The Relationship Between Cryptocurrency and Traditional Banking

[Charles-Tim]

At the same time, there is concern that the growth of cryptocurrency may threaten traditional banking models. However, I believe this is more of a temporary phenomenon, and in the long term, cryptocurrency and banks will be able to find ways to coexist and engage in mutually beneficial interactions.

This is where the banks are getting it wrong. The banks think that crypto currencies are threats to the banking sector and which is not true because they do not know what bitcoin is. The banks can help people to save their gold and other jewelleries which are assets but failed to save bitcoin and other crypto assets for people. These things are like physical assets but the difference is that they are digitally created and they remain digital. It would be good if banks provide crypto services to their customers or they can continue to miss. If they do not do, there are many ways to buy and sell cryptocurrencies without the need of bank. Even banks are custodian means which is not a recommended and advisable. I prefer noncustodial means.

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[alastantiger]

At the same time, there is concern that the growth of cryptocurrency may threaten traditional banking models. However, I believe this is more of a temporary phenomenon, and in the long term, cryptocurrency and banks will be able to find ways to coexist and engage in mutually beneficial interactions.

If traditional banks should disappear today, I would miss them and this is most likely true for most other people in the cryptocurrency ecosystem. A reason why we all use the traditional banks is that in the past, it was need and kind of the only choice or offer on the table. Look countries that are still developing a good number of their population are not "banked". Basically, banks are just payment services that aren't really doing anything in terms of value to their community other than bringing in profits for their shareholders.

[Ultegra134]

If traditional banks should disappear today, I would miss them and this is most likely true for most other people in the cryptocurrency ecosystem. A reason why we all use the traditional banks is that in the past, it was need and kind of the only choice or offer on the table. Look countries that are still developing a good number of their population are not "banked". Basically, banks are just payment services that aren't really doing anything in terms of value to their community other than bringing in profits for their shareholders.

The whole economy would collapse if banks were to disappear tomorrow because the capitalistic system is too dependent on them. Unfortunately, they're a necessary evil; you're getting paid through banks, conducting payments via transfers or cards, and withdrawing money. The current economy wouldn't function without them. Although cryptocurrencies can also conduct transactions, most of the time even faster than the banking system, they haven't been adopted for daily usage and aren't as convenient as simply paying with a credit card.

Fighting the banking system is wrong; I don't think cryptocurrencies will ever be able to replace them. I don't think that was their purpose anyway; they're meant to co-exist, although only a small part of the population has adopted them.

[irsykes]

If traditional banks should disappear today, I would miss them and this is most likely true for most other people in the cryptocurrency ecosystem. A reason why we all use the traditional banks is that in the past, it was need and kind of the only choice or offer on the table. Look countries that are still developing a good number of their population are not "banked". Basically, banks are just payment services that aren't really doing anything in terms of value to their community other than bringing in profits for their shareholders.

The whole economy would collapse if banks were to disappear tomorrow because the capitalistic system is too dependent on them. Unfortunately, they're a necessary evil; you're getting paid through banks, conducting payments via transfers or cards, and withdrawing money. The current economy wouldn't function without them. Although cryptocurrencies can also conduct transactions, most of the time even faster than the banking system, they haven't been adopted for daily usage and aren't as convenient as simply paying with a credit card.

Fighting the banking system is wrong; I don't think cryptocurrencies will ever be able to replace them. I don't think that was their purpose anyway; they're meant to co-exist, although only a small part of the population has adopted them.

Banks are very important nowadays and are very helpful in any field, yes, even though the existence of crypto doesn't mean it will eliminate banks. the only advantage of the crypto world is that transactions can be seen by the public. It's different from a transaction bank, only the bank can know and it's private. The two concepts of banking and crypto are mutually beneficial

[Ultegra134]

Banks are very important nowadays and are very helpful in any field, yes, even though the existence of crypto doesn't mean it will eliminate banks. the only advantage of the crypto world is that transactions can be seen by the public. It's different from a transaction bank, only the bank can know and it's private. The two concepts of banking and crypto are mutually beneficial

I personally don't see that as an advantage, it may be in some certain cases that I currently cannot think of, but sometimes, your address can be linked back to you. For instance, someone who views my signature campaign's spreadsheet can find my Bitcoin address and see how much Bitcoin I'm holding. I know that there are other coins more anonymous, and that Bitcoin is pseudonymous, but you get my point.

[qwertyup23]

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.

Nope- I do not think that cryptocurrencies pose a threat to traditional banking methods and banks in general.

Remember that paper currencies will always prevail due to the regulation and strict implementation of cryptocurrencies across all countries. If you can also see, paper money is the main method of currency that is being used as the medium for each country. Not to mention, there are several countries that prohibit the utilization and usage of BTC on their country which poses another problem for the latter.

The only time that cryptocurrencies will pose as a threat to traditional banks is when there is a massive shift in a form of currency, which I do not think that will happen anytime soon even in the near/distant future.

