Are banks needed for crypto?

[Semar Mesem]

To be able to survive in the future, of course, banks must immediately implement blockchain technology, this is the future of transaction systems and blockchain is the answer to all the shortcomings that exist in banks, besides implementing blockchain, banks must also have crypto so that customers can easily access their assets.

[GbitG]

To be able to survive in the future, of course, banks must immediately implement blockchain technology, this is the future of transaction systems and blockchain is the answer to all the shortcomings that exist in banks, besides implementing blockchain, banks must also have crypto so that customers can easily access their assets.

Now things are changing very quickly around the globe so if Banks to go with this all changes then surely they need to adopt this Blockchain technology and have some better policies for cryptocurrencies as well because now in future crypto technology is going to be bringing some good ways for common peoples and with these banks also need to have these changes.

Right now in many countries banks giving some good services which are need of time as they can't live without banks but after adopting this technology they will be able to serve in better way as this will bring some better speed and transparency in their service satisfaction for common peoples.

[Taskford]

We don't need  banks for crypto. Adding banks would just make the whole system centralized which is what bitcoin and most of the crypto currencies are completely against. Borrowing money or taking loans in crypto in a decentralized way might be very complicated. I don't think there are currently any projects that offer anything like this. There used to be (not sure if they still exists) centralized platform where users could take loans in crypto. You had to give something else (more in value to protect lenders from volatility) as collateral. A centralized way with a third-party ensuring everything is fair.

You are right we don't need banks as these could be to make all this centralized, and we are doing things against this all. Crypto is just being your own bank, it never said anything about concept of what banks are, you just become one yourself. In crypto, there is P2P trading which means, you and another person buy and sell crypto.

These days crypto is in beginning time, so we can see more new ways and platforms those happen to bank can serve better services to common peoples. Even it's going to take very long time because right now too many regulations coming for controlling crypto.

And also the tax would surely be implemented if crypto will be tied nor be adopted with banks so I prefer that there's no institution like that holds bitcoins since its really bad if they take certain parts of our earnings if they enter the scene then government will regulate it.

But maybe we can see this happen but as you said this is long to debate by certain officials if they really want to do it or not.

[tbterryboy]

Just started to learn about DeFi, and a question arose.

Fiats have a loan mechanism. Manufacturers use it to improve their production.

Is there something similar in crypto? How does it work then? And are such services in demand? Do manufacturers take loans in crypto?

Isn't that killing DeFi idea? Is there a future for loan mechanism in crypto?

There are lots of platforms in the cryptocurrency world where you can take loans for whatever you want to do. But there is a way that this works in the cryptocurrency world, when you are about to borrow money from any platforms such as Nexo.io, you will be required to make use of Fiat as a collateral for the loan you are about to take.

Without your Fiat as a collateral, you won’t be able to borrow any loan from these platforms.Personally, I don’t think that we need any bank to make use of cryptocurrency. Bitcoin and other cryptocurrencies that are similar to it were created to be managed by us personally and not by the banks.

[Ems.]

Be able to change, how people there way of living,it's big contribution to the people if cryptocurrency will be together and join to all banks,all process and methodes will lead to be faster distribution to people  ,service will be good and  also will increase  people to enter to negotiate some business.

[Spack17]

I think that there will be no need for banks to use cryptocurrencies. Now, we need banks to convert our cryptocurrencies to a fiat currency because we mostly spend fiat currencies nearly everywhere now. And unless we are able to use cryptocurrencies almost everywhere, we will be needing banks in the future too. Besides, the digital currencies that are in development by governments can replace fiat forever and then, banks will also have to transform into a much different structure to be able to survive.

[yhiaali3]

I think that these projects do not need lending, from their name you can know how they work "decentralized financing projects" that is, the financing is done by users in a decentralized way, meaning there is no one person, institution or one central company that does the financing, therefore I do not think that we need to Borrowing because these projects are decentralized self-financing by users who finance the project and then take profits as a return on the financing they have made.

[BITCOIN4X]

The loan system adopted by the bank requires you to have collateral in the form of physical asset such as cars, vehicles, houses, land and so on. I think that is also embraced by projects that have loan program in this space. Unsecured loans are still currently on the loan board, but the number of loans you will get will be very limited and probably not all borrowers will be approved by lenders there. If you want to get a loan easily, then you must have collateral that you will bet here to get 50% -80% of the total value of your collateral.

