Topic: Will "De-Fi" beat Banks sometime in the future? (Read 402 times)

Absolutely, yes.

More and more people are waking up to the stupidity of the fiat system on the daily.

El Salvador adopting bitcoin is just the first step in many to come when it comes to the institutional and nation-wide adoption of cyrptocurrencies. Once the mass adoption process is complete, it is inevitable that Defi will be required to build on top of these existing crypto infrastructures and to leverage technology to increase transactional efficiency.

Decentralized Finance ("De-Fi") is a new trend which has been gaining steam ever since the first smart contract platform (Ethereum) came into existence 6 years ago. Right now, it's possible to borrow, lend, and even trade crypto assets without the need for a middleman. The introduction of stablecoins brought us the stability of Fiat along with the convenience of crypto. People can have money in Fiat, without the need for a bank account and still earn interest by holding it. This brings complete financial freedom to the world (something that was never thought possible before the inception of Bitcoin and Ethereum).

Of course, not everything is reds and roses. "De-Fi" has its limitations since it's fairly new in the mainstream world. Blockchain is still unable to scale to millions or even billions of people worldwide, so the experience will not be the same as with Banks. Fortunately, scaling solutions are on the works with the hopes of putting an end to such issues. If all goes well, "De-Fi" might beat banks in the future. Everything will depend on mainstream adoption for this to succeed in the long run.

What do you think? Will "De-Fi" beat banks in the long term? Or is it still too early to tell? Do banks consider "De-Fi" as a threat to their existence? Your input will be greatly appreciated. Thanks in advance.

Exactly. "De-Fi" is still far from replacing banks anytime soon. Its biggest downsides are hacks, theft, and price volatility. People want stability, safety, and reliability, so most of them resort to banks to help secure their financial future. We should give the "De-Fi" industry more time to mature as it's just starting to blossom. Even so, it's unlikely banks will disappear since they control the world's economy. As long as Fiat exists, banks won't be going anywhere. One would expect "De-Fi" and "Ce-Fi" (banks) to co-exist for many generations.

What matters is decentralization and censorship-resistance in order to fulfill crypto's vision of "banking for the unbanked". As long as "De-Fi" stays true to its roots, there should be nothing to worry about. Just my thoughts

DEFI is just a financial solution and it will not be able to replace the banking system the way people expect Bitcoin.
People will need safety, security, and certainty about their money. If DEFI projects really meet the needs of the people, it will certainly be the choice of everyone in the future. It's too early to conclude anything.

I think DEFI is still a mystery and the developers will help us see a lot of things with their improvements. DEFI has only been around for about two years and has already gained massive amounts of money locked into the protocol. We still have a lot of time to expect improvements from new generations of cryptocurrencies.

- Agreed, Defi is just another name for crypto generations and as comparison sessions between crypto and banks, very few people can believe that Defi and crypto can beat the tradition that comes from the government because the needs of the future bank are still more adaptive as their staff and services will be at the center to answer most of the failed transactions while Defi or crypto only have one-way interaction, sometimes asking and not answering. The supremacy of a generation of bankers fully authorized and guaranteed by the government, Defi in the end is just a roadside stone and doesn't have much future meaning

DEFI is just a financial solution and it will not be able to replace the banking system the way people expect Bitcoin.
People will need safety, security, and certainty about their money. If DEFI projects really meet the needs of the people, it will certainly be the choice of everyone in the future. It's too early to conclude anything.

Decentralized Finance ("De-Fi") is a new trend which has been gaining steam ever since the first smart contract platform (Ethereum) came into existence 6 years ago. Right now, it's possible to borrow, lend, and even trade crypto assets without the need for a middleman. The introduction of stablecoins brought us the stability of Fiat along with the convenience of crypto. People can have money in Fiat, without the need for a bank account and still earn interest by holding it. This brings complete financial freedom to the world (something that was never thought possible before the inception of Bitcoin and Ethereum).

Of course, not everything is reds and roses. "De-Fi" has its limitations since it's fairly new in the mainstream world. Blockchain is still unable to scale to millions or even billions of people worldwide, so the experience will not be the same as with Banks. Fortunately, scaling solutions are on the works with the hopes of putting an end to such issues. If all goes well, "De-Fi" might beat banks in the future. Everything will depend on mainstream adoption for this to succeed in the long run.

What do you think? Will "De-Fi" beat banks in the long term? Or is it still too early to tell? Do banks consider "De-Fi" as a threat to their existence? Your input will be greatly appreciated. Thanks in advance.

In my opinion, maybe not because Crypto huge risk they don't have any office or something where people can ask for their loss or something other side bank have this kind of facilities and people need Trust security not risk

Defi will not only kill banks in the future but destroy their operations. I can provide liquidity for USDT-USDC and earn some decent coins which appreciate in value than the stable coin itself without been censored, and can stake my money and unstake at will without having to fill any paper and no need for central approval. Although at the moment, the risk are there like coin dumping, rug pulling, flash loan exploit and contract bug. A lot still need to be done, we shall get there.

This may be likely, will crypto beat fiat someday?
if it is about someday, we will not know because we don't know the future. We don't know what will happen 100 years later or 150 years later.
if it is about the current and near years, I think it is impossible for Defi to beat banks. Because Banks are such complicated systems from a country and also world bank. This is centralized. Countries and also world banks will never let this be beaten by DeFi.