Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: MrSpasybo on December 06, 2020, 02:23:00 PM
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Stablecoins are an integral part of the future of the financial system. And Facebook’s Diem, formerly Libra, is part of that future.
Facebook, it is reported, could launch its long-awaited digital currency as early as January 2021 in the form of a U.S. dollar-backed stablecoin. Central banks and regulators have been galvanized into action since Facebook first announced its intentions by publishing a white paper in 2019. They are right to be concerned, as stablecoins — particularly ones such as the rebranded Diem that have the potential for massive network effects — bring new risks to consumers and savers as well as to the global financial system.
Article: Facebook’s Diem stablecoin is an existential threat to traditional banking (https://cointelegraph.com/news/facebook-s-diem-stablecoin-is-an-existential-threat-to-traditional-banking)
In this article, the author believes that Libra's Diem will become a major force in stable coin and directly threaten traditional banks thanks to the huge user base from Facebook. However, I think this is in the distant future when governments still do not fully accept stable coins like Diem. And before this can happen, it is entirely possible for governments to develop other stablecoin strategies - their CBDC, to retain control of the economy.
What roles do you think banks can survive and operate in the global economy in the era of stablecoins & CBDCs? Here are a few of my predictions:
+ storing fiat assets to support stablecoins/CBDCs, for example bank ABCDEF holds $1000 to support 1000 USDC existing in market;
+ acts as a node in the blockchain that maintains the CBDC;
+ is the bridge connecting fiat & crypto;
+ continue to serve customers who do not trust or have access to crypto;
+ acts as the verifier and evaluator of collateral on loans;
+ acts as a loan & loan platform guaranteed by the government = cryptobank...
Do you think traditional banks will be completely wiped out in the crypto era?
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The traditional banking system is already dying. Cryptocurrencies are a logical evolutionary development of the old banking system. Why would banks be needed if a cryptocurrency appeared that allows, without intermediaries, without a third party, on the basis of mathematical algorithms, to transfer values to each other.
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Yes, thats how it goes. The Stablecoin like CBDC and Libra/Diem is also part of the centralized finance economy or to become a part of the centralized financial system because it's obvious that they are centralized, I believe that the Libra/Diem project is one of the examples of this digital Stablecoin that can be a bridge between the old financial system to the future digital finance economy and the traditional Banks has no choice but to accept it.
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Traditional frogs play a big role in the economy. Traditional banks are very popular all over the world. Cryptocurrency is gaining more and more popularity through traditional banks around the world. Traditional banks can take a variety of steps for cryptocurrency or bitcoin transactions. So I support traditional banks.
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Sooner or later, traditional banks will disappear. the time will come for a single currency that does not recognize borders. Any cryptocurrency evangelist believes this - must believe ...
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At present governments around the world do not approve currencies. However, cryptocurrency transactions are possible in some traditional banks. There are many banks in which cryptocurrency transactions are done, but the government of the country does not know that. Cryptocurrency is also popular in various organizations around the world.
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I don't think that the government and also private banks will let this happen. They will still survive and maintain the banks to exist. However, they will follow the development era of technology. using blockchain technology? Maybe. Or, probably there will be another more advanced technology to be offered in the future than Blockchain. We will not know that. But the existence of the traditional banks will not disappear moreover depending on each condition of the society and country itself.
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Traditional banks play a huge role in the global economy. Traditional banks are needed for large transactions around the world. However, cryptocurrency transactions are being done in some of the traditional banks that have benefited from the spread of Sampriti cryptocurrency. Its importance is increasing through bitcoin transactions.
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I don’t know if Facebook’s Diem stablecoin is a threat to traditional banks. However, there has been a lot of speculation about it. This could be a new attraction in the future. Investors will also be attracted after the coin is launched in the market.
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If banks adopt crypto in the future it will be much easier to improve the economy banks will easily introduce cryptocurrencies and investors will be able to transact everything using cryptocurrencies as they wish which will accelerate the development of the world. Most people will lean towards crypto for investment.
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The traditional banking system is already dying. Cryptocurrencies are a logical evolutionary development of the old banking system. Why would banks be needed if a cryptocurrency appeared that allows, without intermediaries, without a third party, on the basis of mathematical algorithms, to transfer values to each other.
No, the traditional banking system will not disappear anywhere. State banks are part of the state and as long as they exist, both banks and national currencies will exist. States will not use cryptocurrency widely. Their digitized central bank currencies will be a good alternative to decentralized cryptocurrencies, so states' stablecoins will evolve.
Problems with stablecoins like Libra-Diem can be easily resolved by states by banning the use of their national currencies as collateral for other stablecoins, as the Chinese government is already doing.
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No, the traditional banking system will not disappear anywhere. State banks are part of the state and as long as they exist, both banks and national currencies will exist. States will not use cryptocurrency widely. Their digitized central bank currencies will be a good alternative to decentralized cryptocurrencies, so states' stablecoins will evolve.
Problems with stablecoins like Libra-Diem can be easily resolved by states by banning the use of their national currencies as collateral for other stablecoins, as the Chinese government is already doing.
It is clear that governments are not giving up their power, they create CBDCs to follow the crypto wave, taking advantage of the visible advantages of crypto while increasing control over the cash flow. And I think they will also continue to maintain tradition as a gate for both fiat and CBDC related services.
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Someday when the Digital Yuan from China really reaps success, I'm sure many traditional banks from other countries will follow in China's footsteps. So that more and more stable coins will appear that will color the Crypto market.
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I still see traditional banks continuing to make a profit over the years, while many cryptobanks projects have disappeared due to failure. If CBDC is to spread, traditional banks will still exist to secure fiat reserves as well as serve communities that are accustomed to using fiat instead of CBDC.
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Do you think traditional banks will be completely wiped out in the crypto era?
The cryptocurrencies future holds a certain measure of success and that will sure give big impact to the traditional banks globally. But I believe that such impact in the future is like a coin holding two sides. Which means it could weaker the other side of traditional banks while it could be the lucky charm on the other side by pushing them into grand innovations.
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We can see that now all the traditional banks have started trading in this cryptocurrency through various means. In our country, some cryptocurrency currencies can be transacted through banks. In future we will be able to transact through this cryptocurrency bank. Booth mobile banking and all banking services will be available in cryptocurrency.
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Cryptocurrency transactions are a normal part of traditional banking. Traditional banks play a role in facilitating transactions in cryptocurrencies. Cryptocurrencies around the world have many meanings. I think bitcoin transactions will be the most common in traditional banks.
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Yeah, everything needs to change. Although in this case, we have that kind of difference, traditional banks may be too old to compete with the crypto world However I don't think that they will lose it. I am sure that this condition will really make the traditional aware of technology and its development.
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i think we will see more cohesion and collaboration between stablecoins and fiat money in the future. we might see more of usdt and other rest been accepted as digital currencies. recnetly, visa has choose to partner with usdc to create a credit card for usdc. this shows that crypto has gained the adoption it craved for.
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I think traditional banks are important for various projects around the world. libra will be much more important. If the transaction is done through traditional banks. Cryptocurrency currencies are much more popular in traditional banks. Especially Bitcoin.
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Someday when the Digital Yuan from China really reaps success, I'm sure many traditional banks from other countries will follow in China's footsteps. So that more and more stable coins will appear that will color the Crypto market.
