More Banks maybe Closed and cryptocurrency exchangers are new way of banking

[so98nn]

Stable currencies are Our new currency.
And cryptocurrency exchangers are our new banks.
Binance debit card as good example!
The cash can stay and debt based economy but Let's just eliminate all the tradinational banks the shift wire kind of transactions its waste of Resources and waste of everything.
Also the high bank fees not good but with stable coins you get apy rewards for keeping your coins in exchangers.

I think you are turning the current free model into "traditional banking" stating this one. It doesn't make much sense while storing the money over exchanger or in the form of fiat into banks!

Also, its bad idea to hold over exchanger for longer period of time since history has taught us they could be hacked, billions of dollars can get leaked into market. It's risky business!

Better store into wallet, with private key or consider ledger as your private bank. 

The binance should Open offices in some physical locations so the customers can swap their cash to btc or Other coins such us stable currency.
Stable coins can do all of that instantly and fast.
Only solid banking banking solutions are uk faster payment
The sepa wire shift transfers are rubbish.
Solution for Federal reserve Style... Well its Defi the exchangers should become the  yeald farmers.

Well the thing is opening up physical offices would cost them money. This will add up and will be recovered from the clients/customers. So the stress would be on us who will be banker there. I think this model will fail real soon than the banks.

I'm not sure, but there has to be strong plan to plot this model and run it.

[TopT3ns]

I bet my ass even the exchange you're talking about which is binance save up half of their asset in these so called "traditional banks".
Truth is, they are not going anywhere soon. Most of the crypto users save up their money after trading in bank or even
most of the stablecoins reserve are still saved in bank. Crypto not gonna replace these banks but coexist and the people free to choose what they desire.

I think there is no other choice but to let the capital we have stored in an exchange, even though no one can provide a safe guarantee for the assets or capital used but at least if it is stored in an exchange, it might be used for trading quickly. unfortunately some banks still cannot use cryptocurrency and choose not to use it because they will only adopt the technology they have.

[gantez]

Is cryptocurrency operating the same with fiat? No they are not so how will the banks go down for it. This cryptocurrency is new generation money that is different way with fiat system. Many still are not knowing it for now.

[Mauser]

I bet my ass even the exchange you're talking about which is binance save up half of their asset in these so called "traditional banks".
Truth is, they are not going anywhere soon. Most of the crypto users save up their money after trading in bank or even
most of the stablecoins reserve are still saved in bank. Crypto not gonna replace these banks but coexist and the people free to choose what they desire.

Bitcoin's came a long way in the last 5 years, they definitely established them self as viable alternative to banking in some sectors. However I don't think bitcoins are ready yet to take over the hole banking industry. For example the hole residential and commercial loan sector involves a lot of people to work there. Properties need to be viewed, valued, sold, rented out and managed. There so many types of people involved that couldn't be coveted by bitcoins.

[shoreno]

Stable currencies are Our new currency.
And cryptocurrency exchangers are our new banks.

stable currencies are simillar to fiats and somewhat asociated with the banks. i thought you dont want to use fiats . its the crypto that is consided as the new money of the people  not stable coins . crypto is also called as peoples new bank not the exchanges  .

The cash can stay and debt based economy but Let's just eliminate all the tradinational banks

how can cash stay without banks . who will issue the cash.  banks are operating peacefully and so as crypto , they dont have major conflicts to each other why would you seperate them .

[usekevin]

I bet my ass even the exchange you're talking about which is binance save up half of their asset in these so called "traditional banks".
Truth is, they are not going anywhere soon. Most of the crypto users save up their money after trading in bank or even
most of the stablecoins reserve are still saved in bank. Crypto not gonna replace these banks but coexist and the people free to choose what they desire.

Bitcoin's came a long way in the last 5 years, they definitely established them self as viable alternative to banking in some sectors. However I don't think bitcoins are ready yet to take over the hole banking industry. For example the hole residential and commercial loan sector involves a lot of people to work there. Properties need to be viewed, valued, sold, rented out and managed. There so many types of people involved that couldn't be coveted by bitcoins.

But from 2017,the price of bitcoin had started to reduce again.The same was repeated for now.The price of bitcoin had reduced to 16500$ from 19000$.Nearly 2500$ was reduced and make many people worry for now.The margin trader who had brought at 19k$ will suffer a lot now.

[Fesatmas]

You say repeatedly that is: "our new currency" and "our new bank"
what currency and what bank?
so that I personally understand the currency you are promoting, more details about the name of the currency and the bank?
How effective and efficient are the currencies and banks you mention?

and what are the basic reasons that the coin price is stable?

[ReiMomo]

Replacing the traditional bank with binance or other cryptocurrency exchanges may not be possible yet because these two have different capabilities or we could say traditional banks have a wider range of roles and responsibilities when it comes to the finances of an individual or an institution.

It is easy for some to say that replacing banks with stablecoin exchanges or having binance in different locations because it can suit their needs but we should understand that we all differ in many aspects especially on our financial status and that is what traditional bank is for, to meet the financial needs of all with respect to the regulations set to these banks by the central authority.

[lixer]

Not when the central banks have their own digital currencies on the way. I do not know why some of us keep putting fiat and cryptocurrency head against each other, why can’t we all just agree that they are both not on the same lane?

