Bitcoin Forum

"in just a few years, a younger generation of financial services users are going to into a bank and gain access to create ☑️ 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. The world need it.👌Banks need to start adapting or get left behind. So what do we all think about this

Article: https://cointelegraph.com/news/crypto-banks-are-going-to-swallow-fiat-banks-in-3-years-or-even-less

I don't agree they will totally replace the traditional banks like traditional banks will be gone on the market.
What I do believe is they will stay, even though there are some new ways of banking like crypto banks, these traditional ones will still stay and there are still some people who are comfortable using them and that's what people want.

How are they able to beat "the not your key, not your coins" with banks?

It is sort of an objective in crypto that you be your own bank so depositing in a traditional finance system is just not what crypto users are up to. Banks may offer those services but only a few may go to that system. They will need to offer big incentive fore that.

Traditional banks will adapt to crypto sooner or later. Some banks are already offering crypto related products. And more to come

I hope its gona be later than sooner. Bitcoin does not need banks. Banks needs bitcoin to steal purchase power from bitcoiners by fractional reserve system and money creation.

Money creation system - is bitcoin creation resistant? (https://bitcointalk.org/index.php?topic=5094088.msg49096584#msg49096584)

Why does replacement occur as long as cryptocurrencies are classified as an item in the list of investment accounts of banks?
The replacement will happen when people have the choice between using centralized transfers via banks or decentralization via bitcoin.

In general, this thing will happen easily or in the next few years. It may take ten years or more for that, but I expect in the end that we will have several systems instead of a central system for transferring funds.

That is ridiculous. Bank will just simply implement the cryptocurrency-related services instead of being replaced. What does "crypto bank" even means?


The public has been aware of the recent FTX insolvency and its contagion effect, most of the country haven't got rigid regulations in regard to ruling out cryptocurrency or tokens, especially a stablecoin. The whole thing is a pushy move, especially, the tone that the article narrated. The world doesn't need many useless tokens or cryptocurrencies that currently existed, even select the major ones.

They won't get behind simply because of it, do you even know what is the cryptocurrency market cap compared to others markets?

Strictly crypto only banks won’t replace traditional, fiat banking for a long time. Fiat banks that adopt bitcoin will happen in the not too distant future. Some big institutions around the world already have started allowing bitcoin investments for select clientele.

It’s going to take quite a long time before crypto rules the world. I’m not even sure it’ll happen in our lifetimes. It will happen though in my opinion.

We’re currently at the and then the fight you stage which could go on for a while. The elite aren’t going to give up their powers & make drastic changes without a fight.

Cryptocurrency can not totally replace fiat currency or CBDCs. Consequently crypto banks can not completely replace traditional banks, never.

Regulations on cryptocurrency are very limited and dramatically less than on traditional banks so we can not expect to see a same growth of crypto banks like traditional banks. It takes so much time when more and better regulations will be approved and applied in cryptocurrency market. Until that day, don't expect what you're asking.

We don't need such replacement without more and better regulations because  without such stricter regulations, we will only see more scam in cryptocurrency including crypto banks.

Their reign will be soon over because f the current emerging popularity of the crypto industry and they will gonna need to embrace the future technology if they wanted to be still on the list in the upcoming future. When people see how convenient crypto is, there will not gonna doubt about considering migrating to it and they will gonna leave those banks that were having total control of their money. Hence, this time we see that no matter how hard they try to spread negative information and doubts about the crypto industry, they always failed to convince the people about the reality showing that crypto is now becoming popular all over the world despite of its new emergence.

There's no crypto banks yet and probably, it wont happen because crypto works online and not the traditional way.
Fiat banks will stay no matter what, most of them already show their support to cryptocurrency and some are already using a blockchain technology so for sure they will not be left behind because they will not allow this to happen, imagine the total market of the banks, it will be hard for a country if they lose all their local banks, the government will not also allow this to happen. Crypto will stay as a crypto and banks will continue to serve its purpose.

I don't think it will be like that, crypto and banks don't look like it will happen soon, we know the government is playing a major role to make it happen, but until now it doesn't seem like crypto is widely accepted in banks, even to replace fiat which is the identity for every country . we don't know for the long-term development, but I think if it does, maybe generations after us. and currently I am personally only profit-oriented from cryptocurrency

It should be remembered that there are 2 elements of society where both of them will always be involved in cash and digital transactions. Therefore traditional banks will still exist to continue to monitor real finances and control the economy directly. But the government will also add another option, namely by building a digital bank with the same goal. In other words, CBDC is the most appropriate option for monitoring the movement of cross-border transactions.

In conclusion the government will always move before you say this here. Make no mistake they know how to control potentially distracting finances.

one thing that is impossible if banks provide access to invest in crypto, where the performance of banks and crypto is different,
even if there is a crypto bank it is only for crypto not for traditional banks

They have already to some extent.
Crypto banks are providing both crypto related, fiat pegged coins and fiat related banking services. They have interest bearing wallets, physical cards and the fees are getting competitive too. When you have cheaper fees and better interest and could deposit and withdraw on both crypto and fiat anywhere anytime, you'd use it.
Crypto adoption is something that's not spreading as quick as we thought but that could be due to the old coins which are highly volatile. Newer, quicker and cheaper coins would be the pioneer to a cashless and non-custodial finance of the future.

