Will "De-Fi" beat Banks sometime in the future?

[conected]

DEFI is just a financial solution and it will not be able to replace the banking system the way people expect Bitcoin.
People will need safety, security, and certainty about their money. If DEFI projects really meet the needs of the people, it will certainly be the choice of everyone in the future. It's too early to conclude anything.

- Agreed, Defi is just another name for crypto generations and as comparison sessions between crypto and banks, very few people can believe that Defi and crypto can beat the tradition that comes from the government because the needs of the future bank are still more adaptive as their staff and services will be at the center to answer most of the failed transactions while Defi or crypto only have one-way interaction, sometimes asking and not answering. The supremacy of a generation of bankers fully authorized and guaranteed by the government, Defi in the end is just a roadside stone and doesn't have much future meaning

[ampu]

DEFI is just a financial solution and it will not be able to replace the banking system the way people expect Bitcoin.
People will need safety, security, and certainty about their money. If DEFI projects really meet the needs of the people, it will certainly be the choice of everyone in the future. It's too early to conclude anything.

- Agreed, Defi is just another name for crypto generations and as comparison sessions between crypto and banks, very few people can believe that Defi and crypto can beat the tradition that comes from the government because the needs of the future bank are still more adaptive as their staff and services will be at the center to answer most of the failed transactions while Defi or crypto only have one-way interaction, sometimes asking and not answering. The supremacy of a generation of bankers fully authorized and guaranteed by the government, Defi in the end is just a roadside stone and doesn't have much future meaning

I think DEFI is still a mystery and the developers will help us see a lot of things with their improvements. DEFI has only been around for about two years and has already gained massive amounts of money locked into the protocol. We still have a lot of time to expect improvements from new generations of cryptocurrencies.

[GatotKaca]

I think DEFI is still a mystery and the developers will help us see a lot of things with their improvements. DEFI has only been around for about two years and has already gained massive amounts of money locked into the protocol. We still have a lot of time to expect improvements from new generations of cryptocurrencies.

two years that made the growth of the crypto market tremendous. the market is really getting its strength again from project defi. indeed we will not know in the future this will be the main choice or there will be other alternatives.
The bank until now is still the best in financial management which is considered by everyone.

[Snappycoco]

I think it could replace banks in the future. It just needs to mature enough and market should be mass adopted for it to be truly functional and could potentially replace banks. I am tired with the old money banking system specially that inflation is really hitting us faster than ever before. Crypto assets is saving me these days so for me, DeFi is life changing.

[sukmo]

For now it is impossible, because banks are still a public trust in transacting, saving and borrowing money.
In addition, there are still many people in this world who are still common in the world of cryptocurrency.
For the positive and negative side there must have been an impact for the users.
But to replace the bank I think it's too difficult.

[kanayaTabitha]

People especially the boomers are still have trust issue for digital wallet like defi, they think everything on the internet are hackable by the hackers and their money will be lost.
But for the millenials, there are a lot of people already who put their assets to digital assets.
So it means, it won't come true in next 5-10 years. But i'm sure in 20+ years. This could possible to happen in this world.

[Abiky]

DEFI is just a financial solution and it will not be able to replace the banking system the way people expect Bitcoin.
People will need safety, security, and certainty about their money. If DEFI projects really meet the needs of the people, it will certainly be the choice of everyone in the future. It's too early to conclude anything.

Exactly. "De-Fi" is still far from replacing banks anytime soon. Its biggest downsides are hacks, theft, and price volatility. People want stability, safety, and reliability, so most of them resort to banks to help secure their financial future. We should give the "De-Fi" industry more time to mature as it's just starting to blossom. Even so, it's unlikely banks will disappear since they control the world's economy. As long as Fiat exists, banks won't be going anywhere. One would expect "De-Fi" and "Ce-Fi" (banks) to co-exist for many generations.

What matters is decentralization and censorship-resistance in order to fulfill crypto's vision of "banking for the unbanked". As long as "De-Fi" stays true to its roots, there should be nothing to worry about. Just my thoughts

[timerland]

Absolutely, yes.

More and more people are waking up to the stupidity of the fiat system on the daily.

El Salvador adopting bitcoin is just the first step in many to come when it comes to the institutional and nation-wide adoption of cyrptocurrencies. Once the mass adoption process is complete, it is inevitable that Defi will be required to build on top of these existing crypto infrastructures and to leverage technology to increase transactional efficiency.

