Cryptocurrency can help improve the access to financial services.

[Unknown Op]

This is what it was created for. The slogan "bank the unbanked" came from this, there were a ton of places in Africa where people couldn't have access to a bank, and bitcoin was used for those people, there were even few companies that tried to make Bitcoin SMS a possibility so if they do not have access to internet, they could use SMS, which technically is online, so you get it a bit later but you still get it.

I am sure that they didn't work because online was possible in almost everywhere, and eventually we reached to a point where people even with banks do not prefer banks over bitcoin. Financial services are great if you need them, but if you do not, and if you could have alternative if you want, then bitcoin is by far the better option.

Traditional financial services won't disappear because there are still so many financial transactions that we need price stability. Also, up until now, a lot of people are still hesitant in touching this digital market. However, for some who found this market, they will surely find a way how to take advantage of this financial industry. The ease of transacting alone will give them an appreciation for this currency. Cross-border payments are quite easy and cheap. That is, if you are also sending funds to the other part of the world who by chance know how to deal with crypto as well.

Cryptocurrency is brand because we will see huge amount of person who will take interest in that. There are many projects which are giving good financial services and people are getting benefits from that and in the future, we will see the same thing but new generation is more close to internet and mobile and we will see them very close to BTC and cryptocurrency. BTC gave new plan for giving transactions because in  transactions no other person is involved and you can get money from person to person and cryptocurrency is becoming safest for the users which is attractive for the new people.We will see big change in the World when technology will be more advance and then there will be wonderful project which will give profit to the users.

[peter0425]

it's only matter of time until these traditional finance, realize the potential of crypto and also trying to expand.
but I hope they don't erase decentralization from crypto space.

Depends on your definition of decentralization, I suppose.

In crypto space, there is only one meaning for decentralization:
Traditional financial systems often rely on central authorities such as banks or governments to manage and regulate transactions. In contrast, decentralised systems distribute control and decision-making across a network of participants

It is hard to imagine them allowing anonymous users to register their service and access their fiat gateway without doing any KYC check or something similar. They'll get flagged by the governments if they do that. So yeah, hard to see them adopt or encourage users to manage their wallet properly. Even crypto-based lending will ask for some personal information unless you can provide collateral, which is probably not the case for unbanked people. CMIIW.

Traditional banks may be open to integrating some of crypto tech like blockchains for example or digitizing money but I do not see them ever wanting to fully embrace decentralization as it is the exact opposite of what they represent.

[Iranus]

Despite the disadvantage in the banking system, they still have there own role they play in the life of individuals. So I don't think it will be possible t eliminate the banking system totally.  But the important is thst people needs to get understanding of knowing what to do with the banking system and also know the important of cryptocurrency too. One of the advantage of the banking system is to take loan which can be used to start business that will generate income but it won't make sense if one decides to save money for longterm in the bank, this will be more profitable if it is invested in Bitcoin. It is important people know when they really need bank and cryptocurrency.

Banks provide us with many services from insurance, mortgages, inheritance...not just savings. Not to mention the banking system is the government's most important tool in managing and regulating the currency of the national economy. So the banking system will not be eliminated just because of the advent of crypto. As long as fiat remains the world's primary unit of measurement, don't think we won't need banks.

Are there any crypto investors here that don't have a bank account? I would be surprised if any of us don't have a bank account and only use crypto in our lives. No one can replace banks and crypto are no exception, that's the truth.

[Oluwa-btc]

The reason why crypto stands out from the rest of other financial services is that it doesn't have any age limit before accessing or investing in it. It doesn't require third-party involvement or have a headquarters for complaints like the way other financial services have. You can create and access your crypto wallet from any part of the world with your seed phrase with you. Even no one would know your worth except you tell them, which is not always advisable because you don't who your enemy is.

Banks provide us with so many services but the Some of the restrictions from local banks are completely different from what Bitcoin offers us to show that Bitcoin is practically intentional about their worldwide users and owners.Generally,cryptocurrencies changes has already improved the financial services of the economy.The new generation are highly spirited to embrace this availability of difference in mindset and financial technology.