Yeah, probably soon.
Although there are operating banks these days that are open to crypto products to be added to their services. But I think that the traditional banks will remain as is and they'll still focus on the typical products that they do offer.
It's exciting to see that some focused banks in crypto will start to offer what the P2P services has been offered like lending with actual crypto and offering a collateral which isn't new in the forum.

I'm not sure there will be traditional banks that offer investment in crypto, because as we know banks, as well as the government, reject crypto.
banks cooperating with local exchanges doesn't mean they fully support crypto just as an intermediary maybe
So I think the thing that's not going to happen is crypto banks replacing traditional banks

Depends on what you exactly mean with "replace". If you are saying that traditional banks will go away and crypto will take over then I don't think so. Traditional banks will probably exist as long as the humanity exists because we simply need them. A complete decentralization in finance is not possible because there is a human element and humans make mistakes. There will always some illiterate people who can't use tech well enough and that's why they will always need the help of a centralized authority. Crypto is too perfect for them and since we cannot get rid of these people traditional banks will exist in the future.

Well, I absolutely agree that banks will either have to adapt or they will be left behind. Technology can't be stopped and life will continue to change. Those who continue to exist on the old terms will lose.

I don't think that crypto banks will replace the traditional ones. Most likely, traditional banks will be reformatted for crypto banks, because they have more resources and opportunities, although they will be reluctant to do so. Such organizations especially dislike change, which will be clumsy and slow.

I don't like the idea of crypto banks and I think that with crypto currencies, this is completely unnecessary for users. But to my regret, I expect that banks will still exist, and worse than that, they will have their own depositors. There will always be people who are ready to trust their money to others because they are not able to manage their finances.

I don't think crypto will replace traditional banks because not every has the knowledge of crypto,  Not everyone has a smart phone or even a laptop to get updated on crypto, if crypto is to replace traditional banks then I don't see that coming in the next 50years and on the other hand the government won't allow that because allowing crypto that is not regulated to replace or traditional banks might have a negative effects ofln the economy of that country as they will also loose the monthly or annual revenue they get from this traditional banks.

Aren't they the same as exchanges?

A custodial wallet that the owner of the crypto bank has full control of your own funds since they have your private keys.
Not your keys, not your coins, so basically you are handing your funds to someone that eventually might be controlling all of your funds. Not to mention the KYC on these crypto banks.

I don't think this will be a thing in the future but I don't agree having them for those people who aren't tech savvy, they might be their first victim if ever something's bad going to happen on these crypto banks.

Even though i would like the idea that banks that are running on the blockchain will replace tradiditional banks, i have a hard time that this will happen in my lifetime to be honest. Back in 2018 or so i took part in an ICO of Mt.Pelerin, this is a swiss project that also had the goal to create a bank that is running on the blockchain and the reasons for that made sense to me. You would have significantly less fees and costs for the bank because everything would work automatically because of smart contracts and the usage of blockchain.
Because it was a swiss project they have to proof that they have a lot of money as reserves in order to be eligible to create a bank though. So it is still in the works at the moment.

For now that will not happen. Crypto can't replace it take the traditional banks for now because we cannot do anything without the traditional banks in some countries. Mostly those countries that do not accept BTC need the. Fiat currency for exchange of goods and services. After p2p then you have to sent it to the Fiat account and use it to buy the local commodities.

I'd like to think for the sanity of crypto a big no.  The whole point behind the crypto experiment is to be your own bank and not rely on greedy 3rd party institutions like we have in traditional banking.  I mean if ypu are just going to use a bank for your crypto what's the difference between fiat and crypto???

Have read topics of such before already and I'd say the same answer. Cryptocurrency will never replace fiat based institutions as well as fiat itself simply because not all people are into investments and governments on the other hand aren't all into price volatility even if it could be profitable. They won't sacrifice their image to something they won't be able to tax regarding daily transactions. What's more likely to happen is to both industries to co-exist and to be used by people if not on daily transactions but for other purposes such as engaging with online platforms and such. Even if more countries would adopt this technology in the future, there's a high tendency that same thing will happen; that there'll always be people to prefer fiat over crypto.

My take on this is, just be grateful that we have crypto market today where you can get financial services.
But yes, thinking of replacing the fiat banks. I don't think it will be happening in our lifetime.
Even most crypto users still need the services of fiat banks. And they are utilizing both markets to their advantage.
So nope, at this current scenario, I don't think crypto banks will replace the traditional banking system anytime soon.
There's too much at stake eliminating fiat/traditional banks. Even the government won't allow it.

I guess in the far future. I have high hopes on what crypto can do but as we see the situation today, I currently don't see crypto will "replace" traditional banks knowing that banks are purely centralized and we crypto are fan of decentralization which is the opposite of the concept of banks. We are our own banks and yeah before we replace banks with crypto banks, We need a interesting concept that is capable of what banks are currently doing right now. There are bank users that hates crypto for certain reasons and it's hard to change their mind about it. I estimate that we need 1 or 2 generation till most of us accepts cryptocurrency on being used daily.

