Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: MrSpasybo on October 11, 2020, 10:28:52 PM
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"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.
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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 (https://cointelegraph.com/news/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.
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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.
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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.
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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.
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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.
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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 ?
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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.
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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
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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.
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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.
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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.
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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.
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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.
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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
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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
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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.
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Awesome articles
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Crypto bank will never be able to replace the traditional bank. Traditional bank is a system where someone can inquire directly and the very reason why people are trusting there fund because of its visibility. In digital world we trust the project that has a product so the same with the bank, it would be hard to entrust your money without physical contact. But I believe crypto will influence traditional bank to make their service better like never been before.
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Crypto bank will never be able to replace the traditional bank. Traditional bank is a system where someone can inquire directly and the very reason why people are trusting there fund because of its visibility. In digital world we trust the project that has a product so the same with the bank, it would be hard to entrust your money without physical contact. But I believe crypto will influence traditional bank to make their service better like never been before.
indeed nothing can replace the function of traditional banks but I am sure that in the future everything will shift to the digital world, which means that banks must have technological developments and combine technology with blockchain platforms, meaning that local banks must keep up with the times because otherwise they will go bankrupt.
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Crypto bank will never be able to replace the traditional bank. Traditional bank is a system where someone can inquire directly and the very reason why people are trusting there fund because of its visibility. In digital world we trust the project that has a product so the same with the bank, it would be hard to entrust your money without physical contact. But I believe crypto will influence traditional bank to make their service better like never been before.
indeed nothing can replace the function of traditional banks but I am sure that in the future everything will shift to the digital world, which means that banks must have technological developments and combine technology with blockchain platforms, meaning that local banks must keep up with the times because otherwise they will go bankrupt.
well I totally agree with what you say.
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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.
It's not even about the decentralization of the cryptocurrency. Traditional banks, primarily state-owned, are part of the state and therefore they will never disappear and will not be replaced. Banks perform many of their specific functions and therefore cryptobanks will never replace them. Everything related to digital currency and cryptocurrency will exist in parallel with traditional banks.
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Probably not in the near future, as people are used to fiat banks and it will take time for people to adapt to crypto banks.
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Probably not in the near future, as people are used to fiat banks and it will take time for people to adapt to crypto banks.
I don't think it will be that fast because it takes time to adjust, which is certainly not easy to do. If I prefer to stay like now and am good, just need to improve to support each other.
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The idea of replacing the traditional banking system is something that will eventually come to pass. However i believe we are still going to be seeing the traditional banking for a very long time, even when crypto and blockchain banking becomes much more popular. Gradually they will be wiped away ;D
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Day by day cryptocurrency becoming more popular and usable. People are all corners of world investing cryptocurrency, hence one day we have no need traditional banking systems. One day we all use cryptocurrency Bank and cryptocurrencies atm booth.
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Some of the banks began to develop banking products and services that support the cryptocurrency ecosystem. Building bridges with the more established world of fiat finance in the process. Nevertheless banking sector it looks will fight for his ground.
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Some of the banks began to develop banking products and services that support the cryptocurrency ecosystem. Building bridges with the more established world of fiat finance in the process. Nevertheless banking sector it looks will fight for his ground.
well, I think it is necessary to develop to use cryptocurrency on the platform and technology because if it is not like that it will make the bank collapse and bankrupt.
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we don't know the future but I think there is a possibility...
if making transfers and payments is legalized and in mass adoption then we no longer need banks, because most people use banks for that.
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IMHO, I think crypto Banks is a good option, But to replace the entire traditional banking system in just three years? for me it's not possible to happen even in a decade, Because the traditional Banking system is too big and we are talking here globally, thats why it's not easy to replace it, in just a few years, What I believe is the traditional banks and crypto banks will be working together side by side to prepare the world about the new digital finance revolution.
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I think the traditional bank will still exist because people still need it. But I see that there are several banks that are implementing this crypto technology, when everyone has adopted crypto, the bank will issue their own version of crypto.
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Banks and other financial institutions will themselves adopt cryptocurrency, and in the future switch to crypto in place of fiat. Recent we heard of PayPal adopting of cryptocurrency on their platform.
