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Author Topic: Comparison between the wallet Balance of BANKS vs CRYPTO EXCHANGES  (Read 178 times)
n0ne
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February 22, 2019, 02:20:58 AM
 #1


Gives an comparison between the wallet holdings of leading local banks with the largest cryptocurrency exchanges and the second image gives a comparison between the top five banks of UK and USA with leading cryptocurrency exchanges. The global trading platform of cryptocurrency lag behind 15 with comparison to the local banks, while these local banks hold over is 1000 times less than the top five banks of UK and USA.

If I'm correct we're far behind the financial institutions and we need more adoption to have a competence, as of now the technology is the key factor keeping the cryptocurrency strong in the market. With this it isn't possible to go mainstream to make a change on entire system followed throughout.

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February 22, 2019, 03:24:13 AM
 #2

It is clear that we are still far from being mainstream, but you must also factor out that some people might just withdraw all of their funds from crypto, or they use DEX. So it's quite difficult to determine exactly how much stored on exchanges (which is a good thing to prevent something like what happened to Mt.Gox or Cryptopia). In fact, this comparison is a bit off imo. A bank is created to store money, an exchange is for trading, so I will be more surprised if people use exchanges to store their money.

I think it will grow eventually with more adoption. It's more important to see how the adoption is rather than looking at how much funds stored in centralized exchanges imo.

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February 22, 2019, 04:23:51 AM
 #3

It is clear that we are still far from being mainstream, but you must also factor out that some people might just withdraw all of their funds from crypto, or they use DEX. So it's quite difficult to determine exactly how much stored on exchanges (which is a good thing to prevent something like what happened to Mt.Gox or Cryptopia). In fact, this comparison is a bit off imo. A bank is created to store money, an exchange is for trading, so I will be more surprised if people use exchanges to store their money.

I think it will grow eventually with more adoption. It's more important to see how the adoption is rather than looking at how much funds stored in centralized exchanges imo.
Agreed, the same time people around the world using currency is much higher than cryptocurrencies. In this regard even when people have got their funds in their own wallet there will be a big difference between the exchanges that are operating for trading more than saving. One thing that makes the change is the adoption as you've mentioned.

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February 22, 2019, 08:21:12 AM
 #4

Suddenly adoption is the unexpected innovation. Thus, as time passes, they will make the right choice unless there is another way.
It is clear that we are still far from being mainstream, but you must also factor out that some people might just withdraw all of their funds from crypto, or they use DEX.
What you say is right. The market has forced many people to hold their funds or withdraw.
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February 22, 2019, 01:59:37 PM
 #5

Considering that perhaps 1% or even less of the world's population uses cryptocurrency, this data does not surprise me at all. In fact we have an indication of two things, that we are very far from replace fiat with cryptocurrency, and that most of the crypto owners understand that the exchanges is not place for long term holding.

I think the second picture clearly shows current power ratio between banks and crypto exchanges or maybe even the significance of the bitcoin today. But it should not be forgotten that everything has its beginning, and that this beginning is usually not easy which proved to be quite true in the first ten years of bitcoin. This is in any case too short a time to make some serious conclusions, and I think pictures will look much better after the next 10 years.

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February 22, 2019, 02:35:44 PM
 #6

It is clear that we are still far from being mainstream, but you must also factor out that some people might just withdraw all of their funds from crypto, or they use DEX. So it's quite difficult to determine exactly how much stored on exchanges (which is a good thing to prevent something like what happened to Mt.Gox or Cryptopia).

JP Morgan has 1.4 trillion in deposits.
The whole market cap of BTC (including burned coins and lost coins and satoshi's coins) is 70 billions.

There simply can't be any comparison, and this one is funny...the money (fiat) Coinbase and others have, is actually stored in a bank account.   Wink

In fact, this comparison is a bit off imo. A bank is created to store money, an exchange is for trading, so I will be more surprised if people use exchanges to store their money.

So, we should compare exchanges...with NYSE?  It's going to end even worse Tongue.
Or...the forex markets?

Gives an comparison between the wallet holdings of leading local banks with the largest cryptocurrency exchanges and the second image gives a comparison between the top five banks of UK and USA with leading cryptocurrency exchanges. The global trading platform of cryptocurrency lag behind 15 with comparison to the local banks, while these local banks hold over is 1000 times less than the top five banks of UK and USA.

Pure curiosity, what is the source for the funds those exchanges have?



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February 22, 2019, 03:32:25 PM
 #7


Gives an comparison between the wallet holdings of leading local banks with the largest cryptocurrency exchanges and the second image gives a comparison between the top five banks of UK and USA with leading cryptocurrency exchanges. The global trading platform of cryptocurrency lag behind 15 with comparison to the local banks, while these local banks hold over is 1000 times less than the top five banks of UK and USA.