However, the digitized currencies of the central banks of states are associated precisely with the work of traditional banks. Therefore, traditional banks, in connection with the emergence of cryptocurrency and stablecoins, will only slightly change their priorities and style of work, but will continue to function successfully. The banking system has more than once proven its vitality because it is directly supported by states.
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I see that cryptocurrency is there to correct errors in the banking system in many things the traditional bank may not be doing well so it was believed that any money in the bank loses value because you pay for almost every transaction but it seems good when you invest in crypto banking system that gives you return of investment.
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We can see that now all the traditional banks have started trading in this cryptocurrency through various means. In our country, some cryptocurrency currencies can be transacted through banks. In future we will be able to transact through this cryptocurrency bank. Booth mobile banking and all banking services will be available in cryptocurrency.
The adoption of PayPal is a great open door opportunity to be witness by big compani around the world. Of course they know what is new in PayPal so they will observe the result. Once PayPal successfully reach the highest peak on profit, some companies will dive into crypto and do the same as PayPal.
Some day banks will become involve in this scenarios where money is the center attraction. Banks will formulate new approach to adopt the new method of crypto finance.
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Do you think traditional banks will be completely wiped out in the crypto era?
The cryptocurrencies future holds a certain measure of success and that will sure give big impact to the traditional banks globally. But I believe that such impact in the future is like a coin holding two sides. Which means it could weaker the other side of traditional banks while it could be the lucky charm on the other side by pushing them into grand innovations.
Of course, cryptocurrency will greatly change the current system of finance, however, states will still generally keep the circulation of cryptocurrency under their control. It makes no sense for cryptocurrency to compete with states, this competition has no chance of success. Therefore, traditional banks as part of the state system of government will exist and will change under the influence of cryptocurrency as far as this state allows them. However, it should be borne in mind that the state is a set of officials in power and their views also change under the influence of new changes.
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Traditional banks are not going anywhere. Cryptocurrency has already entered our life, and banks, as it were, are also part of our life. In any case, they will have to change their financial strategy under the new conditions. This will not happen immediately, the cryptocurrency will be brought to such a framework that will completely suit those in power. They will not allow such financial flows to be left unchecked.
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Transactions are very important in traditional banks. If the cryptocurrency is approved by traditional banks, there will be many benefits to the transaction. So I think the user sister should be much more careful. Most banks do not currently approve transactions.
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I think the transactions of traditional banks play a big role in the economy. Traditional banks have a lot of transactions, which occupy a huge place in the economy. So if it is possible to do cryptocurrency transactions in traditional banks, it will be much better for the future.
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Future exonomy will be more automatised, computerised. Machines are simply cheaper to employ than humans so the banks will slowly start loosing its place among lucrative business. Banks might just be wealthy peoples association that come for a drink and talk about the good old times
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To face this era of technology, traditional banks should also be developed by creating and providing more advanced features and also systems to the traditional banks. However, no if it is about the way of competing with other financial system, like cryptocurrency.
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If I think traditional banks will still be used in this Crypto era, they will only serve FIAT money transactions. Because I think that even though this Cryptocurrency is fully operational, FIAT currency will still be around. And what is certain is that not everyone will use Cryptocurrency to transact or make payments.
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Traditional banks play many roles in the economy for transactions. Kerala always has a lot of transactions. So I think cryptocurrency has a role to play in facilitating transactions in traditional banks. So it is important to get the approval of cryptocurrency.
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If I think traditional banks will still be used in this Crypto era, they will only serve FIAT money transactions. Because I think that even though this Cryptocurrency is fully operational, FIAT currency will still be around. And what is certain is that not everyone will use Cryptocurrency to transact or make payments.
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I agree with you, because not everyone is eligible to own a mobile payment device and have access to the internet to use crypto easily. So fiat still needs to be maintained by traditional banks.
However, if we make great strides in telecom technology, if we can cover the global internet for free and produce a device with easy internet connection and using solar battery, we will be able to slowly remove fiat from life.
If that happens, do you think we still need traditional banks?
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I think that traditional banks will always serve fiat money, because payment systems have been created over the years, people have just got used to these systems, so traditional payment systems are trusted by most of the population.
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Stablecoins are an integral part of the future of the financial system. And Facebook’s Diem, formerly Libra, is part of that future.
Facebook, it is reported, could launch its long-awaited digital currency as early as January 2021 in the form of a U.S. dollar-backed stablecoin. Central banks and regulators have been galvanized into action since Facebook first announced its intentions by publishing a white paper in 2019. They are right to be concerned, as stablecoins — particularly ones such as the rebranded Diem that have the potential for massive network effects — bring new risks to consumers and savers as well as to the global financial system.
Article: Facebook’s Diem stablecoin is an existential threat to traditional banking (https://cointelegraph.com/news/facebook-s-diem-stablecoin-is-an-existential-threat-to-traditional-banking)
In this article, the author believes that Libra's Diem will become a major force in stable coin and directly threaten traditional banks thanks to the huge user base from Facebook. However, I think this is in the distant future when governments still do not fully accept stable coins like Diem. And before this can happen, it is entirely possible for governments to develop other stablecoin strategies - their CBDC, to retain control of the economy.
What roles do you think banks can survive and operate in the global economy in the era of stablecoins & CBDCs? Here are a few of my predictions:
+ storing fiat assets to support stablecoins/CBDCs, for example bank ABCDEF holds $1000 to support 1000 USDC existing in market;
+ acts as a node in the blockchain that maintains the CBDC;
+ is the bridge connecting fiat & crypto;
+ continue to serve customers who do not trust or have access to crypto;
+ acts as the verifier and evaluator of collateral on loans;
+ acts as a loan & loan platform guaranteed by the government = cryptobank...
Do you think traditional banks will be completely wiped out in the crypto era?
I think the traditional banking system is the main problem in our society right now. They just got huge power by holding people's assets which is not right. Also, it just makes the poor poorer and the rich richer. Govt must have influence over its people but people also should have the right to control their assets which they can not with the traditional banking system.
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Stablecoins are an integral part of the future of the financial system. And Facebook’s Diem, formerly Libra, is part of that future.
Facebook, it is reported, could launch its long-awaited digital currency as early as January 2021 in the form of a U.S. dollar-backed stablecoin. Central banks and regulators have been galvanized into action since Facebook first announced its intentions by publishing a white paper in 2019. They are right to be concerned, as stablecoins — particularly ones such as the rebranded Diem that have the potential for massive network effects — bring new risks to consumers and savers as well as to the global financial system.
Article: Facebook’s Diem stablecoin is an existential threat to traditional banking (https://cointelegraph.com/news/facebook-s-diem-stablecoin-is-an-existential-threat-to-traditional-banking)
In this article, the author believes that Libra's Diem will become a major force in stable coin and directly threaten traditional banks thanks to the huge user base from Facebook. However, I think this is in the distant future when governments still do not fully accept stable coins like Diem. And before this can happen, it is entirely possible for governments to develop other stablecoin strategies - their CBDC, to retain control of the economy.
What roles do you think banks can survive and operate in the global economy in the era of stablecoins & CBDCs? Here are a few of my predictions:
+ storing fiat assets to support stablecoins/CBDCs, for example bank ABCDEF holds $1000 to support 1000 USDC existing in market;
+ acts as a node in the blockchain that maintains the CBDC;
+ is the bridge connecting fiat & crypto;
+ continue to serve customers who do not trust or have access to crypto;
+ acts as the verifier and evaluator of collateral on loans;
+ acts as a loan & loan platform guaranteed by the government = cryptobank...
