Bitcoin Forum

Stable currencies are Our new currency.
And cryptocurrency exchangers are our new banks.

Binance debit card as good example!

The cash can stay and debt based economy but Let's just eliminate all the tradinational banks the shift wire kind of transactions its waste of Resources and waste of everything.
Also the high bank fees not good but with stable coins you get apy rewards for keeping your coins in exchangers.

The binance should Open offices in some physical locations so the customers can swap their cash to btc or Other coins such us stable currency.

Stable coins can do all of that instantly and fast.

Only solid banking banking solutions are uk faster payment
The sepa wire shift transfers are rubbish.



Solution for Federal reserve Style... Well its Defi the exchangers should become the  yeald farmers.

Binance would probably have to charge a lot of fees and adhere to a lot of regulations in order to do that. They might set up atms but it's already possible to use their cards to withdraw funds (it might be possible to deposit in some places too).

I haven't checked the market caps of stablecoins but dai and usdc seem a lot more trustworthy than usdt does as I think both of those are physically backed. Still eth fees were high earlier which requires resolving although I guess adoption of xlm would probably fix that.

To use stable coins its better.
And Central banks can forget about wasting their time resources and all kind of bs to create their own coins.


We have usdt usdc dai pax all kind of coins.
If they are not backed with nothing no problem I have solution :

We can count countries gbp-s
We can back them with Gold resrrves and energy.
Or oil once economy will re open fully.

So you see guys all is simple  I could solve all those problems in one Week what the  world leaders talk and talk... And Still no solutions!!

I start to ask what they been studying in uneversty?
They are slow and not Solution savvy.


Conclusion Now:

Stable coins and cash our new currency
Cryptocurrency exchangers our new banks

Electricity and oil are not stable assets and that has been proven.

I'd back them by trees and agriculture before backing them by oil...

Were back to the good luck drinking your oil when you're out of water...

A lot of exchanges are being run by banks or in a similar way. You've cut out a bank for a bank and it's pretty disapointing if this becomes the level of progression we see. The old banks can clearly just put a wig on and people will forget everything.

Why do you think that banks will close? What gives you a reason to say that? Do you know what is a bank? Let me remind you, after all, bank is a place that lets those who have a surplus of money to deposit and borrow it to those who have a deficit of it, i.e. it's a middleman that gives the lender a guarantee of profit despite the fact whether borrower pays money or not.

There are national banks (for example FED) behind the commercial banks, it's a huge system and cryptocurrencies and Binance can't abandon it and take place of it. First of all there is no way that can do it with their possibilities and resources and then - a small change in law and it's enough to stop the entire process + not many people will come to support it cause most of the population don't know about bitcoin or cryptocurrencies and if they know, a high percentage of them think negatively about it.

And stablecoins? They are pure shit, crypto version of USD.

Instead of bank we can just use Exchangers*

Banks collapsing worldwide - very much possible because of slowing economy and rising NPA! Traditional banks will either have learn new ways of digital business or they will become extinct!

Crypto exchange becoming bank - possible but they will still have to get banking license from the authorities. Issuing debit card doesn't make you a bank!

A crypto based economy is not possible, not at least in our lifetime! This is because of a simple reason that cryptos cannot be controlled by the government!

Kraken some months ago got a banking charter to operate as a bank (the first cryptocurrency exchange to get this at the time). This however does not mean it can replace traditional banks. Under the specifications, they are required to hold 100% reserve and do not have the lender of last resort which regular banks have. This means they will not be able to give loans or offer some other services.

I agree with the part of a crypto based economy not being feasible. They were also not created to replace the existing sector, but to offer alternatives for individuals.

Yes, but the exchange must comply with government regulations , so we need to have different exchange in different country just to make that possible.

Other problem is security of the money deposit in that particular exchange government already know that exchange is prone with hacking so it's not that safe to stored your money there .another thing they need to also prepare a lot of cash ready to widraw any time that  there are persons want to cash out in Fiat. As you said you don't want to have banks then the exchange should provide that cash.

Would you choose to trust a company to cover your money more than the central bank or the Federal Reserve? It's like trusting Facebook and other companies with your money and personal data. Facebook is much better than Binance.

The best solution is not to return to centralization represented by the idea of banks, but to decentralization provided by Bitcoin.

