Will crypto banks replace traditional banks soon

[Oceat]

Aren't they the same as exchanges?

A custodial wallet that the owner of the crypto bank has full control of your own funds since they have your private keys.
Not your keys, not your coins, so basically you are handing your funds to someone that eventually might be controlling all of your funds. Not to mention the KYC on these crypto banks.

I don't think this will be a thing in the future but I don't agree having them for those people who aren't tech savvy, they might be their first victim if ever something's bad going to happen on these crypto banks.

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[Jackl87]

"in just a few years, a younger generation of financial services users are going to into a bank and gain access to create ☑️ credit products, savings accounts and investments that can host both crypto and fiat assets. In fact, the inroads that will allow for all of this to happen are already breaking ground.
Consumers will soon define a “full service” bank as one that offers financial services in both crypto and fiat. The time to start acquiring the necessary tools of the crypto banking trade is right now. The world need it.👌Banks need to start adapting or get left behind. So what do we all think about this

Even though i would like the idea that banks that are running on the blockchain will replace tradiditional banks, i have a hard time that this will happen in my lifetime to be honest. Back in 2018 or so i took part in an ICO of Mt.Pelerin, this is a swiss project that also had the goal to create a bank that is running on the blockchain and the reasons for that made sense to me. You would have significantly less fees and costs for the bank because everything would work automatically because of smart contracts and the usage of blockchain.
Because it was a swiss project they have to proof that they have a lot of money as reserves in order to be eligible to create a bank though. So it is still in the works at the moment.

[DiMarxist]

For now that will not happen. Crypto can't replace it take the traditional banks for now because we cannot do anything without the traditional banks in some countries. Mostly those countries that do not accept BTC need the. Fiat currency for exchange of goods and services. After p2p then you have to sent it to the Fiat account and use it to buy the local commodities.

[wheelz1200]

I'd like to think for the sanity of crypto a big no.  The whole point behind the crypto experiment is to be your own bank and not rely on greedy 3rd party institutions like we have in traditional banking.  I mean if ypu are just going to use a bank for your crypto what's the difference between fiat and crypto???

[Yatsan]

Have read topics of such before already and I'd say the same answer. Cryptocurrency will never replace fiat based institutions as well as fiat itself simply because not all people are into investments and governments on the other hand aren't all into price volatility even if it could be profitable. They won't sacrifice their image to something they won't be able to tax regarding daily transactions. What's more likely to happen is to both industries to co-exist and to be used by people if not on daily transactions but for other purposes such as engaging with online platforms and such. Even if more countries would adopt this technology in the future, there's a high tendency that same thing will happen; that there'll always be people to prefer fiat over crypto.

[TimeTeller]

Have read topics of such before already and I'd say the same answer. Cryptocurrency will never replace fiat based institutions as well as fiat itself simply because not all people are into investments and governments on the other hand aren't all into price volatility even if it could be profitable. They won't sacrifice their image to something they won't be able to tax regarding daily transactions. What's more likely to happen is to both industries to co-exist and to be used by people if not on daily transactions but for other purposes such as engaging with online platforms and such. Even if more countries would adopt this technology in the future, there's a high tendency that same thing will happen; that there'll always be people to prefer fiat over crypto.

My take on this is, just be grateful that we have crypto market today where you can get financial services.
But yes, thinking of replacing the fiat banks. I don't think it will be happening in our lifetime.
Even most crypto users still need the services of fiat banks. And they are utilizing both markets to their advantage.
So nope, at this current scenario, I don't think crypto banks will replace the traditional banking system anytime soon.
There's too much at stake eliminating fiat/traditional banks. Even the government won't allow it.

[abel1337]

I guess in the far future. I have high hopes on what crypto can do but as we see the situation today, I currently don't see crypto will "replace" traditional banks knowing that banks are purely centralized and we crypto are fan of decentralization which is the opposite of the concept of banks. We are our own banks and yeah before we replace banks with crypto banks, We need a interesting concept that is capable of what banks are currently doing right now. There are bank users that hates crypto for certain reasons and it's hard to change their mind about it. I estimate that we need 1 or 2 generation till most of us accepts cryptocurrency on being used daily.

[n0ne]

I guess in the far future. I have high hopes on what crypto can do but as we see the situation today, I currently don't see crypto will "replace" traditional banks knowing that banks are purely centralized and we crypto are fan of decentralization which is the opposite of the concept of banks. We are our own banks and yeah before we replace banks with crypto banks, We need a interesting concept that is capable of what banks are currently doing right now. There are bank users that hates crypto for certain reasons and it's hard to change their mind about it. I estimate that we need 1 or 2 generation till most of us accepts cryptocurrency on being used daily.

