Bitcoin Forum

I know that a lot of people think "I can save my crypto's on my own with a ledger", but is that really the way we have to go? The idea behind Crypto Banks is to have a decentralized platform that can carry out all of the same functions that a traditional bank can without the need for a mediator.

But lets cut to the case, why this thread/question?
I've seen a pretty nice article about ATRONOCOM ( https://coindoo.com/crypto-banking-the-future-of-personal-and-business-finance/ ) with so to say chewed up informations about Crypto Banks, and i want to know your opinions on Crypto Banking also because there are a lot of Crypto banks that are trying to make a new platform/product. Should we start chasing them ???

A decentralized bank? Banks are meant to be centralized and AFAIK there were already few of them that operates now. What will be the purpose of crypto banks? we can save our own crypto's with our own wallets. In some of their service, they lend money so that's going to be one of the feature that they can offer? lending crypto's to their clients.

I expected the ledger comment but not as a first pick :D
From my point of view the main advantages are security and accessibility( banks have to give you debit cards) which you dont precisely have with a ledger
And yes i know that there are already a few crypto banks out there, but the hype for Banks is just starting, there is still time to catch up on that train

Lending platform will always become the worst platform, i remember so many people have been getting scammed caused by all of their money that already sent to the bitbond platform got defaulted by the fraudster. that's a very bad idea.

bank crypto is a concept that is difficult for the crypto community to accept today. I don't think this is a bad concept, it's just that many projects that have this concept fail because of difficulties finding users. the crypto community today still believes in traditional banks, so it might be too fast for a concept like this now.

If you are okay with it or not but crypto was designed in such a way by keeping it ourselves and transaction on own own so there is no need for an idea like crypto banking.This is just a shit of making centralized payment system via decentralized currency.

Sooner or later Crypto Banking will become part of our lives, no one can stop this, it;s on the way

The idea itself is not to bad. But! On the other hand it breaks the very concept of cryptocurrencies and the purpose of their creation. Why in the world do we need bank when cryptos have been made exactly to avoid it. To get rid of banks and begin to use private money by p2p transactions - fast, secure, anonymous...And now banks want to dominate this new and awesome instrument by implementing it in their platforms)) What for I wonder?

I think in future we will see an era of crypto banks where traditional banks will loose the race and crypto banks will dominate as slowly but surely all the governments around the world are accepting and legalizing crypto and blockchain products so its about time we will see all important niches, businesses and industries upgraded to blockchain tech so why not banks.

A crypto bank makes no sense whatsoever. Banks are intermediators between two persons who want to transact with their money. While the very basic idea of the blockchain and cryptocurrency world is to eliminate on whole the need of a intermediator and process P2P transactions directly from one person to another. If we come with a crypto bank then that bank would have full access to your wallet and keys. Which will destroy the fundamentals of crypotcurrency. Yes, there is just one case in which bank could serve a role and that is merely acting as a regulatory institution but that too would require you to provide the bank with all your credentials which will once again not agree with the idea of crypto.

You are right... Fast, Secure, Anonymous - this used to be the concept of cryptocurrency.
But the way cryptocurrency is moving forward, it will be centralized someday sooner, definitely.


I can see peoples are talking a lot about Crypto Banks nowadays. I'm not supporting it by any means.
The first thing to know about Crypto Banks is, will they be decentralized? If so, then how? If not, then what's the difference between traditional Banks and Crypto Banks?
Secondly, if the purpose of Crypto Banks is to offer the same services already offered by different companies then what is so unique about? Cards, lending services are currently available by different companies now.

Many ICO projects worked on the idea of crypto banking telling us that it will replace traditional banking but most of these projects are no where to be found again and those that are still available are yet to bring the idea into reality

I guess banks will also exist when the crypto is the main currency. Because, banks are not only present for send money. Banks also provide credit services to people, and it will also be possible with crypto.

You're somehow wrong because the crypto currency community of this days don't believe in traditional banks which was the reason for Bitcoin creation right from the get go. Do you know how many individual that money in the bank account which they decide not to use for 12 years and what the bank could provide them are stories instead of the fund inside the account.

