The Relationship Between Cryptocurrency and Traditional Banking

[Quidat]

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.

When it comes to trust then majority are really that still trusting Banking system that we do know since from the start, it is really just that now cryptocurrency had existed then we have that least having the options on dealing up with something which is out of governments eyes and awareness. Its not really that government or banking system isnt affected with cryptos existence, it do really just turns out that they cant be able to control it out in the first place and this is why they dont really be having no option but rather they would really be expecting on neither would be regulating it or would really be that totally banning it or having those prohibitions. This is why its not really that shocking that crypto did get that support and recognition because of those main benefits that it could give or bring.

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[fuguebtc]

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.

I agree with your point of view . While bitcoin and cryptocurrency are indeed a major breakthrough in our financial industry , to say that it will threaten the current banking or fiat systems would never happen . We should remember that this world is still centralized and controlled by people with a lot of money so don't expect any decentralized technology to defeat them . I even think that sooner or later bitcoin will become centralized and the cryptocurrency industry will be controlled and regulated by the government. And the government is the one behind supporting banks . So it would be ridiculous to think that bitcoin or cryptocurrency will disrupt what is currently controlled by the government .

[CageMabok]

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.

About the rise of crypto, which has long been a topic of discourse and discussion among the public, has become very viral now so that some people think that the rise of crypto could be a serious threat to traditional banks at this time. But what I see in my place is that there are still many traditional banks that are still living as usual even though crypto development continues with more and more users every day.

This means that the impact on traditional banks is only about customers who are starting to be reluctant to keep money in their own bank accounts for a long time. Because they prefer to store it in the crypto space so that it can be more easily used when the owner wants to do something that can make it profitable. Whether it's through the market or through crypto projects that can promise more profits.

[CryptoHeadlineNews]

About the rise of crypto, which has long been a topic of discourse and discussion among the public, has become very viral now so that some people think that the rise of crypto could be a serious threat to traditional banks at this time. But what I see in my place is that there are still many traditional banks that are still living as usual even though crypto development continues with more and more users every day.

This means that the impact on traditional banks is only about customers who are starting to be reluctant to keep money in their own bank accounts for a long time. Because they prefer to store it in the crypto space so that it can be more easily used when the owner wants to do something that can make it profitable. Whether it's through the market or through crypto projects that can promise more profits.

The truth of the fact is that Bitcoin didn't come to eradicate the traditional banking system, but Bitcoin came to amend it, by granting freedom to private individuals and grant value to our funds invested after a long period of time. Because for Bitcoin to be fully functional both in countries where it is a legal tender and in others where it is not, the only way to access buying & selling can only be through p2p done on a traditional banking system, hereby making the role of traditional banks very important in the adoption of Bitcoin in areas where it's not fully recognize.

[dlightag]

Bitcoin is a digital assets one need to understand how it works before going into the Bitcoin investment and Bitcoin is not get rich quick business platform, but get rich is sure if you can applied simple techniques being patient in holding, and most country that band cryptocurrency has started reverse the case by accepting Bitcoin in traditional Banking system as a means of payment, after knowing the process on how it's work's.

[moneystery]

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.

cryptocurrencies will always be related to traditional banks, this is because traditional banks have emerged before cryptocurrencies, and traditional banks will definitely adopt cryptocurrencies later.

in fact, in the financial system, everything is interconnected, it's just that the regulations in each region are different, for example, in countries that legalize cryptocurrencies, traditional banks can be a place to withdraw money or make purchases of cryptocurrencies, but in countries that ban cryptocurrencies, this is strictly prohibited, traditional banks there will refuse because of government regulations.

[HideYourKeys]

I might be wrong, but if the CBDCs rumors are true, traditional banking might end up disappearing, as there is no need for an intermediary (the FED or the BCE could directly handle it). In such case, it could be the case that some "bitcoin banks" might show up, mainly due to the fact that self custody will not be feasible for most people, either because they are not technically capable, or due to the fact that on chain fees are too expensive for low value transactions... Don't you guys think that is a possible outcome?

