Will crypto banks replace traditional banks

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Quote from: Susano on January 23, 2023, 11:53:41 AM

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What do you think about this topic, whether cryptocurrency banks can face off and soon replace traditional banks in the fate?
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Bitcoin is an entire financial system, why do you need some additional bank to use bitcoin? Crypto was made to have an alternative to a classical fiat system with banks, you just can use it directly. If you want to have a third party to trust then fiat system is your choice. If you are choosing bitcoin you need no banks for it. Of course banks want to keep control and they will provide service for crypto as well, but we should not be confused by their intentions.

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Quote from: Susano on January 23, 2023, 11:53:41 AM

What do you think about this topic, whether cryptocurrency banks can face off and soon replace traditional banks in the fate?

If this occurs, does the primary purpose of cryptocurrency continue to exist to some extent? No, I don't believe so.
The primary goal of cryptocurrency creation is to be used as a means of savings and trading, similar to other fiat banks. This is not a rivalry between the two. The difference is clear to comprehend; one is centralized, while the other is decentralized.

8rch7

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Currency control is the authority of the central bank as a monetary authority, while crypto is anonymous which can one day disappear, each country also experiences different economic developments every year, if crypto becomes a world currency it means that each country does not have the authority to manage monetary policy, meaning only there is one central bank in the world, this is contrary to the theory of optimum corrency area (oca), so in my personal opinion crypto banks cannot replace central banks, because the average government and central bank in every country are still against crypto, especially anonymous crypto like bitcoin .

goldkingcoiner

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I think you may be perhaps misunderstanding the entire point of Bitcoin as well as other cryptocurrencies. It is to BE YOUR OWN BANK. It really is self explainatory. There is absolutely no more need in our modern times for some third party member to hold your money for you until you decide to send it to someone. And not only do they hold your money for you, they also demand payment for this "service". Although its not a service, really.

And if something should happen, be sure that nobody in that bank will care about your loss of money. The bank will whisk away responsibility and carry on as usual.

Rise above and be your own bank.

The correct topic subject for this topic should be "will crypto replace traditional banks" and the answer is yes, yes they will and already have done so.

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For whatever reason, I really don't believe bitcoin was created to compete with fiat and kill banks globally. For me bitcoin is a payment option that may also be often referred to as an alternative, and bitcoin is not a substitute for fiat. Even if the crypto bank was created, I think it is only because some users think that the bank can offer good security for its users' funds. Meanwhile it is another third party created, and what are you trusting it for when you have your own bank in hands with bitcoin.

Have custody of your funds in cryptocurrencies, and so far I think hardware wallets can help you secure your funds there. Think about the security options and recommended security measures, they will help you avoid most of the problems from the risks involved.

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Quote from: Despairo on January 23, 2023, 10:39:21 PM

3 years or less? let's see does your speculation will come true because I believe it wouldn't happen at least 5 years later.

I agree. Not much success with the OP's idea in view of the responses. As of today Bitcoin is more of a store of value than a currency, it's as if he was talking about banks for gold, digital in this case. And we see that gold banks do not exist. There are safe deposit boxes, yes, but for whatever you want to put in, not just gold. In the same way there will be and there are "banks" for Bitcoin, but let's remember that FTX was a kind of bank too, and the conclusion we can draw from the end of that story, and others that there were in 2022 is that the best thing you can do is to hold your own coins, or better said, your private keys.

Quote from: KennyR on January 23, 2023, 04:36:23 PM

Already more banks have begun to work with cryptocurrency. This means the traditional banking system with the cryptocurrency banking will coexist. This is actually good, because people who doesn't have much interest can make use of the cryptocurrency related services through the traditional system followed all around.

Yes, well, those who invest in shitcoins as they play roulette will not care, but hardcore bitcoiners doubt very much that we will make use of the services offered by banks related to cryptocurrencies.

Despairo

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3 years or less? let's see does your speculation will come true because I believe it wouldn't happen at least 5 years later.

Only 2 countries accept Bitcoin as legal tender while 99% of the other countries doesn't accept Bitcoin, although majority accept Bitcoin as an investment, some of them either in grey area or ban Bitcoin.

If Bitcoin isn't accepted as legal tender, it's impossible for crypto banks to replace traditional banks. I expect there's will be few centralized company or exchange created in some country, just like stock securities company.

nullama

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Quote from: Susano on January 23, 2023, 11:53:41 AM

Within a few years, a younger generation of financial services customers is going to be able to walk into a bank and gain access to credit products, savings accounts, and investments that can host both cryptocurrency and fiat purchases. The inroads that will permit all of this to happen are already smashing the ground.
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Clients will soon clarify a “full assistance” bank as one that proposes economic services in both crypto and fiat. The period to start cultivating the essential devices for the crypto banking trade is right now. Banks need to start adapting or get left behind. Make no mistake about it."

