I believe the crypto wave is unstoppable, and we will see more and more banks taking a crypto-friendly stance, supporting crypto services, and even starting to invest in crypto [3]. There are no permanent enemies, only permanent interests: when it becomes impossible to stop or destroy crypto, these banks will join in to share the profits from this market. Crypto investors can rest assured that we will soon be able to trade fiat-crypto more easily thanks to the support of these traditional banks.
I would like to know your views on this issue:
- Are you using the savings features of CEXs to get more attractive APYs than traditional bank APYs?
- Do banks in your country support crypto services?
- If possible, are you willing to use crypto storage/trading services directly on banking apps?
2. Do banks in your country support crypto services?
As far as I know, not yet though there is a big possibility for banks here to also get involved with cryptocurrency once they would realize that there is big money that can be made in their involvement. For now, there is still no clarity on this aspect so banks are still steering away from this market. However, money transfer apps who are acting and acting like banks are already into cryptocurrency which can be a good start already.
3. If possible, are you willing to use crypto storage/trading services directly on banking apps?
Yes, I am and things depend a lot on how reputable is the firm behind the banking app. I prefer one with solid background and one that will not run away with my money anytime and has a user-friendly services and options just like what I experienced with Binance.
I would like to know your views on this issue:1. I'm currently participating in Earn & Staking on Binance to receive an APY of up to 10% per year, which is clearly more attractive than a bank. Especially when holding USD in a bank account, users have to pay monthly fees, while holding USDT on Binance in Earn will earn additional money daily, which is really attractive.
- Are you using the savings features of CEXs to get more attractive APYs than traditional bank APYs?
- Do banks in your country support crypto services?
- If possible, are you willing to use crypto storage/trading services directly on banking apps?
1. Are you using the savings features of CEXs to get more attractive APYs than traditional bank APYs?1. Nah, I don't use both features from CEX's and traditional banks.
2. Do banks in your country support crypto services?
3. If possible, are you willing to use crypto storage/trading services directly on banking apps?
I believe the primary reasons why CEX are preferred over traditional banks are their similar offerings with lower interest rates or fees, and often higher APR.Each CEX exchange has its own policy. Some have lower interest rates and some are quite high. So it is better for us to try to find an exchange that has low fees and has an easy-to-use display so that we do not have difficulty when we want to trade. Banks already know this directly, but some local banks prefer to remain consistent and persist even though they already know what the threats will be in the future.
Another thing is, CEX allow individuals to easily invest in various assets without needing to contact intermediaries. Given current trends, CEX are likely to continue outperforming traditional banks.
Since I started using cryptocurrency, I basically do not keep any money in my traditional bank account that I did not intend to use for a purpose. I practiced self-custody more because I do not trust traditional banks.
- Are you using the savings features of CEXs to get more attractive APYs than traditional bank APYs?
If possible, are you willing to use crypto storage/trading services directly on banking apps?My bank have disappointed me often. I will expect them to disappoint me if they add a crypto wallet or trading service to their bank app and I use it.
Crypto-banks were once hyped during the 2017 ICO boom, but most of these projects failed and disappeared, leaving only DeFi protocols with services like lending and borrowing. However, we can see CEXs gradually becoming crypto-banks as they offer many related services: deposits and withdrawals, buying crypto with fiat, lending & borrowing, savings... Interestingly, while many traditional banks are failing due to high-interest rates, CEXs are operating efficiently and generating huge revenues from the crypto market.
I would like to know your views on this issue:I can't agree more with you. As the fact you have shared is really motivating and it will encourage the bank's employees to work for CEXs although there is no office of any CEX in our country so we are not able to work in any and to be very honest I don't want to work in any bank here not because of salary because they give enough that can fulfill 3 Middle-class person's need
- Are you using the savings features of CEXs to get more attractive APYs than traditional bank APYs?
- Do banks in your country support crypto services?
- If possible, are you willing to use crypto storage/trading services directly on banking apps?