[darkangel11]

I feel like the goal is to coexist. Traditional banks fight for survival so it's normal for them to go against crypto that poses a threat to their revenue. For those who think that crypto doesn't pose a threat to banks - it does because banks have small margins. Without those margins they will go bankrupt. If crypto takes 5% profit from banks it's a huge threat.
You may think that 1% is nothing, but imagine that a bank takes 10% real revenue and that revenue has to be split between employees. You take 1% from that ant that directly influences how much they're making yearly. You take 3% and it could mean layoffs.

[CryptoHeadlineNews]

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.

To a certain degree, the rise in the value of cryptocurrency such as Bitcoin can truly be said to be a threat to traditional banks, in the sense that when the value of Bitcoin starts to rise, people who had money in banks most times are always prone to withdrawing their funds to invest in Bitcoin so as to reap a little profit as the market soar higher, rather than leaving the whole funds in bank where it yield no profit. But still yet, the role of traditional banks can never be underrated as a medium which aided both the buying and selling this cryptocurrency. Hence, a constant increase in Bitcoin will always lure many into withdrawing their bank funds so as to invest in Bitcoin

[Jatiluhung]

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.

At the beginning of the emergence of cryptocurrencies such as Bitcoin, there was a lot of news circulating as if banks and crypto could not coexist. However, now we can see that the two are starting to coexist and even have a mutually beneficial relationship. Even now, Central Banks are also interested in digital technology which is also used in cryptocurrency such as Blockchain. So CBDC has been launched and tested in many countries and the results are also quite positive. From this alone we can see that the two can indeed coexist. Even after the Bitcoin Spot ETF has now been approved by the SEC in America, this also has good potential for wider adoption in the future. And this is just about the origin of only one choice in a centralized system and now the choice has branched into two, namely with Bitcoin which uses a Decentralized system.

[usekevin]

To a certain degree, the rise in the value of cryptocurrency such as Bitcoin can truly be said to be a threat to traditional banks, in the sense that when the value of Bitcoin starts to rise, people who had money in banks most times are always prone to withdrawing their funds to invest in Bitcoin so as to reap a little profit as the market soar higher, rather than leaving the whole funds in bank where it yield no profit. But still yet, the role of traditional banks can never be underrated as a medium which aided both the buying and selling this cryptocurrency. Hence, a constant increase in Bitcoin will always lure many into withdrawing their bank funds so as to invest in Bitcoin

The rise of the bitcoin demand already increases the bank fear about the cryptocurrency.This was the reason for many exchanges are saying to link your national identity with the exchange.This was made to monitor the money transactions on your bank and you will be charged for the income taxes to the government.If the money was high,the tax percentage for the transaction to the government will be high.This was reason for the many countries legalise the cryptocurrency in their countries.So the transaction was easily find by the bankers,withdrawing the funds from the exchange to the bank will reduce some money to the traders in exchange.

[WatChe]

This is where the banks are getting it wrong. The banks think that crypto currencies are threats to the banking sector and which is not true because they do not know what bitcoin is. The banks can help people to save their gold and other jewelleries which are assets but failed to save bitcoin and other crypto assets for people. These things are like physical assets but the difference is that they are digitally created and they remain digital. It would be good if banks provide crypto services to their customers or they can continue to miss. If they do not do, there are many ways to buy and sell cryptocurrencies without the need of bank. Even banks are custodian means which is not a recommended and advisable. I prefer noncustodial means.

It's a battle between centralisation and decentralisation. Banks are there for centuries and we know they are controlled by centralised institutes like governments or group of people. Bitcoin financial system is different in a sense that its decentralised and can't be controlled by few entities. The governments have no objection in allowing Bitcoin that is centralised i.e. being traded on exchanges like binance which in turn do KYC but don't allow decentralised Bitcoin which can't be traced or taxed.

[Victorik]

I don't think that cryptocurrency are a threat to the conventional banking system. They can actually coexist. There are so many things the conventional banks can learn from cryptocurrency if they will be humble enough to embrace the Blockchain technology. It will actually help them, but they would rather wanna keep everything in the dark so they can perpetuate their criminality.

[Ale88]

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.

It's the same old story: when a new idea, product, or service comes out, and it's usually something better and improved compared to whatever is already available, there are two different kind of reactions from the competitors: those who complain and try to take it down and those who are smarter and see the possibility to improve their own business. Banks are doing the same: some are taking advantage of cryptos while others are trying to fight them. To me it's pretty pointless trying to stop the future but they, everybody is different.

[Blitzboy]

If traditional banks should disappear today, I would miss them and this is most likely true for most other people in the cryptocurrency ecosystem. A reason why we all use the traditional banks is that in the past, it was need and kind of the only choice or offer on the table. Look countries that are still developing a good number of their population are not "banked". Basically, banks are just payment services that aren't really doing anything in terms of value to their community other than bringing in profits for their shareholders.

The whole economy would collapse if banks were to disappear tomorrow because the capitalistic system is too dependent on them. Unfortunately, they're a necessary evil; you're getting paid through banks, conducting payments via transfers or cards, and withdrawing money. The current economy wouldn't function without them. Although cryptocurrencies can also conduct transactions, most of the time even faster than the banking system, they haven't been adopted for daily usage and aren't as convenient as simply paying with a credit card.