Do you think traditional banks will be completely wiped out in the crypto era?
I read out your research it is very logical and prominent . If any policy can wiped out the traditional banking system in future the crypto economy only do it but it takes time to do it not wiped out possible in definite time .
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Cryptocurrencies are the future, the banking sector is well aware of this and they have to strive for these new trainers and therefore will also introduce new technologies in their work, otherwise they will all close
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I think that traditional banks will always serve fiat money, because payment systems have been created over the years, people have just got used to these systems, so traditional payment systems are trusted by most of the population.
The conditions in the banks, to which the people are accustomed, do not interest anyone. And no one will ask the people to change payment systems or not. The government will do what it sees fit.
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The technology and system will be always developing. Nowadays, bank systems have been ready for blockchain adoption. In this case, we can see how technology will always influence the development of the banking system in the future. They will follow up without leaving the past.
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The traditional banking system is already dying.
How can you state that? I don't think it is dying but maybe crypto or blockchain concepts are more futuristic. The world economy needs a better system for future life. While crypto and blockchain offer the more futuristic system for the financial system. We cannot deny that many banks already use the technology of blockchain. It indicates that banks also need blockchain or even crypto in future life.
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Traditional banks will never be destroyed because these traditional banks have large reserves of funds and have the legality of a country.
Traditional banks can be a strong reference for all countries and can become intermediaries for investors to disburse their funds as a result of cryptocurrency profits.
I think this is because traditional banks have a strong, safe and necessary share for a country.
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Traditional banks will not be completely wiped out in the crypto era.
Internet networks, support systems such as cellphones and education about transaction systems using crypto are not yet understood by many people, someone is still used to fiat money and they prefer to see wealth in physical form.
If Diem becomes one of the stable coins, I think the Facebook developers have other ideas in the future, it looks like there will be other stable coins that Facebook will create but we are still waiting, whether the concept will be the same as the Libra coin or only Diem stable coins will be the same coins. they created to expand the use of USD currency
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It is true because the past must always be a reference so that we can be even better in the future.
Banks may not currently accept payments for cryptocurrencies but in the future they may pave the way for cryptocurrencies to be accepted.
In its implementation, it may have to be strengthened again by providing extra services for cryptocurrency because the price is always changing and stable.
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The traditional banking system is already dying.
How can you state that? I don't think it is dying but maybe crypto or blockchain concepts are more futuristic. The world economy needs a better system for future life. While crypto and blockchain offer the more futuristic system for the financial system. We cannot deny that many banks already use the technology of blockchain. It indicates that banks also need blockchain or even crypto in future life.
The traditional banking system will not die out for quite some time. However, those banks that quickly master new technologies in their work will have more advantages over competitors. Nobody will cancel progress.
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I think that in the future we will see big changes in the banking sector, the entire banking system will be forced to implement blockchain and transform itself to rebuild to new realities and cryptocurrencies will push banks to these actions
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On the off chance that banks receive crypto later on it will be a lot simpler to improve the economy banks will effectively present cryptographic forms of money and speculators will have the option to execute everything utilizing digital currencies as they wish which will quicken the advancement of the world. The vast majority will lean towards crypto for venture.
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I think the traditional banking system will be overwhelmed by the new crypto projects and all those stable coins. Anyone can make billions of dollars transactions through crypto with few dollars but is that possible with a traditional bank? I do not think so. Crypto is the future and even banks will also integrate with it.
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All will function in their respective fields, cannot be equated and will not kill each other. Traditional banks will not serve Cryptocurrency because it is not possible, traditional banks will still serve savings and loans, savings and fiat money payments.
It is true that if one day this Cryptocurrency really controls the world financial system, then traditional banks will not function a little, but when will that happen?
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Traditional banks have spread all over the world. If cryptocurrency transactions are possible in traditional banks, then any country will be able to improve further. Cryptocurrency users live in almost every country in the world. So I think traditional banks will play a role in improving bitcoin.
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I think the traditional banking system will be overwhelmed by the new crypto projects and all those stable coins. Anyone can make billions of dollars transactions through crypto with few dollars but is that possible with a traditional bank? I do not think so. Crypto is the future and even banks will also integrate with it.
Traditional banks have existed for a very long time and will continue to exist as long as states with different political and economic interests exist in our world. Banks are part of the state system and are under their protection. Therefore, the banks are not in danger.
For now, governments and their central banks will issue national digitized currencies that they will use to counterbalance decentralized cryptocurrencies.
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Traditional banks are also working in the background to fully accept cryptocurrencies especialy in European and crypto friendly countries, once this happens we will see crypto mass adoption will speed up.
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If this Cryptocurrency continues to increase and its use is evenly distributed across all levels of society, then traditional banks will have no function and will eventually die and disappear. Bank is related to Banknotes, whereas Cryptocurrency is digital money that does not need a traditional bank.
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If this Cryptocurrency continues to increase and its use is evenly distributed across all levels of society, then traditional banks will have no function and will eventually die and disappear. Bank is related to Banknotes, whereas Cryptocurrency is digital money that does not need a traditional bank.
for this period, banks themselves are interested in cashless payments with each client, regardless of where and for what the person pays. Banknotes have long been out of circulation and are not in such massive demand as they used to be. Based on this, banks can provide the same services to their clients who use cryptocurrencies, as for fiat currencies.
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I still believe there will be a synergy between traditional Bank and cryptocurrency. This is so because cryptocurrency will not completely topple traditional banking because government will always want to get involved.
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I'm not sure that Facebook's Diem is a long-awaited coin. Now many corporations that became successful during the Dot-com bubble are actively investing in cryptocurrencies, thereby actively bringing the moment of its universal recognition closer.
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If this Cryptocurrency continues to increase and its use is evenly distributed across all levels of society, then traditional banks will have no function and will eventually die and disappear. Bank is related to Banknotes, whereas Cryptocurrency is digital money that does not need a traditional bank.
for this period, banks themselves are interested in cashless payments with each client, regardless of where and for what the person pays. Banknotes have long been out of circulation and are not in such massive demand as they used to be. Based on this, banks can provide the same services to their clients who use cryptocurrencies, as for fiat currencies.
I disagree with such statements. Banks are part of the state system of government and therefore they will not bend over to cryptocurrency. Banks will provide services in cryptocurrency only if it is financially beneficial to them.
We know that governments and banks are absolutely positive about blockchain technology and therefore will release their digitalized currencies of the central banks of the states in order to speed up, simplify and reduce the cost of using their non-cash money. However, they are most likely to be used as a counterweight to decentralized cryptocurrency as a means of payment. We will soon be able to see this in practice.
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When everything is decentralized, there must be a safeguard that can keep users' funds safe.
Banks and governments are very supportive of the development of technology and systems that cryptocurrency has, but I still doubt if they will run a truly decentralized system, because banks and governments have most of the funds they don't want to disclose in public, I support all policies that are carried out The government and I want the bank to survive in the crypto era to be able to support and store some digital coins as future assets
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We will not know about the future. But looking at the current condition, the bank system, financial system, and also most industries may be changing to digitalize. Even the traditional will always still exist moreover they're centralized, but the transactions and also type of money used may be changing into digital money, But it doesn't mean to be cryptocurrency.