Maybe in the far future we can expect the development of crypto bank. For now we can expect crypto bank coexist with the traditional bank. It looks like, already few banks have begun to operate along with cryptocurrencies. As mentioned bitcoin is being innovated to eliminate the banking, but coexisting looks like a flaw. However to reach the bottom level of the people, it is the banks that can help in this regard.

Traditional banking will adopt the blockchain technology but I doubt with cryptocurrency, they still consider this as their competitor so it will be hard for them to fully accept it, maybe if there's already a regulation from the central bank then that is the only time for Banks to accept crypto. I think bank will accept a deposit account with crypto in the future, this might be their biggest adoption but so far we are still far from this. Banks will stay along with cryptocurrency, we can have a better financial system if they both exist.

It all depends on every government in each country to accept crypto as a solution to their financial problems. But if a government disagrees with crypto, it will still take time before the bank can implement it in that country because the government still believes in their methods. Even though the bank has to adapt to the current situation, it is not easy to replace a system that has been running for decades. So it seems that it will take some time to see massive adoption of crypto in banking in all countries.

Crypto banks will not completely replace traditional banks. Although the encryption industry continues to be popular and more and more people use cryptocurrencies, there will still be some people who are willing to use the traditional way, and banks will still stay to provide services according to people's needs.

I think there will be many encrypted banks in the future, but they will not replace traditional banks. As far as I know, there are many types of banks in many countries. It is convenient for people to operate. Many people are still used to using fiat currency for everyday purchases. The two can develop without interfering with each other.

States and their governments will not accept cryptocurrencies as a solution to their financial problems. Cryptocurrency can walk in the state along with the national currency of states, but will not replace it. States will not work with a currency over which they do not have leverage. Therefore, cryptocurrency banks will not be able to replace the existing banking system of states. These are completely different financial assets for servicing the economy and crypto banks are not suitable for this.

Bitcoin is much better than the dollar. Bitcoin stands for freedom, and Bank = slavery.
Bitcoin’s blockchain does what it’s supposed to, which is to be the future of money and implement a decentralized monetary system.

But history always repeats itself ... The people repeat the same mistakes.

NO.
It is too early to do that. Even if it is probably, it needs very complex and will face very difficult situations. The chance is very small to replace traditional banks. As we know, traditional banks or banks are not as traditional as we think. They are right now also developing their best features, they have also digital money and also online mechanism to access the bank account. So, we can still do many things to our bank account by online, not always visiting the bank offline. They are controlled by the government and I am sure that government will never let to be replaced by crypto banks. Banks will commonly need regulation. And if you mean the decentralized exchanges, as we know, not all people are closed to this crypto business. Although there may be a huge development of people who know and interact with crypto, it doesn't mean that the purpose is to replace the banks themselves.

I'd rather see crypto go alongside national currencies and cover the weaknesses of national currencies than have to replace them. This allows the government to participate in their own crypto projects and maybe they also help their citizens in the economy with their crypto projects. Maybe crypto banks are just for individuals while the government still has a national currency to run the economy and give freedom to its citizens to have crypto investments. But I don't know much about economics, so I didn't think much about crypto banks replacing traditional banks.

Don't need to speculate crypto banks will replace traditional banks, first I want to know which country is accept ETH and BNB as legal tender? and does all country in this world accept Bitcoin or at least being in grey area?

The answer is No, which mean there's no country trust ETH and BNB aka altcoin, also there are a lot country still ban Bitcoin e.g. China, North Korea, etc. I don't expect crypto banks will replace traditional banks in the future because all people still use fiat to pay daily expense.

Crypto is still being debated today. whether it be international or national. in fact, not everyone knows how to use crypto, hence the traditional banks are here to stay. in addition, not everyone supports crypto developments, and is more likely to choose traditional banks over crypto.

Traditional banks are currently controlled by people who are also quite advanced in technology. when they feel that their potential is sinking, they can support crypto developments but not kill their traditional banking system. so they can tap into the potential of consumers within the crypto camp, as well as traditional banks. however progress and development of crypto, I think that it will not be easy to replace the position of traditional banks, especially now that there are still very many people using traditional banks or even they are more dominant in using traditional banks compared to crypto.

I don't think crypto banks will replace traditional banks, especially when crypto is proven to be unstable at times. Fiat currencies are still relevant these days, so don't expect traditional banks to go anywhere soon. The few banks that are providing crypto services to its customers are only doing it to take advantage of the situation. But that doesn't mean crypto will eventually replace Fiat in the long term. Most (if not all) banks see crypto as a threat to their very existence, so they will keep Fiat afloat no matter what.

