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

[cryptoboss2020]

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.

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.

[1714471366]

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[1714471366]

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[jackg]

Binance would probably have to charge a lot of fees and adhere to a lot of regulations in order to do that. They might set up atms but it's already possible to use their cards to withdraw funds (it might be possible to deposit in some places too).

I haven't checked the market caps of stablecoins but dai and usdc seem a lot more trustworthy than usdt does as I think both of those are physically backed. Still eth fees were high earlier which requires resolving although I guess adoption of xlm would probably fix that.

[cryptoboss2020]

Binance would probably have to charge a lot of fees and adhere to a lot of regulations in order to do that. They might set up atms but it's already possible to use their cards to withdraw funds (it might be possible to deposit in some places too).

I haven't checked the market caps of stablecoins but dai and usdc seem a lot more trustworthy than usdt does as I think both of those are physically backed. Still eth fees were high earlier which requires resolving although I guess adoption of xlm would probably fix that.

To use stable coins its better.
And Central banks can forget about wasting their time resources and all kind of bs to create their own coins.


We have usdt usdc dai pax all kind of coins.
If they are not backed with nothing no problem I have solution :

We can count countries gbp-s
We can back them with Gold resrrves and energy.
Or oil once economy will re open fully.

So you see guys all is simple  I could solve all those problems in one Week what the  world leaders talk and talk... And Still no solutions!!

I start to ask what they been studying in uneversty?
They are slow and not Solution savvy.


Conclusion Now:

Stable coins and cash our new currency
Cryptocurrency exchangers our new banks

[jackg]

To use stable coins its better.
And Central banks can forget about wasting their time resources and all kind of bs to create their own coins.


We have usdt usdc dai pax all kind of coins.
If they are not backed with nothing no problem I have solution :

We can count countries gbp-s
We can back them with Gold resrrves and energy.
Or oil once economy will re open fully.

So you see guys all is simple  I could solve all those problems in one Week what the  world leaders talk and talk... And Still no solutions!!

I start to ask what they been studying in uneversty?
They are slow and not Solution savvy.


Conclusion Now:

Stable coins and cash our new currency
Cryptocurrency exchangers our new banks

Electricity and oil are not stable assets and that has been proven.

I'd back them by trees and agriculture before backing them by oil...

Were back to the good luck drinking your oil when you're out of water...

A lot of exchanges are being run by banks or in a similar way. You've cut out a bank for a bank and it's pretty disapointing if this becomes the level of progression we see. The old banks can clearly just put a wig on and people will forget everything.

[shield132]

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.

[cryptoboss2020]

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*

[avikz]

Banks collapsing worldwide - very much possible because of slowing economy and rising NPA! Traditional banks will either have learn new ways of digital business or they will become extinct!

Crypto exchange becoming bank - possible but they will still have to get banking license from the authorities. Issuing debit card doesn't make you a bank!

A crypto based economy is not possible, not at least in our lifetime! This is because of a simple reason that cryptos cannot be controlled by the government!

[Upgrade00]

Crypto exchange becoming bank - possible but they will still have to get banking license from the authorities. Issuing debit card doesn't make you a bank!

Kraken some months ago got a banking charter to operate as a bank (the first cryptocurrency exchange to get this at the time). This however does not mean it can replace traditional banks. Under the specifications, they are required to hold 100% reserve and do not have the lender of last resort which regular banks have. This means they will not be able to give loans or offer some other services.

I agree with the part of a crypto based economy not being feasible. They were also not created to replace the existing sector, but to offer alternatives for individuals.

[Kupid002]

Instead of bank we can just use Exchangers*

Yes, but the exchange must comply with government regulations , so we need to have different exchange in different country just to make that possible.

Other problem is security of the money deposit in that particular exchange government already know that exchange is prone with hacking so it's not that safe to stored your money there .another thing they need to also prepare a lot of cash ready to widraw any time that  there are persons want to cash out in Fiat. As you said you don't want to have banks then the exchange should provide that cash.

