Are Cryptobanks Future?

[salty]

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?

It is difficult to draw conclusions.I think that the traditional financial system will exist together with cryptocurrency.As You can see that many countries still have a negative attitude to cryptocurrencies.The market needs more time to mature.

[uray]

People like us are never going to need something like a bitcoin bank but I'm not so sure about the rest of the population, I say this because we can secure our coins without too much of a problem.

There is no point in having a bank for bitcoin, it is created for everyone to have complete control over your assets rather than trusting a third person and if people cannot understand the basic function of bitcoin then i doubt they will even try to understand what bitcoin is all about and how it can be used successfully.

 

[yulionoo]

yes I agree if you say that cryptocurrency is the future for a free financial system. and in my opinion it will be a new innovation in cryptocurrency that will become the center of attention of people so that more people will understand about cryptocurrency. maybe state regulations will not complicate all of that, if indeed all of them can benefit them. but I am sure, most crypto users will agree that in the future, banks will make banking systems more sophisticated, by making cryptobanking.

[Arkann]

Maybe I don’t understand something, but I think for several years now, from the very beginning of my activity in the cryptocurrency market, I have come across information that cryptocurrency can replace the banking system without any problems.  However, many users have always spoken negatively about banks and their activities.  But today, very often there are statements regarding how to create Crypto banks, while I can not understand why.  We are trying to get rid of the existing banking system, but why are we hoping to see another cryptocurrency based banking system using blockchain.  It seems that the wolf does not feed as much as he wants, but he will still look into the forest.

[Faxmate]

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?

It is difficult to draw conclusions.I think that the traditional financial system will exist together with cryptocurrency.As You can see that many countries still have a negative attitude to cryptocurrencies.The market needs more time to mature.

But there are also countries that are adopting it for boosting their economy. This is normal to have people going against the idea of crypto currencies because governments’ are hesitating in declaring this market complete legal. I believe government shall find out a way of combining traditional currencies or investment market with crypto in order to take advantage from the unique features of crypto market.

[Polar91]

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?

It is difficult to draw conclusions.I think that the traditional financial system will exist together with cryptocurrency.As You can see that many countries still have a negative attitude to cryptocurrencies.The market needs more time to mature.

But there are also countries that are adopting it for boosting their economy. This is normal to have people going against the idea of crypto currencies because governments’ are hesitating in declaring this market complete legal. I believe government shall find out a way of combining traditional currencies or investment market with crypto in order to take advantage from the unique features of crypto market.

Crypto market doesn't need the bank in order to take an advantage since it can standalone by itself with just a help of local exchange which should be regulated by the government. On the other hand, bank may need crypto in order to rebuild their system, develop it, and then make it more convenient and reliable at the same time in a way that its integrity remains intact.

[Oneandpure]

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?

China will make cryptobank at the future because they have agree for adopting bitcoin as legal transaction, after president of China want to adpt blockhain technology for their transaction I think just waiting few month later China will have bank support with bitcoin and altcoin, I hope many country will allow how china regulation to adopt and legal bitcoin as transaction payment.

I don't think that China will launch their own cryptocurrency bank because I think they will create their own cryptocurrency rather than just a bank. China will launch their own cryptocurrency so they can monitor the transactions of their citizen and of course, it would be centralized so they can control all over their cryptocurrency blockchain.

But it would be much better for China to create simple banks that deal in all sorts of crypto currencies rather than developing their own coin. Bitcoin is already at high price and is the most profitable coin. China shall make her people use bitcoin and put taxes on profits instead of regulating their on coin. They can have exchanges which will keep all transactions history. People need decentralized crypto.

So far, history has shown that the opinions of the government and the people are radically different.  Based on this, ordinary users of cryptocurrencies do not want any banks and control over their funds, but at the same time, the government is happy to legalize cryptocurrencies if it passes through certain financial structures and, first of all, these structures can be Crypto banks.

I think not ready if cryptobank at the future because many bad side of crypto as currency, many hack of bitcoin assets and exchange wallet give negative side for bitcoin and altcoin become cryptobank at the future, bank have many member not ready if using crypto because they still beginner with using bitcoin as legal currency transaction, many older people can understand how to working with crypto site.

[BartS]

People like us are never going to need something like a bitcoin bank but I'm not so sure about the rest of the population, I say this because we can secure our coins without too much of a problem.

