Bank vs Crypto: Are they opposites?

[HONDACD125]

snip~

Many people still prefer to keep their assets in crypto currencies instead of banks. Since their assets may be at risk of devaluation in banks, they are likely to get good returns on crypto currencies, especially Bitcoin. If people invest more and more. Assets in crypto currencies or Bitcoin instead of banks, this will also have a huge impact on banks. However, banks have their importance and its importance cannot be denied. However, I don't think the relationship between banks and crypt currencies can be cordial, rather the situation between the two is more likely to remain tense, as both perceive each other's existence as a threat to themselves.

Why don't you mention the risks of investing in cryptocurrency and bitcoin? The risk of depositing money in a bank is that the money may lose value over time and the account may be frozen. The risk when investing in bitcoin is that we can lose everything we have if bitcoin suddenly crashes, or our wallet can be hacked...but in return, we have the opportunity to profit big profit instead of depositing money in the bank. Both have their pros and cons.

Apart from bitcoin, the rest of the cryptocurrencies are mostly centralized, so it may not pose a threat to banks as governments may also be looking to control cryptocurrencies, with the exception of bitcoin.

We all know that crypto currency market is a risky market. Anything can happen at any time, but Bitcoin is more reliable than other currencies, but still Bitcoin cannot be exempt from risk. It is a fact that where there is gain there is also loss and this should never be ignored. The value of Bitcoin can fall, and often the value of Bitcoin fluctuates. Also, any bad news can cause a sudden drop in the price of Bitcoin.


This happened during the crash of Luna, and the same thing happened during the crash of FTX, but we believed that Bitcoin would recover its value very soon, and the current price is in front of you how Bitcoin has recovered its value after major crashes. If we are not careful, our wallet can be hacked, but many people's bank cards i.e. ATM cards can also be hacked without being careful. Such cases are common. So be very careful with things online. The government is creating regulations to regulate and legalize cryptocurrency, but I think Bitcoin is definitely a challenge for the banking sector.

[molsewid]

We all know that crypto currency market is a risky market. Anything can happen at any time, but Bitcoin is more reliable than other currencies, but still Bitcoin cannot be exempt from risk. It is a fact that where there is gain there is also loss and this should never be ignored. The value of Bitcoin can fall, and often the value of Bitcoin fluctuates. Also, any bad news can cause a sudden drop in the price of Bitcoin.


This happened during the crash of Luna, and the same thing happened during the crash of FTX, but we believed that Bitcoin would recover its value very soon, and the current price is in front of you how Bitcoin has recovered its value after major crashes. If we are not careful, our wallet can be hacked, but many people's bank cards i.e. ATM cards can also be hacked without being careful. Such cases are common. So be very careful with things online. The government is creating regulations to regulate and legalize cryptocurrency, but I think Bitcoin is definitely a challenge for the banking sector.

Yes it will be a challenge to banks but I think sooner or later we can see that more banks will accept it and more companies with good names will begin to upgrade to web3. People will soon accept crypto as well that why the demand will rise so banks will be needed to accept pegged coins I think. Next year will be halving that is why it is possible to see bitcoin with new ATH.

[serjent05]

We all know that crypto currency market is a risky market. Anything can happen at any time, but Bitcoin is more reliable than other currencies, but still Bitcoin cannot be exempt from risk. It is a fact that where there is gain there is also loss and this should never be ignored. The value of Bitcoin can fall, and often the value of Bitcoin fluctuates. Also, any bad news can cause a sudden drop in the price of Bitcoin.


This happened during the crash of Luna, and the same thing happened during the crash of FTX, but we believed that Bitcoin would recover its value very soon, and the current price is in front of you how Bitcoin has recovered its value after major crashes. If we are not careful, our wallet can be hacked, but many people's bank cards i.e. ATM cards can also be hacked without being careful. Such cases are common. So be very careful with things online. The government is creating regulations to regulate and legalize cryptocurrency, but I think Bitcoin is definitely a challenge for the banking sector.

