Are Cryptobanks Future?

[omonuyak]

The cryptocurrencies or blockchain technology is going to be the future of our financial and banking system.  We should endeavour to be able to spend quality time studying it in other to be able to be part of the future.  If we abandoned blockchain technology the current banking system is not good in future.

[victoria444]

Stay away from Bitforex, Bitforex has been performing wash trades and here are some of the token pairs where these bot trades can be detected.

https://medium.com/@sallyalexon/bitforex-the-biggest-wash-trading-exchange-in-the-world-8245e9ca910a

[Altero]

Stay away from Bitforex, Bitforex has been performing wash trades and here are some of the token pairs where these bot trades can be detected.

https://medium.com/@sallyalexon/bitforex-the-biggest-wash-trading-exchange-in-the-world-8245e9ca910a

Thank you for bringing up this information in here and we get aware of these.

In somehow we realize that even it listed already in CMC still they wanting trick people and be their victims. They are just greedy and never think good for the community instead they'll just ruining it's future.  Anyways, we cant put end of our trust into crypto just for this scenario and I'm pretty sure they'll be won't staying in here for long and just disappear.

[malikusama]

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?

Cryptobanks is the worst idea, a strategy to keep the conventional banking system in a modern way of digital money.
Cryptos are designed differently that they don't need such banking sytems. Regulation has also created few hurdles for the crypto users but it is still acceptable if we want global adoption of digital currencies.

[faceoff97]

I lts preferable to store assets in crypto than banks since you have full control over your funds when holding crypto. It also provides better security of funds and great potential for having greater return. Having crypto allows you not just to store money but also  to transact without intervention and lowest fee unlike banks which has good amount of interest.

[Hamphser]

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?

Cryptobanks is the worst idea, a strategy to keep the conventional banking system in a modern way of digital money.
Cryptos are designed differently that they don't need such banking sytems. Regulation has also created few hurdles for the crypto users but it is still acceptable if we want global adoption of digital currencies.

Not only a worst idea but this is typically contrary on why cryptocurrencies is being created. Even though cryptobanks would be there I don't think that there would be users
who would entrust on using up their service yet our own wallets would already enough on storing up our assets.So, whats the point on creating this bullsh*t banks?

[qwertyup23]

Having a cryptobanks defeat the purpose of having a decentralized system of payments/transactions as cryptocurrencies (like bitcoin) does not rely on third-party institutions. But we cannot deny that shifting to a digitalized form of payment may be the future if the whole-world will adopt to this kind of change. If that happens, expect the government to regulate and impose taxation.

Before cryptobanks become future, cryptomarket should:
1. Be regulated by governments and international organizations;
2. Choose which cryptocurrency will be used as a way of payment;
3. Update the technology and provide safety of system.
So, if these problem will be fixed, maybe cryptobanks will become our future

The only way that I see cryptocurrencies as a way of payment is when its price stabilizes and becomes less-volatile. If the price continues to be volatile, it may brinng financial imbalance and harm to the country and may result to inflation. Not to mention, they need to address the issue of scarcity as bitcoin only has 21 million at the moment.

[GreatOrchid]

I think we don't need these but if its for the adoption it will be unstoppable. What would be the purpose of having cryptobanks? our wallets will be safe and stored to them? we already have our own wallets and we can be already our own bank.

They will start lending with bitcoin and you shall pay them with cash or bitcoin too? well we already have this on Lending section of the forum. I guess I'm missing something of their usefulness but I can't think of it.

Truly, if it is for the adoption of the crypto currency for our future, then there is a possibility for an unstoppable occurence of the cryptobanks. But if I were to ask, this is also not necessary because we all already have our crypto currency wallets, as well as the blockchain its always there for us. Our crypto wallets are there always present and we are the owner of it. We can get our money whenever we wanted. And more than that, we always have our wallets within us, so what for it this crypto banks then? The concept there is a bit twisted. Having the crypto banks even though we already have put own crypto wallets? For this, I guess only few will use the cryptobanks, as the competition between the crypto banks and crypto wallets will be truly can conclude. More than all of this, we have the decentralization where we all anonymous in sending and receiving money. But if we all engage in crypto banks, insn't it will become a centralized? And all of the users will have a profile known, which also the appearance of the government presence will come at hand too, wanting to regulate it and have crypto users to pay taxes.

[pragna]

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?

I think many things happen tomorrow but question is how did mutual with flit money with cryptocurrency? Normal banking system is centralized and cryptocurrency is decentralized. So there are two different system actually.

In normal banking system, if any fraudulent happen we can easily track him but in cryptocurrency we can not track him so that how it will come in cryptobanking its really a changing to me. Waiting to see what is happening next days.

[jvdp]

I hope OP might not read about the Ripple's collaboration with the western and Saudi Arabian banks. Even a few weeks before also I have read that crypto bank adoption discussion on citi bank side. If the centralized banks accepted cryptos means we should confirm that again we gonna be controlled by one medium. First thing cryptos are meant to use the finance independently, if that happens I am not sure how we can be anonymous and secured. Your wallet is the bank I believe nothing more we need apart from that to handle finance.

