Topic: Will crypto banks replace traditional banks soon - page 5. (Read 635 times)
I'd like to think for the sanity of crypto a big no. The whole point behind the crypto experiment is to be your own bank and not rely on greedy 3rd party institutions like we have in traditional banking. I mean if ypu are just going to use a bank for your crypto what's the difference between fiat and crypto???
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 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
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
Even though i would like the idea that banks that are running on the blockchain will replace tradiditional banks, i have a hard time that this will happen in my lifetime to be honest. Back in 2018 or so i took part in an ICO of Mt.Pelerin, this is a swiss project that also had the goal to create a bank that is running on the blockchain and the reasons for that made sense to me. You would have significantly less fees and costs for the bank because everything would work automatically because of smart contracts and the usage of blockchain.
Because it was a swiss project they have to proof that they have a lot of money as reserves in order to be eligible to create a bank though. So it is still in the works at the moment.
Aren't they the same as exchanges?
A custodial wallet that the owner of the crypto bank has full control of your own funds since they have your private keys.
Not your keys, not your coins, so basically you are handing your funds to someone that eventually might be controlling all of your funds. Not to mention the KYC on these crypto banks.
I don't think this will be a thing in the future but I don't agree having them for those people who aren't tech savvy, they might be their first victim if ever something's bad going to happen on these crypto banks.
A custodial wallet that the owner of the crypto bank has full control of your own funds since they have your private keys.
Not your keys, not your coins, so basically you are handing your funds to someone that eventually might be controlling all of your funds. Not to mention the KYC on these crypto banks.
I don't think this will be a thing in the future but I don't agree having them for those people who aren't tech savvy, they might be their first victim if ever something's bad going to happen on these crypto banks.
I don't think crypto will replace traditional banks because not every has the knowledge of crypto, Not everyone has a smart phone or even a laptop to get updated on crypto, if crypto is to replace traditional banks then I don't see that coming in the next 50years and on the other hand the government won't allow that because allowing crypto that is not regulated to replace or traditional banks might have a negative effects ofln the economy of that country as they will also loose the monthly or annual revenue they get from this traditional banks.
"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
Well, I absolutely agree that banks will either have to adapt or they will be left behind. Technology can't be stopped and life will continue to change. Those who continue to exist on the old terms will lose....
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
I don't think that crypto banks will replace the traditional ones. Most likely, traditional banks will be reformatted for crypto banks, because they have more resources and opportunities, although they will be reluctant to do so. Such organizations especially dislike change, which will be clumsy and slow.
I don't like the idea of crypto banks and I think that with crypto currencies, this is completely unnecessary for users. But to my regret, I expect that banks will still exist, and worse than that, they will have their own depositors. There will always be people who are ready to trust their money to others because they are not able to manage their finances.
Depends on what you exactly mean with "replace". If you are saying that traditional banks will go away and crypto will take over then I don't think so. Traditional banks will probably exist as long as the humanity exists because we simply need them. A complete decentralization in finance is not possible because there is a human element and humans make mistakes. There will always some illiterate people who can't use tech well enough and that's why they will always need the help of a centralized authority. Crypto is too perfect for them and since we cannot get rid of these people traditional banks will exist in the future.
I'm not sure there will be traditional banks that offer investment in crypto, because as we know banks, as well as the government, reject crypto.
banks cooperating with local exchanges doesn't mean they fully support crypto just as an intermediary maybe
So I think the thing that's not going to happen is crypto banks replacing traditional banks
banks cooperating with local exchanges doesn't mean they fully support crypto just as an intermediary maybe
So I think the thing that's not going to happen is crypto banks replacing traditional banks
Yeah, probably soon.
Although there are operating banks these days that are open to crypto products to be added to their services. But I think that the traditional banks will remain as is and they'll still focus on the typical products that they do offer.
It's exciting to see that some focused banks in crypto will start to offer what the P2P services has been offered like lending with actual crypto and offering a collateral which isn't new in the forum.
Although there are operating banks these days that are open to crypto products to be added to their services. But I think that the traditional banks will remain as is and they'll still focus on the typical products that they do offer.
It's exciting to see that some focused banks in crypto will start to offer what the P2P services has been offered like lending with actual crypto and offering a collateral which isn't new in the forum.
"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
...
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
They have already to some extent.
Crypto banks are providing both crypto related, fiat pegged coins and fiat related banking services. They have interest bearing wallets, physical cards and the fees are getting competitive too. When you have cheaper fees and better interest and could deposit and withdraw on both crypto and fiat anywhere anytime, you'd use it.
Crypto adoption is something that's not spreading as quick as we thought but that could be due to the old coins which are highly volatile. Newer, quicker and cheaper coins would be the pioneer to a cashless and non-custodial finance of the future.
one thing that is impossible if banks provide access to invest in crypto, where the performance of banks and crypto is different,
even if there is a crypto bank it is only for crypto not for traditional banks
even if there is a crypto bank it is only for crypto not for traditional banks
It should be remembered that there are 2 elements of society where both of them will always be involved in cash and digital transactions. Therefore traditional banks will still exist to continue to monitor real finances and control the economy directly. But the government will also add another option, namely by building a digital bank with the same goal. In other words, CBDC is the most appropriate option for monitoring the movement of cross-border transactions.