Yes it will be a challenge to banks but I think sooner or later we can see that more banks will accept it and more companies with good names will begin to upgrade to web3. People will soon accept crypto as well that why the demand will rise so banks will be needed to accept pegged coins I think. Next year will be halving that is why it is possible to see bitcoin with new ATH.

Banking institutions have learned that they are missing out on not accepting cryptocurrency, the reason why now some are partnering with some existing cryptocurrency.  Unlike in the earlier years of cryptocurrency, banks are very hesitant and even giving warning to people who are actively participating in the cryptocurreny market.  Some central bank even banned the use of cryptocurrency but due to the performance of the cryptocurrency industry, some banks are now accepting Bitcoin as mode of payment. and even some of them are investing in the knowledge to learn about cryptocurrency.

[panganib999]

in principle they are. On one hand we got Banks who are all for the "saving of the denominations of money that you have" which means if you want to save up let's say, 1 million dollars, you can best believe your money, as long as you don't touch it or do anything to it, will remain to be 1 million dollars even after years have gone by. It's a little counterintuitive to some people as it may drive you to think that "there's no difference between saving your money in the bank" and saving it under your bedsheet covers, but what you're really after when you entrust your money in a bank is the sense of security and insurance.

On the other hand, crypto is there to save the value of your money. Say you wanted to invest 1 million dollars in crypto, if things go well and they often do, not only are you going to just have 1 million bucks lying around, you'll most likely have more money after the whole ordeal as it yields profits, and of course, ensures that the value of your money from years ago is retained no matter what.

[Marvell1]

in principle they are. On one hand we got Banks who are all for the "saving of the denominations of money that you have" which means if you want to save up let's say, 1 million dollars, you can best believe your money, as long as you don't touch it or do anything to it, will remain to be 1 million dollars even after years have gone by. It's a little counterintuitive to some people as it may drive you to think that "there's no difference between saving your money in the bank" and saving it under your bedsheet covers, but what you're really after when you entrust your money in a bank is the sense of security and insurance.

On the other hand, crypto is there to save the value of your money. Say you wanted to invest 1 million dollars in crypto, if things go well and they often do, not only are you going to just have 1 million bucks lying around, you'll most likely have more money after the whole ordeal as it yields profits, and of course, ensures that the value of your money from years ago is retained no matter what.

But before depositing money in the bank, you need to think about inflation, 1 million dollars after many years is still 1 million dollars, but the product you buy for 1$ you will have to pay 2$, 3$ after many years. So will your money still retain its value when kept in the bank for many years?

Meanwhile, investing in bitcoin can help you double or quintuple your $1 million, and you won't have to worry about how much the products out there will go up in price. But bitcoin isn't just profitable without risk, so diversify between banking and investing.

[Lorence.xD]

We all know that crypto currency market is a risky market. Anything can happen at any time, but Bitcoin is more reliable than other currencies, but still Bitcoin cannot be exempt from risk. It is a fact that where there is gain there is also loss and this should never be ignored. The value of Bitcoin can fall, and often the value of Bitcoin fluctuates. Also, any bad news can cause a sudden drop in the price of Bitcoin.


This happened during the crash of Luna, and the same thing happened during the crash of FTX, but we believed that Bitcoin would recover its value very soon, and the current price is in front of you how Bitcoin has recovered its value after major crashes. If we are not careful, our wallet can be hacked, but many people's bank cards i.e. ATM cards can also be hacked without being careful. Such cases are common. So be very careful with things online. The government is creating regulations to regulate and legalize cryptocurrency, but I think Bitcoin is definitely a challenge for the banking sector.

Yes it will be a challenge to banks but I think sooner or later we can see that more banks will accept it and more companies with good names will begin to upgrade to web3. People will soon accept crypto as well that why the demand will rise so banks will be needed to accept pegged coins I think. Next year will be halving that is why it is possible to see bitcoin with new ATH.