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Probably not in the near future, as people are used to fiat banks and it will take time for people to adapt to crypto banks.
I would say that it will never be replaced. Cryptocurrency is difficult to track and there will be a lot of scammers around this area. You can store all your money right now not in a Bank, but in a cryptocurrency, but if the cryptocurrency becomes worthless in one day, then who will you complain to later.
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they will make improvements to the development so that nothing will replace.
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The idea of replacing the traditional banking system is something that will eventually come to pass. However i believe we are still going to be seeing the traditional banking for a very long time, even when crypto and blockchain banking becomes much more popular. Gradually they will be wiped away ;D
Traditional banks will in any case exist as long as states exist on our planet. The banking system provides financing and stable operation of the economy of each state, and also serves the financial and economic activities of enterprises of all forms of ownership. Cryptocurrency banks will not be able to perform these functions. Therefore, traditional banks will exist for a very, very long time.
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So far, cryptocurrencies are legalized in few places, and if more countries will begin to legalize cryptocurrencies, then this is certainly possible, but so far too many countries are opposed to cryptocurrencies and unfortunately, for now, traditional banks will continue to exist, but let's hope that soon crypto banks will begin to appear and then cryptocurrency sphere will soar to new heights.
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The bank will not be defeated by anything because the bank has become a legal financial institution for the state and this includes state banks and private banks.
Crypocurrency is still difficult to move if you have to meet with the government in a country because the government wants to see its citizens remain stable and calm, unlike cryptocurrencies which change all the time.
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The answer is no, it will be never. Although the technology is changing and the bank is very old to still use, in fact, many countries still can't implement the bank crypto at all. In this case, Blockchain needs a certain time of always understanding sometimes with its difficulties
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The answer is no, it will be never. Although the technology is changing and the bank is very old to still use
Yeah. banks are owned by the government whereas crypto belongs to everyone. How can a bank be replaced by crypto if no one controls it ?? I think it will still be a bank and crypto will still be crypto
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"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 (https://cointelegraph.com/news/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.
I am not agree with the concept. Crypto can be make new bank but not instead of Traditional Bank. We know that In traditional bank fiat money or hard money transect by the local people of the county and Crypto never take the position of fiat or hard money. In the same way Crypto Bank Change the Traditional Bank it is impossible.
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We have to be realistic here, I don't think that traditional banks will be replaced by crypto banks. They may however coexist. Because as long as we still have government and traditional institutions, they'd still need to control.
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I think one day it will happen. Especially in the future there will be more and more people aware of technology. And more and more people will join Crypto. So I believe Crypto bank will be able to replace traditional banks.
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I have traveled to many places in my country but I never seen any crypto banks, and I think our government will disagree to replace traditional banks because the state income will decrease. So the crypto bank will not replace traditional banks
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Traditional banks in developed countries can create their own currency for trading. However, cryptocurrency is not allowed in banks in most countries. Once approved, traditional banks will be able to create their own currency. Transactions are also not allowed, so it is not possible to introduce such currencies in traditional banks. So we have to see in the future, these are more likely.
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IF crypto banks are to replace traditional banks, then fiat money might has no usage. the best option is both system to work together to bridge the gap between the unbanked and the banked. i think it is a better way of decentralizing the globally economy and reducing monopoly of business. where one person or group of persons are in total control of the economy.
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I think it is not possible to replace traditional bank with crypto bank in the near future. Fiat money can be used for a medium of exchange but still we are unable to use crypto as a medium of exchange. When all the countries of the world will permit to use bitcoin and it will be used as a medium of exchange then the question of existing traditional Bank may come.
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Based on the rapid change and growth in digital currency, its possible to switch in modern technology in future, currently digital currency and transactions are now patronising due to its conveniency and soon it will become a new platform.
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It feels difficult if traditional banks are defeated by Crytpocurrency Banks because all the people in this world already understand and trust traditional banks more than cryptocurrency.
Cryptocurrency is like something new in this world and maybe soon it will fade if its lovers leave it and prefer transactions with traditional banks. Cmiiw
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I think it will be very difficult for crypto banks to replace traditional banks. In general, this bank's crypto is not something official. It will also be difficult to get this crypto bank to get some kind of insurance and so on. And it will be very difficult to get many people to switch from traditional banks and use crypto banks. So I find it a bit impossible for crypto banks to replace traditional banks.
