Will crypto banks replace traditional banks soon - page 3.

Hispo

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Quote from: KupaCrypto on January 29, 2023, 11:02:21 AM

I don't think crypto will replace traditional banks because not every has the knowledge of crypto.

It is not about knowledge but mostly about necessity. Crypto currency services are more popular in markets and societies which cannot longer trust their own FIAT or banks, so they seek for alternatives in exchanges, which are the closest thing one can find alike a bank for Bitcoin and altcoins on the internet.

Think of someone living in one of the developed countries, they would have no relative reason to move onto crypto, because they already have banking services which provide them with most of the things they think they need. That is not the case in Argentina, Nigeria and Venezuela. Places with big crypto volume and adoption in their own regions. Something very serious would need to happen to the main FIAT of the central economic powers for their people to move even faster into crypto, prompting the creation of crypto banks and treasuries.

so98nn

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We are always enthusiastic about the future of bitcoin. However, it doesn’t mean it’s gonna be the way we expecting it today. For example, total take over and replacing bank is just imaginary thought. Remember it’s nothing like if you don’t like orange then just switch to apple juice kinda thing. Isn’t it? We are talking about replacing entire hundred years old banking system. It’s deeply sited in everyone pocket and bitcoin is anyway has out reach to only few millions of users. It’s nothing compared to global adoption of traditional banking system. That’s a period here.

Questat

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Quote from: seleme on April 16, 2023, 04:53:02 PM

Crypto banking is supposed to make things easy for community but banks make it complicated so average users hesitate to join new ecosystem. Solution is to merge both systems together on the traditional online banking so everyone can take advantage of the cheaper, faster transactions, IMHO. As explained on the thread, if banks can't beat the crypto banking they will surely join and adapt new ecosystem.

And it remains an option for us to choose the system/banks that really give us the easiest way to approach and can't deny that crypto banks is somewhat more technical than traditional banks. That is why those who have no knowledge about it will surely be choosing traditional banks as they seem comfortable being there. So I guess it was not necessary to fully adopt crypto banks while there are a lot of individuals that are incapable of using them. May soon crypto banks user will increase but this is not enough to stop traditional banks from their operation.

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Quote from: FanEagle on April 16, 2023, 01:26:32 PM

Quote from: Abiky on April 14, 2023, 08:55:06 AM

Quote from: poodle63 on April 05, 2023, 06:53:49 PM

Honestly cryptocurrencies like now acts like stock, it's just being largely used for investment, some even call it commodities, I doubt it could ever replace bank, meanwhile i'm sure majority that invested in crypto would still actively use their bank so no, it will never replace that even in the future.

Most people see crypto as an investment tool. Not as a currency you can use for daily payments. This sentiment is what prevents crypto/Blockchain tech from achieving its full potential. If people started using crypto as currency, banks' existence would've been threatened by now. Unfortunately, that's not the case. Thus, banks will only grow bigger and stronger over time.

Don't expect crypto to go anywhere soon, especially when it's decentralized. It can never replace Fiat this way. I'm fine with that as long as crypto fulfills its promise of bringing banking to the unbanked. You can be your own bank with crypto anyways. So why care about traditional banks subject to corruption and manipulation? Just my thoughts Grin

I think it could definitely mesh together. Traditional banks are already evolving into digital banks. There are so many banks in the world that are purely digital and do not even have anyone that works for them in a shop, they are purely digital and that's it. Add the xchange mindset there, like be able to store bitcoin into something like that, you can have any fiat you want but you can have bitcoin and maybe eth in there as well? That would be something awesome to see and I would guess that there won't be a need to replace anything anymore.

This would be a solution to banks, they can continue to support crypto and they can make a lot of profit from it as well, should be able to provide a lot of profit for the banks we know right now.

Crypto banking is supposed to make things easy for community but banks make it complicated so average users hesitate to join new ecosystem. Solution is to merge both systems together on the traditional online banking so everyone can take advantage of the cheaper, faster transactions, IMHO. As explained on the thread, if banks can't beat the crypto banking they will surely join and adapt new ecosystem.

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Quote from: Abiky on April 14, 2023, 08:55:06 AM

Quote from: poodle63 on April 05, 2023, 06:53:49 PM

Honestly cryptocurrencies like now acts like stock, it's just being largely used for investment, some even call it commodities, I doubt it could ever replace bank, meanwhile i'm sure majority that invested in crypto would still actively use their bank so no, it will never replace that even in the future.