To answer the OP question, the reason why crypto community believe we don't need a crypto bank is because the projects involved in crypto banking havent proof their genuinely and they don't bring something new which will convince the community

It's not a platform but it's more of another feature of the bank that allows their clients to borrow crypto's. And it's up to them on what will be the payment method. If they want to get paid base on USD during the time of borrow or same crypto with the interest on it. I think this is going to be the sole purpose of crypto banks. I'm aware that most of the lending platforms and projects that occurred lately were too dull and didn't get that attention although few of them emerged and gain popularity.

if digital currency and cryptocurrency has become common in real life. with large funds banks will easily change their business direction to become digital financial service providers. this will make it easier for anyone to invest in saving and even loans. I think it will be very easy for traditional banks to adapt to cryptocurrencies and connect with global blockchain and provide services at a low cost.

It isn't possible for a decentralized banking service. When that isn't possible even when the same is incorporated with blockchain technology surely there will be flaws, but as the transactions were transparent one can keep track of it and make an complaint if the end user is known. I'm sure crypto based banking is a must without which it isn't possible to reach the common people who are really gonna help with the growth of cryptocurrency in large scale.

I will say it is good for those who don't have time to trade and have their tken bank for interest even when we are in situation like bear they profit but base on crypto ideology I don't think banking your coin is best option as you can store your coin in yr wallet and be very sure of safety about them till you can sell them .

IMHO crypto world is something that doesn't need any banks. In crypto only you can own your own money.

But if this will give us a chance to make any payment system to the merchant will be much easier and why not? There is some crypto banking system that already exists and i just try to take this as an old idea.

all possibilities can happen and no one can know for sure but in my opinion with the development of time and technology all possibilities can happen and will likely be needed in the development of the era

What sense in such systems if they will be buying and immediately selling crypto. Just a little bit higher trading volume. 

I think the current cryptocurrency is not a substitute for traditional banking. Blockchain is still an unknown area compared to most people.

What is crypto banking for? Let's make a decentralized banking system using decentralized currency. This is genius...

It does not matter if it will be a decentralized or centralized bank!
The issue to be discussed is why you allow others to make and think about financial decisions for you!
You need to learn to be your own bank, learn how to defend yourself and keep your business safe, or even more!
Do not use the word decentralization for anything!
This will distort things and cause false impressions!
The power of decision is with you? Not? So it's not decentralized.
This is funny because it applies to most projects and cryptocurrencies currently, I think it's best to think a little.
If you are not a miner, you run the risk of being involved in centralized projects. :D

Single point of failure is the big objection to this "crypto bank" concept, especially when you look at dubious schemes like that quoted in the paid for article placement.

I've not been that active yesterday and today, and after reading all the comments i'm still lost, thats why i added a poll to the post to have the numbers at least :D

For now, I still like Ledger instead of "Crypto Banking" which is scattered out there. I mean making a crypto project "Banking" It is not that easy and needs mature development and may take a long time besides it also needs to back up from a large company or maybe someone who is competent and has a good reputation in the business world, as well as local or global. So far I have not found it, if there is a recommendation, please provide a link to the project.

The last thing, as some people say on crypto banking is the future but now it's better to use ledger.

We are doing good right now even if there is no bank so i think it will be more great if we stick into this strategies. Cryptobank is fine as long as it is decentralized but most of the bank we know that its a centralized thing so i think it will not help the market to go up.

we have the same opinion on this matter. why need another platform to take care of your portfolio? this crypto banking is just another way of getting a stash from crypto users. if they will have lending feature, this platform will be the only one benefiting from this system. so nope, i'm not in favour with crypto banks at this moment. my view on this might change in the future if i see that it will really benefit me as a crypto user. one thing i'm worried about also, is the security. better store my coins in my wallet rather than a system that i don't know nothing about, which is prone to inside hacking job and other security issues.

The Blockchain is Banking by itself, transparent and secure. There is no need for such stuff, in my opinion.