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What do you think about this issue, whether crypto banks can compete and soon replace traditional banks in the future?
As far as replacing the traditional bank is concerned I would agree to it. Younger generation seek fast and secure transaction as we are in the day where technology is being part of living and anyone services which is best always be the top choice and with this reason I see the chance to this.
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Traditional banks around the world will enjoy more benefits if Bitcoin is approved. Users will benefit more. Transactions will be easier if approved worldwide. Different commercial organizations will use bitcoin or cryptocurrency for commercial purposes. In order to continue commercial activities around the world, approval is required from traditional banks.
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Traditional banks around the world will enjoy more benefits if Bitcoin is approved. Users will benefit more. Transactions will be easier if approved worldwide. Different commercial organizations will use bitcoin or cryptocurrency for commercial purposes. In order to continue commercial activities around the world, approval is required from traditional banks.
I am not agree with you regrading this concern. We know crypto is volatile suppose you are opening a current deposit account pay every month at the end of the duration what will be happen if you deposit crypto. The price will be so high or so dump. If dump then what will you do. Your hard earned money will be finished. It is impossible for crypto banks to replace traditional bank.
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In addition to the banking system, we also have a developed network of payment systems that will exist as long as fiat funds exist. But you also need to take into account the fact that most people who will use cryptocurrency in a certain future will not be able to provide themselves with a real opportunity to protect their cryptocurrency funds. It is this problem that in the future may be dealt with by a bank or any other structure or company that will perform the same role as a bank.
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Crypto banks will never be able to replace traditional banks. I think after the approval of cryptocurrencies around the world, the governments of each country will approve the transactions of cryptocurrencies with banks. Cryptocurrencies will also be traded in traditional banks. So I think cryptocurrency will never replace traditional banks.
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In the future, it will be possible to transact cryptocurrency with traditional banks. However, cryptocurrency will never be able to replace traditional banks. Because traditional banks are needed for domestic currency transactions. Traditional banks will remain all over the world. Transactions around the world will further increase in cryptocurrency. The relationship of banks with cryptocurrency will be much longer.
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I do not think that banks will take over the service and placement of cryptographic currency in their accounts. This is too risky for the bank and its customers. There are now quite a few ways other than the bank to get passive income from cryptocurrency and also to borrow against cryptocurrency. Therefore, those people who are familiar with the crypt currency can find ways to use it without the bank's involvement.
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It was a theory once but now some crypto project like taigon is working for this mission. their aim is to change the traditional banking system. I like their concepts and maybe we will see more similar projects in the future. DeFi is also making this progress faster.
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I doubt it's going to happen in the next three years, I don't see any project that has a framework to compete effectively in traditional banking, we have the DeFi but it's still in a testing period and it will take some time before it evolves it's effectiveness to replace the traditional, but it's the closest thing that we have right now to replace traditional bank.
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The government does have many ways to prohibit crypto transactions as a payment system, but if crypto users prefer crypto banks over traditional banks, I think crypto banks will soon replace traditional banks, everything will lead to a decentralized system if crypto currency users switch funds from traditional banks to crypto banks, the government does not prohibit it, because the assets or digital money stored are not state money, but money from crypto users
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The future will be much better with cryptocurrency and traditional banks. I think there will be a lot more transactions in the future. It will be much more traded all over the world. Transactions will be possible in the traditional banks of each country. So I think cryptocurrency will gain more popularity if transacted in traditional banks.
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Although the traditional banks are obviously huge in numbers I still can not accept that this is a good reason to maintain its dominance. We all know how blockchain started from the scratch and now we are seeing with our own eye how it influence and created another room for all those who are seeking things better than the traditional.
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I doubt that in the next 20 years (at least) something will change. If bankers are needed, they will lobby for their interests in the state apparatus of power and the necessary legislative acts will be adopted.
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The people have been using traditional banks for years already, they will not replace it with digital goods only. In my opinion, traditional banks will always exist, and crypto banks help traditional banks to have a better financial system.
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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.
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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.
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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.
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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."
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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?
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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.
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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.
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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.