Crypto doesn't need banks to survive anyways. After all, Satoshi created Bitcoin to be an independent currency anyone can use worldwide. It was designed in response to banks' malpractices with the mainstream economy (debt, inflation, etc). If BTC was created to fight banks, then why would any bank adopt BTC or any other cryptocurrency in the first place? I'm waiting for the day when decentralized cryptocurrencies beat banks for good. I know this is very unlikely to happen right now, but it could materialize in the future as mainstream Fiat currencies lose people's trust. Rising inflation rates and governments' inability to handle national debt will lead us there faster than you could ever imagine. Who knows what lies ahead for the entire crypto/Blockchain space? Just my thoughts ;D

It will never happen, while I am optimistic about the long term success of this market, banks are not going to remain static while they lose their customers to a competitor, and they will do what they always do which is to adapt, we are already seeing this as banks are now offering investments in different cryptocurrencies and even the ability to store your coins with them, and while this is only a small part of the services they offer it is obvious that as this market becomes more dominant banks will increase their exposure to it.

Even now, traditional banks are not as traditional, they have also developed their technology so that it greatly facilitates banking transactions, unlike before. And this makes them able to compete. but indeed, control of money in your bank belongs to the bank and it takes some administration if we want the money. And government control in banking will never disappear as long as the government exists. And I'm sure that as long as the government exists, they won't let other things (crypto exchanges) take over banking under their system, because they realize that crypto exchanges are difficult to control. This relates to many things including state income, taxes, and so on. Even though we know that banking actually belongs to a major power in the world. So, I doubt that crypto banks will replace traditional or fiat banks. If they are accepted, crypto banks will be an option, but not for replacing.

The tasks and principles of operation of crypto-banks and traditional banks differ from each other, and therefore crypto-banks cannot replace them even in principle. Cryptobanks and conventional banks may well coexist and in a certain way even complement each other. Yes, and I do not see the point in striving to make such a replacement. It should also be borne in mind that states would not allow this, even if such a replacement would be possible.

If that happens, don't expect crypto banks to be centralized and non-custodial. No one will allow full control of their money. Such crypto banks will become fully centralized and custodial because they need control over their customers' money. If there is no control and full freedom of action and decentralization is implied, there will be no replacement, as the banking sector and governments are not interested in such libertarian views. Only control, only centralization.

I think banks will always exist even though many people know crypto and are widely used everywhere, but crypto still won't replace fiat, but most likely banks can adapt to crypto, so bank products can be side by side with crypto

I don't think that will happen with traditional banks, there is no possibility to be replaced by these banks even though there will be parties who are pressing.
How many years will it take bank customers to adapt to the crypto industry (CRYPTO BANK) if traditional banks are replaced?
Meanwhile, if there are traditional banks replaced by crypto banks, it's only in developed countries, in my opinion.

I don't think there will be any changes and one will replace the other. This is a different kind of banking and crypto investment. Rather, some kind of merger and interaction is possible. We still use banks to sell cryptocurrencies for fiat

I'm not sure if crypto will replace traditional banks. taking into account that traditional banks are controlled by the government, and many people tend to prefer traditional banks to store their money over crypto. Plus, if a problem occurs, it's easier to deal with it when using a traditional bank than crypto. So, I think traditional banking is still a very important need for society.
Where I live, very few people use crypto, even they tend to be careful when they hear the word crypto. that's because they don't know much about crypto, as well as their tendency to use traditional banks as a place of storage compared to crypto. however, I think we still need traditional banks. Moreover, the safety is guaranteed by the government.

This topic was made in January and then we began seeing news of the banks collapsing in march, which means this post predicted what will happen to banks correctly. Banks are outdated and soon people will stop making use of them.

Everything the banks can do, we no have digital apps that can do them better, our money is not even safe with the banks as they can get missing from the banks servers getting attacks through hacks or the banks collapsing.

Banks that were useful for saving and taking of loans will soon go out of business as we now have decentralized application that can offer that service to you from the comfort of your home.

Honestly cryptocurrencies like now acts like stock, it's just being largely used for investment, some even call it commodities, I doubt it could ever replace bank, meanwhile i'm sure majority that invested in crypto would still actively use their bank so no, it will never replace that even in the future.

Most people see crypto as an investment tool. Not as a currency you can use for daily payments. This sentiment is what prevents crypto/Blockchain tech from achieving its full potential. If people started using crypto as currency, banks' existence would've been threatened by now. Unfortunately, that's not the case. Thus, banks will only grow bigger and stronger over time.

Don't expect crypto to go anywhere soon, especially when it's decentralized. It can never replace Fiat this way. I'm fine with that as long as crypto fulfills its promise of bringing banking to the unbanked. You can be your own bank with crypto anyways. So why care about traditional banks subject to corruption and manipulation? Just my thoughts ;D

I don't think crypto banks will replace traditional banks. Because there are still many people in the world who have very little knowledge about crypto. But crypto banks and traditional banks will run side by side and young people will be attracted towards crypto banks. I think almost all central/state banks will adapt crypto in this situation.

From what I know, right now many traditional banks adding their massive digitalization which means people can easily make a bank account and transactions online rather than coming to their office and crypto banks won't completely replace traditional banks instead crypto banks probably will have a partnership with traditional banks.

