation in other ways, that is the only thing that can save USD from utter destruction.

Scripture

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Numbers are just a number especially if those banks are not competitive enough to meet the needs of the clients. Number of banks can’t guarantee the quality of their services, cryptocurrency might be few in numbers but we can tell that Crypto are doing their best to offer the best system at a very cheap cost, unlike with the banks if you don’t have the requirements you can’t access their platform. More banks is not more money to the ordinary people, it can be a burden of dealing with a poor system.

LUCKMCFLY

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Quote from: DashingAgent on April 04, 2021, 06:50:02 AM

There must be more banks in the world than number of cryptocurrencies

More banks = More Money
More banks can also help to keep the dollar and other currencies stable, as it is because a competition exists between banks which helps to keep the dollar or any other fiat currency stable. It will also help to keep the Bitcoin and number of other cryptocurrencies stable as in near future banks will also accept bitcoin so they would want to keep the bitcoin stable to prevent from losses. Which means that if a whale who holds thousands of bitcoins sells it to dump the market for his own benefit, may fail to disturb the market. It will also provide the security to cryptocurrency. Banks are also good for economy growth and it helps the governments to pay and collect taxes. If there will be more banks, governments would want to reduce or even remove taxes from cryptocurrencies as they can earn sufficient amount through banks to run its economy.

I think that this statement + banks = + money, is not such a correct statement, seeing it from the economic point of view it is different, because it would make a greater printing of money, which causes more inflation, the competition between banks is good, but the Competing services is not equal to the circulation of money.

In crypto it is different, if you have more Bitcoin if it applies that it will represent + money, but banks are very difficult for them to increase the economy, besides that nobody likes a third party to tell them when to move their money and under conditions, such as banks currently. In banks the only way that you have more money is that they earn interest and offer plans to investors or holders of fiat money, but currently it is very difficult, people prefer to have their money in Real Estate, gold and some in Crypto.

iamsheikhadil

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Quote from: AicecreaME on April 07, 2021, 11:49:59 AM

More banks doesn't necessarily mean more money. It doesn't work just like that. Banks are not built for the sole reason of printing money. It is inteded to acquire money to lend it for corporations, to get high interest rate. Then later on, the depositors will receive their part, however, it has lower rates. Well, that's how business works though.

In addition, it isn't so shocking that the cryptocurrencies are higher in numbers than banks. Because anyone can make their own cryptocurrency, however it isn't guaranteed that everyone would patronize the said coin.

Banks aren't also that friendly to cryptocurrencies which makes me rethink your enthusiasm about it. There are very few banks accepting cryptoccurencies because of the latter's nature - unregulated. Which is the exact opposite of banks which is centralized. I just hope that sometime in the future, banks would be more open in accepting crypto without altering or ruining its nature or how it originally works.

For the first part, how exactly is it a business? If let's say I put one million dollars in bank and promises me to pay $100k after a year (10% fixed interest) and they then lend this money to a corporation and charges them 20% ($200k) and from this $200k, the bank gives the person 10% ($100k) but keeps for itself $100k without doing any work! In addition, the corporations/companies which pay back the bank with their loan, they will automatically rise the prices of their commodities or services so that they remain profit even after paying such high interest to bank, so automatically the prices of goods and services increases and the person who is happy on getting the $100k as interest is a fool because his earned interest will be eaten because the prices of the goods and services have already increased Grin

isn't it right? Or am I missing something?!

AicecreaME

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More banks doesn't necessarily mean more money. It doesn't work just like that. Banks are not built for the sole reason of printing money. It is inteded to acquire money to lend it for corporations, to get high interest rate. Then later on, the depositors will receive their part, however, it has lower rates. Well, that's how business works though.

In addition, it isn't so shocking that the cryptocurrencies are higher in numbers than banks. Because anyone can make their own cryptocurrency, however it isn't guaranteed that everyone would patronize the said coin.

