Crypto era: crypto CEXs are performing better than traditional banks

[yhiaali3]

Do you use the savings features of centralized stock exchanges to get a more attractive annual return than the annual return of traditional banks?
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.

[luckyledger]

1. No, I don't at the moment
2. As far as I know, no bank is putting crypto in front with fiat at the moment.
3. No, I wouldn't, because of the security issues and the possibility of block is always there

[KryptoBull]

Do you use the savings features of centralized stock exchanges to get a more attractive annual return than the annual return of traditional banks?
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.

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.

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.

[Pastaral]

Yes bro it's true around 2017 around cryptocurrency and blockchain many crypto-bank projects showed promise with some kind of credibility but most failed and were never seen again. Currently, Crypto Exchanges (CEXs) offer a variety of services to be as functional as traditional banks.  Par analysis is—like with deposits and lending and borrowing. CEXs gain significant income from the market as they operate these services effectively.  But at this time traditional banks faced financial problems due to high interest rates.  But if we talk about CEXs, their success is due to their great expertise and their connection to the crypto market.

[yhiaali3]

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.

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.

[|MINER|]

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?

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.

• Do banks in your country support crypto services?

No the banks are don't support the cryptocurrency officially.

• If possible, are you willing to use crypto storage/trading services directly on banking apps?

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.

[Crypto Library]

When banks are not secure they are the vairer of the freedom of economy then I don't understand how peoples can thought that Cex will performing better than the traditional Banks?

• 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 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.
But we can't compare with our local banks because those are for the local peoples and cex are used by globally to in these cases some cex will be ahead of the local banks.
And about the Country bank support on cryptocurrencies in bangladesh cryptocurrency is still bann and illegal so there is no support from our any bank to crypto.

[KryptoBull]

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.

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.

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

The crypto market thrives on both DeFi and CeFi, and the role of CEXs is undeniable. Investors can be cautious and store their assets in personal wallets, only transferring them to CEXs to sell, but that's only when they use the most basic services of CEXs. Other investors may need to keep more assets on CEXs to participate in high-frequency trading or the futures market.

[Bobcrypto]

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]

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
[2] Crypto bank Sygnum posts profit after doubling crypto trading volumes
[3] 10 Best Crypto Friendly Banks in 2024
Note:

• My opinion has been presented in a topic, on BitcoinTalk forum.
• 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.

[KryptoBull]

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.

[satpol_PP]

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 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.

[pieppiep]

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 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.

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.

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.

[Hatchy]

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.

[satpol_PP]

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.

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.

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.

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.

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 don't think traditional banks are a failure because the government also has an obligation to maintain inflation and always supervise banking in its country. It's just that maybe the transaction costs are too high in banks and we don't have financial freedom.

[luckyledger]

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.
It's inevitable, really.
Maybe then Dexes will become better than Cexes
Just like Cexes > Banks.