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

[CuriousGeorge]

How sure you are that crypto exchange will replace banks? Banking system of a centralized government will remained because people are more familiar in using banks. Also people always trust banks over crypto exchange. It is not safe to place all your funds in crypto exchange.

All of services that owned by the banks can be done automatically by exchange site. The exchange site is also having more features compared with the traditional banking syste but the disadvantage it only that if exchange site is not yet fully regulated. As long as you are putting your money into the legit exchange site and that's not a big problem. When you are storing your money on bank the same like you are storing your money on exchange site.

[Twentyonepaylots]

If that is so, then we'll have a very bad first half. The fact that exchangers as of the moment are still in its infancy stage evident in its high transaction fees is enough proof to claim that we still aren't ready. Those who have money in the banks to secure their future will be forced to learn more about crypto, saturating the industry even more as they will inevitably join in order to profit.

In my opinion there will never be crypto exchanges replacing banks, the first reason the government will not allow that to happen.
The second reason crypto exchanges have weaker security systems than banks is that it is often the case that crypto exchanges
are hacked. It makes people feel more secure and comfortable keeping money in a bank than keeping it on crypto exchanges.
So banks are still needed, I think crypto exchanges should be used for trading only.

Exactly. And this change may not see a big adoption, it may even cause a decline on both ends as there are srill a huge majority of people that don't know how to play with cryptocurrency numbers.

[BTCappu]

You’re saying this like you have not heard about banks’ digital currencies. Even the exchanges you’re saying we are going to rely are making use of banks. The money you send to them when you’re buying Bitcoin doesn’t just disappear into the thin air, it goes to their banks account, what they are doing is a business and they are making use of banks.

Unless what you’re going to say is that a lot of people are going to start making use of exchanges and also making use of crypto private wallets. We are yet to know what the government will do when they are done creating their own.

[pankowri]

I don't think so. Banks will do their work and cryptocurrency exchange will do their work and both are different. So they have their own way or working. If you mix and think both are same and operations can do from one place then you will not get enough service as you want.

Cryptocurrency isn't legalized by worldwide where banks widely accepted in legalized country too. So isn't it too hard to say such things?

Moreover, banks can utilize the opportunities which cryptocurrency provide and if there has a chance of accepting transaction through banking system then they can allow it and they will get more traffic with more transaction too.

[Princejebs]

It will shift more and more from fiat banking to crypto banking.
It is something that is normal part of evolution.
I already have my crypto retirement plan at apyharvest.com and hold half of my crypto assets there - they do not support fiat at all, so you can get in only with coins and stablecoins.
Future already here.   

Just like kraken exchange that was licensed to operate banking activities. More crypto banks will emerge as time goes on and as soon as banks see opportunities in this field, they will adjust because the competition will be real. They wouldn't want to loose customers just the way they lost investors to bitcoin.
The website you mentioned above, hope it's not a custodial staking platform, I will advise you to think properly before you delegate your funds to any one.

[acener]

I think there are already some crypto believers who are doing it,
They already left the bank and made exchange or crypto wallet their own bank beside isn't it what crypto is created?
To be our own bank to have our financial freedom to be decentralized.

[Sithara007]

Just like kraken exchange that was licensed to operate banking activities. More crypto banks will emerge as time goes on and as soon as banks see opportunities in this field, they will adjust because the competition will be real. They wouldn't want to loose customers just the way they lost investors to bitcoin.
The website you mentioned above, hope it's not a custodial staking platform, I will advise you to think properly before you delegate your funds to any one.

Kraken is one of the few exchanges with such a license. However, this means that Kraken in the distant future can act both as a bank, and as a cryptocurrency exchange. Other cryptocurrency exchanges should also look in to this option, in order to avoid their dependency with the major banks. A lot many times, users face difficulty due to issues created by the banks. If the cryptocurrency exchanges are able to do banking services, then this issue can be resolved.

[Maxre]

I think there are already some crypto believers who are doing it,
They already left the bank and made exchange or crypto wallet their own bank beside isn't it what crypto is created?
To be our own bank to have our financial freedom to be decentralized.

Maybe some people have already done it, but doesn't this seem too risky, because even with strong security, there are still exchanges that have been hacked, and this could backfire for those who use it.

[TastyChillySauce00]

I think there are already some crypto believers who are doing it,
They already left the bank and made exchange or crypto wallet their own bank beside isn't it what crypto is created?
To be our own bank to have our financial freedom to be decentralized.

The crypto adopters are leaving the bank but they are still using it as a way to cash out their money to be used for the daily needs too.
I'm also passively using bank to cash out or send my fiat and convert it into the crypto. There are so many crypto adopters are thinking that if they can get more benefits from the cryptocurrency exchange site.
that's why there's a statement that if defi or exchange site can make the traditional financial entity became obsolete.