I also realized that many people like to save their money in exchanges because it is more flexible and also easier in terms of turning money for investment or other productive purposes.aside from that banks usually have high fees and even higher fees for international transfers which is not very attractive for people and make them turn away but with exchanges yes the fees are still quite high but it is relatively lower and the transactions go through a lot easier
If conventional banks implement similar features related to cryptocurrency, will I immediately become the most enthusiastic customer waiting for it? Of course yes... because when that happens, there will be a lot of regulations that will start to be relaxed in order to accommodate crypto adoption in a country... however, I will not store all my crypto assets in a bank... only a small part may make me more comfortable, because I am used to storing in a non-custodial wallet.i think not many would be into this idea for the reason being if a bank is holding your coins then it is not your coins no? you are still giving access to them and for people who do not want their identity known this can be a problem as well
Do you use the savings features of centralized stock exchanges to get a more attractive annual return than the annual return of traditional banks?Let's wait for more active participation from traditional banks in the crypto market. Their involvement will be necessary to strengthen liquidity and reduce scams through bad OTC channels, but this can only be achieved when crypto is legally recognized as an asset in that country. When this happens, I believe traditional banks will not refuse to make additional profits.
For me, I do not use the savings features of centralized exchanges or even traditional banks because I do not trust centralized services. Although I prefer crypto exchanges of course.
Do banks in your country support crypto services?
No, unfortunately, banks do not support crypto services in my country, which makes things a bit difficult.
If possible, are you willing to use crypto storage/trading services directly on banking applications?
No, I would not risk putting my assets in a central bank if it supports crypto services, because they can simply freeze your assets or block your account.
You never use a CEX to trade crypto? If you have USDT and a long-term DCA plan, earning extra profits from Savings USDT is also very attractive and worth trying. When you choose a CEX to trade, you probably also trust the reputation and security of that CEX and can feel comfortable putting a portion of your USDT into Earn programs.For me, even if I trust the reputation and security of CEXs, I would not risk storing my assets there in the long term. Yes, CEXs can be used for trading, transfers, and storing some assets in the short or medium term only.
I would like to know your views on this issue:Once upon a time I thought that the Cexs saving features If I say more clearly I have done Flexible staking on the Binance on high rate and I have seen that the rate decrease by night by night and then I understand these are more risky as the banking sector.
- Are you using the savings features of CEXs to get more attractive APYs than traditional bank APYs?
No the banks are don't support the cryptocurrency officially.
- Do banks in your country support crypto services?
I won't gonna connect both of them because of the privacy and I will use both of them for a short period because of the bitcoin is for decentralization where if we use the cex then it is more dangerous from the banking sector.
- If possible, are you willing to use crypto storage/trading services directly on banking apps?
I have multiple coin on the saving of a cex but those API are also fluctuated so I don't feel that cex are better than bank. And there are the high possibility to got scam because we found only few cex are good reputable.
- Are you using the savings features of CEXs to get more attractive APYs than traditional bank APYs?
- Do banks in your country support crypto services?
- If possible, are you willing to use crypto storage/trading services directly on banking apps?
For me, even if I trust the reputation and security of CEXs, I would not risk storing my assets there in the long term. Yes, CEXs can be used for trading, transfers, and storing some assets in the short or medium term only.I agree that we shouldn't keep too many assets on CEXs because CEXs are always at risk of being hacked or having user accounts frozen. However, as an investor, I think it would be a waste to have USDT on CEXs for long-term DCA of ~1-2 years and not put it into Savings to earn a few USDT in interest each month :)
As for saving assets in the long term, it should be done through a non-custodial wallet. We have seen how many times CEXs have been hacked, bankrupt, or even have your assets frozen at the request of the government. This actually happened for example when Binance froze the assets of Palestinians at the request of the Israeli government.
Crypto-banks were once hyped during the 2017 ICO boom, but most of these projects failed and disappeared, leaving only DeFi protocols with services like lending and borrowing. However, we can see CEXs gradually becoming crypto-banks as they offer many related services: deposits and withdrawals, buying crypto with fiat, lending & borrowing, savings... Interestingly, while many traditional banks are failing due to high-interest rates, CEXs are operating efficiently and generating huge revenues from the crypto market.
