Will crypto banks replace traditional banks soon

[seleme]

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.

Crypto banking is supposed to make things easy for community but banks make it complicated so average users hesitate to join new ecosystem. Solution is to merge both systems together on the traditional online banking so everyone can take advantage of the cheaper, faster transactions, IMHO. As explained on the thread, if banks can't beat the crypto banking they will surely join and adapt new ecosystem.

[Questat]

Crypto banking is supposed to make things easy for community but banks make it complicated so average users hesitate to join new ecosystem. Solution is to merge both systems together on the traditional online banking so everyone can take advantage of the cheaper, faster transactions, IMHO. As explained on the thread, if banks can't beat the crypto banking they will surely join and adapt new ecosystem.

And it remains an option for us to choose the system/banks that really give us the easiest way to approach and can't deny that crypto banks is somewhat more technical than traditional banks. That is why those who have no knowledge about it will surely be choosing traditional banks as they seem comfortable being there. So I guess it was not necessary to fully adopt crypto banks while there are a lot of individuals that are incapable of using them. May soon crypto banks user will increase but this is not enough to stop traditional banks from their operation.

[so98nn]

We are always enthusiastic about the future of bitcoin. However, it doesn’t mean it’s gonna be the way we expecting it today. For example, total take over and replacing bank is just imaginary thought. Remember it’s nothing like if you don’t like orange then just switch to apple juice kinda thing. Isn’t it? We are talking about replacing entire hundred years old banking system. It’s deeply sited in everyone pocket and bitcoin is anyway has out reach to only few millions of users. It’s nothing compared to global adoption of traditional banking system. That’s a period here.

[Hispo]

I don't think crypto will replace traditional banks because not every has the knowledge of crypto.

It is not about knowledge but mostly about necessity. Crypto currency services are more popular in markets and societies which cannot longer trust their own FIAT or banks, so they seek for alternatives in exchanges, which are the closest thing one can find alike a bank for Bitcoin and altcoins on the internet.

Think of someone living in one of the developed countries, they would have no relative reason to move onto crypto, because they already have banking services which provide them with most of the things they think they need. That is not the case in Argentina, Nigeria and Venezuela. Places with big crypto volume and adoption in their own regions. Something very serious would need to happen to the main FIAT of the central economic powers for their people to move even faster into crypto, prompting the creation of crypto banks and treasuries.

[Abiky]

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.

From a "hodler's perspective", I don't think it's good idea to trust banks with your crypto. You can easily get your funds frozen or confiscated by the government. It greatly defeats crypto's original purpose of "eliminating the middleman". Banks are quickly embracing the digital world, so I wouldn't be surprised if they offer crypto services to their customers, especially if they want a "piece of the pie".

If banks take this step, governments will surely regulate them with an "iron fist". Self-custody always wins when you want to avoid the "headaches" of the traditional banking system powered by Fiat currencies. But I'm sure most people will choose a crypto bank for convenience. Who knows where this will lead the industry in a few years? Just my opinion

[Iyeman]

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

The bank can exist by adapting the new tech. Crpypto can be easily adopted by the bank if they want. People are always talking about removing the traditional bank while they will always need fiat money if their environtment has not supported yet the cashless transactions.
It's still making everything much more easier when it comes to the our real life.

[milewilda]

We are always enthusiastic about the future of bitcoin. However, it doesn’t mean it’s gonna be the way we expecting it today. For example, total take over and replacing bank is just imaginary thought. Remember it’s nothing like if you don’t like orange then just switch to apple juice kinda thing. Isn’t it? We are talking about replacing entire hundred years old banking system. It’s deeply sited in everyone pocket and bitcoin is anyway has out reach to only few millions of users. It’s nothing compared to global adoption of traditional banking system. That’s a period here.

Being a die hard supporter and being that optimistic towards Bitcoin isnt really that bad but of course we should really know on whats the real purpose of Bitcoins existence? Which is in making ourselves to be our own bank which means that we dont really need about those crypto banks or whatsoever because it would be still falling down into the criteria on which it would be still that centralized which means it is really that opposing
the overall meaning of its existence if we do touch up this one.Also i dont see traditional banks would cease to exist because as long government does exist or centralization is present then
these institutions would be staying up and would not cease to exist no matter what.