Definitely not the Crypto Banks cannot replace traditional banks. Traditional banks may adopt the crypto currencies and it's technology but most of the people would still prefer the traditional way savings and transacting money. Even though Crypto Currencies evolve for more than a decade now a lot of people doesn't even know how to use and transact with it. A lot of banks also doesn't honor or accept crypto currencies as source of funds. Just like here in our country, Banks do even scrutinize where did the source of fund came and if they learned that it came from crypto they will definitely turns you down.

I don't think it's entirely clear that traditional banks are replaced by crypto banks, and what exactly is meant by crypto banks?  Are they centralized exchangers? If that is the case then I would say that the bank system is still in a much better position than this centralized exchanger system in terms of security, because banks are governed by different laws of a country state that provide security of money to consumers. So I'd say it's too late for the banking systems to be replaced by crypto banks, or I don't see anything good in between.

You wanted to say Securities and digital tokens, Crypto is far from been a commodity and they are nothing really like stock except for some project that try to immitate stocks by bringing their features in token supressions by giving dividends to their investors that hold their tokens, and even with that, there only exist slight similarities within crypto and Stocks.

The failure of cryptocurrencies particularly the Altcoins are so great that it will be tough for people to embrace them today. Things may change in the future, but I don't think they will now. Cryptocurrency is still too young to replace traditional banks.

I can't say for certain but the likelihood of this happening is very high, Crypto is becoming well-capitalized and the quality  of people joining the space has improved significantly recently, all we need is a Government that will indeed be Crypto-friendly that will open some of these difficult doors that are unreachable before and also a Crypto_friendly regulation that will guide us into the future, if/when this happens the traditional banking sector is there for taking

Apart from bitcoin, all altcoin projects are created with the aim of selling tokens for profit, if it is not a commodity then what is? And we are here to speculate and make more profit than to use them as a payment method, so I think cryptocurrencies should be classified as a commodity in the future.

No matter how cryptocurrency changes in the future and what it will become, whether it will replace traditional banking or not, all decisions will be made by the government, we have no right to decide.

That is interesting, do you have sources for this? Would like to see.

I agree with you that soon crypto banks will begin to replace conventional banks, which today do not provide reliability in storing funds in a conventional bank, since banks currently have the opportunity to become boncrots and the money does not return to the owners, therefore it is worth keeping in a crypto bank and transferring money to crypto money

I think it could definitely mesh together. Traditional banks are already evolving into digital banks. There are so many banks in the world that are purely digital and do not even have anyone that works for them in a shop, they are purely digital and that's it. Add the xchange mindset there, like be able to store bitcoin into something like that, you can have any fiat you want but you can have bitcoin and maybe eth in there as well? That would be something awesome to see and I would guess that there won't be a need to replace anything anymore.

This would be a solution to banks, they can continue to support crypto and they can make a lot of profit from it as well, should be able to provide a lot of profit for the banks we know right now.

Crypto banking is supposed to make things easy for community but banks make it complicated so average users hesitate to join new ecosystem. Solution is to merge both systems together on the traditional online banking so everyone can take advantage of the cheaper, faster transactions, IMHO. As explained on the thread, if banks can't beat the crypto banking they will surely join and adapt new ecosystem.

And it remains an option for us to choose the system/banks that really give us the easiest way to approach and can't deny that crypto banks is somewhat more technical than traditional banks. That is why those who have no knowledge about it will surely be choosing traditional banks as they seem comfortable being there. So I guess it was not necessary to fully adopt crypto banks while there are a lot of individuals that are incapable of using them. May soon crypto banks user will increase but this is not enough to stop traditional banks from their operation.

We are always enthusiastic about the future of bitcoin. However, it doesn’t mean it’s gonna be the way we expecting it today. For example, total take over and replacing bank is just imaginary thought. Remember it’s nothing like if you don’t like orange then just switch to apple juice kinda thing. Isn’t it? We are talking about replacing entire hundred years old banking system. It’s deeply sited in everyone pocket and bitcoin is anyway has out reach to only few millions of users. It’s nothing compared to global adoption of traditional banking system. That’s a period here.

It is not about knowledge but mostly about necessity. Crypto currency services are more popular in markets and societies which cannot longer trust their own FIAT or banks, so they seek for alternatives in exchanges, which are the closest thing one can find alike a bank for Bitcoin and altcoins on the internet.

Think of someone living in one of the developed countries, they would have no relative reason to move onto crypto, because they already have banking services which provide them with most of the things they think they need. That is not the case in Argentina, Nigeria and Venezuela. Places with big crypto volume and adoption in their own regions. Something very serious would need to happen to the main FIAT of the central economic powers for their people to move even faster into crypto, prompting the creation of crypto banks and treasuries.

From a "hodler's perspective", I don't think it's good idea to trust banks with your crypto. You can easily get your funds frozen or confiscated by the government. It greatly defeats crypto's original purpose of "eliminating the middleman". Banks are quickly embracing the digital world, so I wouldn't be surprised if they offer crypto services to their customers, especially if they want a "piece of the pie".

