Do you think Crypto firm wanted to Overthrow Banks?

[MrSpasybo]

Do you think Crypto firm wanted to Overthrow Banks? i think that the banking sector are behind some progress hindrances against crypto firms.

Back in 2017 during the ICO wave, we talked about how crypto-banks would replace traditional banks in the future, but things haven't exactly panned out that way. Crypto is still just crypto, a lot of crypto-bank projects failed, and now we only have DeFi with many bank-like services.

I believe that crypto won't be able to replace banks, because most people still need trust when making transactions. Traditional banks will always be an important gateway and the center of money flow. The current development of crypto also depends on the support of traditional banks.

Now banks have also been allowed to participate in supporting the crypto market, and they are actively looking for opportunities to gain more revenue and profits from crypto investors. I'm looking forward to the coexistence and development of crypto and the traditional banking system.

[NotATether]

Frankly speaking, that's ludicrous.

Crypto firms all require banks to survive. Where do you think your money goes after you buy crypto from them? That's right, to their corporate bank account.

There will always be a place for banks, but hopefully, PEOPLE will start using crypto more instead of their bank account.

[Lucius]

~snip~
There will always be a place for banks, but hopefully, PEOPLE will start using crypto more instead of their bank account.

I may be wrong, but I wouldn't bet that it will happen in the sense that people will start using cryptocurrencies as a replacement for fiat - for investments and speculation yes, but as a currency they are rarely used even today, while in some countries they are banned precisely for that reason.

As you already wrote, in order to buy cryptocurrency or to sell it, you need a bank, that is, cash. Bitcoin is just an alternative (and a couple of altcoins used for payments), and I don't see that changing, especially if we see how well spot BTC ETFs have been doing since they were approved.

[Aanuoluwatofunmi]

Do you think Crypto firm wanted to Overthrow Banks? i think that the banking sector are behind some progress hindrances against crypto firms.

Lets take it into consideration this way, even the banks are not ready to allow anything overthrow them to the extent that they will be left helpless and of no value, that is why we may see a continuous increase in the from the attack coming from banks to crypto, but time will tell on the peoples decision about what they wanted, we don't have to rush it or fight it, everything will settle itself amicably.

[Faisal2202]

You just have to know, just like i said, it is actually a Cold war,  but some members had considered this it a hot war, especially the legislation on stable coins issuers, whichever way, obviously, the banking knows the huge positive impact of Bitcoin and the blockchain technology, hence they feared a complete crypto dominance which is may happen in near future.
I think that this is just the  beginning of this struggle between crypto firms and the banking sector. The banking sector is already feeling the heat in my opinion.

I got your point, it is really related to a cold war, BTW I have some of my friends working for banks, and they invested a lot in crypto haha, it seems they trust banks more, and TBH they are not, like, real friends, I just come to know them, and they know me—that's it haha.

The point is, even bankers are investing in crypto and they see everything as a way to earn more, and now they are making money by imposing taxes. In my country, banks made money in bad way, they blocked crypto user's all account and under no circumstances did they release their money if it was proven that the money is crypto.

Before, the situation was too bad, but now that crypto is legal here I hope some solutions will be given.

[BazinyAmg]

Crypto firm and bank serves and operates differently and also in purpose. the crypto space aim is to have a decentralized system thereby giving people free hand to control their money and also provide new ways to transfer value, notwithstanding some people still see crypto as a potential game changer to traditional banking. To me I think it's not about overthrowing banks but rather it's a matter of choice.

[Themepen]

I may be wrong, but I wouldn't bet that it will happen in the sense that people will start using cryptocurrencies as a replacement for fiat - for investments and speculation yes, but as a currency they are rarely used even today, while in some countries they are banned precisely for that reason.

As you already wrote, in order to buy cryptocurrency or to sell it, you need a bank, that is, cash. Bitcoin is just an alternative (and a couple of altcoins used for payments), and I don't see that changing, especially if we see how well spot BTC ETFs have been doing since they were approved.

You make good point about how cryptocurrencies are used for investing  but not as normal money. You are right that even now most people do not use them to buy everyday things and some countries have even said they can not be used as money.

Fact is that we need regular bank to buy or sell cryptocurrencies shows that they are still part of usual money system not replacement for it. And Bitcoin funds that trade like stocks are doing well also suggests that people are starting to see Bitcoin more as investing like gold or stocks other than as everyday money. It looks like cryptocurrencies will probably stay as another way to invest or try to make money but they probably can not become main money people use except regular money.

[Lucius]

~snip~
Fact is that we need regular bank to buy or sell cryptocurrencies shows that they are still part of usual money system not replacement for it.

I've written this many times before, but it never ceases to amaze me that people want Bitcoin or some other cryptocurrency to become widely accepted, but even when they find themselves in a position to buy/pay for something with cryptocurrencies, they generally refrain from doing so because they don't want to spend something that might be worth a lot more in the future than it is worth today.

I remember the situation was quite different when BTC was much cheaper than it is today, but of course it's not the same when 1 BTC was worth a few hundred $ and today when it's worth almost $100k. Personally, it seems to me that the more valuable BTC is, the less people use it as a currency.