[FanEagle]

We are always enthusiastic about the future of bitcoin. However, it doesn’t mean it’s gonna be the way we expecting it today. For example, total take over and replacing bank is just imaginary thought. Remember it’s nothing like if you don’t like orange then just switch to apple juice kinda thing. Isn’t it? We are talking about replacing entire hundred years old banking system. It’s deeply sited in everyone pocket and bitcoin is anyway has out reach to only few millions of users. It’s nothing compared to global adoption of traditional banking system. That’s a period here.

That is the number one thing that newbies need to learn. I mean we expect so much from bitcoin, but we are willing to wait for it as well. I just buy bitcoin whenever I can and after that I just end up waiting for it to grow, doesn't matter if it grows in a day or in a decade, I will just wait for it.

Most newbies hear or see news like this and then they end up getting to a level where they just hope it grows during this summer, that's it, that's the furthest they can see and if it doesn't they will consider that as a big disappointment. I hope that they end up learning more about it and do better because it is important to keep doing something like this. This doesn't mean that we should not be seeing any improvement these days, but it is not a must.

[nesty]

In my own perspective Traditional bank cannot be replaced by Crypto bank. Traditional bank can upgrade their services and add up crypto services in their product portfolio but definitely will remain as traditional. Up to date a lot of people doesn't even know how a crypto currency works they have no idea on how to use and transact with it. That is why most people would rather use the traditional bank. It would take a lot of time to educate the people when it comes to crypto currencies.

[Ozero]

Their reign will be soon over because f the current emerging popularity of the crypto industry and they will gonna need to embrace the future technology if they wanted to be still on the list in the upcoming future. When people see how convenient crypto is, there will not gonna doubt about considering migrating to it and they will gonna leave those banks that were having total control of their money. Hence, this time we see that no matter how hard they try to spread negative information and doubts about the crypto industry, they always failed to convince the people about the reality showing that crypto is now becoming popular all over the world despite of its new emergence.

Cryptocurrency must exist and will exist in parallel with the fiat system of states and their banks. If banks will provide certain services in cryptocurrency, then this will be selective and will not prevail over fiat.
  The current banking system is not going anywhere and will exist as long as there are states, because the banking system is part of the state system of power.
The transition to digital technologies has already affected the banking system, but this does not mean that banks will use cryptocurrency more. An example of this is the mass introduction of their CBDC by banks.

[koang]

We are always enthusiastic about the future of bitcoin. However, it doesn’t mean it’s gonna be the way we expecting it today. For example, total take over and replacing bank is just imaginary thought. Remember it’s nothing like if you don’t like orange then just switch to apple juice kinda thing. Isn’t it? We are talking about replacing entire hundred years old banking system. It’s deeply sited in everyone pocket and bitcoin is anyway has out reach to only few millions of users. It’s nothing compared to global adoption of traditional banking system. That’s a period here.

That is the number one thing that newbies need to learn. I mean we expect so much from bitcoin, but we are willing to wait for it as well. I just buy bitcoin whenever I can and after that I just end up waiting for it to grow, doesn't matter if it grows in a day or in a decade, I will just wait for it.

Most newbies hear or see news like this and then they end up getting to a level where they just hope it grows during this summer, that's it, that's the furthest they can see and if it doesn't they will consider that as a big disappointment. I hope that they end up learning more about it and do better because it is important to keep doing something like this. This doesn't mean that we should not be seeing any improvement these days, but it is not a must.

There is never enough of anything to satisfy everyone.
Newbies prefer a lifestyle with easy money and success without effort.
The longer I’m in this game, the more I understand the only way to hold BTC is to a cold wallet and forget it.
Fixation of daily or weekly prices and news will only add to anxiety and neurosis.

