What are your opinions on Crypto Banking?

rosezionjohn

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Quote from: kidbounty on April 03, 2019, 12:55:24 PM

crypto banking is good but now it's not really needed. you can see it from all the new projects that have the concept of banking crypto that none survived, all disappeared without a trace. so I think this is a concept that is less attractive to the community today

I also know one that launched last year but the project has not really took off. I'm not even sure what these teams are thinking when they planned to launch a crypto bank. Maybe it's a good innovation but I do not think there's a high demand for it at this point.

kidbounty

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HELENA

crypto banking is good but now it's not really needed. you can see it from all the new projects that have the concept of banking crypto that none survived, all disappeared without a trace. so I think this is a concept that is less attractive to the community today

Reid

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Quote from: bhadz on March 18, 2019, 07:30:30 AM

A decentralized bank? Banks are meant to be centralized and AFAIK there were already few of them that operates now. What will be the purpose of crypto banks? we can save our own crypto's with our own wallets. In some of their service, they lend money so that's going to be one of the feature that they can offer? lending crypto's to their clients.

Reading the OP's post I have this same questions as bhadz before I even read his reply.

What do they get from just being a bank? And you are saying a decentralized one?
I dont think so. There will no profit from it. Who will create a non-profitable business? Only martyrs will do. They aint satoshi. Grin

Obviously, they will need something to work it out. A trading platform maybe inside a banking system which is decentralized. But it could be risky.
Why them, if we could stay with other trading platforms out there.
Too many questions going out of my mind. Can't answer the question of the OP.
All I know is there is no need for Crypto Banks. Just dont be lazy keeping all your private keys or writing it down with instructions in case of your death.

yulchatar

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Quote from: Kalchas on March 18, 2019, 12:42:08 PM

Sooner or later Crypto Banking will become part of our lives, no one can stop this, it;s on the way

I don't deny that it's quite possible and in the near future, crypto banking will occupy its own niche in crypto. But no one can make me, if I don't want to use it. I can completely manage my funds myself and I don't need any banks for this.

Cosbycoin

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Quote from: auntyjmary on April 01, 2019, 06:57:50 AM

It is an interesting phenomenon to see discussions on crypto banking becoming popular lately. Since the world of crypto operates on a decentralized system, I wonder how crypto banking would be successful. In the physical world, banks are run with regulations.

Exactly and along with being an interesting phenomenon, it is both disruptive as well. The reason behind it is that the traditional banking system is based on policies that have been formulated around fiat and since there has been great shift from the fiat market into the digital market lately, the crypto banking looks more attractive than do the fiat banks. Philippines will be benefited of the cryptocurrency bank very much in terms of cost reductions.

auntyjmary

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It is an interesting phenomenon to see discussions on crypto banking becoming popular lately. Since the world of crypto operates on a decentralized system, I wonder how crypto banking would be successful. In the physical world, banks are run with regulations.

Flezy

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I don't think this will work, as it might tend to centralization which is against the idea of blockchain. Individuals will find it difficult saving their assets in a central system or giving out control of their assets to someone else.

Bitcotalk

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Well, I don't really buy the idea of having a crypto bank because it's just like trying to centralize a decentralize technology which is not good for us because as we all know, the central bank is against crypto and will do anything possible to see the system crumble and crypto bank makes it easier, though I see reasons with the idea because not much people can be able to secure their wallet even if it's decentralized, so crypto bank will always exist.

klaaas

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Quote from: NRista94 on March 18, 2019, 07:27:13 AM

The idea behind Crypto Banks is to have a decentralized platform that can carry out all of the same functions that a traditional bank can without the need for a mediator.

Access to your funds without strings attached would be the idea behind crypto currencies. Banks and services can fit inn since big governments wont switch from fiat anytime soon.
It will take time but all needed conveniences will be made or created to be able to choose or use crypto. Give it time.

JohnMacZeppelin

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I think that we can do without banks, because we already have smart contracts that can perform all the same tasks that the bank performs, so I think that all this is no longer necessary.

Dancil

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in my opinion, crypto Banking is a good idea to develop Crypto.
but I feel for now it's still a little difficult.
I myself as a participant in the crypto world hopes that there will be a change to a better future.

bonker

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Quote from: adzino on March 21, 2019, 05:40:52 PM

No we do not need such kind of "crypto banking" system. It is just going to be a curse. If all the funds are held in an financial institution (bank), then there is no way the system will remain decentralized. The banks will some what the center of power, thus the system becoming a centralized system.
Honestly, running a bank without a person being involved right now is going to be extremely tough. And frankly speaking, i don't see any use of this crypto banking system.