Price fluctuation and increased demand

All of this will be done if governments find a way to control people's transactions. This is the main problem that prevents Crypto from being publicly used in the world, since transaction anonymity does not inherently belong to the world of centralized finance.
So it can take a long time to see the cryptocurrency revolution. But anyway, the banks are showing their helplessness and weakness in this pandemic, which could be an opportunity for Cryptocurrency to prove its potential and start the revolution. ;)

If you wish to consider stable currencies as your currency and exchanges as you bank then you have not seen the numerous hacks that happened in the market so far and the billions lost. I use stable currencies but not for the long hold but to trade according to the market situation.

Do you know that Binance is trying to get rid of the US customers as they do not want to have any issues with the authorities and they do not have a physical exchange anywhere as far as i know and if you think that they will start something which they are trying to avoid for a long time ;D.

Debit cards with faster and cheaper payments are enough to eliminate the need of banking system completely? Loans are the real reasons for the survival of traditional banking system which don't have any perfect alternative options yet in cryptocurrency space, yes defi exist but its not the real kind of loan system so banks are going to survive longer for sure.

Lol some of you ask for too much and when companies tries to adjust to offer that and eventually starts to ask for higher fees for the services you’re still going to be the one complain.

If Binance should start setting up local offices here and there and becoming a bank, what’s the difference then between it and the normal banks we already have? And that will even make regulations more tight for them, there will be new set of rules for them to adhere to and a lot of things are going to change. Also it can only be possible if the government allows that.

Things might change with exchanges leading the market when banks weren't able to cope with the need of the users. Already more  cryptocurrencies have got integrated with the banking sector. The cryptomarket is very young to coexist or to replace the banking system. Maybe the growth and the need of technology will make people move towards advancement and cryptocurrency exchanges.

Will be very long before we see a lot of crypto users. So thinking of replacing the traditional banking system is still not on the horizon. The population who are into crypto even up to this day is very small and most of them are still relying with traditional banks. So don't think that banks will be closing just because of crypto.

With the incredible growth in crypto, Banks must be already thinking about their business plans for the future.  I'm not sure that hundreds of years business (Bank) will be that easy to close just because of cryptocurrency.  Seeing that Paypal opens itself up to cryptocurrencies, it's likely that in the future Banks will open themselves up to cryptocurrencies.  Ripple has worked with many Banks, and I'm sure there will be more..

Or banks could just integrate an exchange for themselves and introduce their own stablecoins backed by physical cash. That wouldn't be too hard for them given that they already are known entities for doing financial services and such. It will be long before we see an exchanger-turned-bank or vice-versa but we'll definitely get there, given that huge corporation and companies are already eyeing bitcoin and crypto for their ventures and as their investments. The problem would be centralization and excessive regulation that would entail this huge shift on the way people view, use, and keep their money.

Since banks are directly and indirectly related to governments, closing of banks is a great sign of on economic crisis in the countries. However, usually, the banks will be closed fully but they will pass their valuable papers and accounts to the other backs. But, in the crypto currency world, we don't face such problem but still some valuable and bit exchanges were getting closed by the government due to the regulation issues. The point is in the crypto world we still see some a few exchanges closed and stopped working but usually there is not any economic reason and the main reason is the regulation issues. Covid-19 did that do the traditional banks and soon there will be actually forced to evolve their business and use the blockchain technology.

I bet my ass even the exchange you're talking about which is binance save up half of their asset in these so called "traditional banks".
Truth is, they are not going anywhere soon. Most of the crypto users save up their money after trading in bank or even
most of the stablecoins reserve are still saved in bank. Crypto not gonna replace these banks but coexist and the people free to choose what they desire.

I think you are turning the current free model into "traditional banking" stating this one. It doesn't make much sense while storing the money over exchanger or in the form of fiat into banks!

Also, its bad idea to hold over exchanger for longer period of time since history has taught us they could be hacked, billions of dollars can get leaked into market. It's risky business!

Better store into wallet, with private key or consider ledger as your private bank.  :D


Well the thing is opening up physical offices would cost them money. This will add up and will be recovered from the clients/customers. So the stress would be on us who will be banker there. I think this model will fail real soon than the banks.

I'm not sure, but there has to be strong plan to plot this model and run it.