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"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 (https://cointelegraph.com/news/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.
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"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 (https://cointelegraph.com/news/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.
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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.
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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.
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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?
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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
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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.
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Both crypto bank and the traditional bank can function as different entity without silencing one another, although fast growing technology is bringing e currency into dominance and this will take quite a long time to achieve throughout the world.
Advanced countries like China, USA may have it quick.it will take a whole generation to achieve this because, even of a country is advance not all the citizens especially the aged is technologically capable.
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Actually we have a decentralized Bank and in my opinion it is DeFi, a DeFi platform, all crypto users can do buying and selling, lending and borrowing.
All aim to speed up the transaction process, but some of these platforms must be trusted and not end up with fraud, I mean the team and developers have official permission to prevent the loss of investors' money due to fraud on these platforms.
Traditional banks until now are worried about the existence of crypro, because banks do not have the technology as good as crypto.
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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.
States do not need cryptobanks. For them, this will be an extra costly item, and therefore they will not go for it. Cryptobanks can emerge as commercial banks if it is profitable for them to do so. But in general, I do not see any prospects for their development. Many functions of crypto banks can already be taken over by DeFi projects. In any case, this will not affect the existence of the usual banking system. They have nothing to fear, since they are under the protection of the state.
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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.
States do not need cryptobanks. For them, this will be an extra costly item, and therefore they will not go for it. Cryptobanks can emerge as commercial banks if it is profitable for them to do so. But in general, I do not see any prospects for their development. Many functions of crypto banks can already be taken over by DeFi projects. In any case, this will not affect the existence of the usual banking system. They have nothing to fear, since they are under the protection of the state.
Yes, I think we didn't need the usual bank system.. Crypto currency will always be digital asset, All transactions can used online transaction and no need banks.
So, I don't think crypto banks will be there.
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Yes, I think we didn't need the usual bank system.. Crypto currency will always be digital asset, All transactions can used online transaction and no need banks.
So, I don't think crypto banks will be there.
I don't agree, maybe we will need the usual bank system for crypto at the coming future when the digital era comes.
It will make crypto transaction easily, I think
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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.
I think crypto banks can compete and replace traditional banks. But It will take several years again, As you said the current number of crypto banks is very modest compared to the number of traditional banks.
maybe at the next several years the current number of crypto banks will increase,
So, lets wait and see the progress of crypto banks.
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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.
I think crypto banks can compete and replace traditional banks. But It will take several years again, As you said the current number of crypto banks is very modest compared to the number of traditional banks.
maybe at the next several years the current number of crypto banks will increase,
So, lets wait and see the progress of crypto banks.
For a bank to exist, people have to carry money there. Who will carry their cryptocurrency there now?Will you entrust your savings to a bank? I think not. If you want a minimum interest rate without risk, then you can bring a fiat currency to the bank.
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It will need alot of conviction for people to adopt crypto currency banking over traditional banking system because of the high risk in Cryptocurrency business, even though it will be more preferable to use crypto bank than traditional banking based on the profits that it will yield, for my opinions crypto bank is more profitable because of interest increment just that scammers can use it to scam people.
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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
I agree with this, I think It will be consideration.
The government run policies and administration for the people, It is the reason why crypto bank won't replace traditional banks.
Government always intervene traditional banks , with the reason that inflation does not occur.
Classic reason.
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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.
States do not need cryptobanks. For them, this will be an extra costly item, and therefore they will not go for it. Cryptobanks can emerge as commercial banks if it is profitable for them to do so. But in general, I do not see any prospects for their development. Many functions of crypto banks can already be taken over by DeFi projects. In any case, this will not affect the existence of the usual banking system. They have nothing to fear, since they are under the protection of the state.
Yes, I think we didn't need the usual bank system.. Crypto currency will always be digital asset, All transactions can used online transaction and no need banks.
So, I don't think crypto banks will be there.
If inflation does not occur before that, hyperinflation, which will completely absorb all the fiat that exists in the world. But this takes a long time. No, I don't think cryptocurrency banks will gobble up fiat banks. Cryptocurrency was not created for such purposes as to harm fiat funds.
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No, I don't think cryptocurrency banks will gobble up fiat banks. Cryptocurrency was not created for such purposes as to harm fiat funds.