The overall sentiment is kinda a no-go, but still something wont let me remove the thoughts that its a natural step to take. Same as traditional banks have taken over our RL funds. It might be too early for it, buuut thats why i'm thinking about it, if you know what i mean  :)

it's true that it is possible that there are still many people who still like to use a commercial bank instead of crypto and they may also not be interested in it, maybe it can be made if there are many people who already understand crypto and many have used it so that it's clear who the users are.

If my memory serves me, then there were already similar ideas for which money was collected and it seems to me that all this was and will be a worthy continuation. No matter how small banks try, sooner or later, cryptocurrencies will still be legalized.

I don't feel if it will succeed at this time knowing that not all of us are not using crypto. Some areas with limited access for crypto will surely prepare to converted into fiat currency and stored in the bank after. Now, if anyone could try to launch that crypto banking system is gonna be a test and possibly a big work for them.

Crypto banking from my opinion is a necessity for a bigger level of growth. Only through these sources it is possible to reach the low level of people. Rather than the large scale investors, the growth happens big when the low bottom begins to invest and make themselves active into the cryptospace.

Crypto banking has future and banking apps are very common in this industry. Crypto debit cards are spread by big payment companies in order to make easy mass adoption.

I got in this way of thinking after reading the article that i posted in the thread. As i see it, Atronocom is going to have everything on the mobile app which could ease up the process of transferring and spending your crypto. And yes, this is not the only crypto bank, i know about EQIbank also, they already have their licenses for example, but a mobile crypto bank is a better solution at least for me.
And well, debit cards are already everywhere

Right now all banking projects are delaying forever.

As far as i know, no crypto bank project get any licence so far.

As i said i know about EQI, https://eqitrade.com/
But i guess there are some other projects got their license as well

I am down for it. Banks are just another hands of the state at this point. They do not even care about who are they giving their money to as in a case of crisis they are still untouchable and the state will fill they empty piggy. Imagine being irresponsible without any chance of going down at any point as everyone will have to save you in the first place. Crypto banks might turn around this trend. They create and hold assets which value is evaluated by the free market rather than artificial promises of a central bank. Cutting out irresponsible and ineffective middleman and replacing it with fully responsible company- sounds like a good plan to me ;).

I think that the Bank of cryptocurrency, it's a very strange idea. Something like an anti-nuclear repository for cryptocurrencies. If you create a Bank for cryptocurrency, it is only centralized.

This is going to be a part of our daily lifestyle but there are some serious questions raised by other forum members in thread. Banking industry is very old and tricky place, beating them with cryptos will be very hard.Honestly, i don't agree with opinions like cryptos will replace the whole payment system in the world. Just thinking reality will stop us to think big.

Crypto banking will be pretty big in the upcoming years. Regulation is starting to take place, most shitcoin ICO's never hedged their funds (because no bank would accept them) so now they've learned better with upcoming fundraising tactics, and also 24/7 banking.

There are already a few good ones in the space, like Silvergate and EQI for example. Looking forward to seeing the progress on this front in the crypto world.

I hope it will be the start of something new. If ever crypto banking will go to success then it will be a great way for people to actually involved in crypto where they can buy and trade easily coins. Hope we get into that where non believer people will use crypto as a great option other than fiat.

The implementation of blockchain technology has been spreading. One of them is in the banking system.
Well, the existence of crypto banks is now developed in the financial sector. Crypto banks may be like a decentralized bank with blockchain technology, offering P2P transaction method and also using the smart contract.
It may be very useful because we can see the implementation of future banks to be done with high tech of Blockchain and it can be used for a worldwide transaction more easily and quickly.
However, for chasing them, well, let us observe how the progress and development.

Storing our crypto in a ledger is a must because that's what we have in this type of investment. I don't think that the Crypto bank will do its job well because when it's called a bank, there will be other purposes that will disrupt the transaction process. Besides that, what is different from traditional banks? I think I don't want to hear the name "Bank" in crypto because we are our own crypto bank.