I think there is no other choice but to let the capital we have stored in an exchange, even though no one can provide a safe guarantee for the assets or capital used but at least if it is stored in an exchange, it might be used for trading quickly. unfortunately some banks still cannot use cryptocurrency and choose not to use it because they will only adopt the technology they have.

Is cryptocurrency operating the same with fiat? No they are not so how will the banks go down for it. This cryptocurrency is new generation money that is different way with fiat system. Many still are not knowing it for now.

Bitcoin's came a long way in the last 5 years, they definitely established them self as viable alternative to banking in some sectors. However I don't think bitcoins are ready yet to take over the hole banking industry. For example the hole residential and commercial loan sector involves a lot of people to work there. Properties need to be viewed, valued, sold, rented out and managed. There so many types of people involved that couldn't be coveted by bitcoins.

stable currencies are simillar to fiats and somewhat asociated with the banks. i thought you dont want to use fiats . its the crypto that is consided as the new money of the people  not stable coins . crypto is also called as peoples new bank not the exchanges  .

how can cash stay without banks . who will issue the cash.  banks are operating peacefully and so as crypto , they dont have major conflicts to each other why would you seperate them .

But from 2017,the price of bitcoin had started to reduce again.The same was repeated for now.The price of bitcoin had reduced to 16500$ from 19000$.Nearly 2500$ was reduced and make many people worry for now.The margin trader who had brought at 19k$ will suffer a lot now.

You say repeatedly that is: "our new currency" and "our new bank"
what currency and what bank?
so that I personally understand the currency you are promoting, more details about the name of the currency and the bank?
How effective and efficient are the currencies and banks you mention?

and what are the basic reasons that the coin price is stable?

Replacing the traditional bank with binance or other cryptocurrency exchanges may not be possible yet because these two have different capabilities or we could say traditional banks have a wider range of roles and responsibilities when it comes to the finances of an individual or an institution.

It is easy for some to say that replacing banks with stablecoin exchanges or having binance in different locations because it can suit their needs but we should understand that we all differ in many aspects especially on our financial status and that is what traditional bank is for, to meet the financial needs of all with respect to the regulations set to these banks by the central authority.

Not when the central banks have their own digital currencies on the way. I do not know why some of us keep putting fiat and cryptocurrency head against each other, why can’t we all just agree that they are both not on the same lane?

If there is a chance that any of these two would make way, we all know that it’s going to be cryptocurrencies, because the government always wants to monitor our finance and have control over the economy, without banks and fiat they wouldn’t have such control. The reason they are not fighting against cryptocurrency is because it isn’t much of a threat to them. I just believe that cryptocurrency exchanges and banks will continue to stay.

No, no exchangers can replace traditional banks.  Banks have a lot of functions only inherent in them.  First of all, this is banking support for the financial and economic activities of enterprises and organizations of all forms of ownership.  The reports of all enterprises and organizations to the tax services and audits are based precisely on the documentary evidence of banks.  Banks serve the state budget and perform many more useful functions.  Therefore, as long as states exist in their current form, banks will also exist.

yes they can federal reserve can deal directly with exchngers.

its easy do i need to show you guys?:D :P

What do you think is the plan of most of these big exchanges in the space, look at Kraken, it has a banking license, I believe in 5 years time some of these exchange would have gained banking license, the issue is just how they want to operate. Even if you look at some banks they have realized the threat Cryptocurrencies pose tp their existence and they have started adapting to the new reality

Banks won't get closed, but people are losing trust over the banks. If I'm not wrong, exchanges will always serve as a platform for the trading needs. Already few banking platforms have started to function getting integrated with the bitcoin network. Banks serve as a catalyst for the economic development, and in recent days these banks are experiencing massive downturn due to inefficient operation.

Sorry, but I don't this is happening anytime soon. From personal experience, I used bank to make deposits when purchasing cryptocurrency and when withdrawing my profits to avoid volatility because I don't trust USDT.
More and more crypto exchanges are integrating fiat gateway to enable different countries to purchase crypto, now tell me how do you see banks not existing in near time.
Do you even know that crypto aren't mean to replace Banks especially bitcoin that's revolutionizing payments system and transfer of value, probably DeFi will do more justice but i don't think its feasible for cryptocurrency to replace banks

Yes, Binance is a great exchange with many different types of technology. They are a very strong team and very well developed in terms of credit, they earn interest from traders in a very smart way. But which government will accept Binance?
I'm afraid no government wants to let Binance open financial services in their own country. All information will not be officially public and will soon take place major money laundering.
We all know the potential of Binance and other altcoins in making our payment methods more convenient, but sadly they all fail to convince the legal authority.

