Comparison between the wallet Balance of BANKS vs CRYPTO EXCHANGES

[Pab]

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

[1715346546]

1715346546

[1715346546]

1715346546

[1715346546]

1715346546

[BitHodler]

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.

[davis196]

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.

[Betwrong]

~
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.

[1Referee]

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.

[magneto]

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.

[Prettymie]

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.

[stompix]

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 

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.

 

[oegarod]

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 

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.