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The traditional banking system are not actually made to fade or dies off because there are people in the world, instead the bank itself are trying to copy what the Blockchain industry is bringing into.The cryptocurrency need the traditional bank in order to transact so the both two are goog in data, the bank and the cryptocurrency are important to the cryptocurrency.because of depositing and buying crypto.
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With the existence of traditional banks that now support the existence of crypto by making their own coins, this shows that crypto is indeed an investment worth fighting for.
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A traditional bank will be always backed by the government or event the big private companies.
For the banks that can conform the situation to the recent era, they will survive and will conform to the technology system. But for those that don't want to follow the development, they may be left behind. Moreover, there is a cryptocurrency that may become a challenge in the future
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It's a tall dream to think that traditional banks would be wiped out, it's like saying that central governments will be wiped out. Government controls the finances of the masses through the traditional banks. I only think that with the rate at which crypo keeps innovating and expanding, it will compete and coexist with traditional banks, which may be forced to support some cryptocurrencies in the future.
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It's a tall dream to think that traditional banks would be wiped out, it's like saying that central governments will be wiped out. Government controls the finances of the masses through the traditional banks. I only think that with the rate at which crypo keeps innovating and expanding, it will compete and coexist with traditional banks, which may be forced to support some cryptocurrencies in the future.
This is good and I agree that Traditional banks and crypto will coexist. And I think we can't invest in crypto without help from the bank feature. "Bank will support some crypto" this makes sense statement
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It's a tall dream to think that traditional banks would be wiped out, it's like saying that central governments will be wiped out. Government controls the finances of the masses through the traditional banks. I only think that with the rate at which crypo keeps innovating and expanding, it will compete and coexist with traditional banks, which may be forced to support some cryptocurrencies in the future.
Yes, that will not happen, it is impossible for banks to be easily replaced by cryptocurrency, after all the country needs a centralized economic system, so that the government can monitor state finances.
Cryptocurrency was born just to make transactions easier, not replace banks, because people also need banks to store their FIAT money safely.
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I've heard a lot that these traditional banks will make their own coins sometime in the future. And I am sure that if this happens, then of course crypto will be more advanced and more so.
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Traditional mushrooms play a bad role in the economy. Traditional banks are very popular in the overworld. Cryptocurrency is gaining more and more popularity among the world's traditional banks. Traditional banks can handle a variety of cryptocurrency or bitcoin transactions. However, cryptocurrency transactions are possible in some traditional banks.
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I don't know in the future traditional banks will close or not because some people don't know Crpyto but on the other hand it's actually good crypto because the future is financially free
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I don't know in the future traditional banks will close or not because some people don't know Crpyto but on the other hand it's actually good crypto because the future is financially free
What is certain is that Traditional Banks will not close even though Cryptocurrency has really been made the legal currency in every country, because after all paper money will not be destroyed and we will still use traditional banks to withdraw and send banknotes/Fiat.
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Traditional banks will not go anywhere and will still exist. It is naive to believe that the world economy depends on the release of some kind of crypto. Not a single Facebook produces a real product with added value. So the Facebook token does not carry any technology, but only an attempt by the owner play in the king.
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I don't think it's very difficult to see the logical next steps for traditional banks. The first thing they will do is change their public opinion about cryptocurrencies, then they will say that crypto is the future of the economy, and then, as some banks are already considering implementing, create custody funds for our cryptocurrencies. Scavengers know how to fly in the direction of the air and their economic interests.
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Whatever condition, if the traditional banks are backed and supported by the government, they will never die and will always exist. And they will always get the chance to use the developing technology. We may probably be going to find that the banks will also use blockchain technology for their systems and this is great.
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The use of cryptocurrency is increasing day by day even though the financial system of the world is run by traditional traditional banks. If this cryptocurrency continues to grow and spread to all walks of life, traditional banks will no longer function and will eventually collapse.
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The established banking system can flex and adapt to cryptocurrency. Should be accept financial crypto monetary systems or to continue with inaction that will bring them down. It all depends on the banking policy whether they will continue their development.
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Saying wipe out is equal to annihilation which is a total disappearance of traditional bank. I like the idea of crypto but I don't think bank will be wipe out but rather it is more relevant to think that there will be a massive enhancement in traditional bank adopting the new system of crypto industry.
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@Pheonyx I think the same as you. I don't like traditional banks at all, but they are necessary. Many parts of each country's economies travel through traditional banking and I don't think that many governments are going to change that in a short period of time. We must also bear in mind that there are people who will never approach cryptocurrencies, due to distrust, fear or because they prefer what they already know.
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One day I believe that this traditional bank will be able to make their own coins. Because indeed this is very profitable for traditional banks to add products by making their own coins.
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Traditional banks, as we now understand them, will not disappear anywhere for a very long time. Cryptocurrency is of course very good, but it is not suitable for government regulation. The means of payment must be backed by the product being produced, and what the cryptocurrency is backed by, if not the dollar, for example. And how, then, to refuse it.
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I've heard a lot that these traditional banks will make their own coins sometime in the future. And I am sure that if this happens, then of course crypto will be more advanced and more so.
The bank will make stablecoin, as we know, there are a lot of stable coins and it is not really a problem, but some rules in the bank still do not accept crypto for payment, if the bank and crypto go side by side, I think everything will look good and Bitcoin will become the main asset to replace gold and make digital gold with high prices in the market
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One day I believe that this traditional bank will be able to make their own coins. Because indeed this is very profitable for traditional banks to add products by making their own coins.
Of course, in a few years, a significant part of the states will issue their national digitized central bank currencies, that is, their stablecoins. They will partially replace other non-cash payments and partially cash paper money, since they have a number of advantages over them. However, all the same, other types of payments should coexist, and cryptocurrencies should also go along with all of them.
Central banks and other banks in the banking system will also continue to operate successfully and will not go anywhere. After all, they are under the strict protection of the state.
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Traditional banks will not go anywhere and will still exist. It is naive to believe that the world economy depends on the release of some kind of crypto. Not a single Facebook produces a real product with added value. So the Facebook token does not carry any technology, but only an attempt by the owner play in the king.
Stable coins like Libra / Diem don't really pose much of a problem for governments. States can destroy them very easily if they wish. Since almost all of them are backed by fiat currencies of states, states can make it illegal to use their currency to back other currencies without their consent and thus outlaw them.
This is roughly what the Chinese government is doing now, securing its exclusive ownership of both the ordinary and its new digital yuan. Therefore, it is quite possible that in the future only stable coins of states may remain, that is, their digitized currencies of central banks.
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Sooner or later, traditional banks will disappear. the time will come for a single currency that does not recognize borders. Any cryptocurrency evangelist believes this - must believe ...
Dreaming, of course, is not harmful. However, in reality, the banking system will not disappear anywhere. The emerging cryptocurrency does not threaten it yet. Banks will use blockchain technology to improve their own national currency and will issue their own stablecoins.
If in any way the cryptocurrency influences banks, states will intervene and remove this threat by certain regulation of the circulation of cryptocurrency, up to and including its complete ban if necessary.
The banking system serves the economy of each state and therefore will always be under the control and protection of states.
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Traditional banks are very famous in the world, because traditional banks have a big role in the global economy. So far, people who invest in cryptocurrency through traditional banks all over the world. Traditional banks can take a variety of steps for cryptocurrency transactions. the existence of a traditional bank will not disappear, besides that it depends on the conditions of the community and country respectively.