[ampu]

DEFI is just a financial solution and it will not be able to replace the banking system the way people expect Bitcoin.
People will need safety, security, and certainty about their money. If DEFI projects really meet the needs of the people, it will certainly be the choice of everyone in the future. It's too early to conclude anything.

Exactly. "De-Fi" is still far from replacing banks anytime soon. Its biggest downsides are hacks, theft, and price volatility. People want stability, safety, and reliability, so most of them resort to banks to help secure their financial future. We should give the "De-Fi" industry more time to mature as it's just starting to blossom. Even so, it's unlikely banks will disappear since they control the world's economy. As long as Fiat exists, banks won't be going anywhere. One would expect "De-Fi" and "Ce-Fi" (banks) to co-exist for many generations.

What matters is decentralization and censorship-resistance in order to fulfill crypto's vision of "banking for the unbanked". As long as "De-Fi" stays true to its roots, there should be nothing to worry about. Just my thoughts

Sure, as long as the FIAT survives, the banks aren't going anywhere. We need political, economic and social stability. We believe in government but are not sure about FIAT.
The idea of a financial system that combines CEFI and DEFI looks good, but how can it be done? This must depend on El Salvador, they are accepting Bitcoin as a legal means of payment. Maybe they will combine DEFI and CEFI in their financial system.

[RockCryptoWorld]

Decentralized Finance ("De-Fi") is a new trend which has been gaining steam ever since the first smart contract platform (Ethereum) came into existence 6 years ago. Right now, it's possible to borrow, lend, and even trade crypto assets without the need for a middleman. The introduction of stablecoins brought us the stability of Fiat along with the convenience of crypto. People can have money in Fiat, without the need for a bank account and still earn interest by holding it. This brings complete financial freedom to the world (something that was never thought possible before the inception of Bitcoin and Ethereum).

Of course, not everything is reds and roses. "De-Fi" has its limitations since it's fairly new in the mainstream world. Blockchain is still unable to scale to millions or even billions of people worldwide, so the experience will not be the same as with Banks. Fortunately, scaling solutions are on the works with the hopes of putting an end to such issues. If all goes well, "De-Fi" might beat banks in the future. Everything will depend on mainstream adoption for this to succeed in the long run.

What do you think? Will "De-Fi" beat banks in the long term? Or is it still too early to tell? Do banks consider "De-Fi" as a threat to their existence? Your input will be greatly appreciated. Thanks in advance.

In the near future, I think.
I'm into Defi now cuz I can see the potential, recently found Singularity Dao and explored this project, then I found out about the listing on Kucoin and bought
Now kids want an easy profit, buying meme coins which is so stupid to me
Defi is underrated even being a bit hyped now
We know it and we go for Defi projects

[Celinena]

It is very likely to beat the bank, because DeFi has the trust that finance most needs.

Banks are controlled by the government.As long as they are controlled, they are insecure, controlled, and unfree.
Now, in addition to my daily needs, such as credit cards, car loans, and mortgages in the bank, all other assets are in cryptocurrency wallets and DeFi.

[Abiky]

Absolutely, yes.

More and more people are waking up to the stupidity of the fiat system on the daily.

El Salvador adopting bitcoin is just the first step in many to come when it comes to the institutional and nation-wide adoption of cyrptocurrencies. Once the mass adoption process is complete, it is inevitable that Defi will be required to build on top of these existing crypto infrastructures and to leverage technology to increase transactional efficiency.

That's very optimistic of you. But I don't think "De-Fi" will actually beat banks since Fiat is too hard to beat. It will co-exist with "Ce-Fi" for many generations. What's important is that people have an alternative to the current monetary system subject to manipulation, fraud, and corruption. As long as people have an "escape route", there should be nothing to worry about. "De-Fi" has always been about bringing "banking to the unbanked", and so far, it's been doing a pretty good job at it.

Of course, "De-Fi" is not perfect. The concept is still fairly new in the mainstream world, so expect some bumps on the road ahead. Volatility and certain vulnerabilities, can make "De-Fi" a lot more riskier than "Ce-Fi". Not many people are able to deal with these risks, so they turn to banks instead. Some countries are embracing "De-Fi", so it should only be a matter of time before it becomes a "force to reckon" with. Just my thoughts