[Baki202]

Bitcoin is a digital assets one need to understand how it works before going into the Bitcoin investment and Bitcoin is not get rich quick business platform, but get rich is sure if you can applied simple techniques being patient in holding, and most country that band cryptocurrency has started reverse the case by accepting Bitcoin in traditional Banking system as a means of payment, after knowing the process on how it's work's.

Anything finance needs understanding be it crypto or even, traditional banks the basics that you need to be briefed about before you can start anything, bitcoin is more complicated than traditional banks because everything concerning the traditional banks is direct you only need to read the rules. Compared to crypto, in terms of regulation, banks are completely regulated and also beneath the government's observation. and I don't banks will give you the profit that Bitcoin gives even when it is not a get-rich-quick scheme, and the only people that get much profit from the banks are big stakeholders.

People still have a lot of trust issues with Bitcoin and because a lot of people are investing in Bitcoin the banks are becoming jealous of Bitcoin and that is why they are trying to make everything more difficult for Bitcoiners. the major thing in Bitcoin is to follow the rules and start from the foundation of it and you won't have much of a problem. And now the folks banding Bitcoin are the once accepting it back.

[Mrbluntzy]

Bank and cryptocurrency are not in competition with each other. They are both serving there purpose individually and non is a threat to the other. We still have a wide population of the world who are using banks and those who are crypto investors.

[macson]

Cryptocurrency does not threaten the existence of banking because after all banking is a necessity for today's society and it is still a choice for people, but it disrupts the transaction system globally. threatening banking and disrupting the system are 2 different things, and Bitcoin stands for disruption.

Bitcoin disrupts the global transaction system and makes it more transparent, decentralized, secure, and has lower fees on transactions between countries, and in this innovation banking happens to still use traditional systems and the technology is already outdated.

and in that case banks may feel threatened because they are afraid that more people will use Bitcoin in their transactions, and now they are starting to change their technology and starting to follow Bitcoin's steps. So in conclusion, Bitcoin actually advances the transaction system in banking and makes it more friendly and faster for its users.

[Zigabel]

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 don't see crypto posing any direct threat to the traditional banking system because the traditional Banking system still have the reservations around the traditional Fiat which is the very first point of exchange to cryptocurrency and even after you acquire cryptocurrency probably as a means of payment or you were gifted, go you still need to convert it into the local fiat to be able to use it in the local market of your country and at this point the banking system comes in because you can use crypto to pull every transactions through your at some point need fiat.

They are both complementary and I don't see any replacing the other any time soon because they both need each other in other to make their transactions work from both ends.

[Abiky]

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.

With how centralized the crypto industry is becoming, I don't think it will ever threaten mainstream banks. Especially when the world is still stuck with the Fiat standard. Using crypto (particularly Bitcoin) as a unit of account is a long and distant dream. Between scaling issues and volatility, crypto will only remain a speculative investment tool forever.

Now with approval of Bitcoin spot ETFs by the SEC, banks have won. So much for "removing the trusted third party", right? Most people don't care about this as long as their pockets are filled with money. I'm hoping it's not too late and Bitcoin can still deliver its promise of "banking for the unbanked". 

[Nanga Parbat]

Let me know your thoughts on this.

I think there is a relationship between cryptocurrency and traditional banking but the relationship is quite complex cryptocurrency are decentralized and do not directly involved bank while traditional banking is centralized and control by banks but some bank have started to provide cryptocurrency service, cryptocurrency is secret currency such as crypto trading or custody service which creates an interaction between the two sector.

[Captain Corporate]

We really need to do better with this. I am not financially doing "awesome" and a friend of mine who lives in another nation wanted to send me 250$ for me to do something for him, it wasn't really a difficult task, but it required me to go somewhere and handle some paper work for him, and some of that money (about 170) was for the job, and the rest for me as a payment, and I said yes. However, he doesn't use crypto, and Paypal is not allowed in my nation, so suddenly we had hard time even dealing with payment part. If crypto was connected to the banking world, then we could suddenly have banks all around the world moving money around without trouble at all.