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@Mas Bro I agree with you that banks will not disappear, but their business model will disappear. Banks know perfectly well that a business model based on such old ideas and solutions cannot remain in the digital world we live in today. They must merge with new technologies and move on if they do not want to disappear permanently, although I would not mind if they disappeared, they are responsible for some of the greatest misfortunes of humanity.
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I think that's one of the major reasons traditional banks system are fighting Cryptocurrency seriously making sure that Cryptocurrency does not exist because of its innovative power at the moment,the more they try the more Cryptocurrency technology is pulling more stronger in the global financial system, but one day the traditional banks will have no options but adopt the Cryptocurrency system as the medium of payment.
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Well, in as much as crypto currencies are here to stay, I personally think that fiat currency is going to continue to exist for a very long time, and as long as fiat currencies still exist, then there will be need for banks to store them and deliver them to citizens when in need, also we should not forget that the value of cryptos is still drawn from fiat usd, every coins and tokens worth are still calculated using the US dollars, and until crypto becomes independent on the US dollars for its value, I think fiat will continue to play a big role in the crypto system and hence, will continue to exist as well as the banks.
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Traditional banks will not disappear but will be the best partners for cryptocurrency.
The simple answer is that all cryptocurrencies when withdrawn will switch to traditional banks and this will really make for a better future.
Cryptocurrencies will continue to be alongside traditional banks to continue working together.
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Nor should we doubt that banks will do their best to "get closer" to cryptocurrencies. Some banks already did it years ago by investing in Bitcoin, and they have been the smartest. Soon the rest will, they may not invest, but they will be as friendly as possible so as not to lose the large percentage of commissions. Mafias have always acted the same throughout history.
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It will not be destroyed because the Bank has a clear objective in the real world, which is to stabilize the value of money in the people living in the country and it would be great to continue to exist.
Crypotcurrency has only been around for a dozen years and has become a valuable and excellent asset with such a sharp increase and what has stabilized it is a stable coin that was born from the Conventional Bank.
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Do you think traditional banks will be completely wiped out in the crypto era?
The cryptocurrencies future holds a certain measure of success and that will sure give big impact to the traditional banks globally. But I believe that such impact in the future is like a coin holding two sides. Which means it could weaker the other side of traditional banks while it could be the lucky charm on the other side by pushing them into grand innovations.
Banks, of course, will not disappear anywhere and they are not afraid of the development of cryptocurrency. The banking system has nothing to fear, as it is part of the government setting that helps government institutions manage the economy. Therefore, states will strictly protect their banking system from any threats to its existence, including from the side of cryptocurrency. Now states are looking closely at cryptocurrency and will allow its circulation as much as it will not interfere with the state and its banking system.
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Traditional banks will not disappear but will be the best partners for cryptocurrency.
The simple answer is that all cryptocurrencies when withdrawn will switch to traditional banks and this will really make for a better future.
Cryptocurrencies will continue to be alongside traditional banks to continue working together.
I hope it will happen and will not be problem, if traditional bank will be partner crypto currency.
Because We all see many governments didn't accept crypto currency and several countries blocked bitcoin.
But I think It's just matter of time.
I believe all countries will accept bitcoin and other crypto currency at the coming future. I believe it.
No one cannot the future technology. That's all
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I think that even though crypto is growing rapidly nowadays it will not be able to eliminate the traditional banks. we know that not everyone can accept or use crypto and maybe it will make it difficult for them because they are used to traditional banks. all have their respective roles and it is difficult to eliminate one of them
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Many large traditional banks have a long successful history of their work. With such a great experience and great financial capabilities, banks will be able to quickly adapt and become leaders in the new conditions of crypto reality.
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I think that even though crypto is growing rapidly nowadays it will not be able to eliminate the traditional banks. we know that not everyone can accept or use crypto and maybe it will make it difficult for them because they are used to traditional banks. all have their respective roles and it is difficult to eliminate one of them
I agree. Banks won't be eliminate by crypto. As a matter of fact, there is a crypto that back up by banks. And also wherever we look at banks, it is necessary for the people and Cryptos to boost the system. Of course banks will adjust if the people are loving crypto more than them.
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We can see that now all the traditional banks have started trading in this cryptocurrency through various means. In our country, some cryptocurrency currencies can be transacted through banks. In future we will be able to transact through this cryptocurrency bank. Booth mobile banking and all banking services will be available in cryptocurrency.
cryptocurrency is another big alternative investment good for short term or long term holding. I think not all banks are in favor with cryptocurrency. Therefore some will be close because they cannot handle to adopt and manage the volatility. High inflation rate.
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cryptocurrency is another big alternative investment good for short term or long term holding. I think not all banks are in favor with cryptocurrency. Therefore some will be close because they cannot handle to adopt and manage the volatility. High inflation rate.
It doesn't really matter if banks are in favor of cryptocurrencies or not, what matters is that banks are in favor of money, and if the money is in cryptocurrencies the banks will be with cryptocurrencies. Banks will find a way to use or sell cryptocurrencies, the only thing that matters to them is the end and the end is always money, and that will never change whether we like it or not.
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The traditional banking system is already dying. Cryptocurrencies are a logical evolutionary development of the old banking system. Why would banks be needed if a cryptocurrency appeared that allows, without intermediaries, without a third party, on the basis of mathematical algorithms, to transfer values to each other.
The traditional banking system has existed for several centuries and will continue to exist for no less time. She's not really going to die. She is under the full protection of the state. And cryptocurrency is not capable of exerting such an influence on it, but to make banks die. In addition, we see that banks have quickly begun to adapt to changing conditions. They appreciated the benefits of blockchain technology and started implementing it to make their system more efficient.
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banks are very popular all over the world. Cryptocurrency is gaining more and more popularity through traditional banks around the world. the time will come for a single currency that does not recognize borders. Any cryptocurrency evangelist believes They will still survive and maintain the banks to exist. However, they will follow the development era of technology. using blockchain technology? Maybe. Or, probably there will be another more advanced technology
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The centralized/traditional banks are not always happy with the proliferation of cryptocurrencies in the mainstream nowadays, and the fact is they consider it as a threat to their financial services and businesses that's why we can expect more setbacks regarding doing transactions with some Banks, but I think not all big banks are against with cryptocurrency, because some big banks in my country are already embracing the blockchain and crypto innovation. that's why whether they like it or not traditional banks must accept the fact that they must co-exist with the crypto-based financial innovation and services.
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Banks will have to work with cryptocurrency because of the popularity of the crypt, now a very large amount of money lies in cryptocurrency. I do not think that banks will refuse a tasty piece.
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Now we are seeing banks have to follow suit and find ways to provide crypto related services to gain users and profits. They couldn't continue to deny BTC's place and the role crypto plays in the economy. I hope we will soon have the financial tools in the crypto space provided by traditional banks.
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The traditional banking system is already dying. Cryptocurrencies are a logical evolutionary development of the old banking system. Why would banks be needed if a cryptocurrency appeared that allows, without intermediaries, without a third party, on the basis of mathematical algorithms, to transfer values to each other.
I agree with this opinion Cryptocurrencies are a logical evolutionary development of the old banking system. I think old banks should adopt crypto technology, because Crypto is the future technology and will make us do transaction easily.