[daenarys_stormborn]

crypto will not be able to completely replace the utility of banks, because banks are still far superior to crypto in various aspects, crypto's biggest challenge to compete with banks is regarding market stability, crypto prices are so unstable that it is impossible to replace bank positions

[AakZaki]

when it comes to replacing traditional banks with the Bicoin system, it will only be a pipe dream for now. There are still many who don't like Bitcoin and even prohibit bitcoin for any transaction. Crypto becomes decentralized and will not be regulated by anyone. This is what the government is afraid of, not control over Bitcoin assets.
But is it possible to replace it with Bitcoin in the future?
Whether or not it will be a good opportunity, Bitcoin also has the support of various parties who have some authority that we cannot reach.
Bitcoin and traditional banking will coexist when one needs only to use its services.

[TimeTeller]

when it comes to replacing traditional banks with the Bicoin system, it will only be a pipe dream for now. There are still many who don't like Bitcoin and even prohibit bitcoin for any transaction. Crypto becomes decentralized and will not be regulated by anyone. This is what the government is afraid of, not control over Bitcoin assets.
But is it possible to replace it with Bitcoin in the future?
Whether or not it will be a good opportunity, Bitcoin also has the support of various parties who have some authority that we cannot reach.
Bitcoin and traditional banking will coexist when one needs only to use its services.

I don't understand why people are asking such question as the probability is still low at this point.
We should be grateful as to what this market achieved so far. So don't aim for such major change in the financial system.
Traditional banking system won't go anywhere but they will possibly upgrade their services adopting the digital era.
Actually, we are already seeing them in the digital scene, offering their online apps and other online services.
For now, enjoy the services offered of both systems. And being here in crypto, take advantage of what it brings to you.

[judaspriest]

I think it won't happen because we live in a country that has legal and financial foundations,
we know that cryptocurrencies are predicted to be the currency of the future,
but banks also have an important role for the country,
so making crypto banks to replace traditional banks is that is unlikely unless they adopt blockchain technology and that is most likely what will happen.

[AakZaki]

Top 20 coins won't even guarantee anything. even if you scaled it down to the top 10 coins it still doesn't have the potential to go up 100x. Only altcoins that are hype or types of altcoins that will only be abandoned eventually. Buying altcoins with the hype upfront is very risky if you don't make early profits, it will end up being a losing spot for many who enter towards the end of the journey. There is only some luck or going to get a loss will not even be worth it at all.

[Abiky]

crypto will not be able to completely replace the utility of banks, because banks are still far superior to crypto in various aspects, crypto's biggest challenge to compete with banks is regarding market stability, crypto prices are so unstable that it is impossible to replace bank positions

It's not that "banks are still superior to crypto". It's just that the whole world still goes around Fiat. The majority hasn't abandoned the traditional banking system in favor of crypto/Blockchain tech, so expect further volatility down the road. Once the world adopts the "Bitcoin Standard", things will never be the same. At least, that's what many of us hope for. But there are centralizing forces at play that will prevent banks from losing ground anytime soon.

Crypto is decentralized, so it's highly-unlikely it'll replace banks in the future. I'm fine with that, as long as I'm able to enjoy true financial freedom in the long run. Just my thoughts

[Walesone]

I want my bank to support both crypto and fiat assets. Good that services like XGo are starting to appear and offer just that, and range of other services like virtual bank cards and wallet ID.

[carrie_white]

I think crypto will not be able to replace banks, for now it sounds very unlikely, because there are still very many drawbacks of crypto that cannot outperform bank utilities, but we don't know what will happen in the future, maybe later crypto can really stabilize and replace banks

[Oneandpure]

I don't sure with cryptocurrency will replace traditional Bank because many countries still not legal using Bitcoin and seems impossible for replacing bank function. There are fewest countries have legal Bitcoin as payment transaction like El Savador and how possibility for cryptocurrency will replace from Bank function, I think have difficult when bitcoin will replace bank function because many people can't pay loan if using Bitcoin because high and lower price make it difficult how to repay loan. Cryptocurrencies have many good advantage but can't replace bank function at the future indeed 10 years still one or two countries have been legal bitcoin as payment currency transaction.