Maybe in the far future we can expect the development of crypto bank. For now we can expect crypto bank coexist with the traditional bank. It looks like, already few banks have begun to operate along with cryptocurrencies. As mentioned bitcoin is being innovated to eliminate the banking, but coexisting looks like a flaw. However to reach the bottom level of the people, it is the banks that can help in this regard.

[samcrypto]

Traditional banking will adopt the blockchain technology but I doubt with cryptocurrency, they still consider this as their competitor so it will be hard for them to fully accept it, maybe if there's already a regulation from the central bank then that is the only time for Banks to accept crypto. I think bank will accept a deposit account with crypto in the future, this might be their biggest adoption but so far we are still far from this. Banks will stay along with cryptocurrency, we can have a better financial system if they both exist.

[ethereumhunter]

It all depends on every government in each country to accept crypto as a solution to their financial problems. But if a government disagrees with crypto, it will still take time before the bank can implement it in that country because the government still believes in their methods. Even though the bank has to adapt to the current situation, it is not easy to replace a system that has been running for decades. So it seems that it will take some time to see massive adoption of crypto in banking in all countries.

[kzkazu]

"in just a few years, a younger generation of financial services users are going to into a bank and gain access to create ☑️ credit products, savings accounts and investments that can host both crypto and fiat assets. In fact, the inroads that will allow for all of this to happen are already breaking ground.
...
Consumers will soon define a “full service” bank as one that offers financial services in both crypto and fiat. The time to start acquiring the necessary tools of the crypto banking trade is right now. The world need it.👌Banks need to start adapting or get left behind. So what do we all think about this

Article: https://cointelegraph.com/news/crypto-banks-are-going-to-swallow-fiat-banks-in-3-years-or-even-less

Crypto banks will not completely replace traditional banks. Although the encryption industry continues to be popular and more and more people use cryptocurrencies, there will still be some people who are willing to use the traditional way, and banks will still stay to provide services according to people's needs.

[Tommiewill]

I think there will be many encrypted banks in the future, but they will not replace traditional banks. As far as I know, there are many types of banks in many countries. It is convenient for people to operate. Many people are still used to using fiat currency for everyday purchases. The two can develop without interfering with each other.

[Argoo]

It all depends on every government in each country to accept crypto as a solution to their financial problems. But if a government disagrees with crypto, it will still take time before the bank can implement it in that country because the government still believes in their methods. Even though the bank has to adapt to the current situation, it is not easy to replace a system that has been running for decades. So it seems that it will take some time to see massive adoption of crypto in banking in all countries.

States and their governments will not accept cryptocurrencies as a solution to their financial problems. Cryptocurrency can walk in the state along with the national currency of states, but will not replace it. States will not work with a currency over which they do not have leverage. Therefore, cryptocurrency banks will not be able to replace the existing banking system of states. These are completely different financial assets for servicing the economy and crypto banks are not suitable for this.

[koang]

I'd like to think for the sanity of crypto a big no.  The whole point behind the crypto experiment is to be your own bank and not rely on greedy 3rd party institutions like we have in traditional banking.  I mean if ypu are just going to use a bank for your crypto what's the difference between fiat and crypto???

Bitcoin is much better than the dollar. Bitcoin stands for freedom, and Bank = slavery.
Bitcoin’s blockchain does what it’s supposed to, which is to be the future of money and implement a decentralized monetary system.

But history always repeats itself ... The people repeat the same mistakes.

[bhooscream]

Consumers will soon define a “full service” bank as one that offers financial services in both crypto and fiat. The time to start acquiring the necessary tools of the crypto banking trade is right now. The world need it.👌Banks need to start adapting or get left behind. So what do we all think about this

NO.
It is too early to do that. Even if it is probably, it needs very complex and will face very difficult situations. The chance is very small to replace traditional banks. As we know, traditional banks or banks are not as traditional as we think. They are right now also developing their best features, they have also digital money and also online mechanism to access the bank account. So, we can still do many things to our bank account by online, not always visiting the bank offline. They are controlled by the government and I am sure that government will never let to be replaced by crypto banks. Banks will commonly need regulation. And if you mean the decentralized exchanges, as we know, not all people are closed to this crypto business. Although there may be a huge development of people who know and interact with crypto, it doesn't mean that the purpose is to replace the banks themselves.

[ethereumhunter]

It all depends on every government in each country to accept crypto as a solution to their financial problems. But if a government disagrees with crypto, it will still take time before the bank can implement it in that country because the government still believes in their methods. Even though the bank has to adapt to the current situation, it is not easy to replace a system that has been running for decades. So it seems that it will take some time to see massive adoption of crypto in banking in all countries.

