Will crypto banks replace traditional banks?

[gotbounty]

I think it will be very difficult for crypto banks to replace traditional banks. In general, this bank's crypto is not something official. It will also be difficult to get this crypto bank to get some kind of insurance and so on. And it will be very difficult to get many people to switch from traditional banks and use crypto banks. So I find it a bit impossible for crypto banks to replace traditional banks.

[Pheonyx]

What do you think about this issue, whether crypto banks can compete and soon replace traditional banks in the future?

As far as replacing the traditional bank is concerned I would agree to it. Younger generation seek fast and secure transaction as we are in the day where technology is being part of living and anyone services which is best always be the top choice and with this reason I see the chance to this.

[Paglamon]

Traditional banks around the world will enjoy more benefits if Bitcoin is approved. Users will benefit more. Transactions will be easier if approved worldwide. Different commercial organizations will use bitcoin or cryptocurrency for commercial purposes. In order to continue commercial activities around the world, approval is required from traditional banks.

[Rubel007]

Traditional banks around the world will enjoy more benefits if Bitcoin is approved. Users will benefit more. Transactions will be easier if approved worldwide. Different commercial organizations will use bitcoin or cryptocurrency for commercial purposes. In order to continue commercial activities around the world, approval is required from traditional banks.

I am not agree with you regrading this concern. We know crypto is volatile suppose you are opening a current deposit account pay every month at the end of the duration what will be happen if you deposit crypto. The price will be so high or so dump. If dump then what will you do. Your hard earned money will be finished. It is impossible for crypto banks to replace traditional bank.

[Condorlaib]

In addition to the banking system, we also have a developed network of payment systems that will exist as long as fiat funds exist. But you also need to take into account the fact that most people who will use cryptocurrency in a certain future will not be able to provide themselves with a real opportunity to protect their cryptocurrency funds. It is this problem that in the future may be dealt with by a bank or any other structure or company that will perform the same role as a bank.

[Tnoy30]

Crypto banks will never be able to replace traditional banks. I think after the approval of cryptocurrencies around the world, the governments of each country will approve the transactions of cryptocurrencies with banks. Cryptocurrencies will also be traded in traditional banks. So I think cryptocurrency will never replace traditional banks.

[Lenipiw]

In the future, it will be possible to transact cryptocurrency with traditional banks. However, cryptocurrency will never be able to replace traditional banks. Because traditional banks are needed for domestic currency transactions. Traditional banks will remain all over the world. Transactions around the world will further increase in cryptocurrency. The relationship of banks with cryptocurrency will be much longer.

[CriptoLH]

I do not think that banks will take over the service and placement of cryptographic currency in their accounts. This is too risky for the bank and its customers. There are now quite a few ways other than  the bank to get passive income from cryptocurrency and also to borrow against cryptocurrency. Therefore, those people who are familiar with the crypt currency can find ways to use it without the bank's involvement.

[smart_oa]

It was a theory once but now some crypto project like taigon is working for this mission. their aim is to change the traditional banking system. I like their concepts and maybe we will see more similar projects in the future. DeFi is also making this progress faster.

[robelneo]

I doubt it's going to happen in the next three years, I don't see any project that has a framework to compete effectively in traditional banking, we have the DeFi but it's still in a testing period and it will take some time before it evolves it's effectiveness to replace the traditional, but it's the closest thing that we have right now to replace traditional bank.

[Ghozrd]

The government does have many ways to prohibit crypto transactions as a payment system, but if crypto users prefer crypto banks over traditional banks, I think crypto banks will soon replace traditional banks, everything will lead to a decentralized system if crypto currency users switch funds from traditional banks to crypto banks, the government does not prohibit it, because the assets or digital money stored are not state money, but money from crypto users

[Dociko]

The future will be much better with cryptocurrency and traditional banks. I think there will be a lot more transactions in the future. It will be much more traded all over the world. Transactions will be possible in the traditional banks of each country. So I think cryptocurrency will gain more popularity if transacted in traditional banks.

[Gubre]

Although the traditional banks are obviously huge in numbers I still can not accept that this is a good reason to maintain its dominance. We all know how blockchain started from the scratch and now we are seeing with our own eye how it influence and created another room for all those who are seeking things better than the traditional.

[GREENch85]

I doubt that in the next 20 years (at least) something will change. If bankers are needed, they will lobby for their interests in the state apparatus of power and the necessary legislative acts will be adopted.

[ashraf786100]

The people have been using traditional banks for years already, they will not replace it with digital goods only. In my opinion, traditional banks will always exist, and crypto banks help traditional banks to have a better financial system.