In my opinion, the only way that these banks are gonna "phase out" for sure is the fact that lots of people are starting to rely more on Bitcoin and other cryptocurrencies for sending and receiving payments, especially if we just gonna buy some bubble gums or so. If we see people using BTC wallets than fiat, it's likely a chance that these banks are no longer needed, or they are willing to transition themselves to be the crypto banks. Even if they do, they only have small chances to succeed because people wanted to have full control and custody of their coins or tokens rather than with a central authority.

I doubt it. Banks will be developed soon as we know that they're implementing online banking right now, creating an exchange will be easy for them and can easily be accepted by the government.

Banks will still exist in the future with different features that came from cryptocurrency. They will do everything so banks can't be left behind.
So I really don't think that it will be lost its existence in the future, people are good at innovating nowadays and I bet they can make a system that will be liked by their users.

The government will not allow Banks to close, because the government gets many benefits from banks. While cryptocurrency is
very difficult to regulate, therefore it is not easy for crypto to be used as payment. As a crypto supporter from the start, I wanted
crypto to replace fiat, but it turned out that my wish was difficult to achieve. Knowing that the government disliked crypto from
the start, even some of the country's leaders considered crypto scams.

But facing the fact that traditional banks will never be replaced by cryptocurrency even though the technology is more revolutionary.  The regulations given by the government will not support cryptocurrency to move freely, because in some developing countries cryptocurrency is only allowed to trade commodities and cannot be used as a substitute for fiat.  It is difficult and will not be able to replace traditional banks, because government profits also come from banks, while cryptocurrency cannot be controlled by anyone.

Maybe actually the main problem comes from human resources, of course the government will also think whether the human resources in the country are ready and able to implement a massive digitalization system, I don't think so. Many factors influence why crypto is difficult to apply in societies with high traditionality

Cryptocurrency isn't difficult to regulate, there is something you need to understand. Before approval of an item that's widely used across the globe, government critically observed them before they approve or reject them. That was exactly what happened to bitcoin when it pick to $20k in  2017 and then dump back to $3k in 2018, it was then China started raiding cryptocurrency exchange in their country because they think its a pyramid scheme and used by fraudulent activities.
ICO also contributed to the development, so many millions of funds where cartaway by scammers, this is why they took the decision, enough is enough.

Governments doesn't dislike cryptocurrency, they dislike the way its created because they can't control it and because they are used to launder money through kidnappings and drug businesses with privacy coins such as monero. You wouldn't be happy when your family get abducted and a demand of $100k worth of monero  :-\ :-\ :-\ :-\

Although it is possible to happen, still it is far beyond to perceive and state that more banks will become potential for closing and exchanges will become the new way of banking system because not all are still adaptable on coping up upon using crypto for there are still certain individuals who are still reliant on the current banking system and many are still choosing that way how it is done and does not perceive of getting into crypto until it becomes the only option available to make them forcefully adapt into the new system which is being tackled in here. Banks and exchanges can co-exist without letting the other side die just for a new system to become dominant and be widely use by people. All of us have different perception and stand that must be respected upon choosing the system we wanted to be with.

Actually it's impossible. Many banks and the main ones are national public banks, what means their employees are public employees which have lifetime contracts with the government. These people can't be dismissed because the law protect them, so the existence of the banks are justified. Maybe for the next generations it can be possible, but it will take a long time yet...
Anyway it's a nice idea. Just imagine how much economy a country could save by replacing the traditional banking system by a virtual one.

The thing is that one can keep Bitcoins and no one will ever know even if crypto is banned in their countries. I mean this ain't paypal where you are being monitored so anyone can use the peer to peer currency. Now coming to the point that we cannot use crypto at local shops and merchants, so you can easily buy your local fiat when and whatever amount you need.

I mean you keep crypto balance and once you need money for fiat spending you can easily convert and get some. Then you also have sites like bitrefill and others who are making it easy to buy anything with crypto itself. You can recharge, do shopping and buy almost any kind of gift cards from them and I have used them frequently, they are quite good and delivery is instant.

