Will crypto banks replace traditional banks soon

[lalabotax]

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.

Even now, traditional banks are not as traditional, they have also developed their technology so that it greatly facilitates banking transactions, unlike before. And this makes them able to compete. but indeed, control of money in your bank belongs to the bank and it takes some administration if we want the money. And government control in banking will never disappear as long as the government exists. And I'm sure that as long as the government exists, they won't let other things (crypto exchanges) take over banking under their system, because they realize that crypto exchanges are difficult to control. This relates to many things including state income, taxes, and so on. Even though we know that banking actually belongs to a major power in the world. So, I doubt that crypto banks will replace traditional or fiat banks. If they are accepted, crypto banks will be an option, but not for replacing.

[Argoo]

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.

The tasks and principles of operation of crypto-banks and traditional banks differ from each other, and therefore crypto-banks cannot replace them even in principle. Cryptobanks and conventional banks may well coexist and in a certain way even complement each other. Yes, and I do not see the point in striving to make such a replacement. It should also be borne in mind that states would not allow this, even if such a replacement would be possible.

[Xal0lex]

"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

If that happens, don't expect crypto banks to be centralized and non-custodial. No one will allow full control of their money. Such crypto banks will become fully centralized and custodial because they need control over their customers' money. If there is no control and full freedom of action and decentralization is implied, there will be no replacement, as the banking sector and governments are not interested in such libertarian views. Only control, only centralization.

[Bay_Harbour_Butcher]

I think banks will always exist even though many people know crypto and are widely used everywhere, but crypto still won't replace fiat, but most likely banks can adapt to crypto, so bank products can be side by side with crypto

[abralzain17]

I don't think that will happen with traditional banks, there is no possibility to be replaced by these banks even though there will be parties who are pressing.
How many years will it take bank customers to adapt to the crypto industry (CRYPTO BANK) if traditional banks are replaced?
Meanwhile, if there are traditional banks replaced by crypto banks, it's only in developed countries, in my opinion.

[fvb]

I don't think there will be any changes and one will replace the other. This is a different kind of banking and crypto investment. Rather, some kind of merger and interaction is possible. We still use banks to sell cryptocurrencies for fiat

[Farma]

I'm not sure if crypto will replace traditional banks. taking into account that traditional banks are controlled by the government, and many people tend to prefer traditional banks to store their money over crypto. Plus, if a problem occurs, it's easier to deal with it when using a traditional bank than crypto. So, I think traditional banking is still a very important need for society.
Where I live, very few people use crypto, even they tend to be careful when they hear the word crypto. that's because they don't know much about crypto, as well as their tendency to use traditional banks as a place of storage compared to crypto. however, I think we still need traditional banks. Moreover, the safety is guaranteed by the government.

[Weawant]

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

This topic was made in January and then we began seeing news of the banks collapsing in march, which means this post predicted what will happen to banks correctly. Banks are outdated and soon people will stop making use of them.

Everything the banks can do, we no have digital apps that can do them better, our money is not even safe with the banks as they can get missing from the banks servers getting attacks through hacks or the banks collapsing.

Banks that were useful for saving and taking of loans will soon go out of business as we now have decentralized application that can offer that service to you from the comfort of your home.

[poodle63]

Honestly cryptocurrencies like now acts like stock, it's just being largely used for investment, some even call it commodities, I doubt it could ever replace bank, meanwhile i'm sure majority that invested in crypto would still actively use their bank so no, it will never replace that even in the future.

[Abiky]

Honestly cryptocurrencies like now acts like stock, it's just being largely used for investment, some even call it commodities, I doubt it could ever replace bank, meanwhile i'm sure majority that invested in crypto would still actively use their bank so no, it will never replace that even in the future.

Most people see crypto as an investment tool. Not as a currency you can use for daily payments. This sentiment is what prevents crypto/Blockchain tech from achieving its full potential. If people started using crypto as currency, banks' existence would've been threatened by now. Unfortunately, that's not the case. Thus, banks will only grow bigger and stronger over time.

Don't expect crypto to go anywhere soon, especially when it's decentralized. It can never replace Fiat this way. I'm fine with that as long as crypto fulfills its promise of bringing banking to the unbanked. You can be your own bank with crypto anyways. So why care about traditional banks subject to corruption and manipulation? Just my thoughts

[Cornia]

I don't think crypto banks will replace traditional banks. Because there are still many people in the world who have very little knowledge about crypto. But crypto banks and traditional banks will run side by side and young people will be attracted towards crypto banks. I think almost all central/state banks will adapt crypto in this situation.

[LastKiss]

"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.
~snip~

From what I know, right now many traditional banks adding their massive digitalization which means people can easily make a bank account and transactions online rather than coming to their office and crypto banks won't completely replace traditional banks instead crypto banks probably will have a partnership with traditional banks.

