Are Cryptobanks Future?

[BartS]

Whats the purpose of having a "cryptobank"?

As far as i know the purpose of crypto is to get away from banks and centralized control. The power of crypto lies in the fact that we can use financial products without the need for all the bureaucracy of banks and all the interest rates that they impose.

I know it does not really make a lot of sense but we already have exchanges that are similar since they are a centralized service where many people store their coins, to me cryptocurrency banks will become a reality because most people do not really know how to secure their coins and the responsibility of being their own banks is going to be too much for them and will try to find a way to get rid of that responsibility and banks will be there to fill that void.

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[Vaculin]

Whats the purpose of having a "cryptobank"?

As far as i know the purpose of crypto is to get away from banks and centralized control. The power of crypto lies in the fact that we can use financial products without the need for all the bureaucracy of banks and all the interest rates that they impose.

It turns out that vision is impossible now, the power of the centralized government is bigger compared to us who long for a total decentralization.
When there's a rumor saying that bitcoin will be ban like china ban, or india ban which has the biggest population in the world, people panic and that could create some big dump of price in the market.

That simply says that people are afraid with the negative action of the government, therefore, instead of fighting that decentralization, it could be better for all if the crypto will be regulated by the government and we will just comply with the rules, besides system is still decentralized.

[jmigdlc99]

Whats the purpose of having a "cryptobank"?

As far as i know the purpose of crypto is to get away from banks and centralized control. The power of crypto lies in the fact that we can use financial products without the need for all the bureaucracy of banks and all the interest rates that they impose.

I know it does not really make a lot of sense but we already have exchanges that are similar since they are a centralized service where many people store their coins, to me cryptocurrency banks will become a reality because most people do not really know how to secure their coins and the responsibility of being their own banks is going to be too much for them and will try to find a way to get rid of that responsibility and banks will be there to fill that void.

The responsibility of being their own banks will be too much - this can easily be addressed through the creation of simple and intuitive user interfaces. People can be taught and research has shown that there are ways to make people want something.

Psychology can always be tapped to help people want to learn about crypto. Being ruled by central banks is not necessary.

[bitcon]

Idea and concept are good but it could be good and promising only on paper, but like mentioned bitcoin is not physical. This is problem and this cannot be done for the moment. Maybe in one country as pilot program and to see how will it be. Maybe some bank will try to test it but think that eventually they will steal all those coins in the end.

Crypto banks are simply a mediator, therefore there is no special need for them. For calculations in cryptocurrency, wallet and its function is completely enough, and money can be exchanged on the exchange. Besides, the operations can be carried out by using smart contracts: for example, delayed payment, warranties are possible there. Crypto banks are something "extra" for now.

[Colt81]

Friends, I have recently read an article on the future of the banking system thanks to proliferation of smart contracts, some countries are already preparing cryptobanking projects, and this should happen  the next few years. Actually the conclusion of the article was that the free financial market - cryptocurrency is the future for the financial system. Do you agree? Is it so positive, or will the state regulation complicate things, but in my opinion it is inevitable for the banking sector, in your opinion?

In my own personal opinion, cryptobanks are not really necessary because we can save our own cryptocurrencies in our wallets which it will be more safer, but i think sooner or later there will be really cryptobanking projects because there are some people who really wanted to store their crypto in banks.

[Pearls Before Swine]

Bank is part of the old paradigm.

I understand your point, but banking is still a paradigm that is very much still alive and well.  Bitcoin celebrated its tenth birthday and has yet to overthrow the banking industry.

Banks and bitcoin just don't go together, do they?  The biggest advantage cryptocurrencies have over the banking system is that there is no 3rd party needed for P2P transactions.  So I dont believe there needs to be 'crypto banks'.  Not at all.  When one uses bitcoin, he owns his own money and does not have a bank or the gov't watching over it.

There may be a need for traditional banking services, eg, loans and interest payment for deposits, but I would not trust an entity purporting to be a crypto bank.  Wasnt there a savings and loan scam some years back involving crypto with a guy named trendon shavers?  That was in the early days of bitcoin but it turned out to be a total scam.  I wouldnt trust anything like that.

[asus09]

When looking on bitcoin price still lower maybe less chance to get cryptobank at the future, how ever no one want to invest in bitcoin if bitcoin price never raise to higher, but when bitcoin price growing up many investor around the world want to adopt bitcoin as investment assets and want to earn much money in bitcoin investing.

[uray]

Why not have cryptobank at the future, with good system audit, unique way for saving and without have big problem just waiting when cryptobank are become legal, many benefit take by investor with cryptobank because they do not save money but in side way they are increase money by saving with cryptobank.

To be frank i did not understand what you mean by these. What benefits are you talking about for the investor if there is a crypto bank and what do you mean by that they do not save money in side way  .

You really do not need any crypto based banks, we have online wallets and that is the closest you can consider to be banks in the market, not sure why anyone needs a banking system and if you are looking for interest then you are mixing the conventional to the unconventional.

[blckhawk]

I don't think it would be much of a burden when cryptobanks are established. Instead of fully controlling the market, I think it would be more beneficial if instead of cryptobanks, regulatory boards were made instead, who would foresee new altcoins and ICOs, etc and impose policies and possible sanctions if promises were not met. Cryptobanks would do KYC and provide insurance, but when a regulatory board was made, anonimity is preserved while maintaining policies.