Yes,it is really not needed when we can make our transactions on our own.People might say we can save our funds from hacks but keeping them in banks is just like keeping it in exchange they are not responsible if they are any hacks so the chances of hacks from insider as well so just yourself is better than trusting someone else.

rdewilde

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One thing that always comes to mind about banks is that, money is stored somewhere and the administration have control of users funds. So talking about crypto bank, how will it be done so that those who developed the project won't have access to users funds? How will funds be stored in order to make it or call it a bank?
This is huge and I doubt it will ever work out. In this space, the moment a project have control of your funds it is no longer decentralization.

Psynthax

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Quote from: dabenko on March 30, 2019, 06:43:07 PM

Cryptocurrency is not a total replacement, but an alternative based on choice to normal banking, which invariable means, it us either you choose decentralization or you choose centralization. Both act in the capacity of banking. Cryptocurrency gives you full control over your fund, which in my opinion, is the best.

The crypto banking is about to give an innovation to the cryptocurrency but the fact that crypto banking will make crypto being centralized. remember about be your own bank and that will be the opposite thing to that thing. But that's good to see there was someone interesting to create a new idea.

mcTether

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Quote from: NRista94 on March 18, 2019, 07:27:13 AM

I know that a lot of people think "I can save my crypto's on my own with a ledger", but is that really the way we have to go? The idea behind Crypto Banks is to have a decentralized platform that can carry out all of the same functions that a traditional bank can without the need for a mediator.

But lets cut to the case, why this thread/question?
I've seen a pretty nice article about ATRONOCOM ( https://coindoo.com/crypto-banking-the-future-of-personal-and-business-finance/ ) with so to say chewed up informations about Crypto Banks, and i want to know your opinions on Crypto Banking also because there are a lot of Crypto banks that are trying to make a new platform/product. Should we start chasing them Huh

It is a very great idea to have cryptocurrency banking. It will definitely help those who are not very experienced in securing their coins as the banks will definitely have a sophisticated security method of safe guarding the Cryptos.

crenfrosck

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Well, I think many are against this type of projects. However, I am down for them. They might become those middlemen who would bring larger amount of potential enthusiasts to crypto field. More people means that the market situation will be more stable as well, so advantages are stronger. In addition, no one wants to persuade "decentralized folks" to use them: it is a possibility for people who would be afraid to join it without this type of service

.

dabenko

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Cryptocurrency is not a total replacement, but an alternative based on choice to normal banking, which invariable means, it us either you choose decentralization or you choose centralization. Both act in the capacity of banking. Cryptocurrency gives you full control over your fund, which in my opinion, is the best.

adzino

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www.Crypto.Games: Multiple coins, multiple games

No we do not need such kind of "crypto banking" system. It is just going to be a curse. If all the funds are held in an financial institution (bank), then there is no way the system will remain decentralized. The banks will some what the center of power, thus the system becoming a centralized system.
Honestly, running a bank without a person being involved right now is going to be extremely tough. And frankly speaking, i don't see any use of this crypto banking system.

South Park

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I am terrible at Fantasy Football!!!

Quote from: Kalchas on March 18, 2019, 12:42:08 PM

Sooner or later Crypto Banking will become part of our lives, no one can stop this, it;s on the way

I agree that cryptocurrency banks are inevitable but that does not mean that we will have to use them since cryptocurrencies themselves give to us a chance to be our banks, in my case regardless of what promises those future banks make I will never give them my money, while it is a huge responsibility being completely responsible for the security of my money at the same time it is a joy since I know that no bank can steal my money from me, and if you think that is impossible then you have not read about the many examples around the world of that happening.

Fammosh82

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Through rose-tinted glasses, Bitcoin can do no wrong. It is a currency that is free of central bank control, is decentralized, and it has proven that it can serve as a store of value for people who lose trust in their national currency (Greece, for example). However, the supply of every currency is controlled by some function, and in the case of the Bitcoin it is through the process known as "mining." In layman's terms, Bitcoin mining is the only way to introduce new currency to the marketplace, and it is performed by "miners" who use expensive software to solve math problems in exchange for the currency.

While the sheer difficulty of mining assures Bitcoin users that there won't ever be a massive supply shock in the digital market, the way that Bitcoins are created causes one enormous problem. Primarily, it incentivizes miners to hoard the currency upon receiving it. This is one of the main causes of Bitcoin's price volatility. The only way to alleviate this issue is to mandate that miners have to exchange all newly-mined Bitcoins for another currency of their choice. Otherwise, volatility will end up killing this currency's potential, and a group of Bitcoin miners will control the supply. Is that really any better than a central bank?”

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