In South Korea, a new trend is emerging – crypto exchange employees are now starting to outpace their counterparts at traditional banks in terms of salary. According to a recent report, the average income of employees at Dunamu now exceeds that of employees at major South Korean banks. This is a significant development, as banks have traditionally been seen as the most prestigious and well-paying employers in the Korean financial sector. [1](https://talkimg.com/images/2024/08/22/75nPg.jpeg)
CEXs can rely on huge profits to offer competitive salaries and benefits to attract top talent in the financial sector - this is a sign that the crypto industry is maturing and becoming a more mainstream force in the global financial system. Many smart banks have chosen to support crypto services and generate huge profits [2], while many others continue to be conservative and see crypto as a threat to their existence.
I believe the crypto wave is unstoppable, and we will see more and more banks taking a crypto-friendly stance, supporting crypto services, and even starting to invest in crypto [3]. There are no permanent enemies, only permanent interests: when it becomes impossible to stop or destroy crypto, these banks will join in to share the profits from this market. Crypto investors can rest assured that we will soon be able to trade fiat-crypto more easily thanks to the support of these traditional banks.
I would like to know your views on this issue:
- Are you using the savings features of CEXs to get more attractive APYs than traditional bank APYs?
- Do banks in your country support crypto services?
- If possible, are you willing to use crypto storage/trading services directly on banking apps?
References:
[1] South Korean crypto exchange employees out-earn staff at major banks (https://cointelegraph.com/news/crypto-exchange-employees-surpass-south-korean-bank-salaries)
[2] Crypto bank Sygnum posts profit after doubling crypto trading volumes (https://cointelegraph.com/news/crypto-bank-sygnum-reaches-profitability-amid-trading-volume-spike)
[3] 10 Best Crypto Friendly Banks in 2024 (https://koinly.io/blog/best-crypto-friendly-banks/)
Note:
- My opinion has been presented in a topic, on BitcoinTalk forum (https://bitcointalk.org/index.php?topic=5506934).
- This topic on AltcoinsTalks forum has included a minor change in the way my opinion is presented.
- This statement is to avoid accusations of plagiarism.
The crypto economy is likely going to dominate the banking sector in near future, thank to the success of the Bitcoin and Etheruem ETFs, and hoping that more coin/tokens ETFs will be approved. The CEX exchanges has also done very well in integrating great features that can makes the banking sector near irrelevant even as the crypto development continues.I think that the future is very bright for cryptocurrency and we may see some Banks close up business because of low patronage and poor revenue from it's operations. As you might have observed, all features that are found in the banking system are all available in many CEX exchanges with more earning opportunity, and rewards for crypto users globally.The crypto market is oriented towards decentralization, which is contrary to the centralized perspective of traditional banks and payment systems. CEXs and DEXs, along with numerous protocols in this market, are serving the investment needs in a new sector of the financial market, one that traditional banks have rejected and criticized for many years. This is why many CEXs are more successful than banks.
I don't think commercial banks will disappear because of crypto funds, because the government won't let that happen. And I think crypto and banks can coexist and complement each other. Without banks, we also can't do daily transactions, because our country still needs banks.The crypto economy is likely going to dominate the banking sector in near future, thank to the success of the Bitcoin and Etheruem ETFs, and hoping that more coin/tokens ETFs will be approved. The CEX exchanges has also done very well in integrating great features that can makes the banking sector near irrelevant even as the crypto development continues.I think that the future is very bright for cryptocurrency and we may see some Banks close up business because of low patronage and poor revenue from it's operations. As you might have observed, all features that are found in the banking system are all available in many CEX exchanges with more earning opportunity, and rewards for crypto users globally.The crypto market is oriented towards decentralization, which is contrary to the centralized perspective of traditional banks and payment systems. CEXs and DEXs, along with numerous protocols in this market, are serving the investment needs in a new sector of the financial market, one that traditional banks have rejected and criticized for many years. This is why many CEXs are more successful than banks.
