The Relationship Between Cryptocurrency and Traditional Banking

[SquirrelJulietGarden]

Banks are not threatened by crypto payments because so few people actually pay with crypto and the total transaction volume is just a tiny drop compared to global fiat payments. But the competition in the field of investment is more likely to happen - if people would buy Bitcoin instead of opening bank deposits, that could force banks to act. The first thing banks could easily do is to disconnect all crypto exchanges from their system, and that would kill a large share of crypto market liquidity. If that would be not enough, they could start lobbying the government to impose more restrictions on crypto activities. But so far we have seen nothing like that happening on a large scale.

There are competitions among cryptocurrencies and traditional banks, fiat currencies but they need each other.

Like Bitcoin need altcoins to have a cryptocurrency market. Altcoins need Bitcoin as a King, a leader of this market and if Bitcoin, the only decentralized cryptocurrency can be killed by government, altcoins will be in brink of massacre and massive deaths.

People use bank transfers, credit cards, debit cards to purchase cryptocurrencies and it helps traditional banks to have more income. Traditional banks with acceptance on cryptocurrencies, will help cryptocurrencies to reach to more users.

[1714859362]

1714859362

[1714859362]

1714859362

[1714859362]

1714859362

[kryptqnick]

Banks for feel like cryptos are their enemies. In a way, they are, because without cryptos, people have no other option but to trust a bank if they want to make digital transfers, and while cryptos there's an alternative. But banks are strong and versatile, they offer lots of services that cryptos can't perform. Also, banks have an advantage because they cards are widely accepted, whereas cryptos are barely adopted as a form of payment. Banks can also adopt cryptos, and sometimes they do, but it's still not very common. There's tension between banks and cryptos, but they aren't fully enemies, and they aren't a threat to each other.

[pakhitheboss]

So, let’s talk about this interesting duo: cryptocurrency and traditional banking. Some say traditional banks are threatened by crypto’s rise, while others think they’re starting to see the potential and hopping on the bandwagon. Either way, it’s a fascinating dynamic to watch unfold. What do you think? Are they destined for a happily ever after or is this just a temporary fling?

Bitcoin is causing fear among traditional bankers and those operating traditional banking. I don't consider other cryptocurrencies to be anywhere near Bitcoin. Therefore, I will only consider Bitcoin for my argument. Here are my top 5 reasons why Bitcoin is more famous with a common man and why he would like to buy it.

1. Bitcoin is decentralized and traditional banking is not.
2. Bitcoin empowers a common man whereas banking makes the rich richer and the poor poorer.
3. Bitcoin is for everyone and banking only supports those who can maintain a minimum balance and follow their rules and regulations.
4. Bitcoin was created to overcome the uncertainty of Banking.
5  Bitcoin transaction fees are still cheaper than Banking transaction fees for international payment.

When financial institutions come up with an option to create a fund such as ETF then it is clear they are unable to stop Bitcoin.

[avikz]

Hello everyone a very good day you all.


So, let’s talk about this interesting duo: cryptocurrency and traditional banking. Some say traditional banks are threatened by crypto’s rise, while others think they’re starting to see the potential and hopping on the bandwagon. Either way, it’s a fascinating dynamic to watch unfold. What do you think? Are they destined for a happily ever after or is this just a temporary fling?

Let me know your thoughts on this.

Crypto was not created to challenge the traditional banking system. So if someone things that the banking system will become useless due to cryptocurrency, they need to rethink. With cryptocurrency people can enjoy surveillance free monetary system which is not possible with the banks. That is the only difference.

The way this market has been progressing I can safely say that banking and cryptocurrency will go hand in hand in next couple of years. Financial corporate have started understanding the power of cryptocurrency and have started embracing it. Slowly but surely that traditional banking system will go that way.

[demonica]

Crypto is still at its early adoption so there's no reason for banks to feel threatened. Yes, crypto adoption is increasing but majority of the people are still relying on banks with their finances. Some banks are open and have positive view towards crypto. And in fact, some banks are adopting as well and slowly becoming crypto friendly for their users who are also into crypto. Tho there are instances where banks tend to be more cautious when it's involved in crypto. Their relationship is like having to co-exist together, now that the technology is getting more advanced. It's like, both of them are there but it doesn't mean that they have to be "close" or have that happily ever after situation. Crypto is crypto, bank is bank. Some situations may get them involved with each other but not every time.

[carlfebz2]

Hello everyone a very good day you all.