[logicgate]

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?

I think many things happen tomorrow but question is how did mutual with flit money with cryptocurrency? Normal banking system is centralized and cryptocurrency is decentralized. So there are two different system actually.

In normal banking system, if any fraudulent happen we can easily track him but in cryptocurrency we can not track him so that how it will come in cryptobanking its really a changing to me. Waiting to see what is happening next days.

  Actually decentralization of crypto currency is making it famous and centralization of banks is making is now down as compare to crypto currency because it is only a way to save our money but people found crypto currency better than it, they are trusting it better, they are using it as cash, as money saving resource and as entire future, so this shows crypto currency has shining bright future.

[Hamphser]

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?

I think many things happen tomorrow but question is how did mutual with flit money with cryptocurrency? Normal banking system is centralized and cryptocurrency is decentralized. So there are two different system actually.

In normal banking system, if any fraudulent happen we can easily track him but in cryptocurrency we can not track him so that how it will come in cryptobanking its really a changing to me. Waiting to see what is happening next days.

  Actually decentralization of crypto currency is making it famous and centralization of banks is making is now down as compare to crypto currency because it is only a way to save our money but people found crypto currency better than it, they are trusting it better, they are using it as cash, as money saving resource and as entire future, so this shows crypto currency has shining bright future.

Theres no assurance that crypto would have a bright future yet theres no guarantee on where this market would heading.We know regulations and legalization is really
hard which is the main thing why full adoption is on blockage.About cryptobanks, i dont see a reason why it would needed to be created, thats why crypto becomes famous because on our own assets/money we can make ourselves as banks and all the wallets needed for storage is already sufficient thats why i dont know why we need banks once again.

[okala]

Cryptobank project will be a good development but I believe that the blockchain is already performing that role of crypto bank because it transactions are carried out on the blockchain and records kept on the blockchain network. Having a project for that will be to give it a physical identity which will be far from anonymousness.

[Mometaskers]

Well even banks want to start using blockchain in their own operations so we know it definitely have advantages over the traditional model. I've heard about certain crypto "banks" though I've never really used any (none in my country).

Considering we are responsible for our own crypto, the only service I'd probably avail from such a bank would be credit. Currently using a credit card for my purchases.

[MFahad]

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?

Well, if it is happened then it is good but still we don't need it. It is going on because of governments want to use our money. Even we all are using wallet then why we need banking system?
It is not our demand but it government demand, so let see. But at least it will be benefit for those countries where governments not accept crypto currency, at least this banking system could give them a chance. 

[BeGoods]

Cryptobank project will be a good development but I believe that the blockchain is already performing that role of crypto bank because it transactions are carried out on the blockchain and records kept on the blockchain network. Having a project for that will be to give it a physical identity which will be far from anonymousness.

Cryptobank in question is certainly a third party right? they certainly will have a separate system that can control user funds,
and in my opinion who loves decentralization, it's not a good idea, I don't think that the cryptobank will have a good future

[FanEagle]

Crypto Banks have a long way to go before they could ever attempt to surpass the current banking system, the world is not even remotely ready for something of that magnitude. It could definitely carve up a decent chunk of the market share for themselves but it won't even be the future for a long long time, we may not see it in our lifetime to be exact.

The banking system is heavily favoring the banks of our age and they have so much power over not just economy but the whole political aspect of the world that anytime any rival appears they will just bribe the right people and shut down any competition they could get, with that much power and money it is almost impossible to beat those people unless people go against them willingly losing more favorable options.

[Huskarls]

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?

Before cryptobanks become future, cryptomarket should:
1. Be regulated by governments and international organizations;
2. Choose which cryptocurrency will be used as a way of payment;
3. Update the technology and provide safety of system.
So, if these problem will be fixed, maybe cryptobanks will become our future

Even if this can be realized, I think there should be only 2-5 main cryptocurrencies that should be used as a benchmark, while others have been ensured to disrupt the continuity of the crypto ecosystem if they still exist

[Naida_BR]

Cryptobank project will be a good development but I believe that the blockchain is already performing that role of crypto bank because it transactions are carried out on the blockchain and records kept on the blockchain network. Having a project for that will be to give it a physical identity which will be far from anonymousness.

Cryptobank would separate the community into two categories.
In general, the idea of a cryptobank is opposed to the initial notion of the blockchain ecosystem where people can transfer value without a third party being involved in between.There would be people that would like that idea or they will try to implement it in their projects of course.

[cryptjh]

Holding cryptocurrency is all about being your own bank. The banks won't go away they will still be here in the future, even in the event that the world abandons the fiat system.
The banks will, in the end, find a new way of making money, so there's a chance that our banks in the future will add crypto exchanges into there business, so every bank costumers will be able to trade crypto in their home bank.