If there is a chance that any of these two would make way, we all know that it’s going to be cryptocurrencies, because the government always wants to monitor our finance and have control over the economy, without banks and fiat they wouldn’t have such control. The reason they are not fighting against cryptocurrency is because it isn’t much of a threat to them. I just believe that cryptocurrency exchanges and banks will continue to stay.

[Ozero]

Why do you think that banks will close? What gives you a reason to say that? Do you know what is a bank? Let me remind you, after all, bank is a place that lets those who have a surplus of money to deposit and borrow it to those who have a deficit of it, i.e. it's a middleman that gives the lender a guarantee of profit despite the fact whether borrower pays money or not.

There are national banks (for example FED) behind the commercial banks, it's a huge system and cryptocurrencies and Binance can't abandon it and take place of it. First of all there is no way that can do it with their possibilities and resources and then - a small change in law and it's enough to stop the entire process + not many people will come to support it cause most of the population don't know about bitcoin or cryptocurrencies and if they know, a high percentage of them think negatively about it.

And stablecoins? They are pure shit, crypto version of USD.

Instead of bank we can just use Exchangers*

No, no exchangers can replace traditional banks.  Banks have a lot of functions only inherent in them.  First of all, this is banking support for the financial and economic activities of enterprises and organizations of all forms of ownership.  The reports of all enterprises and organizations to the tax services and audits are based precisely on the documentary evidence of banks.  Banks serve the state budget and perform many more useful functions.  Therefore, as long as states exist in their current form, banks will also exist.

[cryptoboss2020]

yes they can federal reserve can deal directly with exchngers.

its easy do i need to show you guys?

[jacafbiz]

What do you think is the plan of most of these big exchanges in the space, look at Kraken, it has a banking license, I believe in 5 years time some of these exchange would have gained banking license, the issue is just how they want to operate. Even if you look at some banks they have realized the threat Cryptocurrencies pose tp their existence and they have started adapting to the new reality

[Ayiranorea]

Banks won't get closed, but people are losing trust over the banks. If I'm not wrong, exchanges will always serve as a platform for the trading needs. Already few banking platforms have started to function getting integrated with the bitcoin network. Banks serve as a catalyst for the economic development, and in recent days these banks are experiencing massive downturn due to inefficient operation.

[Princejebs]

Sorry, but I don't this is happening anytime soon. From personal experience, I used bank to make deposits when purchasing cryptocurrency and when withdrawing my profits to avoid volatility because I don't trust USDT.
More and more crypto exchanges are integrating fiat gateway to enable different countries to purchase crypto, now tell me how do you see banks not existing in near time.
Do you even know that crypto aren't mean to replace Banks especially bitcoin that's revolutionizing payments system and transfer of value, probably DeFi will do more justice but i don't think its feasible for cryptocurrency to replace banks

[Harriti]

Yes, Binance is a great exchange with many different types of technology. They are a very strong team and very well developed in terms of credit, they earn interest from traders in a very smart way. But which government will accept Binance?
I'm afraid no government wants to let Binance open financial services in their own country. All information will not be officially public and will soon take place major money laundering.
We all know the potential of Binance and other altcoins in making our payment methods more convenient, but sadly they all fail to convince the legal authority.

[cheezcarls]

In my opinion, the only way that these banks are gonna "phase out" for sure is the fact that lots of people are starting to rely more on Bitcoin and other cryptocurrencies for sending and receiving payments, especially if we just gonna buy some bubble gums or so. If we see people using BTC wallets than fiat, it's likely a chance that these banks are no longer needed, or they are willing to transition themselves to be the crypto banks. Even if they do, they only have small chances to succeed because people wanted to have full control and custody of their coins or tokens rather than with a central authority.

[finaleshot2016]

I doubt it. Banks will be developed soon as we know that they're implementing online banking right now, creating an exchange will be easy for them and can easily be accepted by the government.

Banks will still exist in the future with different features that came from cryptocurrency. They will do everything so banks can't be left behind.
So I really don't think that it will be lost its existence in the future, people are good at innovating nowadays and I bet they can make a system that will be liked by their users.

[MCobian]

The government will not allow Banks to close, because the government gets many benefits from banks. While cryptocurrency is
very difficult to regulate, therefore it is not easy for crypto to be used as payment. As a crypto supporter from the start, I wanted
crypto to replace fiat, but it turned out that my wish was difficult to achieve. Knowing that the government disliked crypto from
the start, even some of the country's leaders considered crypto scams.

[taufik123]

But facing the fact that traditional banks will never be replaced by cryptocurrency even though the technology is more revolutionary.  The regulations given by the government will not support cryptocurrency to move freely, because in some developing countries cryptocurrency is only allowed to trade commodities and cannot be used as a substitute for fiat.  It is difficult and will not be able to replace traditional banks, because government profits also come from banks, while cryptocurrency cannot be controlled by anyone.

[nrvasquez]

But facing the fact that traditional banks will never be replaced by cryptocurrency even though the technology is more revolutionary.  The regulations given by the government will not support cryptocurrency to move freely, because in some developing countries cryptocurrency is only allowed to trade commodities and cannot be used as a substitute for fiat.  It is difficult and will not be able to replace traditional banks, because government profits also come from banks, while cryptocurrency cannot be controlled by anyone.

Maybe actually the main problem comes from human resources, of course the government will also think whether the human resources in the country are ready and able to implement a massive digitalization system, I don't think so. Many factors influence why crypto is difficult to apply in societies with high traditionality