Yes, I think both have own community.
I don't think crypto bank will replace fiat bank for the next several years again.
But we don't know, If the digital era comes, maybe always will be digital.
Fiat money will be replaced by digital currency, Let's see.
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Traditional banks are replaced by crypto banks in my opinion this will be difficult to happen. We all know that traditional banks are like enemies to crypto banks. Moreover, traditional banks have full support from the government while crypto banks cannot be regulated by anyone. The nature is different, crypto tends to fluctuate. But if it can be replaced, it is allowed. Decentralized finance can and will replace traditional banks and finance. Crypto can easily replace fiat as a wealth deposit, trading medium and unit of account in all its applications. Faster business management, higher security levels, reduced costs and smart contracts are all advantages of a decentralized blockchain based system over traditional banking.
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i think the decentralization nature of crypto makes it an unsafe place. there are evil people in the world. there are so many people that cares so much on hurting people. scammers are every where. i don't think the crypto space has grown so much to prevent hackers. this is were traditional banks are still better and much favourable. so many people are stil moving funds from crypto to traditional bank why some are moving from bank to crypto.
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Yes, it might happen. Crypto now also has many networks even though there are only a few crypto banks, but the popularity of crypto has spread to all corners of the world. We can determine whether crypto is worthy of being used as a transaction tool or not. Until now it is still a debate, especially for governments and countries that have not legalized crypto until now. Of course they still think that crypto is not worthy to be used as a transaction tool, the reason that always supports this statement is none other than its fluctuating value.
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i think the decentralization nature of crypto makes it an unsafe place. there are evil people in the world. there are so many people that cares so much on hurting people. scammers are every where. i don't think the crypto space has grown so much to prevent hackers. this is were traditional banks are still better and much favourable. so many people are stil moving funds from crypto to traditional bank why some are moving from bank to crypto.
That's right, what I see around me is the same. Many Cryptocurrency players, both Crypto traders and investors, have already benefited from their work. They immediately transfer their profits to traditional banks. They are also aware that this cryptocurrency has very high fluctuations, so it is safer to store profits in FIAT than Crypto coins.
But we see this very rapid development, I am sure in the future there will be a bank that specifically serves Cryptocurrency, even though it is not important because Crypto is a decentralized digital. We can do Cryptocurrency transactions easily online and from home.
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Of course no. We k ow how difficult world bank is defeated. It also relates to a country with its very big power to influence. Moreover we cannot live in a country wiyh no regulation. Even we can use crypto, but can be only one of currencies, not to replace fiat or even banks.
Banks have power that is very difficult and too complicated to defeat
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the possibility could be like that because if banks do not want to develop it will make banks switch to cryptocurrency and of course that development will make traditional banks more depressed because if they do not change then they will lose all their customers.
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the possibility could be like that because if banks do not want to develop it will make banks switch to cryptocurrency and of course that development will make traditional banks more depressed because if they do not change then they will lose all their customers.
Well , I think It makes sense, If traditional banks didn't improve to accept and adopt crypto technology, I think they will lose their customers.
Maybe not all, but almost all customers, because digital era will come soon.
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I think very possible to see the world is in cryptocurrencies. We know the potential and yse case of cryptocurrencies. We know how it help everyone. We know without cryptos we might still in fiat system maybe we will not discover to send money through online. I think crypto bank will replace traditional bank once the world change.
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the possibility could be like that because if banks do not want to develop it will make banks switch to cryptocurrency and of course that development will make traditional banks more depressed because if they do not change then they will lose all their customers.
Well , I think It makes sense, If traditional banks didn't improve to accept and adopt crypto technology, I think they will lose their customers.
Maybe not all, but almost all customers, because digital era will come soon.
Until the new digital era begins, more than a dozen years will pass. Nobody will give up traditional banks. Of course, they will gradually adopt new technologies based on the blockchain, but no one wants to give up centralized control, governments will not agree to this.
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I think these are the pink dreams of sugary boys in ties. Cryptobanks will not absorb traditional ones in 3 or 10 years, and in the current legal situation, it is impossible to provide a repayment of a loan in a crypt. Cryptobanks will simply go bankrupt.
