Will crypto banks replace traditional banks soon

fzkto

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Quote from: timoshani on May 01, 2023, 03:21:07 PM

Quote from: Clark Anderson on January 29, 2023, 02:30:13 AM

"in just a few years, a younger generation of financial services users are going to into a bank and gain access to create ☑️ credit products, savings accounts and investments that can host both crypto and fiat assets. In fact, the inroads that will allow for all of this to happen are already breaking ground.
...
Consumers will soon define a “full service” bank as one that offers financial services in both crypto and fiat. The time to start acquiring the necessary tools of the crypto banking trade is right now. The world need it.👌Banks need to start adapting or get left behind. So what do we all think about this

Article: https://cointelegraph.com/news/crypto-banks-are-going-to-swallow-fiat-banks-in-3-years-or-even-less

Dubai banks performed well in this aspect. There, a separate sector of the crypto market is dedicated. Even against the background of the growth of bitcoin in 2017, the sheikhs saw a real prospect. But despite this, the global banking system is not yet fully ready for a full transition to crypto.

I must be missing something. Can you explain to me how a crypto bank would be different from a normal bank? I understand that the principle of any bank is always the same - deposits and interest on them, loans and other things. But after all bitcoin and cryptocurrencies were created to avoid banks. Not your keys - not your coins.

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Quote from: Clark Anderson on January 29, 2023, 02:30:13 AM

"in just a few years, a younger generation of financial services users are going to into a bank and gain access to create ☑️ credit products, savings accounts and investments that can host both crypto and fiat assets. In fact, the inroads that will allow for all of this to happen are already breaking ground.
...
Consumers will soon define a “full service” bank as one that offers financial services in both crypto and fiat. The time to start acquiring the necessary tools of the crypto banking trade is right now. The world need it.👌Banks need to start adapting or get left behind. So what do we all think about this

Article: https://cointelegraph.com/news/crypto-banks-are-going-to-swallow-fiat-banks-in-3-years-or-even-less

The financial landscape is changing at a dizzying pace, and crypto is definitely a game changer. With the emergence of blockchain technology and decentralized finance (DeFi), traditional banks are facing stiff competition and it is not surprising that the younger generation is demanding more choices and flexibility when it comes to their finances.

I think the truth is we don't know for sure what will happen in the future, but it is clear that crypto banking is on the rise. As the saying goes, "adapt or fall behind." So traditional banks better start their crypto game if they want to keep up!

timoshani

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Quote from: Clark Anderson on January 29, 2023, 02:30:13 AM

"in just a few years, a younger generation of financial services users are going to into a bank and gain access to create ☑️ credit products, savings accounts and investments that can host both crypto and fiat assets. In fact, the inroads that will allow for all of this to happen are already breaking ground.
...
Consumers will soon define a “full service” bank as one that offers financial services in both crypto and fiat. The time to start acquiring the necessary tools of the crypto banking trade is right now. The world need it.👌Banks need to start adapting or get left behind. So what do we all think about this

Article: https://cointelegraph.com/news/crypto-banks-are-going-to-swallow-fiat-banks-in-3-years-or-even-less

Dubai banks performed well in this aspect. There, a separate sector of the crypto market is dedicated. Even against the background of the growth of bitcoin in 2017, the sheikhs saw a real prospect. But despite this, the global banking system is not yet fully ready for a full transition to crypto.

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Quote from: Clark Anderson on January 29, 2023, 02:30:13 AM

"in just a few years, a younger generation of financial services users are going to into a bank and gain access to create ☑️ credit products, savings accounts and investments that can host both crypto and fiat assets. In fact, the inroads that will allow for all of this to happen are already breaking ground.