[btc78]

Banks are mostly operated by the government which is why it is the exact opposite of what cryptocurrencies is going for

I think it all depends on the bank because I know some banks would be so bent on keeping their clients and not allowing the usage of cryptocurrencies spread more on the other hand some banks have decided on their fates and decided to invest on cryptocurrencies as well

It’s like what they say “if you can’t beat them , join them”

I think soon banks are going to enforce rules and regulations on the cryptocurrencies they want to hold

[Cookdata]

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 traditional market has existed for ages and they have tasted so many barriers and I can say they are still strong but because it's centralized and government control, it is not close to perfect for the people and I they feel threatened by the existence of Bitcoin(not to be confuse with crypto) and that's why often times, they use all they have to banter Bitcoin at any given opportunity.

Didn't you see because of the tremendous growth in Bitcoin, they have collaborate with government to offer Bitcoin ETF, they don't know how to downplay it's performance any longer so they opt for alternative to offer the same service through exchange traded funds and because the government is use to the tax and very greedy, they allowed it so they can get more tax as usual.

[Abiky]

Banks are mostly operated by the government which is why it is the exact opposite of what cryptocurrencies is going for

I think it all depends on the bank because I know some banks would be so bent on keeping their clients and not allowing the usage of cryptocurrencies spread more on the other hand some banks have decided on their fates and decided to invest on cryptocurrencies as well

It’s like what they say “if you can’t beat them , join them”

I think soon banks are going to enforce rules and regulations on the cryptocurrencies they want to hold

Exactly. Banks are patronized by governments themselves. Why should Bitcoin align with their ideals in the first place? After all, the cryptocurrency was created in response of bank failures. These powerful entities have realized Bitcoin is here to stay. So they're now "joining it" with the intent of destroying it in the long run (by centralizing it).

The approval of spot Bitcoin ETFs, and regulators becoming more involved in the industry, is the first step towards the demise of BTC as a decentralized and open cryptocurrency for everyone. People don't understand this, because they only want to fill their pockets with money. Just because ETFs promise to boost market demand (and price) for Bitcoin, doesn't mean they're a good thing. We've now opened the "floodgates" for powerful institutions to hoard large portions of the circulating supply. With this move, banks have ultimately won. No one can predict the future, so lets hope for the best.

[AmoreJaz]

Banks are mostly operated by the government which is why it is the exact opposite of what cryptocurrencies is going for

I think it all depends on the bank because I know some banks would be so bent on keeping their clients and not allowing the usage of cryptocurrencies spread more on the other hand some banks have decided on their fates and decided to invest on cryptocurrencies as well

It’s like what they say “if you can’t beat them , join them”

I think soon banks are going to enforce rules and regulations on the cryptocurrencies they want to hold

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

[JayTrain]

In my opinion, the relationship between cryptocurrency and traditional banking represents an exciting dynamic. We may currently be in a stage of initial acquaintance and adaptation. Some banks are beginning to recognize the potential of cryptocurrency and are exploring ways to integrate it into their services. 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.

[Alpha Marine]

Cryptocurrencies are not threats to traditional banks. Many countries banned bitcoin and all other cryptocurrencies in the past but after some of them are knowing about what cryptocurrencies are, they unban them. Since today, all countries that accept cryptocurrencies and the ones that are very friendly with them have no problem, there banking sector has no problem. You can even see in those countries that some banks are allowed to hold coins and tokens for their customers. Banks can even embrace cryptocurrencies.

IMO, cryptocurrencies are a threat to the traditional banking system. The major role of banking is to hold money for their customers, then they take that same money and give out loans and funds projects and earn interest from that.
Now Bitcoin is an opportunity where you don't need anybody to hold your money for you. You have complete control over your money (that's if you use a non-custodial wallet of course). So the banks no longer get customers that deposit money with them for safekeeping, they'll have no means of giving out loans so they can't make a profit.

The banks know this and that is why they fight Bitcoin with all they've got.
Bitcoin is like a technology that came before its time, but it comes exactly when it's needed. I don't think people grasp the full potential of Bitcoin. You can be your bank with Bitcoin, no third party whatsoever. In a world where third parties cannot be trusted, we can eliminate them when dealing with our money.