I actually heard governments are making their own crypto based coins. You might want to search about them as "CDBC tokens" and that is aimed at working a little bit more controlled and centralized I believe but based on blockchain.

I am not sure how successful such ideas are going to be but it shows that even the legal departments are aware of the rise of cryptocurrencies and how they could replace and diminish the dominance of banking system as a whole.

Still think there is time for crypto to replace banking system but we are already towards a more digital age and decentralization has made it easy for everyone because there are no owners and controllers yet safe and secure.

On point!

This is why I think most people in cryptocurrency industry does not understand furtherly the system or the things they are talking about.

Cryptocurrency exchanges cannot become the replacement of banks nor a new way of banking. Specifically Binance, it is originally created as exchange, where people can buy and sell crypto assets, hold their assets there, overall trade there. Though Binance offers some kind of staking, apy defi things that offers more interest in banks, it does not mean it can replace bank. It depends on how you consider it. If you think Binance is a good place to out your money in, then so it. But remember, there are always a risks. Even Binance had a SAFU, it is an online website and it is vulnerable to hacks. What I want to say here is that do not put all eggs in one basket.

Banks on the other hand is not just a tool where you put money in there and done. No! If you don't know, bank also helps the economy in every countries.

Also to think of that Foreign Exchange is the largest marketcapitalization and volume traded everyday. And to think that Banks are the major players in the ForEx market.

Overall, there is still a lot to consider before you can conclude or in the near future, crypto exchanges will reolace banks. They will always be there, as a medium of trading but not as what the banks can do.

Even if i'm a believer of crypto, but i still don't see crypto exchangers replace the banking system. Not now or even in the future. If we think that crypto developers are looking forward for its progress, how much more with those banks that have been operating for many years already? I'm sure they are also thinking on how to improve their services and might be possible that crypto will be integrated into their own system in the near future. I'm just trying to be realistic though.

In any case, the banking system is still very far from cooperating with cryptocurrencies. At the same time, it is necessary to take into account the real relations of the state and the government to cryptocurrencies, although in recent years there have been more and more statements by officials that banking structures will monitor all funds that bind the cryptocurrency of their particular bank user, thereby gaining the opportunity to verify the legality of the income received a specific person.

I still believe that the banking industry can still recover. And crypto currency exchangers will take a long time before it can change the banks.

Although I would not compare the banks with cryptocurrency exchanges, the truth is that the banks are not in good shape. Many of them are surviving, just because of the bailouts from the government. Loan defaults have increased to such an extent that the banks are no longer able to keep a balance between deposits and loans. On top of that, the margins have decreased due to the decline in interest rates.

Banks are still important in the world, we cannot just say that it is better to close because there are some cryptocurrency exchanges. Banks are used for traditional transactions and we all know that cryptocurrency is not that ready to use instead of using banks because cryptocurrency still needs to be innovated and become recognized by all countries as well. We can say that there are still countries that are prohibiting the usage of cryptocurrency and that is not good for everyone if they try to close the banks. Also, the knowledge about cryptocurrency is not known by all people, so it is hard to do a quick change.

If only exchange is truly viable option to save money which I don't think it is. Way too much hacking occurs within few years and bank usually don't tolerate hacking like that. Also, the regulation is too lose meanwhile these exchanges are mostly private owned. I don't really think thats a good idea to begin with. Exchange is "exchange" and bank is "bank", two different things.

It is retarded to say that cryptocurrency exchanges will replace banks. We need banks to deal with currency. Bitcoin on the other hand, is an investment asset and not a currency. You can compare cryptocurrency exchanges with stock markets, but not with banks. Banks are an integral part of the modern economic and financial system, and they will survive as long as humanity exists on this planet. 

Are you sure about it? Some banks may be closed, but this is not the central bank or the state bank by the government, or even the big banks. I don't think that exchanges will replace the existence of the banks of course. But it may really influence the condition of the financial system that will also influence the bank. In this case, we can at least take the positive sides of this, decreasing the power of the bank, isn't it?  ;D

The "central bank" (also known as reserve bank in countries such as India) is not a bank as such. It is more like a treasury, which decides the supply of banknotes and the interest rates. Ordinary banks (both public-owned and privately owned) are vulnerable to economic meltdowns (as we saw during the crisis in Cyprus). But although some of the banks may be forced to close down, they are an essential part of the current financial system and they will continue to play a major role at least for the next few decades.