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Banks will have to work with cryptocurrency because of the popularity of the crypt, now a very large amount of money lies in cryptocurrency. I do not think that banks will refuse a tasty piece.
Sure, banks should allow and adopt crypto technology. We all see the popularity of crypto is increasing day by day, No one can refuse the technology.
I think It will happen soon, every thing will be crypto.
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Someday when the Digital Yuan from China really reaps success, I'm sure many traditional banks from other countries will follow in China's footsteps. So that more and more stable coins will appear that will color the Crypto market.
Hopefully It will happen, because we all see traditional bank still didn't accept block chain technology.
If digital yuan success, many countries will follow to accept and adopt this technology.
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Banks will have to work with cryptocurrency because of the popularity of the crypt, now a very large amount of money lies in cryptocurrency. I do not think that banks will refuse a tasty piece.
Sure, banks should allow and adopt crypto technology. We all see the popularity of crypto is increasing day by day, No one can refuse the technology.
I think It will happen soon, every thing will be crypto.
At this stage of time, banks do not have legislation on cryptocurrencies. And why do they need such volatile assets. Perhaps something will change in decades, but not now.
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At this stage of time, banks do not have legislation on cryptocurrencies. And why do they need such volatile assets. Perhaps something will change in decades, but not now.
Yes, I think It's need regulations for banks if want to allow crypto.
The basic character of crypto, we all know. Crypto currency is volatile, the government will hard to control crypto.
But I think It will happen, If digital era come, crypto bank will replace traditional banks.
It's just my prediction.
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The traditional banking system is already dying. Cryptocurrencies are a logical evolutionary development of the old banking system. Why would banks be needed if a cryptocurrency appeared that allows, without intermediaries, without a third party, on the basis of mathematical algorithms, to transfer values to each other.
I agree with this opinion Cryptocurrencies are a logical evolutionary development of the old banking system. I think old banks should adopt crypto technology, because Crypto is the future technology and will make us do transaction easily.
Cryptocurrency is not a logical evolutionary continuation of the development of the old banking system. Most likely, it can be called a parallel branch in the global financial system. Moreover, this offshoot is not associated with either governments or their banking system. Therefore, the existence of cryptocurrency cannot in any way affect the currently existing banking system. However, this influence does occur. The banking system itself began to use blockchain technology and will use all the best to make its system more efficient. Cryptocurrency does not threaten the work of the current banking system.
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Cryptocurrency does not threaten the work of the current banking system.
I think traditional will exist or survive for along years again.
I agree crypto currency doesn't threaten the work the current banking system.
Crypto technology will be adopted by banks, but not replace banks system.
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The stablecoin idea of Facebook got stymied by the big players and stuff aint the same again. Facebook has moved on and may have changed direction with its name change to Meta, and maybe a change of business model. But traditional banking would change, for real.
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The stablecoin idea of Facebook got stymied by the big players and stuff aint the same again. Facebook has moved on and may have changed direction with its name change to Meta, and maybe a change of business model. But traditional banking would change, for real.
Well, I think traditional bank will adopt crypto technology at Digital era.
We all know , I think Digital era will come, banks and the government should accept digital technology
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The stablecoin idea of Facebook got stymied by the big players and stuff aint the same again. Facebook has moved on and may have changed direction with its name change to Meta, and maybe a change of business model. But traditional banking would change, for real.
Well, I think traditional bank will adopt crypto technology at Digital era.
We all know , I think Digital era will come, banks and the government should accept digital technology
That's true, but It will happen at the coming future.
Not for the next several years again.
Not easy to adopt and replace traditional in to crypto.
Banks will accept but not for now.
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Difficult to happen because traditional banks have had a lot of followers too. Although not comparable to today's crypto. However, there are still many people who believe more in traditional banks. Especially for those who are still clueless about today's technology, they will surely turn a blind eye to Bitcoin and actually think that the monetary system in traditional banks is much easier and more reliable. Especially with the support from the government and the state, the position of traditional banks is getting stronger even though they are competing with crypto.
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How many such banks have already been closed, and it is very sad when other organizations are not allowed to develop. I hope that in the future it will be easier with banking projects and they will develop and use it.
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How many such banks have already been closed, and it is very sad when other organizations are not allowed to develop. I hope that in the future it will be easier with banking projects and they will develop and use it.
Maybe if the banks always be update their technology and accept crypto technology,
I think the banks will have brighter future than now.
That is just my opinion.
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I think at the coming future, traditional banks and crypto banks will do their function together.
Every banks have own consideration, traditional banks will serve traditional people, and crypto banks will be the choice for crypto enthusiast.
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The stablecoin idea of Facebook got stymied by the big players and stuff aint the same again. Facebook has moved on and may have changed direction with its name change to Meta, and maybe a change of business model. But traditional banking would change, for real.
Well, I think traditional bank will adopt crypto technology at Digital era.
We all know , I think Digital era will come, banks and the government should accept digital technology
This acceptance will not affect ordinary users in any way. Everything will be as usual.No one will delve into the technological process. After all, you are not interested in how your transaction goes when you pay with a plastic card. Do not think that your fiat assets will increase in value.
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This acceptance will not affect ordinary users in any way. Everything will be as usual.No one will delve into the technological process. After all, you are not interested in how your transaction goes when you pay with a plastic card. Do not think that your fiat assets will increase in value.
Of course, It won't affect to ordinary users. But will affect to crypto currency market.
I think If traditional banks in the crypto economy of the future, crypto currency will more popular.
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In the future, banks will not have classical functionality. Already, cryptо is partially replacing banking operations. In addition, it is decentralized and anonymous. I think that the banking system will change a lot in the near future.
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In the future, banks will not have classical functionality. Already, cryptо is partially replacing banking operations. In addition, it is decentralized and anonymous. I think that the banking system will change a lot in the near future.
At digital era, banks technology will be updated to digital and I believe banks will adopt crypto technology.
I believe It just matter of time.
So believe on your coins will have great future
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In my opinion, traditional banks are still active, it's just that there will probably be a reduction in customers because many will switch to cryptocurrency and only use local banks to withdraw profits from cryptocurrency and of course maybe local banks can go bankrupt if they don't keep up with global developments.
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In my opinion, traditional banks are still active, it's just that there will probably be a reduction in customers because many will switch to cryptocurrency and only use local banks to withdraw profits from cryptocurrency and of course maybe local banks can go bankrupt if they don't keep up with global developments.
Banks, especially traditional banks will adopt crypto technology at the coming future, I agree with you maybe local banks will bankrupt if they don't allow the digital technology.
Because we should always improve our technology
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we might see more of usdt and other rest been accepted as digital currencies. recnetly, visa has choose to partner with usdc to create a credit card for usdc.
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The stablecoin idea of Facebook got stymied by the big players and stuff aint the same again. Facebook has moved on and may have changed direction with its name change to Meta, and maybe a change of business model. But traditional banking would change, for real.
Well, I think traditional bank will adopt crypto technology at Digital era.
We all know , I think Digital era will come, banks and the government should accept digital technology
Banks and government will embrace digital technology, but not decentralized cryptocurrency. States and their governments can allow cryptocurrencies to circulate in their countries, but they will never actively support it. Banks will create their own digitalized currencies, that is, stablecoins of central banks and therefore they will not be interested in cryptocurrencies.
Cryptocurrencies cannot threaten the existence of the banking system as they basically have different functions and methods of solving them.