[BartS]

Whats the purpose of having a "cryptobank"?

As far as i know the purpose of crypto is to get away from banks and centralized control. The power of crypto lies in the fact that we can use financial products without the need for all the bureaucracy of banks and all the interest rates that they impose.

I know it does not really make a lot of sense but we already have exchanges that are similar since they are a centralized service where many people store their coins, to me cryptocurrency banks will become a reality because most people do not really know how to secure their coins and the responsibility of being their own banks is going to be too much for them and will try to find a way to get rid of that responsibility and banks will be there to fill that void.

The responsibility of being their own banks will be too much - this can easily be addressed through the creation of simple and intuitive user interfaces. People can be taught and research has shown that there are ways to make people want something.

Psychology can always be tapped to help people want to learn about crypto. Being ruled by central banks is not necessary.

It will not be that easy, how many people around the world lose their information to hackers every day? And while losing money out of your bank account is painful you could always recover your money with the help of the banks but when it comes to cryptocurrencies once your coins leave your wallet there is nothing you can do to recover them, so if cryptocurrencies become mainstream you can be sure that many coins will be lost and banks will see the opportunity and will take it.

[senne]

When it comes to money or financial assets, everyone needs a surity and safety. If traditional banks start providing services for cryptocurrencies too. People are most likely gonna jump in for it. For extra interest over their cryptos and safety to your funds that banks can provide is definitely better than a single coin holder.

I am not saying that we need banks for cryptocurrencies but if that happened, people are likely to jump on it.

[ecnalubma]

Cryptobank can be consider a centralized institution, I don't think we need that. The purpose of having a crypto is to have full control over our financial assets, it is empowering us to become independent from banks. I'm not against it but the purpose should be clear, I dont understand wheter it will mimic bank, guarantee interests and insurances.

[pinggoki]

Making crypto banks for the future will help the cryptocurrency world to have a lot of investors. Investors can invest in cryptocurrency anytime they want to invest and they can invesy in crypto without any problem or hassles because it is a crypto bank already, but one of the very big deal of having this is the Security of the crypto banks, because as we all know crypto is a decentralized and they need to have a proper organized plan for them not to failed to have a cryptobanks.

[styca]

I don't think we need a cryptobank. We use banks as a convenient way to further abstract our money. If you buy a car, you don't turn up at the dealer with wheelbarrows full of coins - you can pay by card via your bank. Crypto is already abstracted in that way, so I don't see what a cryptobank would offer. Interest on savings? But exchanges already cover that through the fuctionality to effectively loan out your coins for a reward. I think a lot of the promise of crypto is how we can move away from dependency on banks. A cryptobank seems like a bit of a backwards step, as well as just not being required.

[desticy]

I do not understand by what principles the work of such a bank will take place. If he will store bitcoins of users, and use these funds in his activities as banks do, what is the point?
After all, we ourselves can store our bitcoins, increasing their number in various ways.
In addition, what will the bank do if the price of bitcoin rises in price more than the bank expects, and yet it will have to pay the interest rate on deposits with BTC.

[nasipadang]

Transactions can be seen, decentral where there is no centralized authority, freedom of transactions without the presence of a third party, that is how the concept of cryptocurrency. In terms of the benefits provided to users it's very good, but if this is adopted by the government and becomes a crypto bank, I'm sure some of these benefits will be regulated.

[reality18]

Cryptobanks will play a major role in both the crypto space and financial lives of people. The revolution has already began with most of the projects integrating banking systems and services into their operations. Projects like HubrisOne is one of the them. The big and tier one exchanges like Binance, Bitrue, Kucoin etc have also integrated the banking loan services which makes them go extra mile.

[jakoylantern]

Transactions can be seen, decentral where there is no centralized authority, freedom of transactions without the presence of a third party, that is how the concept of cryptocurrency. In terms of the benefits provided to users it's very good, but if this is adopted by the government and becomes a crypto bank, I'm sure some of these benefits will be regulated.

Yes, I agree with what you said; we know that bitcoin is centralized, no authority can't control it, and many more capabilities of bitcoin. But if the government take under control/ adopt the cryptocurrencies and create a crypto bank, this will be shown that cryptos will have now a decentralization and can control by a single authority. This is good to the other ppl that use bitcoin as a payment system and vice versa, especially to other ppl that want anonymity.

[meliodas]

Transactions can be seen, decentral where there is no centralized authority, freedom of transactions without the presence of a third party, that is how the concept of cryptocurrency. In terms of the benefits provided to users it's very good, but if this is adopted by the government and becomes a crypto bank, I'm sure some of these benefits will be regulated.

Regulation is very important for a progressing world. We need to have some rules and limitations for every important aspect and sector of our community. If there will be no regulation, then the chaos will be in our world in no time. Cryptobanks are possible but it is not that ideal since we don't really need a bank for our cryptocurrencies since there is already a lot of alternative just like hardware wallet.

[MRrey]

If bitcoin have regulation by government  I think crypto bank at the future will come true, when bitcoin still illegal and not allowed by government crypto bank at the future is bullshit, just dreaming looking with bank have build by crypto at the future, we need government want to allow bitcoin and crypto first before we can build many big think with cryptocurrency.