Cryptocurrency exchanges are good platform but they are not really good enough to replace the traditional banking system because banking system mainly operates based on the profits making from the interest rates for the loan money which they are given to the customer earlier and the important factor is people are in need of loan for any kind of start ups which includes the big companies.

Well I feel that both system will be helpful when they co exist here and people can choose what they really want.

This is not gonna happen.

Just think about it, an exchange that could go run off with your money anytime becoming the new bank handling trillion of dollars. if not disaster then i wonder what expect from it.

Even right now we don't recommend saving up money in exchange for too long, let alone making it as our place to save money

Are you aware that there are a lot of central banks that said that they are working on stablecoins?
So, what are you going to say about the central banks’ stablecoins? Cryptocurrency exchanges are not banks, they are just exchanges and they are even relying on banks to do their Businesses, they are just businesses and can’t be doing the work of banks, they won’t be the one holding their business money and holding your money as well, nah all those money goes to the bank.

So, why are you saying that banks will be no more? If it’s going to be a death battle you already know that crypto exchanges especially the centralized ones are more likely to lose the battle.

I don't know how did you relate the traditional banks and the cryptocurrency exchanges and I wonder how it will replace the banking system while the real fact here is we cannot totally trust exchangers due to some hacks and any possible attacks. I also wond if there's a person can risk to put all their wealth on a platform where the security is so questionable that's why it's really hard to think about the replacement of the bank since most people prefer to put their money in traditional way because it was more secured.

The problem banks face in my country is that there is no more money being made with the savings business. Interest rates are so low that banks are paying any money on deposit anymore. Charging fees became more and more important in the last 12 months because issuing loans is also not in such a high demand. Due to the corona pandemic people cut back their spending drastically and don't really want to take out new loans.

Which country are you on? Since there are countries are adopting the digital transactions due to covid-19 so we can't blame the government as well the bankers to have that issue since this pandemic creates a global problems towards the economy of all countries. But actually in our country they lower down the interest of the loans so that they can attract the borrowers and many people take the opportunity to take that.

Banks will never be closed and become extinct but exchanges might do. Majority of the people still prefer to put their savings in traditional banks rather than trusting in new and unsecured crypto exchanges. Crypto exchanges might give fast and more convenient services but we all know that they are more prone to hacks and scams and knowing its decentralized, no one is responsible to answer the damages. This is the reason why people still feel more secured doing banking transactions.

With the existence of stable coins that are now starting to be popular with many circles, this has made the crypto movement start to be glanced at by the government. in fact, many countries are now starting to formalize crypto. Especially after the hearing of the Digital Yuan project from China. Where if the project is successful, there will certainly be many banks imitating it. So that crypto will be even wider.

Banks will remain banks and crypto exchange will just a crypto exchange. People are more familiar using Banks and they don't trust to put large amount in crypto exchange because it was not safe that's why it's impossible to become new way of banking. Governments still do not accept bitcoin or cryptocurrency because they know they cannot control decentralized currency and consequently they protect banks, and banks will continue to exist even as cryptocurrency grows.

Stablecoin are like fiat too. They are centralized just like some other coin. Binance card which also get license for their debit card cannot open physical offices in many location without been subjected to the financial policies of such countries. Most of the debit card that are being manufactured by the crypto community either get their license from visa, Unionpay or maybe mastercard (not too common) which made them to also be subjected to various financial regulation by those card company. Honestly, I do not think more bank will close down especially now that many of them are now adopting cashless policies to reduce the extent through which people hold physical fiat currency. most people now make transaction through POS, Internet banking and mobile wallet

I think instead of traditional banks closing, it will probably be more like traditional banks including crypto into their system as well. When you go to your bank account, you see your fiat, you see your gold/silver whatever accounts, you see your stocks, you see your foreign currency if you have any (again fiat) and likes right? Well how hard it could be for a bank to actually add in an option for crypto?

In your bank app, you could simple use your money to buy crypto and sell it, just like how you do with gold. That is going to be our future, the whole world using banks like we do now but instead of heavily fiat, it will be a lot more other stuff, not just crypto but gold and stocks and other stuff because humanity is realizing keeping your money in fiat is not a smart move.