OP, I think almost everyone has the same thought about your question or at least they have answered you correctly. Don't really know what caused the defi project to be affected by this situation.

[TheGreatPython]

I think that there will be no need for banks to use cryptocurrencies. Now, we need banks to convert our cryptocurrencies to a fiat currency because we mostly spend fiat currencies nearly everywhere now. And unless we are able to use cryptocurrencies almost everywhere, we will be needing banks in the future too. Besides, the digital currencies that are in development by governments can replace fiat forever and then, banks will also have to transform into a much different structure to be able to survive.

Mate, in many countries we still need banks as these are very important and part of life for millions because they can't do many things without them. One thing is sure this is going to be big challenge for banks if they are not going to adopt new technology and better ways for peoples because now just because of this crypto we have revolution in many sectors which is changing life of peoples, so they also need to go with this all.

Now one question is many countries already done good for crypto so they already in good process for use of crypto, and they can handle this all without any bank help but in few countries where system is not updated even crypto is in between legal and illegal we still need them for converting crypto into fiat.

[awik p]

I think that there will be no need for banks to use cryptocurrencies. Now, we need banks to convert our cryptocurrencies to a fiat currency because we mostly spend fiat currencies nearly everywhere now. And unless we are able to use cryptocurrencies almost everywhere, we will be needing banks in the future too. Besides, the digital currencies that are in development by governments can replace fiat forever and then, banks will also have to transform into a much different structure to be able to survive.

Mate, in many countries we still need banks as these are very important and part of life for millions because they can't do many things without them. One thing is sure this is going to be big challenge for banks if they are not going to adopt new technology and better ways for peoples because now just because of this crypto we have revolution in many sectors which is changing life of peoples, so they also need to go with this all.

Now one question is many countries already done good for crypto so they already in good process for use of crypto, and they can handle this all without any bank help but in few countries where system is not updated even crypto is in between legal and illegal we still need them for converting crypto into fiat.

For most countries, banks are really needed, even holding the economy of a country, until finally many people also need banks, not just the state. even though crypto is decentralized, I think it will function the same as fiat, as a currency. and borrowing and borrowing will always be there because we are social creatures

[LUCKMCFLY]

I think that now everything changes to: Banks need cryptocurrencies ", currently the intervention of banks is not needed for cryptocurrencies, in fact there is a symbolic act that is taking place from Spain, (I name Spain for being a very radical country in terms of Regarding taxes and payments to the government (Treasury)) are studying the possibility of implementing crypto in the BBVA bank, which will allow all BBVA subsidiaries in the world to accept cryptocurrencies and use them.

This means that apart from JP Morgan having to lower his head to BTC, when his clients demanded that he accept BTC, now one of the greats worldwide such as BBVA is joining this party, in this way it is like the greats Corporations bow their heads to the representative of the economy and financial freedom.

[michellee]

I don't think banks need crypto, as we know that the function of banks is to help us transact, if we can do everything ourselves then banks are no longer needed, banks are actually dangerous for crypto because we give money to banks and we have no control.

The banks will decide whether they need crypto or will still use their way to control the finances. If they are aware of the development and have a vision for the future, they can learn about blockchain so the banks will get their position in cryptocurrency. The banks themselves will still be beside us and serves people who want to transact. As long as we can know how to treat the banks, we will not have a problem with our money. I think the banks will learn or research about blockchain and if they think that it is good to implement the blockchain in their system, they will use it.

[TheEconomists]

One don't really need Bank before you can get lone because not only bank that give out loans. There are companies and private individual who currently give out loans currently in Bitcoin and other crypto currency both within here and outside of this forum.

[Wakate]

What is a Bank in common man's view ?

A place where one can make use when there is financial need. The service is provided through collateral and several other means, though the banking network is taking control of people's money there is some form of connection and trust.

Now when we talk of what's the need of Bank for cryptocurrency. In my country everyone is made to create a bank account. There are exceptions without banking account. When we think of taking the cryptocurrency among the entire population, banks can be used as a channel and it gives people more trust than reaching people through other means.

Its the other way round this time. Banks need crypto and blockchain to become useful for the people who engage in the blockchain.

Today I read some news from the cointelegraph about a bank in El Salvador working with the Bitcoin Defi platform Sovryn which is popular in the forum. Developers I think are happy to work with banks as well to spread the adoption.

