Are Cryptobanks Future?

[alyssa85]

Cryptocurrency banks doesn't have a future because why you need a bank for your cryptocurrencies when there is already cryptocurrency wallets that are secured for keeping your cryptocurrency. You should just need to invest some of your crypto money into some good cold cryptocurrency wallet so you will have nothing to worry about the safety of your crypto wealth.

Most of the wallets are not user friendly, especially if you need to download the entire blockchain to your computer in order for the wallet to work.

I really believe that in order for adoption to proceed, people's main bank accounts need to have an online wallet attached which they can use easily without having to get their brains around sending fees, inputs, number of bytes in the transaction and so on.

[infested]

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?

Banks are trying to integrate blockchain technology because its way more advanced and secure than the current digital money (visa, swift etc.). Their plan is to tokenize all forms of value and assets.

At the same time they absolutely hate decentralized and privacy cryptocurrencies because they are against their own existence.

In fact the only reason they haven't pushed to make crypo illegal is because they need the blockchain technology.

[Findingnemo]

I am not sure how these crypto banks will work? What is the purpose of having them when we have the ability to make transactiosn anywhere without any issues by paying the transactions fees.

[Spaffin]

Many believe that we do not need crypto banks and that banks and cryptocurrency are not compatible with each other. I think that such an opinion is not quite right. Despite external inconsistencies, banks and cryptocurrency will be forced to coexist with each other. After legalization of cryptocurrency by the states, banks will provide services for the exchange of cryptocurrency for common currency, and thus people's confidence in the cryptocurrency will grow. In turn, banks will have a good commission on this.
As for cryptocurrency banks, their fate will depend on the demand for their services. While it is difficult to say what banks expect in this regard. It will also depend on the success of the distribution of cryptocurrencies around the world.

[sakokinak]

Cryptocurrency banks doesn't have a future because why you need a bank for your cryptocurrencies when there is already cryptocurrency wallets that are secured for keeping your cryptocurrency. You should just need to invest some of your crypto money into some good cold cryptocurrency wallet so you will have nothing to worry about the safety of your crypto wealth.

Man, I guess they have the future. We need cryptobanks. Most of them will work best than the exchanges, and they will provide safety and security of the cryptocurrencies placed there.

[logicgate]

Cryptocurrency banks doesn't have a future because why you need a bank for your cryptocurrencies when there is already cryptocurrency wallets that are secured for keeping your cryptocurrency. You should just need to invest some of your crypto money into some good cold cryptocurrency wallet so you will have nothing to worry about the safety of your crypto wealth.

Most of the wallets are not user friendly, especially if you need to download the entire blockchain to your computer in order for the wallet to work.

I really believe that in order for adoption to proceed, people's main bank accounts need to have an online wallet attached which they can use easily without having to get their brains around sending fees, inputs, number of bytes in the transaction and so on.

  No doubt blockchain is the best wallet ever and it is also reality that cryptocurrency has reduced the value of banks, money manufacturing is being done faster with bitcoin and other curator cryptocurrency, because it has benefits for rising in price after holding, cryptocurrency has safe future as more investors are accepting it.

[Rustamm]

Recently, I often see projects that call themselves crypto banks and, in fact, they are an online crypto wallet with the ability to store different coins. Some projects have implemented the integration of plastic cards and this greatly facilitates the use of cryptocurrencies, even for those who have no idea how cryptocurrencies work and what the blockchain is. I think these services will evolve and will be used everywhere.

[Best Dreams]

Cryptocurrency banks doesn't have a future because why you need a bank for your cryptocurrencies when there is already cryptocurrency wallets that are secured for keeping your cryptocurrency. You should just need to invest some of your crypto money into some good cold cryptocurrency wallet so you will have nothing to worry about the safety of your crypto wealth.

Most of the wallets are not user friendly, especially if you need to download the entire blockchain to your computer in order for the wallet to work.

I really believe that in order for adoption to proceed, people's main bank accounts need to have an online wallet attached which they can use easily without having to get their brains around sending fees, inputs, number of bytes in the transaction and so on.

  No doubt blockchain is the best wallet ever and it is also reality that cryptocurrency has reduced the value of banks, money manufacturing is being done faster with bitcoin and other curator cryptocurrency, because it has benefits for rising in price after holding, cryptocurrency has safe future as more investors are accepting it.

Crypto bank is not a bank actually but it is blockchain where we store our money and it is future for sure because this technology is growing very fast, more adoption of crypto currency is taking part in popularity and need of crypto bank after few years we will see how fast this technology will grow, and how it will be use throughout the world.

[Botnake]

Recently, I often see projects that call themselves crypto banks and, in fact, they are an online crypto wallet with the ability to store different coins. Some projects have implemented the integration of plastic cards and this greatly facilitates the use of cryptocurrencies, even for those who have no idea how cryptocurrencies work and what the blockchain is. I think these services will evolve and will be used everywhere.

There are a lot of projects that offers the same, and I have invested one of them that goal is really ambitious.
Cryptobanks project are not independent projects, they partnered with some established banks to bridge the transaction between crypto and bank.
In short, it gives easy way to access the privilege to convert crypto to fiat and vise versa.
This thing needs license or approval from the government it's a long process in the making.