If I'm correct we're far behind the financial institutions and we need more adoption to have a competence, as of now the technology is the key factor keeping the cryptocurrency strong in the market. With this it isn't possible to go mainstream to make a change on entire system followed throughout.

Don't use both it will consume high transaction fees like exchanges will consume high transaction for each transaction and banks also do the same in their own manner. You need to have your own crypto wallet which can be allow you make changes in the transaction fees and secured.
If you use such then it will be good option for you.
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February 22, 2019, 03:52:34 PM
 #8

Banks will never be using a normal decentralized cryptocurrency, they won't be able to do fractional lending like they can with USD.  Banks hold less than 10% of their total balance sheet and one day this whole system will be exposed and come crashing down.
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February 22, 2019, 03:58:08 PM
 #9

Banks will never be using a normal decentralized cryptocurrency, they won't be able to do fractional lending like they can with USD.  Banks hold less than 10% of their total balance sheet and one day this whole system will be exposed and come crashing down.

Haha they are centralized right! so they cannot initialize themselves on decentralized platform right. Nope exactly about 10 percent olding too. They consume 2 percentage fees internationally for using their debit and credit cards. Visa and mastercard providers might be eating our money. These shit banking should be erase with blockchain.
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February 22, 2019, 04:36:20 PM
 #10

It is clear that we are still far from being mainstream, but you must also factor out that some people might just withdraw all of their funds from crypto, or they use DEX. So it's quite difficult to determine exactly how much stored on exchanges (which is a good thing to prevent something like what happened to Mt.Gox or Cryptopia). In fact, this comparison is a bit off imo. A bank is created to store money, an exchange is for trading, so I will be more surprised if people use exchanges to store their money.

I think it will grow eventually with more adoption. It's more important to see how the adoption is rather than looking at how much funds stored in centralized exchanges imo.

Though banks and exchanges have so many differences but there are still some similarities between banks and exchanges, as cryptocurrency exchange offer the services of changing from one cryptocurrency to another, bank also render the same service by enabling it costumers to change from one fiat of a particular country to another fiat.
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February 22, 2019, 05:35:04 PM
 #11

how are you even making that conclusion/comparison? i say it is wrong to even compare the two. a bank is a place where you deposit your money to be safe there in an account and possibly even gain a fixed amount of profit per month. on top of that banks offer other services so their holdings are higher.
in contracts an exchange is a place where you only go to trade and withdraw as soon as you are done specially during market downtimes where there is not much movement.

the volume is lower obviously because of lack of adoption but also the bigger reason is because people don't really use exchanges that much. even if we reach mass adoption their volume and holdings should not be close to banks.

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February 22, 2019, 06:30:45 PM
 #12

Right.. When these same assets crypto exchanges have are all stored in banks anyway, except for their cryptocurrencies, of course. There really isn't any comparison to begin with, actually, considering how big deposits are coming in on the banks. If they so do wish, they can just eat up the whole cryptomarket at one chomp, and nada! Gone are the cryptocurrencies and are now on the hands of these banks. Also given the maturity of these financial institutions and the trust they built over centuries, it's a no-brainer that they're worth more than their new and relatively untrusted crypto exchange counterparts.




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February 22, 2019, 06:53:28 PM
 #13

Jesus Christ look at JP Morgan there. I knew bank of america was huge and I knew HSBC was huge but I really didn't had any idea jJP Morgan was that huge.

I mean I believed they were just an investment company, didn't even know they had "bank" things, like do they allow you to take out loans from them? do they have credit cards? Are they like a regular bank ? I don't know if they are like that or not but beating out all those "banks" and being at the top is a good huge accomplishment for them.

Coinbase seems like the closes right now but I think binance will pass them quite soon, hell maybe they already have after this chart was made, they are getting bigger and bigger, bitmex too. Coinbase is probably just wash trading and fake volume that supports these charts.

I doubt we will ever beat those banks one day but if you look at the bitcoins out there in the world and calculate how much people own than you will see we fight back a lot more than this. So, maybe we need a bitcoin wallets vs banks.


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February 22, 2019, 09:58:48 PM
 #14

There aren't enough crypto users to store their bitcoins on coinbase to match the big banks. However, when the value of bitcoin rises there will be a closer comparison. Gemini will probably move up as well

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February 23, 2019, 04:00:36 PM
 #15

I agree we need more adoption.
We need more decentralized adoption elsethere won't be much difference between the bank with government issued currencies and centralized  cryptocurreny exchanges



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February 23, 2019, 04:49:20 PM
 #16

While we are using we can store our cryptos by ourselves in the safe place so there is no need of trusted third party for storing fiat here.And moreover don't store any balance into centralized exchanges because they can take it our kick you away for no reason so just use trading platform while exchanging cryptos.