If banks take this step, governments will surely regulate them with an "iron fist". Self-custody always wins when you want to avoid the "headaches" of the traditional banking system powered by Fiat currencies. But I'm sure most people will choose a crypto bank for convenience. Who knows where this will lead the industry in a few years? Just my opinion :)

The bank can exist by adapting the new tech. Crpypto can be easily adopted by the bank if they want. People are always talking about removing the traditional bank while they will always need fiat money if their environtment has not supported yet the cashless transactions.
It's still making everything much more easier when it comes to the our real life.

Being a die hard supporter and being that optimistic towards Bitcoin isnt really that bad but of course we should really know on whats the real purpose of Bitcoins existence? Which is in making ourselves to be our own bank which means that we dont really need about those crypto banks or whatsoever because it would be still falling down into the criteria on which it would be still that centralized which means it is really that opposing
the overall meaning of its existence if we do touch up this one.Also i dont see traditional banks would cease to exist because as long government does exist or centralization is present then
these institutions would be staying up and would not cease to exist no matter what.

That is the number one thing that newbies need to learn. I mean we expect so much from bitcoin, but we are willing to wait for it as well. I just buy bitcoin whenever I can and after that I just end up waiting for it to grow, doesn't matter if it grows in a day or in a decade, I will just wait for it.

Most newbies hear or see news like this and then they end up getting to a level where they just hope it grows during this summer, that's it, that's the furthest they can see and if it doesn't they will consider that as a big disappointment. I hope that they end up learning more about it and do better because it is important to keep doing something like this. This doesn't mean that we should not be seeing any improvement these days, but it is not a must.

In my own perspective Traditional bank cannot be replaced by Crypto bank. Traditional bank can upgrade their services and add up crypto services in their product portfolio but definitely will remain as traditional. Up to date a lot of people doesn't even know how a crypto currency works they have no idea on how to use and transact with it. That is why most people would rather use the traditional bank. It would take a lot of time to educate the people when it comes to crypto currencies.

Cryptocurrency must exist and will exist in parallel with the fiat system of states and their banks. If banks will provide certain services in cryptocurrency, then this will be selective and will not prevail over fiat.
  The current banking system is not going anywhere and will exist as long as there are states, because the banking system is part of the state system of power.
The transition to digital technologies has already affected the banking system, but this does not mean that banks will use cryptocurrency more. An example of this is the mass introduction of their CBDC by banks.

There is never enough of anything to satisfy everyone.
Newbies prefer a lifestyle with easy money and success without effort.
The longer I’m in this game, the more I understand the only way to hold BTC is to a cold wallet and forget it.
Fixation of daily or weekly prices and news will only add to anxiety and neurosis.

crypto will not be able to completely replace the utility of banks, because banks are still far superior to crypto in various aspects, crypto's biggest challenge to compete with banks is regarding market stability, crypto prices are so unstable that it is impossible to replace bank positions

when it comes to replacing traditional banks with the Bicoin system, it will only be a pipe dream for now. There are still many who don't like Bitcoin and even prohibit bitcoin for any transaction. Crypto becomes decentralized and will not be regulated by anyone. This is what the government is afraid of, not control over Bitcoin assets.
But is it possible to replace it with Bitcoin in the future?
Whether or not it will be a good opportunity, Bitcoin also has the support of various parties who have some authority that we cannot reach.
Bitcoin and traditional banking will coexist when one needs only to use its services.

I don't understand why people are asking such question as the probability is still low at this point.
We should be grateful as to what this market achieved so far. So don't aim for such major change in the financial system.
Traditional banking system won't go anywhere but they will possibly upgrade their services adopting the digital era.
Actually, we are already seeing them in the digital scene, offering their online apps and other online services.
For now, enjoy the services offered of both systems. And being here in crypto, take advantage of what it brings to you.

I think it won't happen because we live in a country that has legal and financial foundations,
we know that cryptocurrencies are predicted to be the currency of the future,
but banks also have an important role for the country,
so making crypto banks to replace traditional banks is that is unlikely unless they adopt blockchain technology and that is most likely what will happen.

Top 20 coins won't even guarantee anything. even if you scaled it down to the top 10 coins it still doesn't have the potential to go up 100x. Only altcoins that are hype or types of altcoins that will only be abandoned eventually. Buying altcoins with the hype upfront is very risky if you don't make early profits, it will end up being a losing spot for many who enter towards the end of the journey. There is only some luck or going to get a loss will not even be worth it at all.

It's not that "banks are still superior to crypto". It's just that the whole world still goes around Fiat. The majority hasn't abandoned the traditional banking system in favor of crypto/Blockchain tech, so expect further volatility down the road. Once the world adopts the "Bitcoin Standard", things will never be the same. At least, that's what many of us hope for. But there are centralizing forces at play that will prevent banks from losing ground anytime soon.

Crypto is decentralized, so it's highly-unlikely it'll replace banks in the future. I'm fine with that, as long as I'm able to enjoy true financial freedom in the long run. Just my thoughts ;D

I want my bank to support both crypto and fiat assets. Good that services like XGo are starting to appear and offer just that, and range of other services like virtual bank cards and wallet ID.