[incomefromcoins]

Binance is the first crypto exchange working towards crypto bank and some swiss based financial institutions are also planning to start a crypto bank

[nur rochid]

Cryptocurrency banks doesn't have a future because why you need a bank for your cryptocurrencies when there is already cryptocurrency wallets that are secured for keeping your cryptocurrency. You should just need to invest some of your crypto money into some good cold cryptocurrency wallet so you will have nothing to worry about the safety of your crypto wealth.

Most of the wallets are not user friendly, especially if you need to download the entire blockchain to your computer in order for the wallet to work.

I really believe that in order for adoption to proceed, people's main bank accounts need to have an online wallet attached which they can use easily without having to get their brains around sending fees, inputs, number of bytes in the transaction and so on.

  No doubt blockchain is the best wallet ever and it is also reality that cryptocurrency has reduced the value of banks, money manufacturing is being done faster with bitcoin and other curator cryptocurrency, because it has benefits for rising in price after holding, cryptocurrency has safe future as more investors are accepting it.

Crypto bank is not a bank actually but it is blockchain where we store our money and it is future for sure because this technology is growing very fast, more adoption of crypto currency is taking part in popularity and need of crypto bank after few years we will see how fast this technology will grow, and how it will be use throughout the world.

by providing security for the custumer, of course this can be a suitable place to store assets. maybe there is only an indication of the same name, because actually every wallet we have is a bank

[qmclak]

I think it really depends who use it, Well yeah, I see the future of cryptocurrency but not sure about banks, Looks like if we talk crypto we are more comfortable keeping our digital coins in our own wallets that has private keys.

[nak02]

I guess this is would be great unless the security in cryptobanks are unbreakable, we've seen that a lot of people are hacking some accounts and we cannot protect our identity of it because it's all run in the internet, so if high security doesn't apply to much here then this would be a big problem in the future if they implemented this.

[Hannahanto]

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?

Why we need a bank for crypto currencies? The purpose of inventing Bitcoin with blockchain technology is to eradicate banking systems. P2P was introduced to close off third party transactions and so on. Without a banking system, crypto has covered the money market, investors and etc. What makes you happy when you spend your energy going to a bank to have a single transaction instead of sitting at home and doing your transactions via P2P.

[Vishnu.Reang]

I am not sure whether cryptocurrencies are compatible with the banking system, with its current size and shape. Since cryptos such as Bitcoin are protected against inflation, the banks can't offer interest on their deposits. And it is so easy to store crypto-coins, that you don't need a bank account to trade or store them.

[acheampong64]

Cryptocurrency and banks in the future in any case will have to coexist together and it should be on mutually beneficial terms. Banks will be forced to provide certain services in cryptocurrency.

That is what I also see happening anytime in the future. I think we are going to coexist and my reasons are just two and they're that;
1. Central Banks, mother of banks have control to decide what should be money and what shouldn't and hence have threatened cryptocurrency over sometime whereas
2. The millennial also doesn't want to give up their precious discovery and that's Cryptos.

So if both sides aren't ready to give up, they coexist then.

[dominos]

Cryptocurrency banks doesn't have a future because why you need a bank for your cryptocurrencies when there is already cryptocurrency wallets that are secured for keeping your cryptocurrency. You should just need to invest some of your crypto money into some good cold cryptocurrency wallet so you will have nothing to worry about the safety of your crypto wealth.

Idea of cryptocurrencies and typical financial banks activites are other but only option is possible crypto-backed loans issued by banks and maybe maybe multi-crypto wallet (but we have already these)

[Netnox]

Bitcoin was invented in order to eradicate the middlemen and intermediaries like the banks. The very idea of crypto-banks go against this principle. First we need to ask ourselves whether we need banks to store crypto or not. IMO, there is no need for a bank to store the coins or to transact them. Anyway.. the banks also may not be interested in a decentralized currency, which they can't manipulate.

[GregH37]

Binance is the first crypto exchange working towards crypto bank and some swiss based financial institutions are also planning to start a crypto bank

I can see that Binance is really working hard to seal the future and investing in future projects but this one of crypto bank, I am not sure that they will really make it work because many people would not accept crypto bank since they already have a wallet where they are safe keeping their money, so what will be the use of crypto banks again.

I only see one possibility, now that they are having their own chain too that will give birth to lots of Binance wallets, maybe they will use the bank to safe guard their wallets or I still don’t really know the usefulness of the bank. They should just limit their activities to what they are doing now and stop wasting money of programs.

[nimiq.cafe]

Bitcoin was invented in order to eradicate the middlemen and intermediaries like the banks. The very idea of crypto-banks go against this principle. First we need to ask ourselves whether we need banks to store crypto or not. IMO, there is no need for a bank to store the coins or to transact them. Anyway.. the banks also may not be interested in a decentralized currency, which they can't manipulate.

I disagree with this statement simply because the vast majority of people, even if they were somewhat totally proficient with managing their crypto (which they aren't and probably never will) there would still be a need to hedge the risk of losing all your funds by losing your private key (or simply getting it stolen).

Imo the future will revolve people keeping their life savings in multi sig wallets with something like 3 keys: one of the people, one for the bank and one for a third actor paid by people. To move the funds you would need 2 signatures out of 3, that would vastly mitigate the security risk while preventing the banks to play with your money.