Will crypto banks replace traditional banks?

[MrSpasybo]

"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.

[tonymillions84]

i don;t think we will see public crypto banks rather we will see where banks acces bitcoins as a form of value and can store it the same way precious metals can be stored. for crypto banks to replace traditional banks is imposible because without internet, the crypto banks can not function.

[sampoerna]

I think it won't happen because traditional banks are still needed. Many people already use traditional banks for years, they won't change it with the digital stuffs only. In my opinion, traditional banks will be always there, and crypto banks support the traditional banks for a better financial system.

[Black ID]

Maybe in the future everything can happen. But of course it will take a long process and time. Moreover, the current condition of the government still does not agree with this crypto. Of course, the first step must be to get approval from the government first.

[Thymoty]

For now, it's almost impossible for cryptocurrencies to replace traditional banks. Because banks play a big role in the country's economy and we can't change that.

[hushpupppy]

Well crypto currency does not have a bank; neither does it run a bank; it only has a blockchain. Also, in the world everyone uses traditional bank system, either you are into crypto currency or not; you just have to use local banks.

So how does crypto replace banks? How many malls accept crypto currency ?

You need to understand that the blockchain is an expensive space full of risk and other troubles; it cannot replace the traditional bank.
Do you know how much etherum charges to send out now ?

[edmundo]

The possibility of this happening is currently slim at the moment but I strongly believe with more projects and sectors continually embracing the importance of cryptocurrency and blockchain, we will likely see a massive shift in paradigm ultimately leading to more utilization of cryptocurrencies. It could however take a bit of time.

[hair]

I thought that would not happen. Traditional banks have been around for a long time and cannot be replaced by the presence of crypto. We know that many people use traditional banks instead of crypto. I prefer bank and crypto to complement each other

[Lorix]

Yes, In a few years, our young generation will use credit cards. Other cryptocurrency will transact via credit card. Which can be easily withdrawn from the booth with ATM card. The popularity of these cryptocurrencies has begun to grow. However, some coins have started using credit cards. That is company based.

[TomPluz]

Traditional banking will soon be adopting the new trends on the market and many will also be exploring what blockchain and cryptocurrency can offer. In other words, one crypto-based banking can be gaining a big foothold on the market, existing banks who got the necessary capital and resources can easily also go into digital and crypto banking. I think we are now witnessing some big banks doing this. Personally, I am seeing this as a good trend.

[Astra]

Apparently, there can be no single answer here. All options will work simultaneously. Some part of traditional banks will provide services in cryptocurrency and work at the same time as crypto banks. Another part of the traditional banks will only deal with the exchange of cryptocurrency for regular currency. In addition, we have recently seen a rapid development of DeFi projects that perform the same functions as banks or cryptobanks. It is possible that other forms of similar relationships will appear in the future. All of this must work together and at the same time. We do not yet know which form will be the most viable.

[expander]

I think this is a possibility that is very likely to happen in the future. Where do we know that many people are starting to turn to online. So it's no wonder if later traditional banks will lose to online banks, for example with crypto banks.

[labonikhatun]

The highest national stimulus in developed countries is created by commercial banks when they generate loans as debt communities can create their own fiat-type currency called mutual credit systems but such systems may not be included in fiat's strict definition. Crypto banks will not replace traditional banks because crypto has not yet been legalized in many countries and the currency is not in circulation in banks.

[@chison]

Government run policies and administration for the people. It will be difficult for crypto to take over traditional bank. Government always want to be in charge

[Debasco]

mere looking at conventional bank services it can't be replace  by crypto bank because it services required some basis in which individual without experience cant get, though when one is considering crypto bank it can only carryout certain services of conventional bank not all because most of the time their services required data which is not so in conventional bank