Banking institutions have learned that they are missing out on not accepting cryptocurrency, the reason why now some are partnering with some existing cryptocurrency.  Unlike in the earlier years of cryptocurrency, banks are very hesitant and even giving warning to people who are actively participating in the cryptocurreny market.  Some central bank even banned the use of cryptocurrency but due to the performance of the cryptocurrency industry, some banks are now accepting Bitcoin as mode of payment. and even some of them are investing in the knowledge to learn about cryptocurrency.

Literally cause here in my country (PH), there's a lot of banks that are not accepting crypto into their institution like for example opening a bank account, when they interviewed you what is your source of income and you answered crypto, then they would reject your application losing more clients. Then there's one bank that are open to crypto which is called UnionBank, not only they are gaining clients but they are starting to rise due to more attention people giving to them as they are being more preffered than most of the bank. It's understandable for them to not being open to crypto since it's decentralized which is really risky for them like the safety, but once they've understand how it could be a good impact to banking for sure they would rise.

[fruktik]

We all know that crypto currency market is a risky market. Anything can happen at any time, but Bitcoin is more reliable than other currencies, but still Bitcoin cannot be exempt from risk. It is a fact that where there is gain there is also loss and this should never be ignored. The value of Bitcoin can fall, and often the value of Bitcoin fluctuates. Also, any bad news can cause a sudden drop in the price of Bitcoin.

Can fiat never have hyperinflation? Yes, national currencies are subject to even greater risk than Bitcoin. Look at the foreign exchange market and everything will immediately become clear to you. In my country, the currency has devalued against the dollar by almost 40% since the beginning of the year. And the state purchases almost exclusively imported goods. Consequently, prices have risen sharply and continue to do so.
Also, inflation risks have not gone away, exceeding 15% for the year. Salaries are not indexed. Question. How to survive under such conditions?
It is much easier to use cryptocurrencies than these pieces of paper, which are rapidly depreciating.

[Macoach]

You might find it surprising that banks aren't necessarily opposed to cryptocurrencies. Regardless of how advanced and advantageous cryptocurrency may be, it remains intertwined with traditional banks and fiat currencies. One can't truly make purchases without the support of banks, as cryptocurrency relies on fiat currencies for exchange.

Interestingly, banks might indirectly support cryptocurrencies because some of their owners could have obtained loans for their businesses. Even as cryptocurrency becomes more widely used, banks are likely to persist in their roles within the financial landscape.

[fruktik]

Yes it will be a challenge to banks but I think sooner or later we can see that more banks will accept it and more companies with good names will begin to upgrade to web3. People will soon accept crypto as well that why the demand will rise so banks will be needed to accept pegged coins I think. Next year will be halving that is why it is possible to see bitcoin with new ATH.

There is no need to rush to premature conclusions. It’s much easier now to just watch how the price reacts to certain events. The news background is too dynamic, but somehow this does not give any positive results. Therefore, we can assume that the previous high will not happen during the period that everyone is so looking forward to.
Large speculative players understand everything perfectly and are aware of the reaction of the bulk of investors and traders. Do you understand what I'm getting at? They will definitely make money on this by carrying out a series of manipulative operations. The majority will again be left without money.

[JohnBitCo]

Yes, They are opposite to each other. In the bank, you can take a loan but in crypto, you can't take a loan. First, you should invest then you create money. But some things are similar for example: Banks provide safe places for businesses to deposit their own money and you can withdraw when you need money. Almost this thing is similar to crypto where you deposit crypto in centralized exchanges.

[irhact]

Yes, They are opposite to each other. In the bank, you can take a loan but in crypto, you can't take a loan. First, you should invest then you create money. But some things are similar for example: Banks provide safe places for businesses to deposit their own money and you can withdraw when you need money. Almost this thing is similar to crypto where you deposit crypto in centralized exchanges.

You can take loans in cryptocurrency just as you can take loans in bank, some cryptocurrency are created just for this purposes. I have seen many cryptocurrency that you can buy, stake them on their website and get a loan in stablecoin that when you repay the loan you can get your tokens that you kept as collateral. Some cryptocurency exchange also offer the service of taking loans on their exchange with a collateral of high value cryptocurency like Bitcoin.