I don't expect commercial banks to fail and disappear. They remain important parts of the economy where everyone can find familiar services backed by the bank's reputation. The best scenario is that banks will soon serve both the needs of depositing and storing crypto for their customers, helping to reduce risks for users while also earning service fees to continue to exist and develop in an increasingly challenging economic context.
I fully agree your opinion about your view that commercial banks are still going to be relevant no matter the advancement in the use of crypto. Undoubtedly, the government will make efforts to maintain the stability of the financial system and contribute to the presence of commercial banks as they have a very significant function in the economy. Besides the daily transaction needs we have for banks, they have an important function of keeping the economy and its processes in check.I don't think commercial banks will disappear because of crypto funds, because the government won't let that happen. And I think crypto and banks can coexist and complement each other. Without banks, we also can't do daily transactions, because our country still needs banks.The crypto economy is likely going to dominate the banking sector in near future, thank to the success of the Bitcoin and Etheruem ETFs, and hoping that more coin/tokens ETFs will be approved. The CEX exchanges has also done very well in integrating great features that can makes the banking sector near irrelevant even as the crypto development continues.I think that the future is very bright for cryptocurrency and we may see some Banks close up business because of low patronage and poor revenue from it's operations. As you might have observed, all features that are found in the banking system are all available in many CEX exchanges with more earning opportunity, and rewards for crypto users globally.The crypto market is oriented towards decentralization, which is contrary to the centralized perspective of traditional banks and payment systems. CEXs and DEXs, along with numerous protocols in this market, are serving the investment needs in a new sector of the financial market, one that traditional banks have rejected and criticized for many years. This is why many CEXs are more successful than banks.
I don't expect commercial banks to fail and disappear. They remain important parts of the economy where everyone can find familiar services backed by the bank's reputation. The best scenario is that banks will soon serve both the needs of depositing and storing crypto for their customers, helping to reduce risks for users while also earning service fees to continue to exist and develop in an increasingly challenging economic context.
Actually I think more if one day FIAT issues a digital version like crypto technology and its existence is under commercial banks and is always supervised by the government. although crypto technology is something that is difficult to limit or regulate by the government but with the government's version of digital money, they still have access to regulate it. but only predictions that will happen in the future, when everything will be digital in time.I fully agree your opinion about your view that commercial banks are still going to be relevant no matter the advancement in the use of crypto. Undoubtedly, the government will make efforts to maintain the stability of the financial system and contribute to the presence of commercial banks as they have a very significant function in the economy. Besides the daily transaction needs we have for banks, they have an important function of keeping the economy and its processes in check.
I don't think commercial banks will disappear because of crypto funds, because the government won't let that happen. And I think crypto and banks can coexist and complement each other. Without banks, we also can't do daily transactions, because our country still needs banks.
In this case, whereas fiat presents itself with flaws that cripple its operations, crypto presents new solutions that can augment the modern banking structure. When it comes to blockchain and crypto, we are able to notice the new chances for faster transactions without extra costs. As such, perhaps the fairest way to view crypto and banks as two separate bodies that can both play their role in the global financial system’s development and meet users’ needs differently.
To me, traditional banks is a failure. Being controlled by the government in every single direction, they make savings a bit non considerate to me. Just recently, a local bank in my country announced that they will be increasing the amount they have been charging on every transaction as recommended by the government. This act isn't the first and will not the the last.Cex exchange might not be all trusted but then is a better way forward. With new crypto flowing it I the market, we will be seeing more exchanges, performing outstandingly in the world financial market. It will only take time.
To me, traditional banks is a failure. Being controlled by the government in every single direction, they make savings a bit non considerate to me. Just recently, a local bank in my country announced that they will be increasing the amount they have been charging on every transaction as recommended by the government. This act isn't the first and will not the the last.Cex exchange might not be all trusted but then is a better way forward. With new crypto flowing it I the market, we will be seeing more exchanges, performing outstandingly in the world financial market. It will only take time.
I agree.I'm not sure about this. Maybe traditional banks have only failed in their years-long battle against crypto, but in the financial market, they're still the center of transactions and the circulation of much larger capital flows. Their capitalization may have become too large, and intense competition in a larger market has caused their earnings to not be as big as CEXs.