Cryotocurrency exchanges are still in its infancy, it would take a long while before they become viae means of money transfer. One evidence of this is the high transaction fees and the long wait time just to get the momey you need. Should these problems be solved, I don't see any way cryptocurrency exchanges will be inferior to banks anymore. Cryptocurrency exchanges are seeing growth and notice from people faster than what you are envisioning. It's constant growth is what will push owners of these exchanges to innovate on their sites to gather more people in and make sure their old ones stay for the longest. As a matter of fact, people are sqitching to exchanges because it is more secure than your traditional bank. And moreso, your money can grow more which is not something banks can do.

There's a reason regulations on banking and traditional exchanges exist. It's not just government deciding to insert themselves in unnecessarily. Each banking regulation was designed to cure a problem that caused risk to the system and to create accountability for bad or negligent actors. There's no reason to trust an unregulated crypto exchange for the same reason. We've seen enough of them go under to know that they're plagued by more problems than unregulated banks are.

I have to agree with you here. We have experimented with unregulated markets for so many years. And the outcome is exchanges going down every now and then, and customers losing their hard earned coins. If regulation can make a difference here, then I am in favor of it. Obviously, how far this "regulation" goes is another concern for the cryptocurrency users.

Its a great modern idea in this digital age. I just thought it maybe the best time for a total change in fund management. However, I don't think its possible for now, closing banks and shifting to crypto exchangers to store and entrust all our assets and other funds is totally risky for me. We still have a lot of things to consider about this matter. Banks had served us for a long period of time and its service had been proven and tested by many individuals, and it sounded so difficult to change the traditional financial management that we used to lived by.

How sure you are that crypto exchange will replace banks? Banking system of a centralized government will remained because people are more familiar in using banks. Also people always trust banks over crypto exchange. It is not safe to place all your funds in crypto exchange.

It will shift more and more from fiat banking to crypto banking.
It is something that is normal part of evolution.
I already have my crypto retirement plan at apyharvest.com and hold half of my crypto assets there - they do not support fiat at all, so you can get in only with coins and stablecoins.
Future already here.   ;)

The situation is heading that way. If our real-life Bank has dominance over our financial sector and in the crypto space those exchange has dominance over the market. We have seen how they can manipulate the market in a matter of minutes for their financial gain. But they have many positive sides too like the one you said Debit card.


They do not need to open offices around the world for that. This can be done by placing an ATM machine.

Im not sure about this but it looks like the point should be the exchange site can do anything that can be done by the bank too. You can see exchange sites were also offering various features like lending service.
Some people may think if exchange site in crypto can make the centralized entities become obsolete.
Think about the advantage of crypto over the traditional Bank. The crypto is only needed regulation.

This is only possible when you can perform transactions using cryptocurrency for all your daily necessities. Despite the proliferation of cryptocurrencies to this day, ordinary people still use conventional currency rights in their day-to-day transactions. Banks play an important role in the use of conventional currency, so the role of cryptocurrency does not play a significant role in the closure of banks. However, the role that cryptocurrency plays, in this case, is that due to people's distrust of banks, people are now using cryptocurrency to secure their acquired assets, thus reducing dependence on banks. As a result, the reserves of the bank are declining, which is reducing the financial capacity of the bank, which is likely to gradually weaken the banking system. However, banks will survive and be able to conduct their operations until cryptocurrency is integrated into the overall public transaction system.

You don’t have enough back up to support your claim. Many banks may have closed and were unstable during the early days of pandemic, however, most of it were able to recover and bounce back after the losses. Some remained closed, but right now, majority of the central organizations are on the smooth track again.

I don’t think many banks would be forced to close any time soon because of bankruptcy, now that the economy of most countries are recovering from the negative impact of the pandemic. The economy of most countries are now operational unlike before when lockdowns were strictly imposed. Meaning, the industries and people have income that can boost the condition of the banks now. Because the deposits are more frequent than withdrawals, allowing the banks to make profit from the cycle.

Cryptocurrency exchanger may sound good, but it’s much of a hassle IMO. There’s a high exchange rate per transaction depending on the amount of you’re going to exchange. It also takes time to be processed. In addition, most people are unaware and aren’t knowledgeable how to do it, so I bet the few people who only understand about it will support such platform.

