Will "De-Fi" replace traditional banking in the future? - page 6.

SaShiRaJaVu

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Quote from: JungleOnion on August 15, 2020, 09:23:49 AM

it could threaten the traditional banking system to the point of replacing it all together or it can also influence a restructure in current systems to adapt to this new concept. In any case we might still be too early to tell.

You really do not need to wait for an unforeseen future to understand this, nothing is going to replace the baking system. Why is everyone imaging things that is not even possible in the near future, there are countries banning the entire technology and some are extremely confident that these could replace traditional banking which is a joke i am hearing for a very long time from members who does not have a clue about finance Grin

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samcrypto

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Quote from: Strongkored on August 15, 2020, 07:00:36 AM

At this point, I just saw DeFi as a way to get higher interest than the way we save money in conventional banks (based on DeFi project OP mentioned), specially this month when DeFi coin pump and make the price overvalued.
Whether in the next few years it could happen even though at this time it still looks impossible.

That's why many investors are coming into DeFi projects because of a higher interest and its hype right now but its not enough reason to replace banks since banks is not just about the interest, they offer many services that until now is very useful.

DeFi will not replace banking industry as if the bankers will easily give up their company well in fact they already adopted blockchain technology that can help them deal with the growing technology, so if DeFi's goal is to replace traditional banking, then its long way to go.

Inkdatar

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Quote from: Argoo on August 15, 2020, 11:56:17 AM

DeFi projects, providing services for loans, credits, the issuance of interest on depository, thanks to smart contracts, began to perform the traditional functions of banks and therefore, of course, they will press banks in this. However, one can hardly expect that all people will use only these services. A certain part of people will use the services of banks for various reasons. Therefore, I think that the services of DeFi and banks will exist in parallel.

During these times Defi becomes well known and starting to be popular because of the hype happening to this project. Yes they offer good services like loans but in my country having this services to replace bank is impossible. It needs first to adopt crypto since mostly here doesn't know yet this kind of technology. Maybe in other countries that already adopted Blockchain technology. The traditional banking here is very important to the daily lives of the people.

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Quote from: JungleOnion on August 15, 2020, 09:23:49 AM

it could threaten the traditional banking system to the point of replacing it all together or it can also influence a restructure in current systems to adapt to this new concept. In any case we might still be too early to tell.

Replacing it still seems far especially in my country were fiat is very much needed in different transactions and stores since most people here didn't want to adopt change, the online banking only just made popular only these time in my country. It will depend on what country will adopt DeFi, those advance and open for crypto and blockchain can replace their bank or partnered with their bank as their more on online transactions now. Maybe once it became too hit and successful in other country, that's the only time will be able to think of adopting.

Argoo

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DeFi projects, providing services for loans, credits, the issuance of interest on depository, thanks to smart contracts, began to perform the traditional functions of banks and therefore, of course, they will press banks in this. However, one can hardly expect that all people will use only these services. A certain part of people will use the services of banks for various reasons. Therefore, I think that the services of DeFi and banks will exist in parallel.

yhiaali3

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Of course, “De-Fi” applications have become very popular, and they are growing and flourishing day after day in a big way. The spread of the Corona virus in the world has contributed to the rapid acceptance and spread of these decentralized applications that depend mainly on cryptocurrencies and decentralized financing, but I think it is too early to judge De-Fi replaced the old banking system, it will have to go a long way before then, because this old system is able and difficult to replace easily, especially because the world's governments do not accept cryptocurrencies yet.
We will have to wait a while until we see results or replace members of old governments with a new generation that is more open to technology and cryptocurrencies.

tungaqhd

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Quote from: plvbob0070 on August 15, 2020, 10:16:26 AM

DeFi may be increasing its popularity nowadays but it's still way too far to reach or even replace traditional banking. We are seeing the hype with DeFi but the recognition is still limited mostly among crypto space. Although we are not sure whether this hype will remain for a long time, it will be hard to replace the traditional since the majority are still relying on the banks.

But honestly, DeFi does not really need to replace the traditional bank as long as DeFi is getting recognized and be able to do its purpose.

The hype drives people to come up with ideas that are too far from reality, they always think big things they have been deceived by a trend and by the whole community but the essence of the hype is such that, the rapid pumping and popularity then end in silence and slowly. So I can only say that DeFi has done a good job of it, creating value for investment in the community, considering the replacement of traditional banks, talking about risks and advantages, DeFi is just a small spark while the bank is a lot of volcanoes

plvbob0070

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DeFi may be increasing its popularity nowadays but it's still way too far to reach or even replace traditional banking. We are seeing the hype with DeFi but the recognition is still limited mostly among crypto space. Although we are not sure whether this hype will remain for a long time, it will be hard to replace the traditional since the majority are still relying on the banks.

But honestly, DeFi does not really need to replace the traditional bank as long as DeFi is getting recognized and be able to do its purpose.

bbcolex

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Maybe, its not far off the possibilities. If things go well, why wouldnt they venture on something bigger? If they could live up to the hype theyre on right now, that would be nice and if they could reach something bigger, that would be great.