A generation of young talents like SBF from FTX, for an example? That is what they promise, but what they deliver is very different... Wink

Quote from: Clark Anderson on January 29, 2023, 02:30:13 AM

Consumers will soon define a “full service” bank as one that offers financial services in both crypto and fiat. The time to start acquiring the necessary tools of the crypto banking trade is right now. The world need it.👌Banks need to start adapting or get left behind. So what do we all think about this

Like the scammer Mashinsky from Celsius promised to his customers. These are all empty proposals. Unfortunatelly, without a centralized body regulating and protecting customers through rules applied to entrepreneurs, crypto banks will end in scandals.

Without such rules the only alternative is that each crypto enthusiast keeps personal funds under his personal custody. Since it's not going to happen soon, I don't think crypto banks will replace the traditional ones.

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Quote from: DiMarxist on January 29, 2023, 03:51:19 PM

For now that will not happen. Crypto can't replace it take the traditional banks for now because we cannot do anything without the traditional banks in some countries. Mostly those countries that do not accept BTC need the. Fiat currency for exchange of goods and services. After p2p then you have to sent it to the Fiat account and use it to buy the local commodities.

In my country P2P is the only means of exchanging crypto to fiat thus traditional banking system is the only alternative source of fiat service provider for now, majority of cryptos traders and investors rely on Binance P2P for their daily transactions in which their bank accounts is linked with their Binance P2P account for swift transfer of fiat, I don't think there is any need for establishment of crypto banks when one of the feature of Bitcoin is store of value which means any crypto hodler has the ability to save or hodl their assets securely with access to their private key without any third party.

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Quote from: savetheFORUM on April 28, 2023, 02:19:25 AM

There will literally be no point in having cryptocurrencies if you give them to a bank to store them for you know they won't give you access to your private keys and your assets will be totally under their control. It's better if you just keep them yourself in a decentralized wallet where you have access to your private keys and only you can access your funds.

Regarding crypto banks replacing traditional banks, the world hasn't reached that position yet, there are more fiat users than crypto users in the world right now, and the systems that have been running for centuries won't just vanish so easily.

The whole purpose of crypto is to "be your own bank". Like you've said, I see no reason of giving custody of your crypto funds to a third-party. Banks will never give you full control of your coins, the same way centralized exchanges don't. I think only newcomers into crypto will find "crypto banking" appaling. The rest will either use a CEX or practice self-custody of their crypto funds.

Mainstream governments are cracking down on crypto/Blockchain tech real hard, so it's likely "crypto banking" will disappear in the future. I wouldn't worry about this, as long as crypto remains decentralized and censorship-resistant. Just my opinion

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Quote from: gurunanakji777 on April 24, 2023, 06:08:28 AM

It is not likely that traditional banks will be replaced by crypto banks. Instead, banks can start providing crypto services. Currently, crypto adoption is not at a level where traditional banking can be replaced. Additionally, many countries are developing their own Digital stable currencies, which they may use instead. Alternatively, banks may start providing/using cryptocurrencies like Bitcoin, Ethereum, and BNB, but it is too early to say. Most countries are considering regulating the crypto industry by imposing high taxes. Traditional banks are not going anywhere.

There will literally be no point in having cryptocurrencies if you give them to a bank to store them for you know they won't give you access to your private keys and your assets will be totally under their control. It's better if you just keep them yourself in a decentralized wallet where you have access to your private keys and only you can access your funds.

Regarding crypto banks replacing traditional banks, the world hasn't reached that position yet, there are more fiat users than crypto users in the world right now, and the systems that have been running for centuries won't just vanish so easily.

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In some third world country maybe. But there's no way crypto banks come even near to regular banks. You might be able to buy cryptos from regular bank and hodl but i am willing to bet that they never will allow crypto deposits or withdrawals. There are too many regulatory problems they will have to overcome before that.

And that's one of the main reasons why crypto exchanges are avoided by majority. If you can withdraw crypto it will attract hackers.

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Quote from: fzkto on April 22, 2023, 03:04:10 PM

I think that with the introduction of CBDC many banks will disappear, only large state banks will be left to regulate all citizens money, as is already practiced in China. If cryptocurrencies prevent this, governments will try to ban it, as China has tried to do again many times. So yes, banks will never go anywhere.

