Bitcoin Forum

Centralized entities have lots of bottlenecks in their processes as a first. KYC takes too long and sometimes redundant.
Aside from banks, financial services that crypto exchanges offer isn't reliable too since data breaches still happen despite their tight securities.
I'm sure there's still a lot more cons for the current system. I've recently heard of SelfKey and claimed that they aim to make a difference in those issues. What are your thoughts?

Security breaches is not the problem only for cryptos,in this world every other field also have such risk and also facing it from time to time so we can't simply deny the benefits of cryptos due to the data leaks on the exchanges,but there is no doubt in that it needs to be improved a lot.Decentralized exchanges could be the possible best solution to this and many people are working to bring one.

Banks become decentralized, is that possible?
YES. Just like what already created, use Bitcoin and you can be your own bank, that's it.

What I recently appreciate improvement of some banks are their convenient, like you can use your mobile phone w/out going to their bank or any branches, but still, that is very small, there are big problems we can encounter, like KYC or transaction fees.

You should at least tell us what's SelfKey strengths are because I'm sure no one heard about this services though.

Centralised or decentralise will have issues no matter what. You talk about data breaches one of the biggest problems we have right now. Hackers are making tons of money, and it is a billion dollar industry. They are one step of the game, they always find exploits and as much as we wanted it to be lessen or eliminated it will be very difficult, just saying.

I am not very familiar with the project, but from what I read that SelfKey is an ecosystem that has a blockchain based identity management and they claim that their services have been widely used, such as KYC requirements in Polymath token sale and they also have many partners. I think it's good to visit their announcement thread (https://bitcointalk.org/index.php?topic=2310691.0), because there is a lot of information related to SelfKey there, hopefully it can help you.

We will never have such banks for obvious reasons like governments need to regulate all the users who were using their service so it needs report of how many users and how much money they were making.Even private banks are under the control of central bank of respective country.If someone have their own banks then its against the law of most of the jurisdictions in this world.

If selfkey can really handle transactions without KYC then I am sure it will be a successful project. Currently, there are many people wishing to transact without KYC.
they are afraid of providing KYC and their personal information and are afraid of being sold to terrorists. That is why the demand is very large.

I think the best way for banking services is that they remain called banks; and should leave out blockchain integration

If you have to make urgent international transfers; use bitcoin or usdt
And if you have to use fiat; use

It’s Time to let the banking service and crypto currency fulfil their different roles

Upon trying out their wallet, they still require KYC but the upside on this is you won't need to fill up KYC requirements over and over again of you'd like to apply for different financial services from their marketplace. Besides that, your data will be saved locally to your device so your data would be safe incase of data breaches on their servers. It's pretty cool actually. The problem is massive adoption for this kind of concept might be hard because most people find the current system as just 'okay'.

crypto exchange site can be considered as a centralize entities too and i don't need to talk a lot about that. but you should not believe what already promised by selfkey. it was getting massive drop.
Im not even seeing an important or a good product that has already delivered. The only solution to fix this problem through implement what already called as decentralization and make the decentralized ecosystem.
The majority of the security branch and hacked cases happened with centralized system.

I think there is no centralized system that does not require KYC, selfkey also requires kyc, but the process may be faster, I think many centralized systems want to use a system without KYC in each of their entities, but we also have to understand, KYC is also important for building projects, apart from the KYC abuse problem.

Yes, selfkey still has KYC process but the processing would be so much faster. They have just actually added more banks in their marketplace. Imagine opening a real bank account overseas with just a few mouse clicks. I just hope more people would know about them though.

Visited their website.

https://selfkey.org/

Looks very interesting specially for entities who wanted to open a real bank account offshore.

I don't know about the legal ramifications though, specially the there are a lot of regulations coming around, FATF, travel rule, FINCeN. They are all over the place now and I'm sure SelfKey will fall under the definition of VASP so they need to be updated as well.

to deliver of more on service as use with the reference of access on connection to gains of users as experiencing use with work on finance from the team of development as the platform works on reference by the strategics decision of hacker and the inventor of projects as the platform on offers for the public audience.