So, let’s talk about this interesting duo: cryptocurrency and traditional banking. Some say traditional banks are threatened by crypto’s rise, while others think they’re starting to see the potential and hopping on the bandwagon. Either way, it’s a fascinating dynamic to watch unfold. What do you think? Are they destined for a happily ever after or is this just a temporary fling?

Let me know your thoughts on this.

There's no such thing about happily ever after on which traditional banks could neither accept or adapt on blockchain technology and not really that directly made out some acceptance about those cryptocurrencies into their institution or simply with integration. They cant really be having that harmonious or mutual thing on both considering that banks are heavily regulated and really that getting in line with government laws and regulations on which means that they cant just easily deal up with crypto or trying out to make those possible integrations. Everything would really be just that requiring that confirmation and verification whether
they should really be doing such act.

Thing here is that blockchain technology is something revolutionary and if ever banking system would really be just making using such tech then it wont be shocking nor surprising
that they would really be sticking on being centralized on which its not shocking about into these institutions. So its better not to expect that much
that both things could collide without any issues.

[Baki202]

Crypto is still at its early adoption so there's no reason for banks to feel threatened. Yes, crypto adoption is increasing but majority of the people are still relying on banks with their finances. Some banks are open and have positive view towards crypto. And in fact, some banks are adopting as well and slowly becoming crypto friendly for their users who are also into crypto. Tho there are instances where banks tend to be more cautious when it's involved in crypto. Their relationship is like having to co-exist together, now that the technology is getting more advanced. It's like, both of them are there but it doesn't mean that they have to be "close" or have that happily ever after situation. Crypto is crypto, bank is bank. Some situations may get them involved with each other but not every time.

Banks have been under threat for a very long time, and the ETF and other activities will make bitcoin even more unique. Bitcoin can act as a currency and an asset, which is something that fait cannot do. If fait implements such kind of futures, it could potentially destroy the entire financial system, and we live in a new era where practically everything is evolving.  even though they are a part of the financial system, I am aware that the most of them will use bitcoin and pretend to be against it. The entire potential of bitcoin has not yet been shown, but even in the event that it is adopted, we can all agree that it won't have an impact on our banking system because bitcoin is similar to government-issued money.

The government is the only entity opposing bitcoin, and we all know what they want: the ability to control the cryptocurrency and begin levying taxes on it. I don't even think banks have a problem with bitcoin. And when bitcoin first gained popularity, many banks had no problems with it until the government began to restrict it. After that, though, the rest realized they had no control over the matter, and in my country, the ban was lifted, allowing you to do whatever you wanted with your bitcoin at the bank. yet even before then, it is rare to hear of someone being detained for using Bitcoin alone.

Both banks and bitcoin depend on each other to function; without one, the other is impossible. I'm confident that the bank will receive a certain percentage from traders, as that is what the government has requested and is currently receiving. Furthermore, the fact that bitcoin is now more widely viewed as an investment than a medium of exchange makes things better.

[GreatArkansas]

So, let’s talk about this interesting duo: cryptocurrency and traditional banking. Some say traditional banks are threatened by crypto’s rise, while others think they’re starting to see the potential and hopping on the bandwagon. Either way, it’s a fascinating dynamic to watch unfold. What do you think? Are they destined for a happily ever after or is this just a temporary fling?

For me, I don't see any "threatened". Both will stay, traditional banking and cryptocurrency.
Because not all people will be comfortable using cryptocurrency only or traditional banking only, some can use both.

So for me, what I can see is there will be always options, just like you are shopping then you can select the mode of payment you will use.

[Reatim]

Hello everyone a very good day you all.


So, let’s talk about this interesting duo: cryptocurrency and traditional banking. Some say traditional banks are threatened by crypto’s rise, while others think they’re starting to see the potential and hopping on the bandwagon. Either way, it’s a fascinating dynamic to watch unfold. What do you think? Are they destined for a happily ever after or is this just a temporary fling?

Let me know your thoughts on this.

Crypto and banks are created  to help/serve people but the one that make them threatening each others are government and some officials that don't wanted them to blend just that because if that happens for sure they will never have Milk and Butter to the table.
where the money flows is where the tightening of laws comes and that is what3we have proven over the years.though its good to see opening topics like this
for the people to finally understand what is the advantage of both money keeper.

[m2017]

Hello everyone a very good day you all.