Fighting the banking system is wrong; I don't think cryptocurrencies will ever be able to replace them. I don't think that was their purpose anyway; they're meant to co-exist, although only a small part of the population has adopted them.

Since the beginning of time, financial transactions have counted on them. Cryptocurrencies like Bitcoin arent just extras for banks. Finance might change if it is more open and includes more people.

Bitcoin is an interesting option to banks because it lets people send money to each other without going through a middleman. Trust in economic transactions over speed or efficiency needs to be rethought. Bitcoin is safe and clear because it is decentralized, which banks cant match. Not just changing the banking system, but making it fairer.

Its not true that bitcoins arent used every day; more and more people are starting to use them. Before they became popular, cash and credit cards were useful. As more people use and get access to Bitcoin, it could replace or make banks better.

[Abiky]

I don't think that cryptocurrency are a threat to the conventional banking system. They can actually coexist. There are so many things the conventional banks can learn from cryptocurrency if they will be humble enough to embrace the Blockchain technology. It will actually help them, but they would rather wanna keep everything in the dark so they can perpetuate their criminality.

Of course it's not a threat to banks. After all, most cryptocurrencies are centralized. One way or another, they depend on a middleman (centralized exchanges, a few powerful validators/stakers/miners, etc). Banks should be happy with the path crypto is heading to. Especially now with the approval ot Bitcoin spot ETFs by the SEC.

I'm afraid decentralizing the economy will be a long and distant dream. Gone are the days where developers actually cared about making crypto/Blockchain tech more useful instead of focusing on making money (hype). The growing number of worthless "meme" coins and NFTs, tells us that devs are prioritizing quantity over quality. I wonder if banks will eventually "destroy" the crypto industry with the launch of CBDCs? Only time will tell. At least, it was good while it lasted.

[Bitcoinpoly]

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.

Cryptocurrency has never being a threat to traditional banking, as a matter of fact if banks are smart it should be an opportunity to make more income for themselves. Some countries ban cryptocurrency because of their inability to make provision to help curtail how people launder money with crypto, as time goes on some countries are already unbanning it. Countries like India has a full support for cryptocurrency where an exchange like Bitget is also supporting them with resources for adopting cryptocurrency in the country.

[Abiky]

some are already starting to integrate crypto in their system or other financial services. they can't stop the adoption of this market and they are understanding the fact that they can't do much in totally stopping this market
the sentiments on this market is changing as more and more governments are legally accepting this market in their financial system. just look at how many countries are making btc as their legal tender? it started from one country and now several countries are already looking at this option.

and besides, as the government is now creating crypto-related financial protocols such as crypto-based or btc-based ETFs, the public is now getting easy on this market. where way way back this market was labelled as fraud, scam, illegal, or any negative thoughts that they can think of, even portrayed to be the currency of hackers/scammers on the net in movies

They're integrating crypto in their system because it doesn't pose a threat to their very existence. Do you think banks and governments would embrace the revolution if it was truly-decentralized? I think not. While BTC is decentralized, it has a set of issues (scaling, volatility, etc) which prevents it from replacing Fiat currencies altogether. It will never become a threat to banks' very existence.

At least, people will have a choice between centralized banking and decentralized finance. As long as we're able to get true financial freedom and privacy, nothing else matters. Who cares about banks, anyways?

[SquirrelJulietGarden]

They're integrating crypto in their system because it doesn't pose a threat to their very existence. Do you think banks and governments would embrace the revolution if it was truly-decentralized? I think not. While BTC is decentralized, it has a set of issues (scaling, volatility, etc) which prevents it from replacing Fiat currencies altogether. It will never become a threat to banks' very existence.

Because they know that fact and we as senior Bitcoin investors, users know about that fact too. Banks integrate crypto into their payment system because they know cryptocurrencies won't replace and kill fiat currencies. They know that by deploying integration, their banks will get more money flow, more income and have better balance sheets.

Cryptocurrencies and banks will interact with each other, co-exist and benefit each other.

At least, people will have a choice between centralized banking and decentralized finance. As long as we're able to get true financial freedom and privacy, nothing else matters. Who cares about banks, anyways?

I like to have choices and honestly I still use bank transfers. Not all of my fund transfers is processed through cryptocurrencies.

Only newbies think that cryptocurrencies will completely replace and kill fiat currencies, banks some day in future.

[summonerrk]

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.

It all started with the fact that cryptocurrencies were supposed to replace the established euonomic system - this was the super goal of all crypto enthusiasts.
But after hundreds of regulations, now we all go through KYC, speculate and want money. And the banking system is only glad of such behavior. Now they are not in danger, and they earn money by speculating in cryptocurrencies.

[Kliss]

It's definitely wrong for Traditional banks to feel threatened by bitcoin and other crypto, I know they feel the threats because of its decentralised nature rather they should see potential in a mutual form and opportunity for a new financial system. But I do believe with time traditional Banks will get along with cryptocurrency like bitcoin unless they want to be left behind with the increase potential of bitcoin growth.