They can do it crypto on their own, but I don't think that other projects will agree because each project has different reasons for launching the product. Likewise, with people, they will choose whether they will use the crypto bank or not and we cannot force them to use the same bank as you.

As far as i know the reason behind the creation of bitcoin which encourage the creation of other blockchain is to avoid bank. I'm pretty sure that Satoshi doesnt believe in bank system that's why he created bitcoin which people can control their own money. So, crypto banking is not really different to the current centralized banking which will always taking profit from their customers.

It's worth and there was a company that accepted crypto payment system. banking is not about to make the system becomes centralized but we can use that to help crypto to be adopted by a lot of ordinary people too.
it has various goals. That depends on what will be the purpose if your  banking platform

Cryptocurrency is completely transforming the world as we know it. Decentralization = Trust. Blockchain has a lot of potential in many branches of economic activity but I do not imagine its application in banking.

Modern banking is not just about storing your wealth in some safe place. Economies cannot grow without loans from the banks which hold the wealth of individuals. I don't know how will crypto fit into this category but the first to make it so will be massively adopted.

Crypto banking is now being developed by many well-known companies, they think that this program is good for the future, but whatever it is I think if from the beginning this program was developed for crypto payment purposes in the future, maybe this program will attract many people.

Yeah, I don't think its ever going to happen either! I have seen some so-called crypto banks get a license for something in the UK but these are basically financial institution licenses and on different levels, so these are like crypto neo banks, getting license to do certain things like money transfers. But like you said a full banking license whereby they can take deposits, issue interest plus do loans? I don't think any crypto bank will ever get this, no matter how hard they tried.

Do you remember the time when nokia Mobile Phone Company had a more than 60% share in the market and was considered as the leading/father of the mobile phone industry ?

The arrival of Apple outshined nokia and later on when Samsung started its journey, NOKIA was completely wiped out of the market unless Microsoft purchased the company and reintroduced it. So same will happen in the banking system and crypto banking will rule the world in future.

I don't think there is any need for crypto currency bank if we are to do away with the issue of middle person in our crypto currency transaction.

Through rose-tinted glasses, Bitcoin can do no wrong. It is a currency that is free of central bank control, is decentralized, and it has proven that it can serve as a store of value for people who lose trust in their national currency (Greece, for example). However, the supply of every currency is controlled by some function, and in the case of the Bitcoin it is through the process known as "mining." In layman's terms, Bitcoin mining is the only way to introduce new currency to the marketplace, and it is performed by "miners" who use expensive software to solve math problems in exchange for the currency.

While the sheer difficulty of mining assures Bitcoin users that there won't ever be a massive supply shock in the digital market, the way that Bitcoins are created causes one enormous problem. Primarily, it incentivizes miners to hoard the currency upon receiving it. This is one of the main causes of Bitcoin's price volatility. The only way to alleviate this issue is to mandate that miners have to exchange all newly-mined Bitcoins for another currency of their choice. Otherwise, volatility will end up killing this currency's potential, and a group of Bitcoin miners will control the supply. Is that really any better than a central bank?”

I agree that cryptocurrency banks are inevitable but that does not mean that we will have to use them since cryptocurrencies themselves give to us a chance to be our banks, in my case regardless of what promises those future banks make I will never give them my money, while it is a huge responsibility being completely responsible for the security of my money at the same time it is a joy since I know that no bank can steal my money from me, and if you think that is impossible then you have not read about the many examples around the world of that happening.

No we do not need such kind of "crypto banking" system. It is just going to be a curse. If all the funds are held in an financial institution (bank), then there is no way the system will remain decentralized. The banks will some what the center of power, thus the system becoming a centralized system.
Honestly, running a bank without a person being involved right now is going to be extremely tough. And frankly speaking, i don't see any use of this crypto banking system.

Cryptocurrency is not a total replacement, but an alternative based on choice to normal banking, which invariable means, it us either you choose decentralization or you choose centralization. Both act in the capacity of banking. Cryptocurrency gives you full control over your fund, which in my opinion, is the best.