Banks and altcoins are alike but banks and Bitcoin are different, banks and altcoins are alike because we have many altcoins that are centralized and work just like banks works that they can freeze your coins. BNB freezes hacked funds in hackers wallets just like banks.

[Blitzboy]

Yes, They are opposite to each other. In the bank, you can take a loan but in crypto, you can't take a loan. First, you should invest then you create money. But some things are similar for example: Banks provide safe places for businesses to deposit their own money and you can withdraw when you need money. Almost this thing is similar to crypto where you deposit crypto in centralized exchanges.

You can take loans in cryptocurrency just as you can take loans in bank, some cryptocurrency are created just for this purposes. I have seen many cryptocurrency that you can buy, stake them on their website and get a loan in stablecoin that when you repay the loan you can get your tokens that you kept as collateral. Some cryptocurency exchange also offer the service of taking loans on their exchange with a collateral of high value cryptocurency like Bitcoin.

Banks and altcoins are alike but banks and Bitcoin are different, banks and altcoins are alike because we have many altcoins that are centralized and work just like banks works that they can freeze your coins. BNB freezes hacked funds in hackers wallets just like banks.

. Many of your claims concerning crypto loans and controlled cryptocurrencies working like banks are accurate. You should be cautious. Cryptocurrencies provide greater financial independence than ever, but they also carry hazards that traditional banks have mainly avoided.

If you simply compare banks and altcoins because they freeze money, thats not true. Banks can do it because the rules protect people. Crypto rules are usually written after a mess.

Caution is your best companion on this financial adventure. Altcoins are not banks, despite popular belief. While useful, crypto loans are risky. Remember that anything you do can make or break your money.

[aylabadia05]

Banks are not against crypto. There are already banks in several countries using the Ripple network for international deliveries. This shows that banks and crypto are working together and not opposites.

Conflict:

Banks are concerned that crypto could reduce the use of fiat currency and reduce their revenue from services such as credit cards and loans.
Banks are concerned that crypto could be used for illegal activities such as money laundering and terrorist financing.

These two items regarding conflict have been refuted and the answer has been received that the relationship between the two is good in terms of cooperation. It's possible that the item you raised tends to be Bitcoin because there are differences between Bitcoin and crypto. It's just that people outside the forum still think that crypto is Bitcoin
.
Bitcoin does not consider that banks are government-owned or privately owned financial bodies that are managed by groups consisting of several people and must be avoided, but the implementation of the bank system is irresponsible.

[goldkingcoiner]

Crypto? I am guessing that you hopefully mean Bitcoin by this because I would not vouch for any other cryptocurrency other than Bitcoin when it comes to holding your money. But as I was saying, when it comes to Bitcoin, the very purpose of it is for you to be your own bank and not only that, but a much better bank, because nobody can touch/freeze/withdraw your Bitcoin without your express permission (assuming that you hold your Bitcoin in your own wallet and not a third party wallet like an exchange website wallet).

So in a nutshell: Bitcoin is the better bank because with Bitcoin you are your own bank.

[terrific]

Yes, They are opposite to each other. In the bank, you can take a loan but in crypto, you can't take a loan.

You can take a loan in crypto and that's like a P2P loaning service that we have in the lending section.

First, you should invest then you create money. But some things are similar for example: Banks provide safe places for businesses to deposit their own money and you can withdraw when you need money. Almost this thing is similar to crypto where you deposit crypto in centralized exchanges.

But when your crypto is in the centralized exchanges, your funds are on their custody and they're the owner of it.
Yes, you may be the owner of it but as the usual thing that we're saying, 'not your keys, not your coins'.

