Are Cryptobanks Future?

[iTradeBit]

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?

[sunsilk]

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.

[Panxora_COO]

I think that it really depends what you mean by 'bank.' If you are talking about entities that serve a retail customer base, I think that in the fullness of time an entirely new type of operation will be born. Bank is part of the old paradigm. There are certain reasons a central entity that trade passes through adds value, for instance if I want to loan money today, but Sasha only shows up to borrow that amount of money 2 days later, a 'bank' will manage the transactions so that both people's needs are meant. But there are a whole lot of things associated with banking like the concept of fractional reserve capital management that will no longer have meaning. This freaks the living jizz out of central banks, governments and the old guard in equal measure.
So I believe new types of entities will arise from the crypto-economy that will have some of the properties of banks, but will be entirely new entities. What that will look like?... well I'm not clever enough to imagine it. But I will enjoy seeing what the amazing brains of the crypto-culture will come up with.
I am already amazed by some of the things I am seeing.

[rickadone]

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?

There are three phases we may need to go through before having society where cryptobanks are dominating. These phases are being assumed to happen based on how a new concept will be accepted and will be incorporated where security and convince are most valuable criteria.

In the first phase, traditional banks will adopt blockchain technology and few cryptos but customers will not be allowed to protected by decentralization's concepts but you may enjoy a part of crypto banking along with our current banking-centralized-system. I guess this is purely an evaluation just due to the emerging technology, blockchain. Both banking system and customers will realize the benefits of having a blockchain based system for their financial needs.

In second phase, people start to realize having a decentralized system for their financial needs which may lead to have non-regulated crypto based banking sector still you may need to depend on third party but your privacy and being anonymous kind of features will be provided. Your employer may prefer to pay in crypto using these banks and you pay taxes only for availing services and buying good but NOT at all for your income.

In third phase, people start realizing why they need a banking services when their wallet itself having all the functionalities of a bank. Now, you may not need to pay taxes even for services and goods as taxes are optional only if you prefer to declare your financial activities.

Yes, crypto banks are the future but it would take more time to function as a most commonly used system.

[Asian_Dynasty]

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 it is ok when governments regulate financial sector because I am honest person who doesn't have illegal money or buy/sell something illegal.   

[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?

For Banks on adopting Blockchain tech then they are already starting but talking generally when collaborating Crypto and Banks  would really be impossible. It would exist no matter what knowing that
government do really likes for all things to be centralized and heck, why we would need up Banks for our coins if we do have our own wallets?

[LeGaulois]

Crypto-banks already do exist. A bank account with crypto, you have wirex, bitwalla, mistertango, epayment.... Yes, they are only online banks but the future of the banking will be online and you can already see it with all the neobanks popping out.
The trend is now for the neobanks, people aren't interested to use the traditional banks anymore.

[Centareum]

Most of the Governments won't do this! they need things to be centralized as they wanna keep an eye on everything! 

[gamer4156]

It is always very difficult to adopt new systems. People use to say that it will be very difficult to adopt. But new things come and replaces  old. Like initially there was very few social media websites. When ORKUT or HI5 came everyone was saying that no social media website will be successful. But facebook was there and you can imagine the number of account on facebook. Then everyone was thinking it is the end, then twitter, insta, linkedin and many more to come.

SO it can be future,

[cryptodukeguy]

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 guess the future is towards mass adoption after all We need more projects that will operate as crypto payment gateways among merchants and individuals like MFX, so that we can integrate them faster and easier in our daily lives.

[Kiryahs]

Only if our world creates something ACTUALLY decentralized.

[kakonhat]

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?

You almost got it. It's really true that day by day we are getting very positive news about crypto though current market is not good because of SEC. However, there is no doubt we are going to be a proof of the great crypto history.

[syamster]

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?

You almost got it. It's really true that day by day we are getting very positive news about crypto though current market is not good because of SEC. However, there is no doubt we are going to be a proof of the great crypto history.

Of course we will build a history if today is not good days so never lose your hope I am sure we will have good days very soon. It is great feeling to see something you invested for so this way I think bitcoin will gain more investors and they will have big profit. Even when there was no crypto bank system but bitcoin were save in wallets but just hope for the best it is great news.

[iv4n]

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.

Main question is what would be the purpose of crypto banks? I think many people don`t understand how banks work, people don`t understand how crypto work, but they are combining this two anyway. There is nothing useful for people in cryptobanks, what banks can do is to make their own alt, but its on people will they use their coin and support them, or they will support decentralized platforms that can be beneficial for entire human race, not just for people who own banks, what ever kind of banks.
We have wallets and we can be our own bank, no matter how many times we repeat that people still don`t get it.

[boled]

maybe you mean the world of banking will adopt the blockchain as their transaction technology. or maybe banks will make crypto currency products such as Bitcoin (BTC), Ethereum (ETH), Stellar (STR / XLM), and others. I did not find the red thread of the topic you are talking about, but that is what I caught. maybe you can share the source link of the article you are reading, so friends here can learn.

[cluit]

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?

The question is who and who is even interested in the banks you’re talking about? I have not seen anyone that is interested in anything about Cryptocurrency banks.

When it comes to making use of Bitcoin or any cryptocurrencies, all you need is just your crypto wallet and nothing else, you don’t really need anything bank. There are different types of safe wallets that you can use to store you coins safely just like Trezor and the rest of them.

[krassy]

With the emergence of cryptocurrency and world globalization, banks should disappear altogether, a high degree of confidence in cryptocurrency transactions and payments, transparency and the absence of commissions, digital data recording should all lead to the transition to universal use of crypto payments. Banks have nothing to profit in a cryptocurrency society.
Crypto banks are your personal wallets, you decide where to transfer your funds, to whom to entrust your coins.

[shield132]

Can you provide me with the info which countries are preparing for cryptobanks? Blockchain-based Cryptobanks will be good but it's another task if government wants this. They saw great benefit of blockchain technologies and are implementing it in a lot of services, not only governments but also corporations and different services. As I see, government don't want/need independent people so they don't want decentralized systems. Or if they accept it, it will be to blind people that such thing exists and they'll offer their cryptocurrency and etc.

[Kemarit]

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.

You should have at least include the links so that we can see what this crypto banking projects you are talking about. Might just be that banks are taking advantage of blockchain technology to help them more productive.

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?

Definitely, I believed that crypto will be the future of financial system. People doesn't need a third party to make transactions, that's a huge step. And that's why government wanted to regulate it, I guess it's still a win-win situation though, we can enjoy crypto and at the same time government imposing tax on it can probably help them fund various public expenditures.

[Sadlife]

I dont think that it will affect crypto currencies cause as we are seeing banking institutions are looking forward to integrate their technology to bitcoin that is why they're developing their own blockchain system. Maybe they can find a way to regulate crypto's but most of this banksters doesn't really understand what bitcoin is and how to use it, so exploits like in their fiat system will be very unlikely.