There is no point in having a bank for bitcoin, it is created for everyone to have complete control over your assets rather than trusting a third person and if people cannot understand the basic function of bitcoin then i doubt they will even try to understand what bitcoin is all about and how it can be used successfully.

 

You are ignoring my point, people like us do not need a bitcoin bank that much is clear, we know how to secure our coins but in the case cryptocurrencies are adopted by an important number of the general population they will not know how to secure their coins properly.

Some will learn how to do it but many will be victims of hackers and then they will try to find a solution to all of this, I know that bitcoin allow us to be our own banks but that also means we are completely responsible for our money and I can assure you most people are not ready for that responsibility.

[meliodas]

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?

It is difficult to draw conclusions.I think that the traditional financial system will exist together with cryptocurrency.As You can see that many countries still have a negative attitude to cryptocurrencies.The market needs more time to mature.

But there are also countries that are adopting it for boosting their economy. This is normal to have people going against the idea of crypto currencies because governments’ are hesitating in declaring this market complete legal. I believe government shall find out a way of combining traditional currencies or investment market with crypto in order to take advantage from the unique features of crypto market.

Crypto market doesn't need the bank in order to take an advantage since it can standalone by itself with just a help of local exchange which should be regulated by the government. On the other hand, bank may need crypto in order to rebuild their system, develop it, and then make it more convenient and reliable at the same time in a way that its integrity remains intact.

I agree with that. The cryptocurrency itself can standalone and do its thing without the help of having a bank and the banks are the ones who need the technology behind cryptocurrency in order to improve and give more quality to its customers. We already have our bank which is our cryptocurrency wallet so it will be useless if we will have bank for crypto.

[noninum]

But there are also countries that are adopting it for boosting their economy. This is normal to have people going against the idea of crypto currencies because governments’ are hesitating in declaring this market complete legal. I believe government shall find out a way of combining traditional currencies or investment market with crypto in order to take advantage from the unique features of crypto market.

I think governments who are interested in using Blockchain technology will also be interested in using Cryptocurrency, if they don't use existing Crypto then they will Make their own Crypto. There is no doubt that the future of Crypto is still long, and we will continue to see countries adopting Cryptocurrency in their countries.

[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?

It is difficult to draw conclusions.I think that the traditional financial system will exist together with cryptocurrency.As You can see that many countries still have a negative attitude to cryptocurrencies.The market needs more time to mature.

But there are also countries that are adopting it for boosting their economy. This is normal to have people going against the idea of crypto currencies because governments’ are hesitating in declaring this market complete legal. I believe government shall find out a way of combining traditional currencies or investment market with crypto in order to take advantage from the unique features of crypto market.

Crypto market doesn't need the bank in order to take an advantage since it can standalone by itself with just a help of local exchange which should be regulated by the government. On the other hand, bank may need crypto in order to rebuild their system, develop it, and then make it more convenient and reliable at the same time in a way that its integrity remains intact.

  Crypto currencies have clear cut advantage over traditional markets or banks. As we know that bitcoin and crypto currencies are not depending on government or any other contemporary market for their survival but vice versa could happen. There are maximum chances of banks especially the international ones of adopting blockchain technology in order to stay updated and stay as means of customers’ interest.

[Visbay]

yes I agree if you say that cryptocurrency is the future for a free financial system. and in my opinion it will be a new innovation in cryptocurrency that will become the center of attention of people so that more people will understand about cryptocurrency. maybe state regulations will not complicate all of that, if indeed all of them can benefit them. but I am sure, most crypto users will agree that in the future, banks will make banking systems more sophisticated, by making cryptobanking.

Even now so many banks are accepting the system of crypto and they are producing more safety affiliations with the help of putting crypto in their system. We know the best thing about crypto is Blockchain and now banks are also involving Blockchain in their system. Blockchain is now the name of safety it made people invest more in crypto so many you are right about getting crypto banks in the future.

[Memminger]

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?

It is difficult to draw conclusions.I think that the traditional financial system will exist together with cryptocurrency.As You can see that many countries still have a negative attitude to cryptocurrencies.The market needs more time to mature.

But there are also countries that are adopting it for boosting their economy. This is normal to have people going against the idea of crypto currencies because governments’ are hesitating in declaring this market complete legal. I believe government shall find out a way of combining traditional currencies or investment market with crypto in order to take advantage from the unique features of crypto market.