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By seeing the popularity of crypto currency is increasing day by day
I think bank and government should adopt crypto technology, because crypto is the future technology
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By seeing the popularity of crypto currency is increasing day by day
I think bank and government should adopt crypto technology, because crypto is the future technology
agree, I think traditional bank and also the government should allow and adopt crypto technology.
Why they didn't accept until now? maybe the main reason is cannot be controlled.
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By seeing the popularity of crypto currency is increasing day by day
I think bank and government should adopt crypto technology, because crypto is the future technology
As far as I know there are banks that already adopted crypto system which is good to serve the high profile people while some banks aren't ready for this innovation. Btw, there are already Bitcoin ATM and some digital wallets support Cryptos and can be trade to fiat currency. Withdraw is important part to feel crypto is real as money.
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In the future, banks will not have classical functionality. Already, cryptо is partially replacing banking operations. In addition, it is decentralized and anonymous. I think that the banking system will change a lot in the near future.
Nothing special in the functions of banks will change. Banks will lose some of their customers due to cryptocurrency, otherwise they will have everything as before. Banks as a whole are part of the state system of power and are under the protection of the state. Therefore, they are not in danger. In addition, banks have many specific functions that the cryptocurrency is simply not able to perform.
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I think, in the future bank will use digital cryptocurrencies. And crypto will exist with digital assets. Cash will die soon. Bank system will be modified.
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I think, in the future bank will use digital cryptocurrencies. And crypto will exist with digital assets. Cash will die soon. Bank system will be modified.
I agree with this, I also believe traditional banks will adopt crypto technology.
Because crypto is the future technology, aas many people said here.
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Crypto will do to banks, what Email did to post offices.
change is constant...
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I think, in the future bank will use digital cryptocurrencies. And crypto will exist with digital assets. Cash will die soon. Bank system will be modified.
I agree with this, I also believe traditional banks will adopt crypto technology.
Because crypto is the future technology, aas many people said here.
It seems possible to happen, because ar digital era I think everything will be digital and will be crypto.
Traditional bank will adopt crypto, it will happen soon.
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I think, in the future bank will use digital cryptocurrencies. And crypto will exist with digital assets. Cash will die soon. Bank system will be modified.
I agree with this, I also believe traditional banks will adopt crypto technology.
Because crypto is the future technology, aas many people said here.
Don't expect governments and their banking systems to ever widely use cryptocurrencies. They will exchange cryptocurrency, perform some other non-risk operations with it, but they are unlikely to actively use it. Governments and banks will implement blockchain technology and issue their own central bank stablecoins to replace cryptocurrencies. Decentralized cryptocurrency will mainly remain for individuals and some business structures.
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No, It won't happen traditional bank is an integral part of the finance system and crypto is still very far to replace it even there is not much hype about Facebook Diem. I believe most of the countries will develop their own digital stable cryptocurrencies to transfer to other countries to reduce the cost of transactions but will not depend on the crypto market and will not depend on other cryptocurrencies.
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Crypto will do to banks, what Email did to post offices.
change is constant...
Right, I agree, and you couldn't have found a better example. The way of living, the way of working, everything has changed a lot in the last 30 years, and in the last 25 years it has changed even more thanks to the Internet. Everything must be renewed, and banks are no exception, banks must change their way of working and renew themselves according to the new times, or they will end up disappearing like dinosaurs. All the banks know it, now they have to make these changes very quickly so as not to disappear.
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The only thing dynamic in life is change. Traditional banking services, as we know them today, is going to change. That is the way things ought to be. Change is what is expected
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The only thing dynamic in life is change. Traditional banking services, as we know them today, is going to change. That is the way things ought to be. Change is what is expected
Yeah, I think traditional bank should be changed to adopt crypto at the coming years.
Because They should follow the future technology, crypto
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Don't expect governments and their banking systems to ever widely use cryptocurrencies. They will exchange cryptocurrency, perform some other non-risk operations with it, but they are unlikely to actively use it. Governments and banks will implement blockchain technology and issue their own central bank stablecoins to replace cryptocurrencies. Decentralized cryptocurrency will mainly remain for individuals and some business structures.
There are already governments and banks using cryptocurrencies, especially Bitcoin. In my country there are banks (BBVA) that started buying Bitcoin in 2013, I seem to remember. There are also other banks (La Caixa) that use blockchain technology in private and public projects, and although most banks and governments will use it to create CBCD I'm sure none of them will give up any investment or tax benefits they may receive.
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If the traditional banking system dies off it will affect many people that are not in the internet world although in the other hand it will be interesting because it will now create job opportunity for those that are already in the Cryptocurrency ecosystem it will create room to teach younger generation on how to trade Cryptocurrency, but for me I want both traditional banking system and Cryptocurrency to co-exist.
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If the traditional banking system dies off it will affect many people that are not in the internet world although in the other hand it will be interesting because it will now create job opportunity for those that are already in the Cryptocurrency ecosystem it will create room to teach younger generation on how to trade Cryptocurrency, but for me I want both traditional banking system and Cryptocurrency to co-exist.
Whether we like it or not, banks will not disappear, or at least not completely. What banks are trying now is to modernize by launching their own CBDCs to enter the digital age, something they should have done several years ago. Although every day there are fewer physical offices that provide services to citizens (which is a problem for the elderly), digital services will increase to try to reach all kinds of customers. In my opinion, what the banks are doing now they should have done years ago.
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Traditional banks will provide a unique change for the better future thus creating a great bridge for cryptocurrencies to work together in all markets.
I also believe that this is something unique to be able to continue on the right track and be accepted by the wider community so I believe that Traditional Banks will be able to open up the best opportunities for all in the cryptocurrency space.
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Traditional banks will provide a unique change for the better future thus creating a great bridge for cryptocurrencies to work together in all markets.
I also believe that this is something unique to be able to continue on the right track and be accepted by the wider community so I believe that Traditional Banks will be able to open up the best opportunities for all in the cryptocurrency space.
I think traditional bank won't allow or adopt bitcoin and altcoins.
Traditional have CBDC, It's centralized system.
Bitcoin is decentralized, So I think It will never happen.
But If traditional bank will adopt bitcoin, It will have big effect for bitcoin market.
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I think, in the future bank will use digital cryptocurrencies. And crypto will exist with digital assets. Cash will die soon. Bank system will be modified.
The truth, as always, is somewhere in the middle. Banks, for sure, will not fully work with cryptocurrencies, since decentralized cryptocurrencies do not correspond to the principles of their activities. However, if the state legalizes cryptocurrency, then banks will have to partially adapt to the changed situation and perform some operations with its participation. Central banks will create their own CBDCs and it is still difficult to say how they will interact with cryptocurrencies.
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Traditional banks will provide a unique change for the better future thus creating a great bridge for cryptocurrencies to work together in all markets.
Really I agree with you. Old bank system will be transformed. Cas will dissappear, so there will not be depositories of cash. But I think that state digital assets will take their place in the future world economy. Bank transactions will be cheaper and quicker. I think it will be another world financial system.
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It will be very difficult for banks if they accept cryptocurrency into their system. They only have to create their own coin for bank transfers. Maybe someday a script bank will be created where you can come and buy cryptocurrency, or invest.
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I think traditional bank won't allow or adopt bitcoin and altcoins.
Traditional have CBDC, It's centralized system.
