Will crypto banks replace traditional banks?

[pelana vreo]

If the two work together, traditional banks will not be abandoned, it will take a lot of time to attract traditional bank users to switch to crypto banks, we can see ATm and EDC machines for debit cards are everywhere.
I think if that happens then we will see a different display on each ATm machine, where we will see the payment menu using crypto or fiat according to our wishes.

[syedrasool2011]

Cryptocurrency has been such an alternative. Free from the influences of central banking it can be used by everyone, everywhere over the world. With new innovation and technology the time and cost of transaction is reduced to almost nothing. The question of the need for a private centralized banking system thus arises. What value can a bank deliver? Gold and silver have already been replaced by digital currencies. Transaction through traditional banks take time and is costly. The new cryptocurrencies are swift and free.

[Istiak]

Mass adoption of crypto looks inevitable. DeFi hype and big company investment in cryptocurrency show us some points here. But I think banks will not be replaced they will just be changed their system and use blockchain technology to start a new type of banking system. There is a lot of money even greater than the crypto market cap is invested in the traditional banking system. They won't allow it.

[Dora Walletinvestor]

I doubt crypto banks will spread that quickly, and the pace will be very different between different parts of the world. But the article in the original post makes some really good points, and I definitely think that demand for crypto services in banks is rising in spite of the hype for DeFi. This part of the article highlights this well:

"There is, however, one fundamental problem with all of this. The average banking customer isn’t going to engage with decentralized finance protocols for decades. Yes, the most avid crypto enthusiast knows enough to dig up the contract address of an ERC-20 token, trade it on decentralized exchanges, and invest that token through lending platforms and liquidity pools.

However, the average person is likely still going to want to talk to a banker from time to time, even if they hold most of their wealth in the form of cryptocurrency."

[wxxyrqa]

We constantly express our opinion that it is necessary to get rid of the banking system, which practically enslave humanity. And on the other hand, we are talking about cryptocurrency banks like about the future of the crypto industry. What is the logic then?

[Galley]

Replacing traditional banks with the crypto bank will most likely not work. It's like replacing the entire financial system that has been built, but this is not realistic. Most likely, it will come out to build some kind of symbiosis of these banks, which, in principle, is slowly starting to happen. But this is a matter of tomorrow.

[Fenix]

With the advent of DeFI projects, cryptocurrency banks have actually lost their usefulness .. DeFi projects provide almost the entire range of financial services and civil transactions, and they do it much safer and without third parties.
However, traditional banks would not be threatened in any way. States and their banking system are adapting to the changed conditions and using blockchain technology. But even without this, the banking system would continue to operate under the protection of the state.

[raisajahan]

I really appreciate this think that is crypto bank and it should be in the whole and every country so that we the people who work with crypto currency may transfer our fund to get cash from the bank and it will be easy process for everyone. Also people will be able to work with crypto currency and every one can easily invest their fund in this sector.

[de_prof]

"Within a few years, a younger generation of financial services customers are going to be able to walk into a bank and gain access to credit products, savings accounts and investments that can host both crypto and fiat assets. In fact, the inroads that will allow for all of this to happen are already breaking ground.
...
Consumers will soon define a “full service” bank as one that offers financial services in both crypto and fiat. The time to start acquiring the necessary tools of the crypto banking trade is right now. Banks need to start adapting or get left behind. Make no mistake about it."

Article: Crypto banks are going to swallow fiat banks in 3 years — or even less

What do you think about this issue, whether crypto banks can compete and soon replace traditional banks in the future? Personally, I think this is difficult to happen because the current number of crypto banks is very modest compared to the number of traditional banks. Even in the most optimistic scenario possible, if banks around the globe implement an efficient method of transaction (maybe Ripple), they will only accept stable coin rotation or CBDC to be able to Compliance with monetary regulations of governments.

Yes, I think crypto banks will replace traditional bank while digital era coming.
 But It might happen at the next several years, maybe at 7-10 years again , because We didnt know whwn digital era will come.

[anshor1]

"Within a few years, a younger generation of financial services customers are going to be able to walk into a bank and gain access to credit products, savings accounts and investments that can host both crypto and fiat assets. In fact, the inroads that will allow for all of this to happen are already breaking ground.
...
Consumers will soon define a “full service” bank as one that offers financial services in both crypto and fiat. The time to start acquiring the necessary tools of the crypto banking trade is right now. Banks need to start adapting or get left behind. Make no mistake about it."

Article: Crypto banks are going to swallow fiat banks in 3 years — or even less

What do you think about this issue, whether crypto banks can compete and soon replace traditional banks in the future? Personally, I think this is difficult to happen because the current number of crypto banks is very modest compared to the number of traditional banks. Even in the most optimistic scenario possible, if banks around the globe implement an efficient method of transaction (maybe Ripple), they will only accept stable coin rotation or CBDC to be able to Compliance with monetary regulations of governments.

Yes, I think crypto banks will replace traditional bank while digital era coming.
 But It might happen at the next several years, maybe at 7-10 years again , because We didnt know whwn digital era will come.

Every people have own opinion here.
Maybe we agree with this opinion, crypto banks will replace traditional banks.
But I don't think about it, because the government will have own consideration, allow crypto or not.

[LaZim]

If crypto banks are legal and can safely store their users' funds, then why not. But what's the point of them? Why keep the money there?If you can keep all your bitcoins in your pocket or in your head.

[TOP_ETH]

It's difficult to replace traditional banks right now, bro, you can see that there are a lot of traditional banks and few crypto banks. It's still common for everyone to use crypto banks, but gradually they will realize how efficient it is.

[Galley]

Governments need a regulated, stable financial system. Crypto banks will not be able to provide this, it is simply unrealistic. The cryptocurrency is tied, roughly speaking, to the US dollar, and if there is no bank, then what will be the benchmark for price regulation?

[Prime]

I don't think it will be. We know how powerful world banks that underlying all banks in the world.
Although crypto has been accepted around the world, I don't think it can replace the banks because it is too complicated related to the regulation. Moreover, banks are also now changing and developing due to the more advanced technology

[raisajahan]

In my opinion every country in the world will launch crypto bank where we can purchase and sell our crypto without hesitation. No one will require any further information which will disgusting for us. For that reason i think it may replace traditional banks over crypto bank. If we want that should be executed by the government of that particular bank.