Article: Crypto banks are going to swallow fiat banks in 3 years — or even less

What do you think about this topic, whether cryptocurrency banks can face off and soon replace traditional banks in the fate? I think this is tricky to occur because the current number of crypto banks is very tolerable described to the number of traditional banks. Even in the most optimistic scenario possible, if banks around the globe implement an efficient method of transaction (maybe Ripple), they will only accept stable coin rotation or CBDC to be able to Compliance with the monetary regulations of governments.

Today, actually since genesis, you're able to generate your own bank, for free, anywhere in the world, without asking anyone any permission. It's a Bitcoin private key. You generate it, and you have full control of your money.

Why would anyone want to go to a bank, giving them access to your money?, makes no sense.

That's one of the key principles in Bitcoin, that you don't need another person managing your money. All that crypto stuff is just jargon for banks to continue doing what they have always done.

With Bitcoin you don't need banks.

BALIK

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Even 10 years from now, bitcoin or cryptocurrency will never replace traditional banking, I agree with what @hatshepsut93 said. Banks are the backbone of the world economy, playing the most important role, so the replacement or not is decided by the government, no other force can replace it. The bitcoin revolution is booming but for it to have an impact on the global economy, I think we have a long way to go, maybe decades, not just a few short years.

dansus021

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in my opinion, crypto will not replace traditional bank crypto and traditional bank keep involving I know there are some things that are better decentralized but there is also a bunch of benefit in centralization, according https://cointelegraph.com/news/world-population-reaches-8-billion-but-how-many-are-in-crypto that crypto user is only 4,2% worldwide which mean is pretty small to replace any traditional financial system.

I just hope traditional financial system work alongside with crypto

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Quote from: Ebede on January 23, 2023, 05:28:53 PM

Quote from: BitDane on January 23, 2023, 03:15:59 PM

I can say crypto banks can be an alternative but I do not think that it will replace the traditional banks. One of the major reason is the government and the financial institution. They will never let crypto banks to dominate the market, these two entities will always try thier best to put everything under their control. With that in the financial system, financial institution will make sure that their traditional banks will not cease to exist.

It is people that does not know what is traditional bank please say that bitcoin or cryptocurrency will replace a traditional bank there is no way a Fiat currency will not be in existence because not all the country that accept Bitcoin so Fiat currency will still be in control of any other coins or any other money so talking of banking system banking system cannot be replaced with online banking system so when was a traditional banking system will mean a bank so it is the main factor or the main base of online banking system because all the money in most to convert it to Fiat currency which is traditional money before making use of it after oil online banking

New to crypto fantasize things which is totally impossible since if we look at the economic structure anywhere in world fiat is dominating so I guess crypto with that is just another alternative currency. We like this to happen but government will always have final say regarding what they want to implement and for sure fiat will always be covered by them or protected by the law.

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Quote from: CryptSafe on January 23, 2023, 05:45:51 PM

Fiat banks can never fade away since Fiat still exist. Banks deal on Fiat which are the locally acceptable in various places. Banks do rely on government to deal on Fiat compared to Crypto which is decentralized and does not need anybody to approve of it's operation but looking at your topic, Crypto banks are likely already existing. If I may ask you, where do you store or save your Coin and token? I know you would say wallet and exchange and I ask, where do you trade your coin and token which I also believe you would say DEX and CEX. Now I ask again, these Dex and cex you have been dealing with, what are their roles compared to the banks we do store values and money? Is it not the same thing? But only difference is that banks are licensed by the government but Crypto is never and I think with time, there would be a good integration of system which would mean that you can be able and free to deal on either fiat or Crypto in the same bank.

It would exist no matter what and as long government does exist then these centralized institutions wont really be ceasing to exist but rather still be remaining as the mainstream considering on how people do trust up
soo much the banking system that we do have.Even we do hate up too much centralization but we cant really deny nor ignore that it is somewhat secure and something more better if we do talk about insurances
and security which most of us would really be storing up your fiats.Now that we do have crypto then i dont see the relevance of that crypto banks since we are considered to be banks
of our own.We dont need one imho.

Yatsan

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Definitely impossible. Cryptocurrencies are not even accepted by majority of countries so what more with crypto banks. It is more likely to happen in the future that both crypto and fiat would co-exist with one another as alternative modes of payment and there's no chance that there'd be only one to be used given that both has advantages and everyone has their own preference; not all people are into investments.