Bitcoin is decentralized, So I think It will never happen.
But If traditional bank will adopt bitcoin, It will have big effect for bitcoin market.
Traditional banks go where they smell money, and they are not going to give up the big cake that is Bitcoin and cryptocurrencies in general. There are several banks (worldwide) that have been investing in crypto since 2013, albeit privately. After the last Bitcoin ATH the boom has been incredible, that is why the government of El Salvador launched the Bitcoin law, that is why India is also thinking of legalizing Bitcoin (it seems with very high taxes) and that is why a few days ago the Minister of Finance of Russia Anton Siluanov has submitted a draft to allow Russian banks to sell cryptocurrencies.
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I'm sure it will not destroy traditional banks, we only need cryptocurrencies in digital form, not physically, of course, it is very difficult not to prove it as payment. In addition, money circulating in traditional banks is easier to inherit, whereas bitcoin or other coins do not have a custodial body because they are very private.
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It will be very difficult for banks if they accept cryptocurrency into their system. They only have to create their own coin for bank transfers. Maybe someday a script bank will be created where you can come and buy cryptocurrency, or invest.
Personally I don't think that implementing cryptocurrencies within the banking system is a problem, with the right software it can be done. In any case, I think that if banks (although there are already some that do) approach cryptocurrencies, it will be to offer them as a product, now I don't remember the names, but there are some banks that also offer cryptocurrency custody, the banks take care of the security of the clients' cryptocurrencies, but I don't know what prices they have for that either.
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Traditional banks will provide a unique change for the better future thus creating a great bridge for cryptocurrencies to work together in all markets.
Really I agree with you. Old bank system will be transformed. Cas will dissappear, so there will not be depositories of cash. But I think that state digital assets will take their place in the future world economy. Bank transactions will be cheaper and quicker. I think it will be another world financial system.
i don't think It will happen soon, because I see there are several countries that refused crypto currency.
But at the coming future, I think we will see many bank allow bitcoin and altcoin.
It's just processing to be the digital era but It will take several years again.
Not for the few years, maybe more five years again.
Crypto will adopt and will be used at the coming future, Let's see.
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i don't think It will happen soon, because I see there are several countries that refused crypto currency.
But at the coming future, I think we will see many bank allow bitcoin and altcoin.
It's just processing to be the digital era but It will take several years again.
Not for the few years, maybe more five years again.
Crypto will adopt and will be used at the coming future, Let's see.
All the changes that have affected society have taken many years. In this case, we are talking about technology and unfortunately not everyone has access to it or a deep understanding of how to use it. Banks will use cryptocurrencies (there are already some that use them) but a widespread implementation in society is something that will take a long time to come, younger generations will not have learning problems, but older people will.
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They will still survive and maintain the banks to exist. However, they will follow the development era of technology. using blockchain technology? Maybe. Or, probably there will be another more advanced technology to be offered in the future than Blockchain. We will not know that
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A huge number of web 3-based products are just beginning to appear.Blockchain has a huge potential that has not yet exhausted itself.
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They will still survive and maintain the banks to exist. However, they will follow the development era of technology. using blockchain technology? Maybe. Or, probably there will be another more advanced technology to be offered in the future than Blockchain. We will not know that
I agree with you, banks have too much power in all areas of society to resign themselves to simply disappearing. Banks will still exist but modernized, and will probably use blockchain, but they will be private chains of course, only banks will have access to transaction histories. Personally, I have never liked banks, they have too much power and take advantage of their power and influence to support wars and invest in the arms industry.
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Traditional banks cannot die due to the emergence of cryptocurrencies, because they are under the reliable protection of states. And I don’t see any danger for them from the cryptocurrency side. Banks play a very important role in ensuring the functioning economy of every state. Cryptocurrency cannot perform all the functions that banks perform. Banks will certainly adopt from the cryptocurrency and its blockchain technology the most useful for them. However, their nature will not change. CBDC is a prime example of this. The banking system improves its non-cash payments, but the essence remains the same.
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Unfortunately, Diem nor Libra did not see the light of the day. But I think Mark Zuckerberg has made the mainstream world and media sit up and notice crypto. And I feel Meta as a whole is another avenue Zuckerberg is trying to get into crypto
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So far, Zuckerberg is in the role of catching up and has not provided a single unique product capable of setting a new trend.
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Traditional banks cannot die due to the emergence of cryptocurrencies, because they are under the reliable protection of states. And I don’t see any danger for them from the cryptocurrency side. Banks play a very important role in ensuring the functioning economy of every state. Cryptocurrency cannot perform all the functions that banks perform. Banks will certainly adopt from the cryptocurrency and its blockchain technology the most useful for them. However, their nature will not change. CBDC is a prime example of this. The banking system improves its non-cash payments, but the essence remains the same.
I agree with most of the things in your comment. However, I think CBDC's do inherently change the nature of cryptocurrencies. Sure, the underlying technology is the same, but the fact that they are controlled by banks takes away from their decentralised nature and the fact that cryptos are supposed to be "controlled" by its overall users.
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Traditional banks cannot die due to the emergence of cryptocurrencies, because they are under the reliable protection of states. And I don’t see any danger for them from the cryptocurrency side. Banks play a very important role in ensuring the functioning economy of every state. Cryptocurrency cannot perform all the functions that banks perform. Banks will certainly adopt from the cryptocurrency and its blockchain technology the most useful for them. However, their nature will not change. CBDC is a prime example of this. The banking system improves its non-cash payments, but the essence remains the same.
I agree with most of the things in your comment. However, I think CBDC's do inherently change the nature of cryptocurrencies. Sure, the underlying technology is the same, but the fact that they are controlled by banks takes away from their decentralised nature and the fact that cryptos are supposed to be "controlled" by its overall users.
CBDCs will have little to no impact on cryptocurrencies. The digitized currencies of states are more efficient non-cash currencies of these states and have little in common with cryptocurrencies. The Chinese Digitized Yuan does not even use blockchain technology. In fact, it has nothing to do with cryptocurrency. But we see little so far the work of CBDCs in various states. In this regard, everything is still ahead.
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The traditional banking system is already dying. Cryptocurrencies are a logical evolutionary development of the old banking system. Why would banks be needed if a cryptocurrency appeared that allows, without intermediaries, without a third party, on the basis of mathematical algorithms, to transfer values to each other.
The traditional banking system will certainly not die. On the contrary, it will take blockchain technology from cryptocurrency and will develop further. But the principles of centralization will remain unchanged. Banks are practically part of the state system of power, because finance is inseparable from power. They will exist as long as states exist.
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investing in bitcoin or large altcoins such as BNB or ETH is the best choice for a newbie investor because this investment has low risk, and if you want even lower risk you can choose to invest long term.
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The main thing is not to trade with shoulders, because the market shows negative dynamics today-everyone was dropped off, even those who took with a minimum leverage of x2.
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Sooner or later, traditional banks will disappear. the time will come for a single currency that does not recognize borders. Any cryptocurrency evangelist believes this - must believe ...
In order for traditional banks to disappear and a single currency to appear, it is necessary that all states disappear and people on Earth be controlled from a single center. This is unlikely to be possible in the foreseeable future. As long as banks are protected by states, they have nothing to fear. Moreover, the cryptocurrency does not directly threaten banks. Banks and cryptocurrencies will exist in parallel to each other and it is better for cryptocurrencies not to conflict with banks and states.