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

[Taskford]

I don't know how did you relate the traditional banks and the cryptocurrency exchanges and I wonder how it will replace the banking system while the real fact here is we cannot totally trust exchangers due to some hacks and any possible attacks. I also wond if there's a person can risk to put all their wealth on a platform where the security is so questionable that's why it's really hard to think about the replacement of the bank since most people prefer to put their money in traditional way because it was more secured.

The problem banks face in my country is that there is no more money being made with the savings business. Interest rates are so low that banks are paying any money on deposit anymore. Charging fees became more and more important in the last 12 months because issuing loans is also not in such a high demand. Due to the corona pandemic people cut back their spending drastically and don't really want to take out new loans.

Which country are you on? Since there are countries are adopting the digital transactions due to covid-19 so we can't blame the government as well the bankers to have that issue since this pandemic creates a global problems towards the economy of all countries. But actually in our country they lower down the interest of the loans so that they can attract the borrowers and many people take the opportunity to take that.

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[Distinctin]

Are you aware that there are a lot of central banks that said that they are working on stablecoins?
So, what are you going to say about the central banks’ stablecoins? Cryptocurrency exchanges are not banks, they are just exchanges and they are even relying on banks to do their Businesses, they are just businesses and can’t be doing the work of banks, they won’t be the one holding their business money and holding your money as well, nah all those money goes to the bank.

So, why are you saying that banks will be no more? If it’s going to be a death battle you already know that crypto exchanges especially the centralized ones are more likely to lose the battle.

Banks will never be closed and become extinct but exchanges might do. Majority of the people still prefer to put their savings in traditional banks rather than trusting in new and unsecured crypto exchanges. Crypto exchanges might give fast and more convenient services but we all know that they are more prone to hacks and scams and knowing its decentralized, no one is responsible to answer the damages. This is the reason why people still feel more secured doing banking transactions.

[nemey]

With the existence of stable coins that are now starting to be popular with many circles, this has made the crypto movement start to be glanced at by the government. in fact, many countries are now starting to formalize crypto. Especially after the hearing of the Digital Yuan project from China. Where if the project is successful, there will certainly be many banks imitating it. So that crypto will be even wider.

[Nhor1011]

Banks will remain banks and crypto exchange will just a crypto exchange. People are more familiar using Banks and they don't trust to put large amount in crypto exchange because it was not safe that's why it's impossible to become new way of banking. Governments still do not accept bitcoin or cryptocurrency because they know they cannot control decentralized currency and consequently they protect banks, and banks will continue to exist even as cryptocurrency grows.

[thesmallgod]

Stablecoin are like fiat too. They are centralized just like some other coin. Binance card which also get license for their debit card cannot open physical offices in many location without been subjected to the financial policies of such countries. Most of the debit card that are being manufactured by the crypto community either get their license from visa, Unionpay or maybe mastercard (not too common) which made them to also be subjected to various financial regulation by those card company. Honestly, I do not think more bank will close down especially now that many of them are now adopting cashless policies to reduce the extent through which people hold physical fiat currency. most people now make transaction through POS, Internet banking and mobile wallet

[TheGreatPython]

I think instead of traditional banks closing, it will probably be more like traditional banks including crypto into their system as well. When you go to your bank account, you see your fiat, you see your gold/silver whatever accounts, you see your stocks, you see your foreign currency if you have any (again fiat) and likes right? Well how hard it could be for a bank to actually add in an option for crypto?

In your bank app, you could simple use your money to buy crypto and sell it, just like how you do with gold. That is going to be our future, the whole world using banks like we do now but instead of heavily fiat, it will be a lot more other stuff, not just crypto but gold and stocks and other stuff because humanity is realizing keeping your money in fiat is not a smart move.

[CarnagexD]

Cryotocurrency exchanges are still in its infancy, it would take a long while before they become viae means of money transfer. One evidence of this is the high transaction fees and the long wait time just to get the momey you need. Should these problems be solved, I don't see any way cryptocurrency exchanges will be inferior to banks anymore.

Banks will remain banks and crypto exchange will just a crypto exchange. People are more familiar using Banks and they don't trust to put large amount in crypto exchange because it was not safe that's why it's impossible to become new way of banking. Governments still do not accept bitcoin or cryptocurrency because they know they cannot control decentralized currency and consequently they protect banks, and banks will continue to exist even as cryptocurrency grows.

Cryptocurrency exchanges are seeing growth and notice from people faster than what you are envisioning. It's constant growth is what will push owners of these exchanges to innovate on their sites to gather more people in and make sure their old ones stay for the longest. As a matter of fact, people are sqitching to exchanges because it is more secure than your traditional bank. And moreso, your money can grow more which is not something banks can do.

[jaysabi]

Are you aware that there are a lot of central banks that said that they are working on stablecoins?
So, what are you going to say about the central banks’ stablecoins? Cryptocurrency exchanges are not banks, they are just exchanges and they are even relying on banks to do their Businesses, they are just businesses and can’t be doing the work of banks, they won’t be the one holding their business money and holding your money as well, nah all those money goes to the bank.

So, why are you saying that banks will be no more? If it’s going to be a death battle you already know that crypto exchanges especially the centralized ones are more likely to lose the battle.

Banks will never be closed and become extinct but exchanges might do. Majority of the people still prefer to put their savings in traditional banks rather than trusting in new and unsecured crypto exchanges. Crypto exchanges might give fast and more convenient services but we all know that they are more prone to hacks and scams and knowing its decentralized, no one is responsible to answer the damages. This is the reason why people still feel more secured doing banking transactions.