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Until the new digital era begins, more than a dozen years will pass. Nobody will give up traditional banks. Of course, they will gradually adopt new technologies based on the blockchain, but no one wants to give up centralized control, governments will not agree to this.
Crypto currency cannot be controlled. I agree with you government won't agree with this
So, I don't believe crypto banks will replace traditional banks.
It seems impossible..
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The measure of legalization and the conditions for the circulation of cryptocurrency in any state will be determined by this state. The adoption of cryptocurrency by a significant part of the population of the country will mean practically nothing significant and will not affect the operation of the banking system, especially state-owned banks. If somehow there will be an impact of cryptocurrency on the banking system, states may consider this a threat to the security of their global financial system and then sanctions will fall on the cryptocurrency up to its prohibition. Don't be confused about this.
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It is still unlikely that crypto banks will replace traditional banks because in this day and age fiat is still important, it will take a while before it happens if it happens. Then, why is there a need to change when they can be used at the same time?
After all, this is what is happening right now, it can be used at the same time, like making a p2p transaction, whether it's a deposit or withdrawal.
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Its an emphatic no. I don't believe crypto adoption would be this big to disrupt traditional bank adoption by the mainstream. I think and know that they would exist side by side, each supplementing each other
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Its an emphatic no. I don't believe crypto adoption would be this big to disrupt traditional bank adoption by the mainstream. I think and know that they would exist side by side, each supplementing each other
For the next few years, I think it won't be happen.
Crypto won't replace traditional bank.
But at the coming future, anything will happen.
When digital comes and crypto dominate there.
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Its an emphatic no. I don't believe crypto adoption would be this big to disrupt traditional bank adoption by the mainstream. I think and know that they would exist side by side, each supplementing each other
For the next few years, I think it won't be happen.
Crypto won't replace traditional bank.
But at the coming future, anything will happen.
When digital comes and crypto dominate there.
The existing banking system is part of the state system of power and therefore is under the full protection of the state. Can cryptocurrency, crypto banks compete with the state, and even more so with the global state system? Of course not.
States allow the circulation of cryptocurrency on their territory, but will not actively support it. Any serious changes in the financial sector are possible only with the consent and certain actions of the representative bodies of state power. Cryptocurrency can enter our lives more actively, but for this it is necessary that, in parallel with it, the state system of power also changes in the appropriate direction.
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Of course, it is difficult to compete with state-owned banks, especially with a cryptocurrency that has not yet entered our lives so much. Maybe it will happen sometime, but it will work together with the banking system.
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Of course, it is difficult to compete with state-owned banks, especially with a cryptocurrency that has not yet entered our lives so much. Maybe it will happen sometime, but it will work together with the banking system.
however, it will be impossible and difficult to compete with banks managed by the state, because banks have facilities that are provided in accordance with regulations made by the state. I agree with you, maybe if there is cooperation that exists, it can be done, but first, crypto must be accepted by the state because we know that there are still many countries that do not accept crypto payments.
but if crypto banks are to replace traditional banks, it seems that this will not be possible and difficult to realize because there are still many people who need traditional banks until now.
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you don't need to compete with banks-you need to coexist with them, it's very important to understand
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Collectors value rarity and authenticity, and the scarcity of in-game NFT purchases is provable through the immutable records embedded in an NFT’s underlying blockchain network. This distributed public ledger validates the number and uniqueness of each NFT as well as its ownership history.
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you don't need to compete with banks-you need to coexist with them, it's very important to understand
It's right. Cryptocurrency has no chance to resist the states and their banking system. Cryptocurrency, of course, affects the banking system, but it is not able to replace it. At the same time, states will not be indifferently watching such a process, if the cryptocurrency had such an opportunity.
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It is absolutely impossible to replace state-owned banks, they can resist online exchangers.
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The traditional banks have been in existence, for ages and most people are used to their local banks. Some people still haven't heard about cryptocurrency or crypto banks so possibility of this happen is a bit low, but in the future with the way technological innovations are improving👌 there's a 50% chance that the crypto banks will out run the local banks or maybe be work with them☑️
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I am sure that cryptobanks will replace conventional banks, it is only a matter of time. But I don't think it will happen in the next 50 years.