Based on your topic, I think banks could improve more on transparency but I doubt it will ever be implemented. Banks are viewed as some sort of entity that has ability to hide secrecy among its clients.

I tend to agree. First things first, fully decentralized exchanges do not require kyc, so that bottleneck is cleared
Decentralized exchanges are basically impossible to hack or breach. Another important factor to consider.
Both crypto and banks are susceptible to breaches but at least crypto has an option with dex. The big question is can banks fully go into decentralization?

I have read news about selfkey, I see the integration of one wallet with a bank will get problems, one of which is a problem when they want to build networks in countries that have not legalized cryptocurrency, for example Indonesia, can selfkey wallets be connected to banks there? Selfkey may be useful in the 10 countries they have mentioned, but we know that not all banks accept crypto, and not everyone uses a bank card that has a relationship with selfkey.

The key to their improvement is to accept and begin to implement the blockchain technology. It will see a huge progress merging a modern day tech with a traditional financial sector, that's some big hit!!

The aspect in which banks could improve is the general approval of the adoption of cryptocurrencies.

I mean they have just launched it. I don't expect it to be widely used now especially that they're still starting out. Once people would be more open to this idea, i guess the effect would be massive.

you can't change anything about the centralized services such as banks, etc. all these new names that keep popping up and claiming they are making a difference are just lying because they are trying to only take a piece of the pie and make themselves richer by fooling people.
the problem is the fiat system that gets involved and brings with it all these KYCs and the nonsense of regulations that slow everything down. the only way to change it is to kill KYC and regulations which is impossible.

There are security issues in every industry, but it takes another level in crypto currency. I never hear that 10 companies that went to the stock market fooled investors and ran away with money. We need to integrate regulations to stop such issues.

If they are advised about how their system can be improved, would they take it? There is no single way except they are ready to leave that line of centralization to decentralization and that is how their services can really be of immense benefit to people, but it will indirectly cut their income rate a little which they don’t want because that is what all these financial service operators like banks are all about, which is the main reason why they don’t want to hear about cryptocurrency.

But, I believe that some blockchain experts would still be able to find a way where the interest of the banks can be protected while at the same time running a decentralized system that would make their users quite have the power over their money with them.

In terms of verifiable financial data which can be accessed by stakeholders/shareholders publicly at all times. This is where blockchain comes in and I believe having the utilization of blockchain in banking will offer far better transparency as well as ease of operation and improved productivity. It is only going to offer much more resources and better turn around time if introduced into the financial system.

I am trying to find the linkage between the title and the body of this post but nevertheless i must confess alot of improvement needa to be made mostly in terms of transparency of data. Most financial details in the traditional finance system are not verifiable hence the need to properly incorporate blockchain technology.

Violations that occur in the crypto industry often occur. And if talking about a security issue of course the Bank is the best because it already works with the government. Indeed this security problem should not be ignored. If cryptocurrencies are safer it may work with Governments, but it certainly won't be easy to happen. The government is still conducting a review of this technology.

If Crypto is able to work with the government, security for people using KYC procedures will be safer and have a guarantee.

True. And in order for them to be more accepting to this idea, the blockchain company that harnesses this use case must slowly build their track record for added trust to both banks and customers as well.

Its not like crypto has been breached in the way they like it. This is a tech and every tech has its own limitation. The one created blockchain is also human which I think can be also breach by another entity that knows how to do it.  Banks are more secured due to its system accuracy, blockchain however is being breached since some of the crypto enthusiast know some way to handle it. So people also might need to keep safe what sensitive data such as ptivate keys to their own cause it really can lose youre funds once fall into a wrong hands.

Privacy is one of the backlog of centralized system like banks and of course if someone has high authority and wants to see our personal info and transaction its definitely possible officially or unofficially that is why people preferring decentralized system.