Quote from: Scripture on January 23, 2023, 04:37:10 PM

Fiat currency will stay along with the fiat banks because they are already a big institutions and even the government will not allow this. Probably those banks will adopt cryptocurrency in the future but that doesn’t mean they are going to be replaced.

Cryptocurrency seems to have a good competition with the fiat currency, it gives freedom and that’s why many still want to invest in crypto. Its good to have fiat and crypto currency option, banks should start updating their platform if they don’t want to be left behind. Crypto will continue to serve its purpose.

Indeed many people are interested with INVESTING to this industry but not for transactional use or as to with what fiat is being used for. There is a huge difference. More people are still seeing this industry as a profitable asset and not as a handy mode of payment.

CryptSafe

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Fiat banks can never fade away since Fiat still exist. Banks deal on Fiat which are the locally acceptable in various places. Banks do rely on government to deal on Fiat compared to Crypto which is decentralized and does not need anybody to approve of it's operation but looking at your topic, Crypto banks are likely already existing. If I may ask you, where do you store or save your Coin and token? I know you would say wallet and exchange and I ask, where do you trade your coin and token which I also believe you would say DEX and CEX. Now I ask again, these Dex and cex you have been dealing with, what are their roles compared to the banks we do store values and money? Is it not the same thing? But only difference is that banks are licensed by the government but Crypto is never and I think with time, there would be a good integration of system which would mean that you can be able and free to deal on either fiat or Crypto in the same bank.

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Quote from: BitDane on January 23, 2023, 03:15:59 PM

I can say crypto banks can be an alternative but I do not think that it will replace the traditional banks. One of the major reason is the government and the financial institution. They will never let crypto banks to dominate the market, these two entities will always try thier best to put everything under their control. With that in the financial system, financial institution will make sure that their traditional banks will not cease to exist.

It is people that does not know what is traditional bank please say that bitcoin or cryptocurrency will replace a traditional bank there is no way a Fiat currency will not be in existence because not all the country that accept Bitcoin so Fiat currency will still be in control of any other coins or any other money so talking of banking system banking system cannot be replaced with online banking system so when was a traditional banking system will mean a bank so it is the main factor or the main base of online banking system because all the money in most to convert it to Fiat currency which is traditional money before making use of it after oil online banking

Ojima-ojo

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One of those things I least expected to see in the Bitcoin/cryptocurrency industry is crypto banks, mehn that sound weird since a bank is a centralized institution with the government at the helm of its affairs, cryptocurrency, on the other hand, is attributed highly to decentralization.

So expecting i cryptocurrency bank is as good as giving up our decentralization freedom because if crypto ever gets involved in cryptocurrency it should be at the level of an intermediary.

Scripture

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Fiat currency will stay along with the fiat banks because they are already a big institutions and even the government will not allow this. Probably those banks will adopt cryptocurrency in the future but that doesn’t mean they are going to be replaced.

Cryptocurrency seems to have a good competition with the fiat currency, it gives freedom and that’s why many still want to invest in crypto. Its good to have fiat and crypto currency option, banks should start updating their platform if they don’t want to be left behind. Crypto will continue to serve its purpose.

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Quote from: Merit.s on January 23, 2023, 04:32:28 PM

You can't use cryptocurrency without fiat currency, they both go hand in hand. Fiat has come to stay because this is the only way we can make everyday transactions easy. Fiat banks will always be there because they are own or run by the government of a country through their policies and regulation. Bitcoin is a digital currency and assets for people who understands its value and so can't replace fiat bank because I will say that the fiat banks still have more trust than cryptocurrency banks. Fiat is used globally but bitcoin is a private use.

Already more banks have begun to work with cryptocurrency. This means the traditional banking system with the cryptocurrency banking will coexist. This is actually good, because people who doesn't have much interest can make use of the cryptocurrency related services through the traditional system followed all around.

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You can't use cryptocurrency without fiat currency, they both go hand in hand. Fiat has come to stay because this is the only way we can make everyday transactions easy. Fiat banks will always be there because they are own or run by the government of a country through their policies and regulation. Bitcoin is a digital currency and assets for people who understands its value and so can't replace fiat bank because I will say that the fiat banks still have more trust than cryptocurrency banks. Fiat is used globally but bitcoin is a private use.

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This was discussed here repeatedly or perhaps in a different way but it has the same question, ^{[can crypto replace fiat?]}
But in the first place, what are crypto banks? I don't see there is a potential bank in crypto but if you mean your wallet, that should not be on centralized wallets, like the bank --it should be on the non-custodial wallet. This will not happen and the creator of bitcoin this did not have a purpose, the main purpose is to alternative the fiat transaction anonymously and never rely on a third party. Bitcoin is a financial freedom while fiat it si not, but bitcoin is not going to be the main currency world wide, it should have a different value.

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