Most people see crypto as an investment tool. Not as a currency you can use for daily payments. This sentiment is what prevents crypto/Blockchain tech from achieving its full potential. If people started using crypto as currency, banks' existence would've been threatened by now. Unfortunately, that's not the case. Thus, banks will only grow bigger and stronger over time.

Don't expect crypto to go anywhere soon, especially when it's decentralized. It can never replace Fiat this way. I'm fine with that as long as crypto fulfills its promise of bringing banking to the unbanked. You can be your own bank with crypto anyways. So why care about traditional banks subject to corruption and manipulation? Just my thoughts Grin

I think it could definitely mesh together. Traditional banks are already evolving into digital banks. There are so many banks in the world that are purely digital and do not even have anyone that works for them in a shop, they are purely digital and that's it. Add the xchange mindset there, like be able to store bitcoin into something like that, you can have any fiat you want but you can have bitcoin and maybe eth in there as well? That would be something awesome to see and I would guess that there won't be a need to replace anything anymore.

This would be a solution to banks, they can continue to support crypto and they can make a lot of profit from it as well, should be able to provide a lot of profit for the banks we know right now.

podluznyj

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Quote from: jacafbiz on April 15, 2023, 06:49:05 AM

I can't say for certain but the likelihood of this happening is very high, Crypto is becoming well-capitalized and the quality of people joining the space has improved significantly recently, all we need is a Government that will indeed be Crypto-friendly that will open some of these difficult doors that are unreachable before and also a Crypto_friendly regulation that will guide us into the future, if/when this happens the traditional banking sector is there for taking

I agree with you that soon crypto banks will begin to replace conventional banks, which today do not provide reliability in storing funds in a conventional bank, since banks currently have the opportunity to become boncrots and the money does not return to the owners, therefore it is worth keeping in a crypto bank and transferring money to crypto money

Why you bully me

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Quote from: NASdaq on January 29, 2023, 04:11:10 AM

Traditional banks will adapt to crypto sooner or later. Some banks are already offering crypto related products. And more to come

That is interesting, do you have sources for this? Would like to see.

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Quote from: Huppercase on April 15, 2023, 04:57:54 AM

Quote from: poodle63 on April 05, 2023, 06:53:49 PM

Honestly cryptocurrencies like now acts like stock, it's just being largely used for investment, some even call it commodities, I doubt it could ever replace bank, meanwhile i'm sure majority that invested in crypto would still actively use their bank so no, it will never replace that even in the future.

You wanted to say Securities and digital tokens, Crypto is far from been a commodity and they are nothing really like stock except for some project that try to immitate stocks by bringing their features in token supressions by giving dividends to their investors that hold their tokens, and even with that, there only exist slight similarities within crypto and Stocks.

The failure of cryptocurrencies particularly the Altcoins are so great that it will be tough for people to embrace them today. Things may change in the future, but I don't think they will now. Cryptocurrency is still too young to replace traditional banks.

Apart from bitcoin, all altcoin projects are created with the aim of selling tokens for profit, if it is not a commodity then what is? And we are here to speculate and make more profit than to use them as a payment method, so I think cryptocurrencies should be classified as a commodity in the future.

No matter how cryptocurrency changes in the future and what it will become, whether it will replace traditional banking or not, all decisions will be made by the government, we have no right to decide.

jacafbiz

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I can't say for certain but the likelihood of this happening is very high, Crypto is becoming well-capitalized and the quality of people joining the space has improved significantly recently, all we need is a Government that will indeed be Crypto-friendly that will open some of these difficult doors that are unreachable before and also a Crypto_friendly regulation that will guide us into the future, if/when this happens the traditional banking sector is there for taking

Huppercase

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Quote from: poodle63 on April 05, 2023, 06:53:49 PM

Honestly cryptocurrencies like now acts like stock, it's just being largely used for investment, some even call it commodities, I doubt it could ever replace bank, meanwhile i'm sure majority that invested in crypto would still actively use their bank so no, it will never replace that even in the future.

You wanted to say Securities and digital tokens, Crypto is far from been a commodity and they are nothing really like stock except for some project that try to immitate stocks by bringing their features in token supressions by giving dividends to their investors that hold their tokens, and even with that, there only exist slight similarities within crypto and Stocks.