Reid

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I doubt that.
It's not just about loans and savings.

Acceptance by the public is also a must.
And then, there is the government and of course, banks will fight bank.
Creating their own, de-fi or maybe just digital cash which they already have with their plastic cards.
Which continues to another things.
Shops acceptance. Yes I am now banked because of De-Fi but how will I use it without shops accepting whatever they will use. i.e. QR code or still plastic cards. Grin

JungleOnion

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it could threaten the traditional banking system to the point of replacing it all together or it can also influence a restructure in current systems to adapt to this new concept. In any case we might still be too early to tell.

mersal

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Quote from: Abiky on August 14, 2020, 09:11:13 PM

There are many "De-Fi" (Decentralized Finance) apps out there in the crypto/Blockchain space, each with their unique features and offerings. The most popular one is Compound.Finance which provides loans and also lets lenders earn from attractive interest rates. So far, "De-Fi" apps have been widely successful providing "Banking to the Unbanked". With stablecoins mimicking traditional Fiat currencies, people can enjoy banking in a completely decentralized manner. The emergence of COVID-19 in the mainstream world, has accelerated adoption of "De-Fi" apps and stablecoins by a large rate.

If "De-Fi" apps become extremely popular and work as intended, do you think the industry will replace traditional banking in the future? Or does it have a long way to go?

Your input will be greatly appreciated. Thanks in advance.

Decentralized loans will never work in my opinion because people won't pay back the loan amount for sure so this is only hype created with the name and nothing more. Traditional banking system can be replaced only if the wealth inequality becomes lower and this is possible if people invest on the right cryptos in the early days.

chikator

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Hopefully. I mean if things go smoothly i dont see why not. If this DeFi hype can stand up to the expectations of those who hype it, it can achieve that if it aims to. It is a possibility if they aim to get more people involved.

Strongkored

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At this point, I just saw DeFi as a way to get higher interest than the way we save money in conventional banks (based on DeFi project OP mentioned), specially this month when DeFi coin pump and make the price overvalued.
Whether in the next few years it could happen even though at this time it still looks impossible.

landoffaucets

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The most important thing is creating a debt, when you have a debt, you can build over it many financial instruments. But now we are in the phase if we can really create debt in this way. Wink

taguig

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Quote from: Abiky on August 14, 2020, 09:11:13 PM

If "De-Fi" apps become extremely popular and work as intended, do you think the industry will replace traditional banking in the future? Or does it have a long way to go?

Your input will be greatly appreciated. Thanks in advance.

It's too early to speculate yes it is popular now but for how long so many DeFi projects are now existing let us see first how the industries and investors will adopt if this happens I think it will take a lot of time, banks have been here for a very long time and it's been one of the biggest contributors in our modern world.

shadowduck

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Quote from: asder250 on August 15, 2020, 06:10:31 AM

Guys, be aware, all of your DeFi coins are overvalued. When you stake/mint your coins you get a loan and you can use the debt for buying more coins. But at the end, the value of the coin what you have minted is 0, not backed, not useful for anything else.. Roll Eyes

The biggest part of the coins is already used by many people. Now everyone liked Defi projects and I think the faster the technical development of Defi takes place, the more people will use these coins.

Bossfidelity

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Defi projects has the potential to do great things in this space, but I don't see them with the ability to replace the traditional banking structure. This is because every independent country would like to be on top of the finance in the country and control the option for citizens. Most countries don't even have cryptocurrency as a legal tender so it would be difficult to inculcate it or replace the traditional banking.

asder250

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Guys, be aware, all of your DeFi coins are overvalued. When you stake/mint your coins you get a loan and you can use the debt for buying more coins. But at the end, the value of the coin what you have minted is 0, not backed, not useful for anything else.. Roll Eyes

coin-investor

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Quote from: Abiky on August 14, 2020, 09:11:13 PM

There are many "De-Fi" (Decentralized Finance) apps out there in the crypto/Blockchain space, each with their unique features and offerings. The most popular one is Compound.Finance which provides loans and also lets lenders earn from attractive interest rates. So far, "De-Fi" apps have been widely successful providing "Banking to the Unbanked". With stablecoins mimicking traditional Fiat currencies, people can enjoy banking in a completely decentralized manner. The emergence of COVID-19 in the mainstream world, has accelerated adoption of "De-Fi" apps and stablecoins by a large rate.

If "De-Fi" apps become extremely popular and work as intended, do you think the industry will replace traditional banking in the future? Or does it have a long way to go?

Your input will be greatly appreciated. Thanks in advance.

It's good that we have DeFi I've seen it's potential Coinmarketcap and Coingeckohave created a page dedicated to DeFi tokens these projects with it's features really have potential in the market, but we cannot disregards the services of the banks and how they served the many sectors of our society, they probably can co exist but it's unlikely that banks will vanish in place of DeFi.

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