There's a reason regulations on banking and traditional exchanges exist. It's not just government deciding to insert themselves in unnecessarily. Each banking regulation was designed to cure a problem that caused risk to the system and to create accountability for bad or negligent actors. There's no reason to trust an unregulated crypto exchange for the same reason. We've seen enough of them go under to know that they're plagued by more problems than unregulated banks are.

[Vishnu.Reang]

There's a reason regulations on banking and traditional exchanges exist. It's not just government deciding to insert themselves in unnecessarily. Each banking regulation was designed to cure a problem that caused risk to the system and to create accountability for bad or negligent actors. There's no reason to trust an unregulated crypto exchange for the same reason. We've seen enough of them go under to know that they're plagued by more problems than unregulated banks are.

I have to agree with you here. We have experimented with unregulated markets for so many years. And the outcome is exchanges going down every now and then, and customers losing their hard earned coins. If regulation can make a difference here, then I am in favor of it. Obviously, how far this "regulation" goes is another concern for the cryptocurrency users.

[Sapphire915]

Its a great modern idea in this digital age. I just thought it maybe the best time for a total change in fund management. However, I don't think its possible for now, closing banks and shifting to crypto exchangers to store and entrust all our assets and other funds is totally risky for me. We still have a lot of things to consider about this matter. Banks had served us for a long period of time and its service had been proven and tested by many individuals, and it sounded so difficult to change the traditional financial management that we used to lived by.

[Axelseseclevz]

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.

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.

[fabiola!]

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.   

[laredo7mm]

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

Binance debit card as good example!

The situation is heading that way. If our real-life Bank has dominance over our financial sector and in the crypto space those exchange has dominance over the market. We have seen how they can manipulate the market in a matter of minutes for their financial gain. But they have many positive sides too like the one you said Debit card.

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.

They do not need to open offices around the world for that. This can be done by placing an ATM machine.

[JeffBrad12]

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.

Im not sure about this but it looks like the point should be the exchange site can do anything that can be done by the bank too. You can see exchange sites were also offering various features like lending service.
Some people may think if exchange site in crypto can make the centralized entities become obsolete.
Think about the advantage of crypto over the traditional Bank. The crypto is only needed regulation.

[Tahsin Kabir Kollol]

This is only possible when you can perform transactions using cryptocurrency for all your daily necessities. Despite the proliferation of cryptocurrencies to this day, ordinary people still use conventional currency rights in their day-to-day transactions. Banks play an important role in the use of conventional currency, so the role of cryptocurrency does not play a significant role in the closure of banks. However, the role that cryptocurrency plays, in this case, is that due to people's distrust of banks, people are now using cryptocurrency to secure their acquired assets, thus reducing dependence on banks. As a result, the reserves of the bank are declining, which is reducing the financial capacity of the bank, which is likely to gradually weaken the banking system. However, banks will survive and be able to conduct their operations until cryptocurrency is integrated into the overall public transaction system.

[AicecreaME]

You don’t have enough back up to support your claim. Many banks may have closed and were unstable during the early days of pandemic, however, most of it were able to recover and bounce back after the losses. Some remained closed, but right now, majority of the central organizations are on the smooth track again.

I don’t think many banks would be forced to close any time soon because of bankruptcy, now that the economy of most countries are recovering from the negative impact of the pandemic. The economy of most countries are now operational unlike before when lockdowns were strictly imposed. Meaning, the industries and people have income that can boost the condition of the banks now. Because the deposits are more frequent than withdrawals, allowing the banks to make profit from the cycle.

Cryptocurrency exchanger may sound good, but it’s much of a hassle IMO. There’s a high exchange rate per transaction depending on the amount of you’re going to exchange. It also takes time to be processed. In addition, most people are unaware and aren’t knowledgeable how to do it, so I bet the few people who only understand about it will support such platform.

[Kupid002]

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.   

Can i ask how much interest you can get when you are storing your crypto there ? And what countries it is available to deposit it is free for all who want to stored crypto there. As for me id better stay it in my wallet than using other platform services not unless they give a good  yearly interest if hold my crypto investment there.

[Dragonfund]

In any case, the banking system is still very far from cooperating with cryptocurrencies. At the same time, it is necessary to take into account the real relations of the state and the government to cryptocurrencies, although in recent years there have been more and more statements by officials that banking structures will monitor all funds that bind the cryptocurrency of their particular bank user, thereby gaining the opportunity to verify the legality of the income received a specific person.

The way forward is to work hand in hand. It's high time the banking sector come out of dark age, the world need another solution to payment system, we aren't just digital but decentralized manner. They need to forget how they view cryptocurrency back in 2017, it's no longer just influencers driver but institutional investors has began to take over the place. Isn't it mysterious that they are accumulating bitcoin even at this level.
Bitcoin will survive every odd, gray scale just said we are getting started and I believe in them who want us to go full time decentralization.

[AjithBtc]

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.   

Can i ask how much interest you can get when you are storing your crypto there ? And what countries it is available to deposit it is free for all who want to stored crypto there. As for me id better stay it in my wallet than using other platform services not unless they give a good  yearly interest if hold my crypto investment there.

Rather than going with some untrusted service providers it is good to keep our holdings secure in our own wallet. However we don't get much interest holding on third party investment schemes. Here one in ten schemes will be legit, and looking for investment is highly risk. By the time we can't trust the wallet services as well, it is our responsibility to secure it enabling majority of the security features available.

[Shasha80]

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.