Will crypto banks replace traditional banks?

[tinakoya]

Due to cryptocurrencies being decentralized, it will be quite difficult to merge or replace traditional banks because regulations can't be avoided. Perhaps, in few generations to come more traditional banks will partner with crypto banks especially those who are already introducing official digital currency like China.

[cynthiaaddison]

It is possible but it won't be happen anytime soon. Our traditional banks is need and i guess government cant control crypto banks right now

[MRM]

Traditional banks are needed to approve cryptocurrencies or to approve bitcoin. I don't think it will ever happen that traditional banks will go bad if Bitcoin is approved. I think traditional banks can certainly create a better position if Bitcoin is approved. And there are lots of crypto currencies on the market. Which are being transacted with the bank. This is because many companies have entered into agreements with banks for their interest transactions. In my opinion, I hope that Bitcoin will be put in a better position by meeting with those who know bitcoin well. Bitcoin can shine in the next world and has a bright future. Many experts have come up with ideas about this. They will not give further approval as the price of Bitcoin fluctuates. And traditional banks must be good.

[bigcash2011]

Advanced defi platforms will act as crypto banks in future and huge money will flow into defis which will give traditional banks severe competition and defi will able to take a big portion of market share for different products but i think both will co-exist.

[UNIVERSE]

I think that it will depend on each country and also its condition of the crypto market. Crypto may be very developed in certain countries.
but wait, replacing the banks? I don't think so because banks are likely something very basic and important that may never be replaced. It relates to the volatility, its hard question, and others.

[Uplifted]

Traditional banks will always be here though crypto might take its full course in some developed countries that adopted it early enough. Traditional banks will always remain cause it has its own functions which cannot be overemphasised. In future crypto banks can collaborate with them to make transactions seamless and decentralized. This will take a lot of years to happen but I can see it happening in the future.

[Coin63@]

Actually we are waiting for such kind of times when traditional banks will be replaced by crypto bank. If all countries simultaneously accept bitcoin as their transaction system then it would be possible. Otherwise it take more time to establish. Another possibility that people now are involving themselves in cryptocurrencies and uses it everywhere in their lifestyle. So banks are pretty much possible to replace by cryptos.

[Jaguar]

Fluctuations matters.
Volatility matters.
Decentralized matters.
Those are some of major reasons why traditional banks have difficulty to adopt cryptocurrency within their boundary. Decentralized could not be good to centralized ecosystem. When the two goes together without strong contract agreement and tough structures, possible they will burst and become worse.

[ranaprime]

Crypto users are increasing rapidly in the world particularly from 2017 to 2020 crypto take the attention remarkably. Every day lots of transections occurred in Crypto community. Now crypto users that crypto bank replace the traditional bank. But we know that most of the country don't accept crypto currency so inspite of the ability to make crypto bank but government will not approved. In this connection I should say that crypto bank can't replace traditional bank.

[Gurujebs]

Kraken is moving towards that target, they have strong foundation and dedicated team. The trading platform Kraken has received a banking license recognized under federal law to operate as a bank in the U.S. The company has outlined its plans to offer a number of cryptocurrency-focused financial services locally and globally.
The approval and regulation are the major problems but give it a little time, others will follow that path.

[Fivestar4everMVP]

It's possible but highly difficult, and will probably take a very long time, but to be honest, I wish it can happen sooner, but speaking the fact, I doubt if I will ever use a crypto bank if it comes into existence, cus personally, I see no reason to store my crypto in a bank when I can easily store them on my phone using a wallet app or in a hardware wallet if I own one, the idea of crypto bank is kinda useless for me to be sincere.

[Fenix]

Of course not. Cryptocurrency banks cannot replace traditional banks. If you look, there is no need to create many cryptocurrency banks. This is a specific type of banking services that many simply will never need. And now, DeFi projects have begun to very well fulfill the role of cryptocurrency banks in terms of concluding and executing various financial agreements. Other projects and ideas will appear, during the implementation of which cryptocurrency banks as such will not be needed.
On the other hand, traditional banks serve the economic and financial activities of enterprises and organizations of various forms of ownership, and most importantly, they serve the development of the state's economy. Traditional banks are actually part of the state and cryptocurrency banks cannot perform these functions.

[tervel]

 This is difficult to happen because the current number of crypto banks is small compared to the number of traditional banks.Banks will adopt blockchain technology for sure but as an process supporting current financial systems.

[Cryptoz]

Never. If crypto can be one of the currencies to be used for the world, it doesn't mean to replace the traditional banks. I am sure that in the development of the bank systems, they will also develop adopting certain advanced technology for the sake of making more advanced banking systems.

[highnayem34]

Awesome articles