CBDCs will only make banks bigger and stronger than ever. That's because the new digital cash system will give such financial institutions the ability to easily manipulate the supply, restrict people from accessing their funds, among many other things. CBDCs will eliminate privacy on Fiat currencies for good, as every transaction will be visible by both banks and governments through a digital ledger only they can control. Existing banks may offer crypto services to their customers, but that doesn't mean crypto has won in its battle against Fiat. The former (crypto) will always remain an alternative to the traditional banking system because of its decentralized and censorship-resistant nature.

Governments don't like something that's outside of their reach, anyways. They're only "adopting" crypto/Blockchain tech because of the taxation benefits. Who cares anyways? As long as crypto does the job its supposed to, there should be nothing to worry about. Just my thoughts Grin

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Quote from: Bitstar_coin on April 21, 2023, 12:36:03 PM

Banks keep disappointing their customers all the time. In my location, banks have become the enemy of most people, the situation is so bad they will prefer personally saving their own funds using the local piggy bag.
I won't be surprised in the near future when crypto banks will replace or have the majority of users than traditional banking systems.

Actually, maybe it depends on how one looks at it, but keeping money in a local piggy bank will also eventually go back to traditional banks. or not doing something like this actually still requires a traditional bank.
The reason is quite simple, when money is kept for a long time and when there is damage and money that is no longer being produced, it will still go to the bank to exchange it, so believe it or not, doing something like this actually still needs traditional banks.

As for conditions where crypto is currently experiencing quite good developments, but in my opinion things like this still won't make any conditions change.
The conditions are quite simple because indeed seeing from whatever the intent of crypto is clearly not for that, the bank's interest may indeed decrease but when it comes to changes to be honest I doubt it.

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It is not likely that traditional banks will be replaced by crypto banks. Instead, banks can start providing crypto services. Currently, crypto adoption is not at a level where traditional banking can be replaced. Additionally, many countries are developing their own Digital stable currencies, which they may use instead. Alternatively, banks may start providing/using cryptocurrencies like Bitcoin, Ethereum, and BNB, but it is too early to say. Most countries are considering regulating the crypto industry by imposing high taxes. Traditional banks are not going anywhere.

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Quote from: Clark Anderson on January 29, 2023, 02:30:13 AM

"in just a few years, a younger generation of financial services users are going to into a bank and gain access to create ☑️ credit products, savings accounts and investments that can host both crypto and fiat assets. In fact, the inroads that will allow for all of this to happen are already breaking ground.
...
Consumers will soon define a “full service” bank as one that offers financial services in both crypto and fiat. The time to start acquiring the necessary tools of the crypto banking trade is right now. The world need it.👌Banks need to start adapting or get left behind. So what do we all think about this

Article: https://cointelegraph.com/news/crypto-banks-are-going-to-swallow-fiat-banks-in-3-years-or-even-less

The role of banks in each country will depend on the nature of that country's CBDC. If the CBDC is run more like USDC, then banks will continue on like they are now, just using tokens. If the CBDC is centralized like e-CNY, then banks will function as storage solutions for crypto and offer investments. Either way UTNP and XRP will do well.

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Quote from: cafee_orange on April 21, 2023, 12:51:20 PM

traditional banks will still exist even though crypto banks are present in the midst of changing times, I think traditional banks will survive and always have their customers.
As for the presence of a crypto bank, in my opinion, it will not affect banking that has been running so far. I myself want traditional banking to remain intact, and continue to improve with innovations that are owned according to the conditions of the times

This has been discussed many times, if banks are determined to stick to conventional transaction channels, then they will gradually be left behind with the speed level of digital transactions. Maybe there are still people who continue to use transactions at conventional banks, it's just that customers will experience a drastic decline. Therefore it is important for banks to upgrade with a 2 side by side system. Where they support digital transactions and also support conventional transactions. So as to create stability in running the financial system that keeps up with the times.