So, let’s talk about this interesting duo: cryptocurrency and traditional banking. Some say traditional banks are threatened by crypto’s rise, while others think they’re starting to see the potential and hopping on the bandwagon. Either way, it’s a fascinating dynamic to watch unfold. What do you think? Are they destined for a happily ever after or is this just a temporary fling?

Let me know your thoughts on this.

The relationship between the traditional banking system and cryptocurrencies remains one of the frequently discussed topics on the forum. Opinions among crypto-enthusiasts differ on how these 2 systems will coexist, but they lose sight of the fact that the traditional banking system and cryptocurrencies already exist independently of each other, in principle, without interfering at all. Even steps are being taken to combine these systems (CBDC is their pseudo-hybrid model, more like Frankenstein).

The world is in a constant process of change and therefore, I believe that the traditional banking system must undergo major changes in order to continue to exist. But at the same time, I also believe that cryptocurrencies will not be allowed to roam freely in the world economy and I am inclined to believe that, as a result, none of these systems will be preserved in their current form, but something similar to the CBDC will be widely used.

[gunhell16]

Hello everyone a very good day you all.


So, let’s talk about this interesting duo: cryptocurrency and traditional banking. Some say traditional banks are threatened by crypto’s rise, while others think they’re starting to see the potential and hopping on the bandwagon. Either way, it’s a fascinating dynamic to watch unfold. What do you think? Are they destined for a happily ever after or is this just a temporary fling?

Let me know your thoughts on this.

Here in our country recently, I think only last year, if I'm not mistaken, we have some local banks here that used to not open Bitcoin or cryptocurrency, but now they are open. Second, our government here is also friendly when it comes to blockchain technology or cryptocurrency.

There are many crypto communities in our country, so maybe our other local banks are now open because they have seen a market and that is also true. After all, bitcoin or cryptocurrency will never be a threat to any private companies.

[Ravichnadra]

Hello everyone a very good day you all.


So, let’s talk about this interesting duo: cryptocurrency and traditional banking. Some say traditional banks are threatened by crypto’s rise, while others think they’re starting to see the potential and hopping on the bandwagon. Either way, it’s a fascinating dynamic to watch unfold. What do you think? Are they destined for a happily ever after or is this just a temporary fling?

Let me know your thoughts on this.

Here in our country recently, I think only last year, if I'm not mistaken, we have some local banks here that used to not open Bitcoin or cryptocurrency, but now they are open. Second, our government here is also friendly when it comes to blockchain technology or cryptocurrency.

There are many crypto communities in our country, so maybe our other local banks are now open because they have seen a market and that is also true. After all, bitcoin or cryptocurrency will never be a threat to any private companies.

Well that's really interesting! Sadly in our country it's still a hard to accept any Crypto. Hope one day our country banks do open up for Crypto world.

[Awaklara]

Hello everyone a very good day you all.


So, let’s talk about this interesting duo: cryptocurrency and traditional banking. Some say traditional banks are threatened by crypto’s rise, while others think they’re starting to see the potential and hopping on the bandwagon. Either way, it’s a fascinating dynamic to watch unfold. What do you think? Are they destined for a happily ever after or is this just a temporary fling?

Let me know your thoughts on this.

I am sure there will be no threats or threats in this case. Traditional banks can also update their transaction systems to be better. They also won't lose users because all people who use Bitcoin and crypto still use banks. Bitcoin users in a country will also still need banks and fiat for transactions in their lives. especially for countries that have not yet legalized Bitcoin and other crypto as a means of payment.
I think more countries will realize that they cannot limit Bitcoin ownership for their citizens.

[jaberwock]

Banks for feel like cryptos are their enemies. In a way, they are, because without cryptos, people have no other option but to trust a bank if they want to make digital transfers, and while cryptos there's an alternative. But banks are strong and versatile, they offer lots of services that cryptos can't perform. Also, banks have an advantage because they cards are widely accepted, whereas cryptos are barely adopted as a form of payment. Banks can also adopt cryptos, and sometimes they do, but it's still not very common. There's tension between banks and cryptos, but they aren't fully enemies, and they aren't a threat to each other.

I do not think so, banks feel enemy is whatever makes them less money, and crypto could make them more money.

There are banks who are trying to get cryptos as accepted and legal as possible, so that they could basically de facto become exchanges. How? You could use a bank, to store your bitcoin, and then you could also use it to buy and sell bitcoin, maybe not as big as an exchange, not have like 100+ different coins and tokens, but even if we just have bitcoins at our banks, and use our app on our phone to buy bitcoin at our bank, then they will benefit. They will take a trading fee, and the more we use them, the more money they will make .This is not allowed in almost all nations, but if it does, banks will benefit, and then they will love crypto.