Can i ask how much interest you can get when you are storing your crypto there ? And what countries it is available to deposit it is free for all who want to stored crypto there. As for me id better stay it in my wallet than using other platform services not unless they give a good  yearly interest if hold my crypto investment there.

The way forward is to work hand in hand. It's high time the banking sector come out of dark age, the world need another solution to payment system, we aren't just digital but decentralized manner. They need to forget how they view cryptocurrency back in 2017, it's no longer just influencers driver but institutional investors has began to take over the place. Isn't it mysterious that they are accumulating bitcoin even at this level.
Bitcoin will survive every odd, gray scale just said we are getting started and I believe in them who want us to go full time decentralization.

Rather than going with some untrusted service providers it is good to keep our holdings secure in our own wallet. However we don't get much interest holding on third party investment schemes. Here one in ten schemes will be legit, and looking for investment is highly risk. By the time we can't trust the wallet services as well, it is our responsibility to secure it enabling majority of the security features available.

In my opinion there will never be crypto exchanges replacing banks, the first reason the government will not allow that to happen.
The second reason crypto exchanges have weaker security systems than banks is that it is often the case that crypto exchanges
are hacked. It makes people feel more secure and comfortable keeping money in a bank than keeping it on crypto exchanges.
So banks are still needed, I think crypto exchanges should be used for trading only.

All of services that owned by the banks can be done automatically by exchange site. The exchange site is also having more features compared with the traditional banking syste but the disadvantage it only that if exchange site is not yet fully regulated. As long as you are putting your money into the legit exchange site and that's not a big problem. When you are storing your money on bank the same like you are storing your money on exchange site.

If that is so, then we'll have a very bad first half. The fact that exchangers as of the moment are still in its infancy stage evident in its high transaction fees is enough proof to claim that we still aren't ready. Those who have money in the banks to secure their future will be forced to learn more about crypto, saturating the industry even more as they will inevitably join in order to profit. Exactly. And this change may not see a big adoption, it may even cause a decline on both ends as there are srill a huge majority of people that don't know how to play with cryptocurrency numbers.

You’re saying this like you have not heard about banks’ digital currencies. Even the exchanges you’re saying we are going to rely are making use of banks. The money you send to them when you’re buying Bitcoin doesn’t just disappear into the thin air, it goes to their banks account, what they are doing is a business and they are making use of banks.

Unless what you’re going to say is that a lot of people are going to start making use of exchanges and also making use of crypto private wallets. We are yet to know what the government will do when they are done creating their own.

I don't think so. Banks will do their work and cryptocurrency exchange will do their work and both are different. So they have their own way or working. If you mix and think both are same and operations can do from one place then you will not get enough service as you want.

Cryptocurrency isn't legalized by worldwide where banks widely accepted in legalized country too. So isn't it too hard to say such things?

Moreover, banks can utilize the opportunities which cryptocurrency provide and if there has a chance of accepting transaction through banking system then they can allow it and they will get more traffic with more transaction too.

Just like kraken exchange that was licensed to operate banking activities. More crypto banks will emerge as time goes on and as soon as banks see opportunities in this field, they will adjust because the competition will be real. They wouldn't want to loose customers just the way they lost investors to bitcoin.
The website you mentioned above, hope it's not a custodial staking platform, I will advise you to think properly before you delegate your funds to any one.

I think there are already some crypto believers who are doing it,
They already left the bank and made exchange or crypto wallet their own bank beside isn't it what crypto is created?
To be our own bank to have our financial freedom to be decentralized.

Kraken is one of the few exchanges with such a license. However, this means that Kraken in the distant future can act both as a bank, and as a cryptocurrency exchange. Other cryptocurrency exchanges should also look in to this option, in order to avoid their dependency with the major banks. A lot many times, users face difficulty due to issues created by the banks. If the cryptocurrency exchanges are able to do banking services, then this issue can be resolved.

Maybe some people have already done it, but doesn't this seem too risky, because even with strong security, there are still exchanges that have been hacked, and this could backfire for those who use it.

The crypto adopters are leaving the bank but they are still using it as a way to cash out their money to be used for the daily needs too.
I'm also passively using bank to cash out or send my fiat and convert it into the crypto. There are so many crypto adopters are thinking that if they can get more benefits from the cryptocurrency exchange site.
that's why there's a statement that if defi or exchange site can make the traditional financial entity became obsolete.