It's inevitable, really.
Maybe then Dexes will become better than Cexes ;D
Just like Cexes > Banks.
I agree.I'm not sure about this. Maybe traditional banks have only failed in their years-long battle against crypto, but in the financial market, they're still the center of transactions and the circulation of much larger capital flows. Their capitalization may have become too large, and intense competition in a larger market has caused their earnings to not be as big as CEXs.
It's inevitable, really.
Maybe then Dexes will become better than Cexes ;D
Just like Cexes > Banks.
The rise of crypto companies like CEXs is threatening the position of banks and showing traditional banks the value of crypto, at least in terms of generating huge transaction fees and making huge profits. I hope that we will soon see the participation of traditional banks so that the crypto market has better liquidity: everyone can easily buy and sell crypto through bank-supported services.
You may be right if only banks will get a grasp of this and utilize it accordingly.We're seeing increased involvement of many banks in this sector: they're supporting Spot ETF funds, providing fiat deposit, withdrawal, and transfer services for CEXs users, and even assisting users in buying and selling crypto through their apps... I believe that banks currently on the sidelines due to concerns will soon join to capitalize on the challenging economic conditions.
However I would be only happy if DEXes continue to become even more advanced with time.
We're seeing increased involvement of many banks in this sector: they're supporting Spot ETF funds, providing fiat deposit, withdrawal, and transfer services for CEXs users, and even assisting users in buying and selling crypto through their apps...they need to catch up or else they will be left behind lots of banks are using crypto as their edge over other banks it brings in extra profit obviously i don’t necessarily think that they are losing a lot of clients but it wouldn’t hurt to bring in more from the crypto sector
CEXs and DEXs will coexist in the crypto market.yup it will even though it basically defeats the purpose of the very core of crypto or at least the very first one which is bitcoin but if other people are more comfortable with their coins being held by a third party then it is their right to decide so
CEXs and DEXs will coexist in the crypto market. DEXs have made significant improvements to offer more services to users, but it will be difficult to completely replace CEXs as investors still prefer simple and convenient services without having to directly interact with the blockchain.
Not all countries accept crypto well, some countries even prohibit it because it will have a negative impact on the country's banking, if crypto banks enter their country they are afraid they will be competed with and people will change their storage location.
Not all countries accept crypto well, some countries even prohibit it because it will have a negative impact on the country's banking, if crypto banks enter their country they are afraid they will be competed with and people will change their storage location. In my opinion, crypto banks are safer than traditional state banks because the security is very tight and even the transaction process or network is faster and smoother. Unfortunately, my country doesn't have a crypto bank, in fact not many people know about crypto and the government doesn't fully accept crypto.With the growth of the crypto market and the increasing wave of acceptance, I believe that governments will change their views and also open up to the development of crypto. This is an opportunity for traditional banks to participate in supporting services for crypto investors.
Not all countries accept crypto well, some countries even prohibit it because it will have a negative impact on the country's banking, if crypto banks enter their country they are afraid they will be competed with and people will change their storage location. In my opinion, crypto banks are safer than traditional state banks because the security is very tight and even the transaction process or network is faster and smoother. Unfortunately, my country doesn't have a crypto bank, in fact not many people know about crypto and the government doesn't fully accept crypto.With the growth of the crypto market and the increasing wave of acceptance, I believe that governments will change their views and also open up to the development of crypto. This is an opportunity for traditional banks to participate in supporting services for crypto investors.
Crypto banks were once a very good idea, but unfortunately, this idea has not yet been realized. Some protocols have been quite successful in the market in the role of lending and borrowing but have not been able to fulfill all the missions of a bank. The participation of traditional banks will have a more positive impact on the development of the crypto market.
I hope for the innovation to take over and eventually, we will see more advancements in the fields you mentioned. The more and more quality that would be in them - the better.Currently, both CEX and DEX are fulfilling their roles very well, and users have the right to choose based on their own needs. We need more active participation from traditional banks to achieve higher liquidity for crypto investors, where we can easily buy and sell crypto without fearing that our bank accounts will be frozen.