In conclusion the government will always move before you say this here. Make no mistake they know how to control potentially distracting finances.
In conclusion the government will always move before you say this here. Make no mistake they know how to control potentially distracting finances.
"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
I don't think it will be like that, crypto and banks don't look like it will happen soon, we know the government is playing a major role to make it happen, but until now it doesn't seem like crypto is widely accepted in banks, even to replace fiat which is the identity for every country . we don't know for the long-term development, but I think if it does, maybe generations after us. and currently I am personally only profit-oriented from cryptocurrency ...
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
There's no crypto banks yet and probably, it wont happen because crypto works online and not the traditional way.
Fiat banks will stay no matter what, most of them already show their support to cryptocurrency and some are already using a blockchain technology so for sure they will not be left behind because they will not allow this to happen, imagine the total market of the banks, it will be hard for a country if they lose all their local banks, the government will not also allow this to happen. Crypto will stay as a crypto and banks will continue to serve its purpose.
Fiat banks will stay no matter what, most of them already show their support to cryptocurrency and some are already using a blockchain technology so for sure they will not be left behind because they will not allow this to happen, imagine the total market of the banks, it will be hard for a country if they lose all their local banks, the government will not also allow this to happen. Crypto will stay as a crypto and banks will continue to serve its purpose.
Their reign will be soon over because f the current emerging popularity of the crypto industry and they will gonna need to embrace the future technology if they wanted to be still on the list in the upcoming future. When people see how convenient crypto is, there will not gonna doubt about considering migrating to it and they will gonna leave those banks that were having total control of their money. Hence, this time we see that no matter how hard they try to spread negative information and doubts about the crypto industry, they always failed to convince the people about the reality showing that crypto is now becoming popular all over the world despite of its new emergence.
Cryptocurrency can not totally replace fiat currency or CBDCs. Consequently crypto banks can not completely replace traditional banks, never.
Regulations on cryptocurrency are very limited and dramatically less than on traditional banks so we can not expect to see a same growth of crypto banks like traditional banks. It takes so much time when more and better regulations will be approved and applied in cryptocurrency market. Until that day, don't expect what you're asking.
We don't need such replacement without more and better regulations because without such stricter regulations, we will only see more scam in cryptocurrency including crypto banks.
Regulations on cryptocurrency are very limited and dramatically less than on traditional banks so we can not expect to see a same growth of crypto banks like traditional banks. It takes so much time when more and better regulations will be approved and applied in cryptocurrency market. Until that day, don't expect what you're asking.
We don't need such replacement without more and better regulations because without such stricter regulations, we will only see more scam in cryptocurrency including crypto banks.
Strictly crypto only banks won’t replace traditional, fiat banking for a long time. Fiat banks that adopt bitcoin will happen in the not too distant future. Some big institutions around the world already have started allowing bitcoin investments for select clientele.
It’s going to take quite a long time before crypto rules the world. I’m not even sure it’ll happen in our lifetimes. It will happen though in my opinion.
We’re currently at the and then the fight you stage which could go on for a while. The elite aren’t going to give up their powers & make drastic changes without a fight.
It’s going to take quite a long time before crypto rules the world. I’m not even sure it’ll happen in our lifetimes. It will happen though in my opinion.
We’re currently at the and then the fight you stage which could go on for a while. The elite aren’t going to give up their powers & make drastic changes without a fight.
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
The public has been aware of the recent FTX insolvency and its contagion effect, most of the country haven't got rigid regulations in regard to ruling out cryptocurrency or tokens, especially a stablecoin. The whole thing is a pushy move, especially, the tone that the article narrated. The world doesn't need many useless tokens or cryptocurrencies that currently existed, even select the major ones.
They won't get behind simply because of it, do you even know what is the cryptocurrency market cap compared to others markets?
Why does replacement occur as long as cryptocurrencies are classified as an item in the list of investment accounts of banks?
The replacement will happen when people have the choice between using centralized transfers via banks or decentralization via bitcoin.
In general, this thing will happen easily or in the next few years. It may take ten years or more for that, but I expect in the end that we will have several systems instead of a central system for transferring funds.
The replacement will happen when people have the choice between using centralized transfers via banks or decentralization via bitcoin.
In general, this thing will happen easily or in the next few years. It may take ten years or more for that, but I expect in the end that we will have several systems instead of a central system for transferring funds.
Traditional banks will adapt to crypto sooner or later. Some banks are already offering crypto related products. And more to come
I hope its gona be later than sooner. Bitcoin does not need banks. Banks needs bitcoin to steal purchase power from bitcoiners by fractional reserve system and money creation.
Money creation system - is bitcoin creation resistant?
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