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February 23, 2019, 05:35:07 PM
 #17

Compared to banks, crypto exchanges are still far behind. however, this is normal because even people who do crypto exchange ultimately want to save money and in any crypto exchange if we want to do withdrawal a bank account number is needed. Why is that? Because the main function of exchange is not to save money.

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February 23, 2019, 10:22:58 PM
 #18

As of today, I am expecting that cryptocurrency is not yet on the mainstream because people are still trying to understand it. Before we get to the mainstream, we have to wait for much more time for the people to adopt cryptocurrency. Time will pass and they will realize how much they will benefit in cryptocurrency. Once the currency went down and bitcoin and gold are the only assets they could use, that is the time that they will totally adopt this innovation.

Remember the days when paypal was introduced to the people? People denied to adop the innovation elon musk offered at first. But then, look at the digital assets today. Fin-tech is really improving and blockchain is the next in line. This scenario, just like bitcoin mainstream adoption.




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February 24, 2019, 07:48:55 AM
 #19

As of today, I am expecting that cryptocurrency is not yet on the mainstream because people are still trying to understand it.

based on my own observation there are now over 49.60% of the people that are aware about the cryptos existence  the other .40% of the  49.60 are still doubting if whether they will use crypto or not  . soon these percentage can greatly increase as long as more companies are going to  suporting cryptos .

Quote
Remember the days when paypal was introduced to the people? People denied to adopt the innovation elon musk offered at first. But then, look at the digital assets today. Fin-tech is really improving and blockchain is the next in line. This scenario, just like bitcoin mainstream adoption.

people didnt deny paypal because paypal is different from cryptos  . paypal is a bit more legal and trusted as it is backed by real business and people that are visible  . while crypto is a bit more hideous due to its anonymous feaure  . the creator is also anymous  , this why people are doubting to try it .
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February 24, 2019, 09:03:47 AM
 #20

if comparing between wallet balance of the banks the crypto exchange, obviously. not because cryptocurrency is a decentrilized currency and a digital currency where we earn a lot of money especially bitcoin is now gradually rising so it is likely to increase. and the wallet balance of the bank will remain a fund, but it will be profitable but no matter how much you will be available depending on your fund.
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February 24, 2019, 10:54:15 AM
 #21

We need to have crypto currencies be more in use
As for now bitcoin is still not so much currency
we need merchant adoption,friendly regulation and secure insured exchange platforms
But bitcoin is only 10 years old so i think we want much in short time
I hope with time bitcoin and other crypto currencies will be much more in use
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February 24, 2019, 11:54:14 AM
 #22

We need to have crypto currencies be more in use
As for now bitcoin is still not so much currency
we need merchant adoption,friendly regulation and secure insured exchange platforms
But bitcoin is only 10 years old so i think we want much in short time
I hope with time bitcoin and other crypto currencies will be much more in use
It's just a matter of time at the end of the day, and I'm pretty sure that we're very close to tighter regulations and insured platforms, but what we can't change is how people think about crypto in general.

If most people are still using it solely for speculative purposes, it's going to be difficult to expect anything to change in the coming 5 or so years. I hope it will, but what has changed in the previous 10 years in that field?

10 years further and the market is still as speculative as it has always been. To add, we'll be dealing with governmental competition as well, because they aren't going to let their fiat currencies stay as they are.

Stablecoins and tokenization of fiat currencies is what will provide that competition.
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February 24, 2019, 12:41:50 PM
 #23

Comparing bank deposits with crypto exchange deppsits is WRONG!
People,who deposit money in the banks aren't traders and they don't expect huge ROI.
You have to compare fiat money investments in trust/hedge funds vs. coin deposits in crypto exchange platforms.


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February 24, 2019, 12:48:15 PM
 #24

~
If most people are still using it solely for speculative purposes, it's going to be difficult to expect anything to change in the coming 5 or so years. I hope it will, but what has changed in the previous 10 years in that field?
~

In many countries of the world, mine included, U.S. dollar is being used for the same purposes, as a store of value and as a speculative asset. Almost no store would accept USD in those countries, and yet people are buying and holding it because their local currencies are not that reliable. I think Bitcoin can reach a similar level of credibility even without being used on a large scale as a currency. Or, at least, I hope for that.

