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Author Topic: Difference between Traditional V/S Crypto Banking  (Read 532 times)
MarkTrade19
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December 01, 2017, 11:04:28 AM
 #1

What is the difference between Traditional V/S Crypto Banking?
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December 01, 2017, 12:22:48 PM
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I am not sure I know exactly what you mean by Crypto banking but some of the points are:

With BTC:
- there is no authority to blacklist you
- they do not get to tell you "Sir our daily limit is 2000, we are very happy that you keep your 2 mil with us". In the next 3 years you'll get it all
- they do not get to tell you whom you can transact with
- they do not get to lock your funds on software glitch
- they do not get to limit you access when the next wave of government inflation hits your lifesavings and you are watching your purchasing power melt like an ice cream in Harare

And most importantly: - they can not force you to transact, save and live on money the powers to be get to counterfeit on a whim
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December 03, 2017, 09:40:51 AM
 #3

What is the difference between Traditional V/S Crypto Banking?

There are lots of differences between the traditional and the crypto banking. some the differences include:

Digital currency affords users complete anonymity: Every time you swipe your credit or debit card, your personal information is attached, and businesses, banks and governments can use this data to track your activities but cryptobanking transactions carry no personal information (unless you add it yourself). This privacy also dramatically decreases the chances of identity theft.
Constant access to your accounts: Traditional accounts can be garnished or frozen, but since digital currency exists outside the regulations and laws that allow this to happen, it’s very rare to be unable to access your coins.
No fraud: Individual cryptobanking are digital and cannot be counterfeited or reversed arbitrarily by the sender, as with credit card charge-backs
Lower fees: Traditional banks charge fees to process transactions. With digital currency being exchanged over the internet, there are usually little or no transaction fees.
Access to everyone: There are around 2.2 billion people with access to the Internet or smartphones who don’t have access to a traditional exchange. For these people, the cryptobanking is perfect.

for more info visit: https://www.aliantpayments.com/cryptocurrency-vs-traditional-money/
 
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December 03, 2017, 07:33:35 PM
 #4

There is nothing like btc banking Bank is a system which accepts your deposits and processes you credit if you need. Blockchain network is something absolutely different it does not accepts deposits of any kind. It gives you a new currency. The price of this currency is solely because of the demand it has created. Even if some ICO's claim to become crypto banks they aren't going to end up being successful because of the deflationary nature of bitcoins.

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December 03, 2017, 08:34:26 PM
 #5

What is the difference between Traditional V/S Crypto Banking?

ATM, crypto "banking" is in a precarious situation. The exchanges and other 3rd-party escrow services are de facto banks of crypto-currency. I think there will be continued demand for this kind of service since there is a good chunk of the public that simply doesn't trust themselves to manage their own keys (and for good reason). When it begins to mature, I think that the amount of cream that crypto-bankers will be able to skim will be much smaller than what regular banks can do. Until then, the word "bank" is too strong to describe these escrow services. They are more like payday loan shops - with a service to store your money for you for a fee. In 10 years or less, I could absolutely envision a standard bank like US Bank or whatever offering a "Bitcoin checking account" alongside a regular US dollar checking account. I know that this seems like a contradiction to the rugged individualists in the Bitcoin community but I think these people tend to overestimate the intrinsic demand for sovereignty products, services, and technologies.
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December 04, 2017, 05:27:15 AM
 #6

Traditional banking has lead us through depressions and crashes. It has created a system that benefits a few and has decision making concentrated in the hands of few who have the most holdings.
In that sense, if ever crypto-currency banking becomes the norm, it'll still have these features. Decision-making and power will still be concentrated in the hands of a few.

Traditional banking has more or less failed to serve the lower classes in proportion to their contribution. The middle classes go through the servitude of mortgages, loans, credit cards and see their wealth dwindle in the face of inflation, market crashes etc. This is where crypto-banking or the whole bitcoin phenomena will probably be different. It gives you control over your wealth and YOU decide what to do with it.

This makes it prone to individual mistakes and scams but I hope there will be correction as people become aware of the intricacies and start taking care of their security.


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December 04, 2017, 06:52:27 AM
 #7

Bitcoin :

~ 24 hour availability of your funds. <No restriction on Banking Office hours or broken ATMs>
~ Bitcoin will not close their doors, when the governments tells them to. <Like what happened in Greece>
~ Nobody else has access to your wealth. <That is to say, if you have sole access to your private key>
~ Global transactions with Bitcoin is much easier and faster and cheaper.
~ Banks are profit driven. < Profit comes first, clients comes second > In Bitcoin, you are the Bank.

This is just some of the things I can think of now, there are a lot more. < No standing in queues being one of the best >

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December 04, 2017, 11:27:39 AM
 #8

I think the difference was as a result of the advancement of technology
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December 04, 2017, 01:29:46 PM
 #9

Traditional Banking belongs to companies in different countries which should obey regulations of that countries.
Crypto Banking belongs to companies which can be more flexible about obeying regulations and bringing their rules.

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December 04, 2017, 01:42:49 PM
 #10

I Don't believe in this so called crypto-banking. As I don't see much of the difference in traditional and crypto banks, both controls the money circulation, so it will more or less make Bitcoin decentralized. In this whole banking process only so called "banking ICO's" will make the profits and with no benefits in hands of depositors.


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December 06, 2017, 09:37:45 PM
 #11

Traditional banking is shitty. With Crypto banking, no need to wait long hours. No one has access but you alone, Crypto banking doors are always open unlike traditional banking. TB demands higher service fees while CB demands less service fees.

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December 07, 2017, 08:19:28 PM
 #12

Is there a crypto banking already? Basically, in case if person is using bank, he or she need to accept all conditions set by the bank. In case if you are using crypto currency, you do not need to adjust to someone else.
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December 07, 2017, 08:28:24 PM
 #13

What is the difference between Traditional V/S Crypto Banking?

Can you expand on what you mean by crypto banking?

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