Bank is not needed for cryptocurrency currently but I think as time goes on, there will be need for banks to come in and help evaluate and carry out there own obligation in making sure that scam activities are eventually reduced through the help of government.

[xSkylarx]

One don't really need Bank before you can get lone because not only bank that give out loans. There are companies and private individual who currently give out loans currently in Bitcoin and other crypto currency both within here and outside of this forum.

But the problem with those private ones are higher interest thats why people are getting into the banks though there are a lot of requirements and a lot of papers need to fulfil they will do that so that they will get low interest. When you loan to individuals mostly you could get easily the money but the problem with this is really high interest and you should pay it monthly also if you fail to pay it there are more addition to the interest

[XCANA]

That will only only happen government of countries around the world has accepted Bitcoin and other Altcoins as a medium of exchange for goods and services. Although, there company like Binance and other crypto currency exchange companies are offering loan services already so it might not be necessary Banks.

[Cling18]

I don't think so, there are payment apps that accepts crypto and converts it into fiat so I don't think that we're going to need a bank in our crypto, not to mention that their obsolete, we don't need a middle man in crypto so no worthy reason why we need them in the crypto space.

Bank payment is also an option in some exchanges and I guess, as long as fiat is existing, banks will still be needed in crypto especially if we're transacting a huge amount of fiat and local encashment is needed. However, I believe that crypto could work independently in the future. It only needs time and more adoption.

[justdimin]

I don't think banks need crypto, as we know that the function of banks is to help us transact, if we can do everything ourselves then banks are no longer needed, banks are actually dangerous for crypto because we give money to banks and we have no control.

The banks will decide whether they need crypto or will still use their way to control the finances. If they are aware of the development and have a vision for the future, they can learn about blockchain so the banks will get their position in cryptocurrency. The banks themselves will still be beside us and serves people who want to transact. As long as we can know how to treat the banks, we will not have a problem with our money. I think the banks will learn or research about blockchain and if they think that it is good to implement the blockchain in their system, they will use it.

Banks will already be in the crypto world when they are working hard, at the end of the day we are in capitalist world and if there is a money to be made then they will make that money and they will not leave anything behind. Which is why I honestly believe the moment bitcoin becomes something that is proper and legal and accepted everywhere, we will see banks get into it as well.

Banks do not get in right away with their own money, there are hedge funds that they bankroll which would be the reason why they end up making a profit from those hedge funds actions. Look at USA, literally the exact same thing that I am talking about is happening there as of right now.

[michellee]

I don't think banks need crypto, as we know that the function of banks is to help us transact, if we can do everything ourselves then banks are no longer needed, banks are actually dangerous for crypto because we give money to banks and we have no control.

The banks will decide whether they need crypto or will still use their way to control the finances. If they are aware of the development and have a vision for the future, they can learn about blockchain so the banks will get their position in cryptocurrency. The banks themselves will still be beside us and serves people who want to transact. As long as we can know how to treat the banks, we will not have a problem with our money. I think the banks will learn or research about blockchain and if they think that it is good to implement the blockchain in their system, they will use it.

Banks will already be in the crypto world when they are working hard, at the end of the day we are in capitalist world and if there is a money to be made then they will make that money and they will not leave anything behind. Which is why I honestly believe the moment bitcoin becomes something that is proper and legal and accepted everywhere, we will see banks get into it as well.

Banks do not get in right away with their own money, there are hedge funds that they bankroll which would be the reason why they end up making a profit from those hedge funds actions. Look at USA, literally the exact same thing that I am talking about is happening there as of right now.

That means banks are already entering the crypto world but do not announce it to the public but still hide what they did in crypto. Maybe their government asks them to do that so they tend not to react much about bitcoin euphoria. But when their government says that they accept bitcoin, the banks are ready to implement blockchain inside their system. That is smart moves from the banks if they do that because people will not think about what has been prepared by the bank.

[Rufsilf]

I don't think so, there are payment apps that accepts crypto and converts it into fiat so I don't think that we're going to need bank in our crypto, not to mention that their obsolete, we don't need a middle man in crypto so no worthy reason why we need them in the cryptospace.

Yes we don't need anymore banks because crypto isn't made to be dependent on banks. More and more countries and legal tenders are now accepting transactions in the form of crypto and someday bitcoin and other leading cryptocurrencies will be legalized in the whole world and that's the specific goal of bitcoin.
In addition, banks nowadays aren't trustworthy anymore because anytime they can declare bankruptcy which we don't want to happen.