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February 24, 2019, 08:44:37 PM
 #25

In many countries of the world, mine included, U.S. dollar is being used for the same purposes, as a store of value and as a speculative asset. Almost no store would accept USD in those countries, and yet people are buying and holding it because their local currencies are not that reliable. I think Bitcoin can reach a similar level of credibility even without being used on a large scale as a currency. Or, at least, I hope for that.

Bitcoin is definitely capable of doing that. In fact, if you used your Bolivars to buy Bitcoin around the $20,000 level, you would have preserved more of your value even with the ~80% correction than simply holding Bolivars. Just think about it, an asset that corrected massively still didn't lose as much of its value than a fiat currency in the same period of time. It's that bad.

Farm animals and canned food have proven to be great store of value 'assets' too in Venezuela, and so there are more things that suddenly became valuable.

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February 26, 2019, 10:56:48 AM
 #26

Quote
Gives an comparison between the wallet holdings of leading local banks with the largest cryptocurrency exchanges and the second image gives a comparison between the top five banks of UK and USA with leading cryptocurrency exchanges. The global trading platform of cryptocurrency lag behind 15 with comparison to the local banks, while these local banks hold over is 1000 times less than the top five banks of UK and USA.

If I'm correct we're far behind the financial institutions and we need more adoption to have a competence, as of now the technology is the key factor keeping the cryptocurrency strong in the market. With this it isn't possible to go mainstream to make a change on entire system followed throughout.

I personally don't see the amount that crypto exchanges hold reflect the adoption rates accurately, nor is it comparable to banks as a means of comparing how mainstream bitcoin has become.

The fact is that exchanges and banks/traditional financial institutions are completely different things. Exchanges don't take deposits as investments, but rather only as a means to fund the trading activities one wants to conduct on their platform which leads to a lot less actual balance being held there compared to banks, who may have term deposits or call deposits. From that alone, it's unfair to compare banks and exchanges solely off their balance given that they operate under completely different business models.

Furthermore, people holding so much funds in exchanges only leads to centralisation, and unnecessary risks. Bitcoin is decentralised and trustless for a reason - by storing funds with an exchange, you are violating both benefits.
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February 26, 2019, 01:28:28 PM
 #27

I think the comparison is obvious that crypto is far from mainstream and the data is not relevant because not all coins are in the exchanges and it's dangerous to store your coins in the exchanges due to hacking issues if your not a trader. While in the banks your money has insurance which you can claim if there's a problem arise and people will deposit their money for safe reason.
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February 27, 2019, 08:54:22 PM
 #28

Comparing bank deposits with crypto exchange deppsits is WRONG!
People,who deposit money in the banks aren't traders and they don't expect huge ROI.
You have to compare fiat money investments in trust/hedge funds vs. coin deposits in crypto exchange platforms.

First, as I said it before, if we do this is will be even worse for cryptos.
Second, it will also be wrong because a lot of those funds just how the money of exchanges is held in banks also hold their money in banks account, investment funds don't keep money in their safe  Cheesy

But, and this is the part I really don't like, a lot of people theat exchanges like banks.
In real life I have very few friends who own cryptos, and not even counting the fact that they are shitcoin investors, they have most of their coins on binance, not in their personal wallet, and two of them (out of three, lol), don't even have a wallet.

I doubt we would eve find a statistics like that but I do sometimes wonder how many people have coins sitting there in online wallets unmoved for months or even years.

 

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February 28, 2019, 03:14:01 PM
 #29

Comparing bank deposits with crypto exchange deppsits is WRONG!
People,who deposit money in the banks aren't traders and they don't expect huge ROI.
You have to compare fiat money investments in trust/hedge funds vs. coin deposits in crypto exchange platforms.

First, as I said it before, if we do this is will be even worse for cryptos.
Second, it will also be wrong because a lot of those funds just how the money of exchanges is held in banks also hold their money in banks account, investment funds don't keep money in their safe  Cheesy

But, and this is the part I really don't like, a lot of people theat exchanges like banks.
In real life I have very few friends who own cryptos, and not even counting the fact that they are shitcoin investors, they have most of their coins on binance, not in their personal wallet, and two of them (out of three, lol), don't even have a wallet.

I doubt we would eve find a statistics like that but I do sometimes wonder how many people have coins sitting there in online wallets unmoved for months or even years.

 
Agreed, this kind of comparison isn't perfect to give a data about the cryptocurrency and the funds in banks. Very few as stated above use Binance and other crypto exchanges similar to the banking without even having an own wallet with the private key in hands. Also there will be more unused coins sitting in the wallets which weren't counted to the wallet Balance of Binance. This way the comparison needs to be more precise and we should not let the crypto ecosystem fall to the banking system.
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