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Quote from: fzkto on April 22, 2023, 03:04:10 PM

I think that with the introduction of CBDC many banks will disappear, only large state banks will be left to regulate all citizens money, as is already practiced in China. If cryptocurrencies prevent this, governments will try to ban it, as China has tried to do again many times. So yes, banks will never go anywhere.

You must understand the difference between a planned economy, which is inherent in China, and a market economy, which is inherent in the civilized world. Accordingly, the situation described by you can only happen in countries where a dictatorship is in power.

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Quote from: cafee_orange on April 21, 2023, 12:51:20 PM

traditional banks will still exist even though crypto banks are present in the midst of changing times, I think traditional banks will survive and always have their customers.
As for the presence of a crypto bank, in my opinion, it will not affect banking that has been running so far. I myself want traditional banking to remain intact, and continue to improve with innovations that are owned according to the conditions of the times

I think that with the introduction of CBDC many banks will disappear, only large state banks will be left to regulate all citizens money, as is already practiced in China. If cryptocurrencies prevent this, governments will try to ban it, as China has tried to do again many times. So yes, banks will never go anywhere.

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Quote from: tvplus006 on April 20, 2023, 09:55:45 PM

Quote from: Quickex Exchange on April 20, 2023, 12:01:53 PM

...Additionally, the current banking system functions optimally primarily in the EU and US markets. Across the globe, the situation varies significantly. It is anticipated that the EU and US may face challenges transitioning from the traditional banking system to a cryptocurrency-based system. However, for the rest of the world, where the banking sector has yet to fully develop and function efficiently, adopting cryptocurrencies could be a smoother and more straightforward transition.

I do not think that such a replacement is possible at this stage of the development of the banking sector, since crypto banks cannot fully perform the entire list of services that are inherent in traditional banks. The situation looks more real when traditional banks expand their list of services related to cryptocurrency.

You raise a valid point, and it's essential to consider that the transition might not be an all-or-nothing scenario. The most probable outcome would be the coexistence of traditional banks and crypto banks, each catering to specific financial needs and services.

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traditional banks will still exist even though crypto banks are present in the midst of changing times, I think traditional banks will survive and always have their customers.
As for the presence of a crypto bank, in my opinion, it will not affect banking that has been running so far. I myself want traditional banking to remain intact, and continue to improve with innovations that are owned according to the conditions of the times

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Banks keep disappointing their customers all the time. In my location, banks have become the enemy of most people, the situation is so bad they will prefer personally saving their own funds using the local piggy bag.
I won't be surprised in the near future when crypto banks will replace or have the majority of users than traditional banking systems.

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Quote from: Clark Anderson on January 29, 2023, 02:30:13 AM

will soon define a “full service” bank as one that offers financial services in both crypto and fiat. The time to start acquiring the necessary tools of the crypto banking trade is right now. The world need it.👌Banks need to start adapting or get left behind. So what do we all think about this

Article: https://cointelegraph.com/news/crypto-banks-are-going-to-swallow-fiat-banks-in-3-years-or-even-less

Sometimes, we may be very optimistic with this, with the power of crypto. But this may be difficult to happen. Moreover in some certain countries. Replacing banks is soemthing that is very difficult, except that the country in on the bankcrupty.

But, as long as the banks are following and developing to provide much advanced technology and services, I am afraod that this will be exactly difficult to replace. Because banks are power, even big companies may not be able to replace banks.
So I don't think it will be soon happening.

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That is some unrealistic prediction to be honest. I don't think crypto banks will replace traditional banks anytime soon. Maybe after two or three decades, but not yet. Most people still rely on good old fiat currency, and lots of people are still hesitant to jump into the crypto world. Crypto currencies got its own set of problems too, like scalability and fees. Just imagine if everyone started using Bitcoin – the network would be swamped, and the fees would go through the roof! I would say, it still got a long way to go before it can truly takeover and replace traditional banking. But yeah, in next few years, we might be seeing crypto and banks being used parallelly.

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