Crypto market doesn't need the bank in order to take an advantage since it can standalone by itself with just a help of local exchange which should be regulated by the government. On the other hand, bank may need crypto in order to rebuild their system, develop it, and then make it more convenient and reliable at the same time in a way that its integrity remains intact.

  Crypto currencies have clear cut advantage over traditional markets or banks. As we know that bitcoin and crypto currencies are not depending on government or any other contemporary market for their survival but vice versa could happen. There are maximum chances of banks especially the international ones of adopting blockchain technology in order to stay updated and stay as means of customers’ interest.

I don't get it. Isn't Bitcoin created to eliminate the presence of banks and make it peer to peer. That's why I think that it is quiet contradictory to bank in crypto. I don't think that that would happen because we can be a bank of our own money ourselves isn't it. You can make it very secure by purchasing cold wallet and store your private keys away from any digital devices. Also if we talk about the government then honestly I think that it can't be avoided if you envision it be adapted throughout the world.

[spike420211]

I doubt that cryptocurrency will become the financial system of the future. Finances love the stability that cryptocurrencies cannot provide yet.
Therefore, I do not think that banks will risk so much by issuing their tokens each and transferring their customers to them.
But blockchain technology for security can be implemented by each bank.

[Memminger]

I don’t get the idea of cryptobanks because in the first place Satoshi Nakamoto invented Bitcoin in order to eliminate the middleman like banks who are quiet taxing and would sometimes doesn’t provide enough security at some cases and also your data are leaked if you were not engaging with reputed banks. Why would you let other people take care of your assets if you can make it much secure and you can do it by yourself. You could just buy a cold wallet and store your private keys somewhere safe away from any digital things.

[GideonGono]

I doubt that cryptocurrency will become the financial system of the future. Finances love the stability that cryptocurrencies cannot provide yet.
Therefore, I do not think that banks will risk so much by issuing their tokens each and transferring their customers to them.
But blockchain technology for security can be implemented by each bank.

There are a lot of banks who do not agree by the use of bitcoin because the crypto can overtake the bank from the uses and also the interest that it can give specially you can withdraw your money anytime without card.  I don't think if that will happen about crypto bank because there are a lot of banks that don't agree from that.

[electronicash]

banking will no longer be relevant since we all have wallets that functions like banks. i'm however not aware what they are going to be to make banks relevant still.
since government will still need to collect taxes, there could be the need for accounting software that will pull data from the blockchain to calculate numbers that will be useful for government and banking. 

I doubt that cryptocurrency will become the financial system of the future. Finances love the stability that cryptocurrencies cannot provide yet.
Therefore, I do not think that banks will risk so much by issuing their tokens each and transferring their customers to them.
But blockchain technology for security can be implemented by each bank.

banks will probably concentrate more of the stablecoins backed by governments and institutions.

[Brunus]

It is absolutely certain that the banks - if they want to survive - will have to adapt to the advance of the crypto and offer different services.
But a crypto bank doesn't make any sense, and it's a shame that few seem to understand it.
The crypto are already a bank themselves, there is no need for other institutions!

[BartS]

I don't get it. Isn't Bitcoin created to eliminate the presence of banks and make it peer to peer. That's why I think that it is quiet contradictory to bank in crypto. I don't think that that would happen because we can be a bank of our own money ourselves isn't it. You can make it very secure by purchasing cold wallet and store your private keys away from any digital devices. Also if we talk about the government then honestly I think that it can't be avoided if you envision it be adapted throughout the world.

It does not make sense but since when only things that make sense are the most popular or the only ones to exist? Look at fiat, to have a whole system based on a currency that can be printed at will is a bad idea no matter how you look at it and despite this all currencies around the world are fiat.

A bitcoin bank does not makes sense either but I can assure it will exist and I could venture to say that banks will store the coins for the majority of people around the world as most people are too lazy to learn how to secure their coins properly.

[Webetcoins]

It is absolutely certain that the banks - if they want to survive - will have to adapt to the advance of the crypto and offer different services.
But a crypto bank doesn't make any sense, and it's a shame that few seem to understand it.
The crypto are already a bank themselves, there is no need for other institutions!

Central banks will definitely be releasing their own crypto currencies. They cannot ignore this concept for longer. But obviously banks come under direct control of governments so decentralized coins cannot become an option for them. Crypto currencies are not banks at all. Banks hold an entirely different mission. Crypto banks will deal with centralized coin that will have some authority.