States and their governments will not accept cryptocurrencies as a solution to their financial problems. Cryptocurrency can walk in the state along with the national currency of states, but will not replace it. States will not work with a currency over which they do not have leverage. Therefore, cryptocurrency banks will not be able to replace the existing banking system of states. These are completely different financial assets for servicing the economy and crypto banks are not suitable for this.

I'd rather see crypto go alongside national currencies and cover the weaknesses of national currencies than have to replace them. This allows the government to participate in their own crypto projects and maybe they also help their citizens in the economy with their crypto projects. Maybe crypto banks are just for individuals while the government still has a national currency to run the economy and give freedom to its citizens to have crypto investments. But I don't know much about economics, so I didn't think much about crypto banks replacing traditional banks.

[Apocollapse]

Don't need to speculate crypto banks will replace traditional banks, first I want to know which country is accept ETH and BNB as legal tender? and does all country in this world accept Bitcoin or at least being in grey area?

The answer is No, which mean there's no country trust ETH and BNB aka altcoin, also there are a lot country still ban Bitcoin e.g. China, North Korea, etc. I don't expect crypto banks will replace traditional banks in the future because all people still use fiat to pay daily expense.

[Dr.Osh]

Crypto is still being debated today. whether it be international or national. in fact, not everyone knows how to use crypto, hence the traditional banks are here to stay. in addition, not everyone supports crypto developments, and is more likely to choose traditional banks over crypto.

Traditional banks are currently controlled by people who are also quite advanced in technology. when they feel that their potential is sinking, they can support crypto developments but not kill their traditional banking system. so they can tap into the potential of consumers within the crypto camp, as well as traditional banks. however progress and development of crypto, I think that it will not be easy to replace the position of traditional banks, especially now that there are still very many people using traditional banks or even they are more dominant in using traditional banks compared to crypto.

[Abiky]

"in just a few years, a younger generation of financial services users are going to into a bank and gain access to create ☑️ credit products, savings accounts and investments that can host both crypto and fiat assets. In fact, the inroads that will allow for all of this to happen are already breaking ground.
...
Consumers will soon define a “full service” bank as one that offers financial services in both crypto and fiat. The time to start acquiring the necessary tools of the crypto banking trade is right now. The world need it.👌Banks need to start adapting or get left behind. So what do we all think about this

Article: https://cointelegraph.com/news/crypto-banks-are-going-to-swallow-fiat-banks-in-3-years-or-even-less

I don't think crypto banks will replace traditional banks, especially when crypto is proven to be unstable at times. Fiat currencies are still relevant these days, so don't expect traditional banks to go anywhere soon. The few banks that are providing crypto services to its customers are only doing it to take advantage of the situation. But that doesn't mean crypto will eventually replace Fiat in the long term. Most (if not all) banks see crypto as a threat to their very existence, so they will keep Fiat afloat no matter what.

Crypto doesn't need banks to survive anyways. After all, Satoshi created Bitcoin to be an independent currency anyone can use worldwide. It was designed in response to banks' malpractices with the mainstream economy (debt, inflation, etc). If BTC was created to fight banks, then why would any bank adopt BTC or any other cryptocurrency in the first place? I'm waiting for the day when decentralized cryptocurrencies beat banks for good. I know this is very unlikely to happen right now, but it could materialize in the future as mainstream Fiat currencies lose people's trust. Rising inflation rates and governments' inability to handle national debt will lead us there faster than you could ever imagine. Who knows what lies ahead for the entire crypto/Blockchain space? Just my thoughts

[Silberman]

"in just a few years, a younger generation of financial services users are going to into a bank and gain access to create ☑️ credit products, savings accounts and investments that can host both crypto and fiat assets. In fact, the inroads that will allow for all of this to happen are already breaking ground.
...
Consumers will soon define a “full service” bank as one that offers financial services in both crypto and fiat. The time to start acquiring the necessary tools of the crypto banking trade is right now. The world need it.👌Banks need to start adapting or get left behind. So what do we all think about this

Article: https://cointelegraph.com/news/crypto-banks-are-going-to-swallow-fiat-banks-in-3-years-or-even-less

It will never happen, while I am optimistic about the long term success of this market, banks are not going to remain static while they lose their customers to a competitor, and they will do what they always do which is to adapt, we are already seeing this as banks are now offering investments in different cryptocurrencies and even the ability to store your coins with them, and while this is only a small part of the services they offer it is obvious that as this market becomes more dominant banks will increase their exposure to it.