[WatChe]

Banking institutions have learned that they are missing out on not accepting cryptocurrency, the reason why now some are partnering with some existing cryptocurrency.  Unlike in the earlier years of cryptocurrency, banks are very hesitant and even giving warning to people who are actively participating in the cryptocurreny market.  Some central bank even banned the use of cryptocurrency but due to the performance of the cryptocurrency industry, some banks are now accepting Bitcoin as mode of payment. and even some of them are investing in the knowledge to learn about cryptocurrency.

Banks really using cryptocurrency? Think again. As far as decentralized cryptocurrency like Bitcoin is concerned it's very unlikely that centralized financial institutes like Banks will ever use them. They are using centralized cryptocurrency like XRP or USDT.

We need to understand this thing that governments and banks have no objection on use of centralized cryptocurrency but the decentralized ones. Today's centralized cryptocurrency are no way near to original model proposed by Satoshi Nakamoto, i.e. peer to peer electronic cash transfer.

[Cryptomultiplier]

Banks are not against crypto. There are already banks in several countries using the Ripple network for international deliveries. This shows that banks and crypto are working together and not opposites.

Conflict:

Banks are concerned that crypto could reduce the use of fiat currency and reduce their revenue from services such as credit cards and loans.
Banks are concerned that crypto could be used for illegal activities such as money laundering and terrorist financing.

These two items regarding conflict have been refuted and the answer has been received that the relationship between the two is good in terms of cooperation. It's possible that the item you raised tends to be Bitcoin because there are differences between Bitcoin and crypto. It's just that people outside the forum still think that crypto is Bitcoin
.
Bitcoin does not consider that banks are government-owned or privately owned financial bodies that are managed by groups consisting of several people and must be avoided, but the implementation of the bank system is irresponsible.

Both banks and crypto are financial engines that makes every monetary implementation and project possible. Why could there possibly be a conflict between both or in this instance classed as opposites?

Government is mostly making a lot of noise about crypto because of some scam projects that have proved unreliable with crashing or freezing of accounts and money laundering activities. All they want is to tax, monitor and control Crypto.
If they succeed, then we would see how both entities would exist in physical proximity and relational services.

[Mophymac]

In short, the answer is no. Banks and crypto are not opposites, but they have different purposes and ways of working. Banks are traditional financial institutions that provide services such as savings, loans, and money transfers. Crypto is a digital currency that uses blockchain technology.

Let's get something clear here guys, banks are the custodians of fiat (government approved currency ) while cryptocurrencies are digital currencies which transactions are recorded, verified and maintained by decentralized system using cryptography. Therefore cryptography can be liken to a digital bank.
The reason why most people might prefer fiat or rather commercial bank for their savings to cryptography is its volatility. However both serve almost the same purpose; medium of exchange for goods and services.

[romero121]

Crypto and banks weren't opposite. Both does similar functionality, but on a different process. With banks third parties does the work of recording the transactions and have complete control of the user accounts. With cryptocurrency thing is different, everything happens in an orderly manner based on the framework developed. Banks have control over the user funds and the banks were under the control of governments whereas cryptocurrency is completely different and functions recording each and every activity through the cryptographic operation.

[aylabadia05]

Both banks and crypto are financial engines that makes every monetary implementation and project possible. Why could there possibly be a conflict between both or in this instance classed as opposites?

Government is mostly making a lot of noise about crypto because of some scam projects that have proved unreliable with crashing or freezing of accounts and money laundering activities. All they want is to tax, monitor and control Crypto.
If they succeed, then we would see how both entities would exist in physical proximity and relational services.

I wouldn't want any mention of crypto for Bitcoin. Their business continues to maintain their desire not to use Bitcoin and still thinks that Bitcoin is bad because of money laundering activities or other illegal acts. For me, Bitcoin will have no effect on sustainability until they really realize that Bitcoin is a system that can be a solution in transactions.

We spend too long rhetoric about banks and governments being anti-Bitcoin or those who are pro-crypto which can be controlled by them, which will not provide good benefits for us here because banks are not transparent in managing our funds. They use their savings to make a profit. Bitcoin does not. As for other cryptos, it's up to them.