I think crypto will not be able to replace banks, for now it sounds very unlikely, because there are still very many drawbacks of crypto that cannot outperform bank utilities, but we don't know what will happen in the future, maybe later crypto can really stabilize and replace banks

I don't sure with cryptocurrency will replace traditional Bank because many countries still not legal using Bitcoin and seems impossible for replacing bank function. There are fewest countries have legal Bitcoin as payment transaction like El Savador and how possibility for cryptocurrency will replace from Bank function, I think have difficult when bitcoin will replace bank function because many people can't pay loan if using Bitcoin because high and lower price make it difficult how to repay loan. Cryptocurrencies have many good advantage but can't replace bank function at the future indeed 10 years still one or two countries have been legal bitcoin as payment currency transaction.

It will not happen now of course, There are so many speculation about bank being replaced by cryptocurrency and there are even projects that aimed to replaced banks but none of them succeded because it's currently impossible to happen right now. Maybe two generation a head from us it might happen. It's hard to eradicate a centralized system because powerful people are controlling it and people just want to have an easy way to store their finances. Currently, Cryptocurrency can't really go on par with the trust that most people have in banks. We are educated with crypto and we know that it is far better than banks but most people are not really aware of that.

While cryptocurrencies have the potential to disrupt the traditional banking sector, it is important to note that the success of this transformation will depend on factors such as regulatory frameworks, technological advancements, and widespread public adoption. Nevertheless, the continued growth of cryptocurrencies and their underlying technologies could significantly reshape the future of finance, challenging the status quo of the banking industry.

Additionally, the current banking system functions optimally primarily in the EU and US markets. Across the globe, the situation varies significantly. It is anticipated that the EU and US may face challenges transitioning from the traditional banking system to a cryptocurrency-based system. However, for the rest of the world, where the banking sector has yet to fully develop and function efficiently, adopting cryptocurrencies could be a smoother and more straightforward transition.

I do not think that such a replacement is possible at this stage of the development of the banking sector, since crypto banks cannot fully perform the entire list of services that are inherent in traditional banks. The situation looks more real when traditional banks expand their list of services related to cryptocurrency.

For now, it is still very pessimistic that crypto banks will replace traditional banks. This is because the support from some governments is not the same and some of the regulations given also do not fully support crypto. So to be able to compete and replace traditional banks is still impossible. Crypto is still quite risky to be used as an asset to replace Fiat because of its high volatility. But the advantage of cryptocurrency is of course that there is no supply that can be added, transparent, and decentralized. And the main problem is, governments don't like decentralization, because there is no full control, they certainly stay away from it.

That is some unrealistic prediction to be honest. I don't think crypto banks will replace traditional banks anytime soon. Maybe after two or three decades, but not yet. Most people still rely on good old fiat currency, and lots of people are still hesitant to jump into the crypto world. Crypto currencies got its own set of problems too, like scalability and fees. Just imagine if everyone started using Bitcoin – the network would be swamped, and the fees would go through the roof! I would say, it still got a long way to go before it can truly takeover and replace traditional banking. But yeah, in next few years, we might be seeing crypto and banks being used parallelly.

Sometimes, we may be very optimistic with this, with the power of crypto. But this may be difficult to happen. Moreover in some certain countries. Replacing banks is soemthing that is very difficult, except that the country in on the bankcrupty.

But, as long as the banks are following and developing to provide much advanced technology and services, I am afraod that this will be exactly difficult to replace. Because banks are power, even big companies may not be able to replace banks.
So I don't think it will be soon happening.

Banks keep disappointing their customers all the time. In my location, banks have become the enemy of most people, the situation is so bad they will prefer personally saving their own funds using the local piggy bag.
I won't be surprised in the near future when crypto banks will replace or have the majority of users than traditional banking systems.

traditional banks will still exist even though crypto banks are present in the midst of changing times, I think traditional banks will survive and always have their customers.
As for the presence of a crypto bank, in my opinion, it will not affect banking that has been running so far. I myself want traditional banking to remain intact, and continue to improve with innovations that are owned according to the conditions of the times

You raise a valid point, and it's essential to consider that the transition might not be an all-or-nothing scenario. The most probable outcome would be the coexistence of traditional banks and crypto banks, each catering to specific financial needs and services.

I think that with the introduction of CBDC many banks will disappear, only large state banks will be left to regulate all citizens money, as is already practiced in China. If cryptocurrencies prevent this, governments will try to ban it, as China has tried to do again many times. So yes, banks will never go anywhere.

You must understand the difference between a planned economy, which is inherent in China, and a market economy, which is inherent in the civilized world. Accordingly, the situation described by you can only happen in countries where a dictatorship is in power.

This has been discussed many times, if banks are determined to stick to conventional transaction channels, then they will gradually be left behind with the speed level of digital transactions. Maybe there are still people who continue to use transactions at conventional banks, it's just that customers will experience a drastic decline. Therefore it is important for banks to upgrade with a 2 side by side system. Where they support digital transactions and also support conventional transactions. So as to create stability in running the financial system that keeps up with the times.

The role of banks in each country will depend on the nature of that country's CBDC. If the CBDC is run more like USDC, then banks will continue on like they are now, just using tokens. If the CBDC is centralized like e-CNY, then banks will function as storage solutions for crypto and offer investments. Either way UTNP and XRP will do well.