[ammo121810]

Definitely not the Crypto Banks cannot replace traditional banks. Traditional banks may adopt the crypto currencies and it's technology but most of the people would still prefer the traditional way savings and transacting money. Even though Crypto Currencies evolve for more than a decade now a lot of people doesn't even know how to use and transact with it. A lot of banks also doesn't honor or accept crypto currencies as source of funds. Just like here in our country, Banks do even scrutinize where did the source of fund came and if they learned that it came from crypto they will definitely turns you down.

[|MINER|]

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I don't think it's entirely clear that traditional banks are replaced by crypto banks, and what exactly is meant by crypto banks?  Are they centralized exchangers? If that is the case then I would say that the bank system is still in a much better position than this centralized exchanger system in terms of security, because banks are governed by different laws of a country state that provide security of money to consumers. So I'd say it's too late for the banking systems to be replaced by crypto banks, or I don't see anything good in between.

[Huppercase]

Honestly cryptocurrencies like now acts like stock, it's just being largely used for investment, some even call it commodities, I doubt it could ever replace bank, meanwhile i'm sure majority that invested in crypto would still actively use their bank so no, it will never replace that even in the future.

You wanted to say Securities and digital tokens, Crypto is far from been a commodity and they are nothing really like stock except for some project that try to immitate stocks by bringing their features in token supressions by giving dividends to their investors that hold their tokens, and even with that, there only exist slight similarities within crypto and Stocks.

The failure of cryptocurrencies particularly the Altcoins are so great that it will be tough for people to embrace them today. Things may change in the future, but I don't think they will now. Cryptocurrency is still too young to replace traditional banks.

[jacafbiz]

I can't say for certain but the likelihood of this happening is very high, Crypto is becoming well-capitalized and the quality  of people joining the space has improved significantly recently, all we need is a Government that will indeed be Crypto-friendly that will open some of these difficult doors that are unreachable before and also a Crypto_friendly regulation that will guide us into the future, if/when this happens the traditional banking sector is there for taking

[posi]

Honestly cryptocurrencies like now acts like stock, it's just being largely used for investment, some even call it commodities, I doubt it could ever replace bank, meanwhile i'm sure majority that invested in crypto would still actively use their bank so no, it will never replace that even in the future.

You wanted to say Securities and digital tokens, Crypto is far from been a commodity and they are nothing really like stock except for some project that try to immitate stocks by bringing their features in token supressions by giving dividends to their investors that hold their tokens, and even with that, there only exist slight similarities within crypto and Stocks.

The failure of cryptocurrencies particularly the Altcoins are so great that it will be tough for people to embrace them today. Things may change in the future, but I don't think they will now. Cryptocurrency is still too young to replace traditional banks.

Apart from bitcoin, all altcoin projects are created with the aim of selling tokens for profit, if it is not a commodity then what is? And we are here to speculate and make more profit than to use them as a payment method, so I think cryptocurrencies should be classified as a commodity in the future.

No matter how cryptocurrency changes in the future and what it will become, whether it will replace traditional banking or not, all decisions will be made by the government, we have no right to decide.

[Why you bully me]

Traditional banks will adapt to crypto sooner or later. Some banks are already offering crypto related products. And more to come

That is interesting, do you have sources for this? Would like to see.

[podluznyj]

I can't say for certain but the likelihood of this happening is very high, Crypto is becoming well-capitalized and the quality  of people joining the space has improved significantly recently, all we need is a Government that will indeed be Crypto-friendly that will open some of these difficult doors that are unreachable before and also a Crypto_friendly regulation that will guide us into the future, if/when this happens the traditional banking sector is there for taking

I agree with you that soon crypto banks will begin to replace conventional banks, which today do not provide reliability in storing funds in a conventional bank, since banks currently have the opportunity to become boncrots and the money does not return to the owners, therefore it is worth keeping in a crypto bank and transferring money to crypto money

[FanEagle]

Honestly cryptocurrencies like now acts like stock, it's just being largely used for investment, some even call it commodities, I doubt it could ever replace bank, meanwhile i'm sure majority that invested in crypto would still actively use their bank so no, it will never replace that even in the future.

Most people see crypto as an investment tool. Not as a currency you can use for daily payments. This sentiment is what prevents crypto/Blockchain tech from achieving its full potential. If people started using crypto as currency, banks' existence would've been threatened by now. Unfortunately, that's not the case. Thus, banks will only grow bigger and stronger over time.

Don't expect crypto to go anywhere soon, especially when it's decentralized. It can never replace Fiat this way. I'm fine with that as long as crypto fulfills its promise of bringing banking to the unbanked. You can be your own bank with crypto anyways. So why care about traditional banks subject to corruption and manipulation? Just my thoughts

I think it could definitely mesh together. Traditional banks are already evolving into digital banks. There are so many banks in the world that are purely digital and do not even have anyone that works for them in a shop, they are purely digital and that's it. Add the xchange mindset there, like be able to store bitcoin into something like that, you can have any fiat you want but you can have bitcoin and maybe eth in there as well? That would be something awesome to see and I would guess that there won't be a need to replace anything anymore.

This would be a solution to banks, they can continue to support crypto and they can make a lot of profit from it as well, should be able to provide a lot of profit for the banks we know right now.