[EluguHcman]

So, let’s talk about this interesting duo: cryptocurrency and traditional banking. Some say traditional banks are threatened by crypto’s rise, while others think they’re starting to see the potential and hopping on the bandwagon. Either way, it’s a fascinating dynamic to watch unfold. What do you think? Are they destined for a happily ever after or is this just a temporary fling?

In the crytop space relating to this thread, I would literarily emphasis on Bitcoin which I know better of. Well... So, I would tell you that Bitcoin is a reputable digital currency which is not flexible to lost its potentials.
The threats of crytop over the traditional currencies is the influence of Bitcoin and not the generalized crytop currencies.

[Mrbluntzy]

Traditional bank have been functional for a very long time, while Bitcoin has only lasted a decade. The government of most countries who feel threatened by the fascinating growth of Bitcoin and other cryptocureency have ban cryptocureency in their country and they will make sure citizens abide by those laws. The action of the government can tell us that they will never allow the traditional banking sector to get defeated by cryptocureency unless they are very sure that if they approved of it, every thing about crypto will be under their control so that they can also operate the crypto Industry in a decentralized system.

[Benedictare]

Cryptocurrencies are created on Blockchain technology that give rise to P2P  transaction on their own without third party . cryptocurrency and conventional currencies
does not allow clashing payment  among two groups, it's also a store value . cryptocurrency gives an organized and secured way in storing and transferring cash using quicker processing means, it's fees are lower compared to traditional banking.
Traditional banking are being managed and controlled by governments and agencies

[Wakate]

Hello everyone a very good day you all.


So, let’s talk about this interesting duo: cryptocurrency and traditional banking. Some say traditional banks are threatened by crypto’s rise, while others think they’re starting to see the potential and hopping on the bandwagon. Either way, it’s a fascinating dynamic to watch unfold. What do you think? Are they destined for a happily ever after or is this just a temporary fling?

Let me know your thoughts on this.

The relationship between crypto and traditional banking is currency. The two is a form of currency and we needed any of the two to get things done paying for bills and other things. Cryptocurrency is a digital currency we can always trade online with a third party in-between like the regular banking system where the bank stand as a middle man between the person sending the fund and the receiver.
Cryptocurrency has eliminate that need for bank to process our Transactions before the receiver can get the fund. Thanks to Satoshi Nakamoto that was able to make life easier without the frustrations we get from banks asking for different credentials before our funds can be processed.

[Assface16678]

Traditional bank have been functional for a very long time, while Bitcoin has only lasted a decade. The government of most countries who feel threatened by the fascinating growth of Bitcoin and other cryptocureency have ban cryptocureency in their country and they will make sure citizens abide by those laws. The action of the government can tell us that they will never allow the traditional banking sector to get defeated by cryptocureency unless they are very sure that if they approved of it, every thing about crypto will be under their control so that they can also operate the crypto Industry in a decentralized system.

Yes, crypto currency or bitcoin may be powerful, but I don't think that the government or banks are afraid of or threatened by the presence of bitcoin. This is because banking has been around for a long time and the banking system runs the whole world; it's where the countries get their money to run the country, etc.

 The banking system is complex, and we can't understand it even if we want to, but they play a very important role in the world, so why would the bank be afraid of bitcoin or crypto? The reason they ban or prohibit the use of bitcoin or crypto is because of its decentralisation; they can't track who is who and where, and they also can't manipulate or control it. In fact, some banks are offering crypto services such as buying or trading, so I think instead of treating bitcoin or crypto as a threat, some banks are adopting crypto as part of their services, which is a good indication that there may be a good combination of banking and crypto currency.

[taufik123]

To answer all those questions, let's take a look at the facts of how crypto and banking are today.

Crypto is a very popular digital currency, especially Bitcoin, which is now a lot of discussion.
But will Bitcoin replace the banking system completely?
Of course not, bitcoin is only an optional payment that can be chosen or only used for commodities (depending on the regulations of each country).

The relationship between banking and Crypto is now certainly mutually beneficial, and every crypto user needs banking to make withdrawals of profits into Fiat.

But in some countries that ban it completely, there is no way but to follow the rules that have been set.
Crypto and banking are now copied side by side, and each country has their own rules.