It is not likely that traditional banks will be replaced by crypto banks. Instead, banks can start providing crypto services. Currently, crypto adoption is not at a level where traditional banking can be replaced. Additionally, many countries are developing their own Digital stable currencies, which they may use instead. Alternatively, banks may start providing/using cryptocurrencies like Bitcoin, Ethereum, and BNB, but it is too early to say. Most countries are considering regulating the crypto industry by imposing high taxes. Traditional banks are not going anywhere.

Actually, maybe it depends on how one looks at it, but keeping money in a local piggy bank will also eventually go back to traditional banks. or not doing something like this actually still requires a traditional bank.
The reason is quite simple, when money is kept for a long time and when there is damage and money that is no longer being produced, it will still go to the bank to exchange it, so believe it or not, doing something like this actually still needs traditional banks.

As for conditions where crypto is currently experiencing quite good developments, but in my opinion things like this still won't make any conditions change.
The conditions are quite simple because indeed seeing from whatever the intent of crypto is clearly not for that, the bank's interest may indeed decrease but when it comes to changes to be honest I doubt it.

CBDCs will only make banks bigger and stronger than ever. That's because the new digital cash system will give such financial institutions the ability to easily manipulate the supply, restrict people from accessing their funds, among many other things. CBDCs will eliminate privacy on Fiat currencies for good, as every transaction will be visible by both banks and governments through a digital ledger only they can control. Existing banks may offer crypto services to their customers, but that doesn't mean crypto has won in its battle against Fiat. The former (crypto) will always remain an alternative to the traditional banking system because of its decentralized and censorship-resistant nature.

Governments don't like something that's outside of their reach, anyways. They're only "adopting" crypto/Blockchain tech because of the taxation benefits. Who cares anyways? As long as crypto does the job its supposed to, there should be nothing to worry about. Just my thoughts ;D

In some third world country maybe. But there's no way crypto banks come even near to regular banks. You might be able to buy cryptos from regular bank and hodl but i am willing to bet that they never will allow crypto deposits or withdrawals. There are too many regulatory problems they will have to overcome before that.

And that's one of the main reasons why crypto exchanges are avoided by majority. If you can withdraw crypto it will attract hackers.

There will literally be no point in having cryptocurrencies if you give them to a bank to store them for you know they won't give you access to your private keys and your assets will be totally under their control. It's better if you just keep them yourself in a decentralized wallet where you have access to your private keys and only you can access your funds.

Regarding crypto banks replacing traditional banks, the world hasn't reached that position yet, there are more fiat users than crypto users in the world right now, and the systems that have been running for centuries won't just vanish so easily.

The whole purpose of crypto is to "be your own bank". Like you've said, I see no reason of giving custody of your crypto funds to a third-party. Banks will never give you full control of your coins, the same way centralized exchanges don't. I think only newcomers into crypto will find "crypto banking" appaling. The rest will either use a CEX or practice self-custody of their crypto funds.

Mainstream governments are cracking down on crypto/Blockchain tech real hard, so it's likely "crypto banking" will disappear in the future. I wouldn't worry about this, as long as crypto remains decentralized and censorship-resistant. Just my opinion :)

In my country P2P is the only means of exchanging crypto to fiat thus traditional banking system is the only alternative source of fiat service provider for now, majority of cryptos traders and investors rely on Binance P2P for their daily transactions in which their bank accounts is linked with their Binance P2P account for swift transfer of fiat, I don't think there is any need for establishment of crypto banks when one of the feature of Bitcoin is store of value which means any crypto hodler has the ability to save or hodl their assets securely with access to their private key without any third party.

A generation of young talents like SBF from FTX, for an example? That is what they promise, but what they deliver is very different... ;)

Like the scammer Mashinsky from Celsius promised to his customers. These are all empty proposals. Unfortunatelly, without a centralized body regulating and protecting customers through rules applied to entrepreneurs, crypto banks will end in scandals.

Without such rules the only alternative is that each crypto enthusiast keeps personal funds under his personal custody. Since it's not going to happen soon, I don't think crypto banks will replace the traditional ones.

Dubai banks performed well in this aspect. There, a separate sector of the crypto market is dedicated. Even against the background of the growth of bitcoin in 2017, the sheikhs saw a real prospect. But despite this, the global banking system is not yet fully ready for a full transition to crypto.

The financial landscape is changing at a dizzying pace, and crypto is definitely a game changer. With the emergence of blockchain technology and decentralized finance (DeFi), traditional banks are facing stiff competition and it is not surprising that the younger generation is demanding more choices and flexibility when it comes to their finances.

I think the truth is we don't know for sure what will happen in the future, but it is clear that crypto banking is on the rise. As the saying goes, "adapt or fall behind." So traditional banks better start their crypto game if they want to keep up!

I must be missing something. Can you explain to me how a crypto bank would be different from a normal bank? I understand that the principle of any bank is always the same - deposits and interest on them, loans and other things. But after all bitcoin and cryptocurrencies were created to avoid banks. Not your keys - not your coins.