Banks aren't also that friendly to cryptocurrencies which makes me rethink your enthusiasm about it. There are very few banks accepting cryptoccurencies because of the latter's nature - unregulated. Which is the exact opposite of banks which is centralized. I just hope that sometime in the future, banks would be more open in accepting crypto without altering or ruining its nature or how it originally works.

avikz

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Quote from: DashingAgent on April 04, 2021, 06:50:02 AM

There must be more banks in the world than number of cryptocurrencies

May be possible or may not be possible! But why does it matter anyway?

Quote

More banks = More Money
More banks can also help to keep the dollar and other currencies stable, as it is because a competition exists between banks which helps to keep the dollar or any other fiat currency stable. It will also help to keep the Bitcoin and number of other cryptocurrencies stable as in near future banks will also accept bitcoin so they would want to keep the bitcoin stable to prevent from losses. Which means that if a whale who holds thousands of bitcoins sells it to dump the market for his own benefit, may fail to disturb the market. It will also provide the security to cryptocurrency. Banks are also good for economy growth and it helps the governments to pay and collect taxes. If there will be more banks, governments would want to reduce or even remove taxes from cryptocurrencies as they can earn sufficient amount through banks to run its economy.

What a joke! What made you think that more banks will make more money for the government. Commercial banks do not control the money supply. Please note that! The money supply is controlled by the central banks if each country and no one else does that! So more banks don't mean more money and has no relation with government taxes!

AndySt

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Quote from: RealMalatesta on April 05, 2021, 02:51:05 PM

Where did the idea that more banks would equal to more stable currency? Everything in that message is wrong, every single detail is wrong, I have never seen someone be this wrong this much back to back. Sure banks could start accepting bitcoin (which already happened in Germany) but that doesn't mean it will neither help bitcoin to be more accessible nor does it mean it will equal to economical growth and help us neither.
This is a bad idea, more banks means more places that will need more profits which would mean they will charge more people and that would result with a lot worse things for poor people. Banks have regulations as well, they can't just suddenly give loans with zero interest rate or give savings accounts with 50% interest to you, competition doesn't make it "that" much better because of regulations. So long story short this doesn't work at all.

I also do not quite agree with the author's ideas, but in theory, a larger number of players in the banking market, due to market competition, can contribute to greater stability in the value of the money issued on credit and, ultimately, greater stability of the currency. All this, of course, does not always work, and the market mechanisms do not always work properly, and this is exactly what the regulatory authorities are for. In general, theory does not always coincide with practice, but it is not necessary to say on the basis of this that the theory does not work at all.

slapper

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The stability of bitcoin does not have any connection to the banks at all. I doubt that the bank eases the fluctuation on things they have no control. Even the government, one of the most powerful state, are struggling in finding ways to seize bitcoin. Unfortunately, bitcoin is created for freedom, liberty, and decentralization where buyers, sellers, and investors decide its price.

In relation to security, bitcoin is designed for a person to become his own bank. But in a world where people have already forgotten how to control their property, providing storage services is a good idea. If banks open that kind of service, many people will register without hesitation. They will leave their responsibility to the banks and let them have all the private information.

Tax is obligatory. Your country needs your money to develop and build infrastructure/facilities for further innovation. Thus, if you have made quite good money with cryptocurrency, try to think about contributions. The financial world is not only about bitcoin. Many aspects are in need of investment

dimonstration

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Dimon6969

Quote from: Bitstar_coin on April 05, 2021, 09:07:19 AM

If you minus the many branches each bank has I don't think the actual bank are as much as the number of different projects we have in the market, and until banks start accepting crypto I don't see how creating of more banks can help crypto, at least not now, between it is market that determine price not banks, even if they were to be part of crypto I doubt they can keep it stable, I don't think the market behaves that way, there must be correction for a healthy market.

Even there's no need to compare them, but what really makes the bank looks many is only their branches, the bigger they are the more branches they have as well some branches operates only in rural areas, unlike in crypto that we can buy any coins we can't have many banks account it's better to compare in stocks than in banks which may not all accept crypto even in near future.

Topic: There must be more banks in the world than number of cryptocurrencies (Read 338 times)