Well, I think many are against this type of projects. However, I am down for them. They might become those middlemen who would bring larger amount of potential enthusiasts to crypto field. More people means that the market situation will be more stable as well, so advantages are stronger. In addition, no one wants to persuade "decentralized folks" to use them: it is a possibility for people who would be afraid to join it without this type of service  :).

It is a very great idea to have cryptocurrency banking. It will definitely help those who are not very experienced in securing their coins as the banks will definitely have a sophisticated security method of safe guarding the Cryptos.

The crypto banking is about to give an innovation to the cryptocurrency but the fact that crypto banking will make crypto being centralized. remember about be your own bank and that will be the opposite thing to that thing. But that's good to see there was someone interesting to create a new idea.

One thing that always comes to mind about banks is that, money is stored somewhere and the administration have control of users funds. So talking about crypto bank, how will it be done so that those who developed the project won't have access to users funds? How will funds be stored in order to make it or call it a bank?
This is huge and I doubt it will ever work out. In this space, the moment a project have control of your funds it is no longer decentralization.

Yes,it is really not needed when we can make our transactions on our own.People might say we can save our funds from hacks but keeping them in banks is just like keeping it in exchange they are not responsible if they are any hacks so the chances of hacks from insider as well so just yourself is better than trusting someone else.

in my opinion, crypto Banking is a good idea to develop Crypto.
but I feel for now it's still a little difficult.
I myself as a participant in the crypto world hopes that there will be a change to a better future.

I think that we can do without banks, because we already have smart contracts that can perform all the same tasks that the bank performs, so I think that all this is no longer necessary.

Access to your funds without strings attached would be the idea behind crypto currencies. Banks and services can fit inn since big governments wont switch from fiat anytime soon.
It will take time but all needed conveniences will be made or created to be able to choose or use crypto. Give it time. 

Well, I don't really buy the idea of having a crypto bank because it's just like trying to centralize a decentralize technology which is not good for us because as we all know, the central bank is against crypto and will do anything possible to see the system crumble and crypto bank makes it easier, though I see reasons with the idea because not much people can be able to secure their wallet even if it's decentralized, so crypto bank will always exist.

I don't think this will work, as it might tend to centralization which is against the idea of blockchain. Individuals will find it difficult saving their assets in a central system or giving out control of their assets to someone else.

It is an interesting phenomenon to see discussions on crypto banking becoming popular lately. Since the world of crypto operates on a decentralized system, I wonder how crypto banking would be successful. In the physical world, banks are run with regulations.

Exactly and along with being an interesting phenomenon, it is both disruptive as well. The reason behind it is that the traditional banking system is based on policies that have been formulated around fiat and since there has been great shift from the fiat market into the digital market lately, the crypto banking looks more attractive than do the fiat banks. Philippines will be benefited of the cryptocurrency bank very much in terms of cost reductions.

I don't deny that it's quite possible and in the near future, crypto banking will occupy its own niche in crypto. But no one can make me, if I don't want to use it. I can completely manage my funds myself and I don't need any banks for this.

Reading the OP's post I have this same questions as bhadz before I even read his reply.

What do they get from just being a bank? And you are saying a decentralized one?
I dont think so. There will no profit from it. Who will create a non-profitable business? Only martyrs will do. They aint satoshi.  ;D

Obviously, they will need something to work it out. A trading platform maybe inside a banking system which is decentralized. But it could be risky.
Why them, if we could stay with other trading platforms out there.
Too many questions going out of my mind. Can't answer the question of the OP.
All I know is there is no need for Crypto Banks. Just dont be lazy keeping all your private keys or writing it down with instructions in case of your death.

crypto banking is good but now it's not really needed. you can see it from all the new projects that have the concept of banking crypto that none survived, all disappeared without a trace. so I think this is a concept that is less attractive to the community today

I also know one that launched last year but the project has not really took off. I'm not even sure what these teams are thinking when they planned to launch a crypto bank. Maybe it's a good innovation but I do not think there's a high demand for it at this point.