What are your opinions on Crypto Banking?

[crenfrosck]

I am down for it. Banks are just another hands of the state at this point. They do not even care about who are they giving their money to as in a case of crisis they are still untouchable and the state will fill they empty piggy. Imagine being irresponsible without any chance of going down at any point as everyone will have to save you in the first place. Crypto banks might turn around this trend. They create and hold assets which value is evaluated by the free market rather than artificial promises of a central bank. Cutting out irresponsible and ineffective middleman and replacing it with fully responsible company- sounds like a good plan to me .

[CaMeRoNy]

I think that the Bank of cryptocurrency, it's a very strange idea. Something like an anti-nuclear repository for cryptocurrencies. If you create a Bank for cryptocurrency, it is only centralized.

[mrdeposit]

Sooner or later Crypto Banking will become part of our lives, no one can stop this, it;s on the way

This is going to be a part of our daily lifestyle but there are some serious questions raised by other forum members in thread. Banking industry is very old and tricky place, beating them with cryptos will be very hard.Honestly, i don't agree with opinions like cryptos will replace the whole payment system in the world. Just thinking reality will stop us to think big.

[ActAshton]

Crypto banking will be pretty big in the upcoming years. Regulation is starting to take place, most shitcoin ICO's never hedged their funds (because no bank would accept them) so now they've learned better with upcoming fundraising tactics, and also 24/7 banking.

There are already a few good ones in the space, like Silvergate and EQI for example. Looking forward to seeing the progress on this front in the crypto world.

[SportsbookBettor]

I hope it will be the start of something new. If ever crypto banking will go to success then it will be a great way for people to actually involved in crypto where they can buy and trade easily coins. Hope we get into that where non believer people will use crypto as a great option other than fiat.

[kawetsriyanto]

The implementation of blockchain technology has been spreading. One of them is in the banking system.
Well, the existence of crypto banks is now developed in the financial sector. Crypto banks may be like a decentralized bank with blockchain technology, offering P2P transaction method and also using the smart contract.
It may be very useful because we can see the implementation of future banks to be done with high tech of Blockchain and it can be used for a worldwide transaction more easily and quickly.
However, for chasing them, well, let us observe how the progress and development.

[maydna]

Storing our crypto in a ledger is a must because that's what we have in this type of investment. I don't think that the Crypto bank will do its job well because when it's called a bank, there will be other purposes that will disrupt the transaction process. Besides that, what is different from traditional banks? I think I don't want to hear the name "Bank" in crypto because we are our own crypto bank.

They can do it crypto on their own, but I don't think that other projects will agree because each project has different reasons for launching the product. Likewise, with people, they will choose whether they will use the crypto bank or not and we cannot force them to use the same bank as you.

[rijaljun]

As far as i know the reason behind the creation of bitcoin which encourage the creation of other blockchain is to avoid bank. I'm pretty sure that Satoshi doesnt believe in bank system that's why he created bitcoin which people can control their own money. So, crypto banking is not really different to the current centralized banking which will always taking profit from their customers.

[Iyeman]

I have also come across quite a number of crypto banking projects like kurecoin, secrets of Zurich, Orbis and some others. Currently I think it's really a very nice offer  and I think it's working out well. So its worth trying out

It's worth and there was a company that accepted crypto payment system. banking is not about to make the system becomes centralized but we can use that to help crypto to be adopted by a lot of ordinary people too.
it has various goals. That depends on what will be the purpose if your  banking platform

[kuverty]

Cryptocurrency is completely transforming the world as we know it. Decentralization = Trust. Blockchain has a lot of potential in many branches of economic activity but I do not imagine its application in banking.

[bustedsynx]

Modern banking is not just about storing your wealth in some safe place. Economies cannot grow without loans from the banks which hold the wealth of individuals. I don't know how will crypto fit into this category but the first to make it so will be massively adopted.

[Mata Kripto]

Crypto banking is now being developed by many well-known companies, they think that this program is good for the future, but whatever it is I think if from the beginning this program was developed for crypto payment purposes in the future, maybe this program will attract many people.

[slaman29]

Right now all banking projects are delaying forever.

As far as i know, no crypto bank project get any licence so far.

Yeah, I don't think its ever going to happen either! I have seen some so-called crypto banks get a license for something in the UK but these are basically financial institution licenses and on different levels, so these are like crypto neo banks, getting license to do certain things like money transfers. But like you said a full banking license whereby they can take deposits, issue interest plus do loans? I don't think any crypto bank will ever get this, no matter how hard they tried.

[Whosdaddy]

The overall sentiment is kinda a no-go, but still something wont let me remove the thoughts that its a natural step to take. Same as traditional banks have taken over our RL funds. It might be too early for it, buuut thats why i'm thinking about it, if you know what i mean  

Do you remember the time when nokia Mobile Phone Company had a more than 60% share in the market and was considered as the leading/father of the mobile phone industry ?

The arrival of Apple outshined nokia and later on when Samsung started its journey, NOKIA was completely wiped out of the market unless Microsoft purchased the company and reintroduced it. So same will happen in the banking system and crypto banking will rule the world in future.

[BUK2016]

I don't think there is any need for crypto currency bank if we are to do away with the issue of middle person in our crypto currency transaction.

[Fammosh82]

Through rose-tinted glasses, Bitcoin can do no wrong. It is a currency that is free of central bank control, is decentralized, and it has proven that it can serve as a store of value for people who lose trust in their national currency (Greece, for example). However, the supply of every currency is controlled by some function, and in the case of the Bitcoin it is through the process known as "mining." In layman's terms, Bitcoin mining is the only way to introduce new currency to the marketplace, and it is performed by "miners" who use expensive software to solve math problems in exchange for the currency.

While the sheer difficulty of mining assures Bitcoin users that there won't ever be a massive supply shock in the digital market, the way that Bitcoins are created causes one enormous problem. Primarily, it incentivizes miners to hoard the currency upon receiving it. This is one of the main causes of Bitcoin's price volatility. The only way to alleviate this issue is to mandate that miners have to exchange all newly-mined Bitcoins for another currency of their choice. Otherwise, volatility will end up killing this currency's potential, and a group of Bitcoin miners will control the supply. Is that really any better than a central bank?”

[South Park]

Sooner or later Crypto Banking will become part of our lives, no one can stop this, it;s on the way

I agree that cryptocurrency banks are inevitable but that does not mean that we will have to use them since cryptocurrencies themselves give to us a chance to be our banks, in my case regardless of what promises those future banks make I will never give them my money, while it is a huge responsibility being completely responsible for the security of my money at the same time it is a joy since I know that no bank can steal my money from me, and if you think that is impossible then you have not read about the many examples around the world of that happening.

[adzino]

No we do not need such kind of "crypto banking" system. It is just going to be a curse. If all the funds are held in an financial institution (bank), then there is no way the system will remain decentralized. The banks will some what the center of power, thus the system becoming a centralized system.
Honestly, running a bank without a person being involved right now is going to be extremely tough. And frankly speaking, i don't see any use of this crypto banking system.

[dabenko]

Cryptocurrency is not a total replacement, but an alternative based on choice to normal banking, which invariable means, it us either you choose decentralization or you choose centralization. Both act in the capacity of banking. Cryptocurrency gives you full control over your fund, which in my opinion, is the best.

[crenfrosck]

Well, I think many are against this type of projects. However, I am down for them. They might become those middlemen who would bring larger amount of potential enthusiasts to crypto field. More people means that the market situation will be more stable as well, so advantages are stronger. In addition, no one wants to persuade "decentralized folks" to use them: it is a possibility for people who would be afraid to join it without this type of service  .