[Husires]

Would you choose to trust a company to cover your money more than the central bank or the Federal Reserve? It's like trusting Facebook and other companies with your money and personal data. Facebook is much better than Binance.

The best solution is not to return to centralization represented by the idea of banks, but to decentralization provided by Bitcoin.

Price fluctuation and increased demand

[drlukacs]

All of this will be done if governments find a way to control people's transactions. This is the main problem that prevents Crypto from being publicly used in the world, since transaction anonymity does not inherently belong to the world of centralized finance.
So it can take a long time to see the cryptocurrency revolution. But anyway, the banks are showing their helplessness and weakness in this pandemic, which could be an opportunity for Cryptocurrency to prove its potential and start the revolution.

[uray]

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

If you wish to consider stable currencies as your currency and exchanges as you bank then you have not seen the numerous hacks that happened in the market so far and the billions lost. I use stable currencies but not for the long hold but to trade according to the market situation.

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.

Do you know that Binance is trying to get rid of the US customers as they do not want to have any issues with the authorities and they do not have a physical exchange anywhere as far as i know and if you think that they will start something which they are trying to avoid for a long time .

[mersal]

Debit cards with faster and cheaper payments are enough to eliminate the need of banking system completely? Loans are the real reasons for the survival of traditional banking system which don't have any perfect alternative options yet in cryptocurrency space, yes defi exist but its not the real kind of loan system so banks are going to survive longer for sure.

[tbterryboy]

Lol some of you ask for too much and when companies tries to adjust to offer that and eventually starts to ask for higher fees for the services you’re still going to be the one complain.

If Binance should start setting up local offices here and there and becoming a bank, what’s the difference then between it and the normal banks we already have? And that will even make regulations more tight for them, there will be new set of rules for them to adhere to and a lot of things are going to change. Also it can only be possible if the government allows that.

[Vaskiy]

Things might change with exchanges leading the market when banks weren't able to cope with the need of the users. Already more  cryptocurrencies have got integrated with the banking sector. The cryptomarket is very young to coexist or to replace the banking system. Maybe the growth and the need of technology will make people move towards advancement and cryptocurrency exchanges.

[Twinkledoe]

Things might change with exchanges leading the market when banks weren't able to cope with the need of the users. Already more  cryptocurrencies have got integrated with the banking sector. The cryptomarket is very young to coexist or to replace the banking system. Maybe the growth and the need of technology will make people move towards advancement and cryptocurrency exchanges.

Will be very long before we see a lot of crypto users. So thinking of replacing the traditional banking system is still not on the horizon. The population who are into crypto even up to this day is very small and most of them are still relying with traditional banks. So don't think that banks will be closing just because of crypto.

[Chrystora123]

With the incredible growth in crypto, Banks must be already thinking about their business plans for the future.  I'm not sure that hundreds of years business (Bank) will be that easy to close just because of cryptocurrency.  Seeing that Paypal opens itself up to cryptocurrencies, it's likely that in the future Banks will open themselves up to cryptocurrencies.  Ripple has worked with many Banks, and I'm sure there will be more..

[dothebeats]

Or banks could just integrate an exchange for themselves and introduce their own stablecoins backed by physical cash. That wouldn't be too hard for them given that they already are known entities for doing financial services and such. It will be long before we see an exchanger-turned-bank or vice-versa but we'll definitely get there, given that huge corporation and companies are already eyeing bitcoin and crypto for their ventures and as their investments. The problem would be centralization and excessive regulation that would entail this huge shift on the way people view, use, and keep their money.

[Leviathan.007]

Since banks are directly and indirectly related to governments, closing of banks is a great sign of on economic crisis in the countries. However, usually, the banks will be closed fully but they will pass their valuable papers and accounts to the other backs. But, in the crypto currency world, we don't face such problem but still some valuable and bit exchanges were getting closed by the government due to the regulation issues. The point is in the crypto world we still see some a few exchanges closed and stopped working but usually there is not any economic reason and the main reason is the regulation issues. Covid-19 did that do the traditional banks and soon there will be actually forced to evolve their business and use the blockchain technology.

[bittick]

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.