The failure of cryptocurrencies particularly the Altcoins are so great that it will be tough for people to embrace them today. Things may change in the future, but I don't think they will now. Cryptocurrency is still too young to replace traditional banks.

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

snip

I don't think it's entirely clear that traditional banks are replaced by crypto banks, and what exactly is meant by crypto banks? Are they centralized exchangers? If that is the case then I would say that the bank system is still in a much better position than this centralized exchanger system in terms of security, because banks are governed by different laws of a country state that provide security of money to consumers. So I'd say it's too late for the banking systems to be replaced by crypto banks, or I don't see anything good in between.

ammo121810

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Definitely not the Crypto Banks cannot replace traditional banks. Traditional banks may adopt the crypto currencies and it's technology but most of the people would still prefer the traditional way savings and transacting money. Even though Crypto Currencies evolve for more than a decade now a lot of people doesn't even know how to use and transact with it. A lot of banks also doesn't honor or accept crypto currencies as source of funds. Just like here in our country, Banks do even scrutinize where did the source of fund came and if they learned that it came from crypto they will definitely turns you down.

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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.
~snip~

From what I know, right now many traditional banks adding their massive digitalization which means people can easily make a bank account and transactions online rather than coming to their office and crypto banks won't completely replace traditional banks instead crypto banks probably will have a partnership with traditional banks.

Cornia

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I don't think crypto banks will replace traditional banks. Because there are still many people in the world who have very little knowledge about crypto. But crypto banks and traditional banks will run side by side and young people will be attracted towards crypto banks. I think almost all central/state banks will adapt crypto in this situation.

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Quote from: poodle63 on April 05, 2023, 06:53:49 PM

Honestly cryptocurrencies like now acts like stock, it's just being largely used for investment, some even call it commodities, I doubt it could ever replace bank, meanwhile i'm sure majority that invested in crypto would still actively use their bank so no, it will never replace that even in the future.

Most people see crypto as an investment tool. Not as a currency you can use for daily payments. This sentiment is what prevents crypto/Blockchain tech from achieving its full potential. If people started using crypto as currency, banks' existence would've been threatened by now. Unfortunately, that's not the case. Thus, banks will only grow bigger and stronger over time.

Don't expect crypto to go anywhere soon, especially when it's decentralized. It can never replace Fiat this way. I'm fine with that as long as crypto fulfills its promise of bringing banking to the unbanked. You can be your own bank with crypto anyways. So why care about traditional banks subject to corruption and manipulation? Just my thoughts Grin

poodle63

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Honestly cryptocurrencies like now acts like stock, it's just being largely used for investment, some even call it commodities, I doubt it could ever replace bank, meanwhile i'm sure majority that invested in crypto would still actively use their bank so no, it will never replace that even in the future.

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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

This topic was made in January and then we began seeing news of the banks collapsing in march, which means this post predicted what will happen to banks correctly. Banks are outdated and soon people will stop making use of them.

Everything the banks can do, we no have digital apps that can do them better, our money is not even safe with the banks as they can get missing from the banks servers getting attacks through hacks or the banks collapsing.

Banks that were useful for saving and taking of loans will soon go out of business as we now have decentralized application that can offer that service to you from the comfort of your home.

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I'm not sure if crypto will replace traditional banks. taking into account that traditional banks are controlled by the government, and many people tend to prefer traditional banks to store their money over crypto. Plus, if a problem occurs, it's easier to deal with it when using a traditional bank than crypto. So, I think traditional banking is still a very important need for society.
Where I live, very few people use crypto, even they tend to be careful when they hear the word crypto. that's because they don't know much about crypto, as well as their tendency to use traditional banks as a place of storage compared to crypto. however, I think we still need traditional banks. Moreover, the safety is guaranteed by the government.

fvb

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I don't think there will be any changes and one will replace the other. This is a different kind of banking and crypto investment. Rather, some kind of merger and interaction is possible. We still use banks to sell cryptocurrencies for fiat

abralzain17

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I don't think that will happen with traditional banks, there is no possibility to be replaced by these banks even though there will be parties who are pressing.
How many years will it take bank customers to adapt to the crypto industry (CRYPTO BANK) if traditional banks are replaced?
Meanwhile, if there are traditional banks replaced by crypto banks, it's only in developed countries, in my opinion.

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