[Die_empty]

Banks provide us with so many services but the Some of the restrictions from local banks are completely different from what Bitcoin offers us to show that Bitcoin is practically intentional about their worldwide users and owners.Generally,cryptocurrencies changes has already improved the financial services of the economy.The new generation are highly spirited to embrace this availability of difference in mindset and financial technology.

At some point the Central Bank of my country limited bank withdrawals to $1000. It was a big problem for business owners who would have to pay clients and international partners. The companies sometimes pay trading partners in China over $50,000 weekly. I know a business owner who began to pay his business partner in China with Bitcoin. Don't ask me how he was able to make such payments since Bitcoin is banned in Mainland China. I suspect that there are still means Chinese people use cryptocurrencies. This was when I saw the freedom Bitcoin gives.

[Theupdude]

Especially in areas or circumstances where banks are either absent or unreliable crypto offers a way to take control of your own money. You have made some really excellent points and I absolutely agree that blockchain and crypto can really open doors for those who have been left out of the conventional system, what most strikes me is how easily available it can be.  If you have a phone and internet  you can join in for many people, this alone makes a difference.  Banks still struggle with the capacity to send quick and affordable payments as well. it's not perfect yet, but the potential is great and I believe we are just getting started.

[GeorgeJohn]

The only way I see that cryptocurrency can help to move or improve a financial access to the world is by investing on cryptocurrency as other countries do invest on gold, I know very well that bitcoin has not become a legal tender across the nations but from the holding of cryptocurrency for period of time for Economic reserve a country can make the country to have a finance in future because it is like investment,

So from my own participative I believe that cryptocurrency can help for improvement of finance when you will invest on it positively but when you look less on cryptocurrency I believe that you not believe that it has the capacity to improve a financial access

[Smack That Ace]

Banks provide us with so many services but the Some of the restrictions from local banks are completely different from what Bitcoin offers us to show that Bitcoin is practically intentional about their worldwide users and owners.Generally,cryptocurrencies changes has already improved the financial services of the economy.The new generation are highly spirited to embrace this availability of difference in mindset and financial technology.

At some point the Central Bank of my country limited bank withdrawals to $1000. It was a big problem for business owners who would have to pay clients and international partners. The companies sometimes pay trading partners in China over $50,000 weekly. I know a business owner who began to pay his business partner in China with Bitcoin. Don't ask me how he was able to make such payments since Bitcoin is banned in Mainland China. I suspect that there are still means Chinese people use cryptocurrencies. This was when I saw the freedom Bitcoin gives.

Are you referring to what happened in Nigeria? If I remember correctly the Nigerian government has restricted cash withdrawals and not more than $1000/day, I have never heard of them restricting money transfers or payments via bank accounts. That means merchants can use other popular payment methods like SWIFT, PayPal, Wire Transfer...They can use bitcoin if they want but obviously they have many other options, so bitcoin cannot be considered as the savior in this case.

For international trade, most businesses and entrepreneurs will use online payment systems more than cash and so far, online payment systems work very well.

[Hanadawa]

Banks provide us with many services from insurance, mortgages, inheritance...not just savings. Not to mention the banking system is the government's most important tool in managing and regulating the currency of the national economy. So the banking system will not be eliminated just because of the advent of crypto. As long as fiat remains the world's primary unit of measurement, don't think we won't need banks.
Are there any crypto investors here that don't have a bank account? I would be surprised if any of us don't have a bank account and only use crypto in our lives. No one can replace banks and crypto are no exception, that's the truth.

I also think that the banking system will never be eliminated considering how the world's financial services work today. But on the other hand, I think in the future BTC will be a place where people start storing their wealth instead of storing it in banks. The banking system will always be needed as long as the world still uses fiat money as a medium of exchange. But on the other hand, if you have a few hundred thousand or a few million dollars, then storing it in cryptocurrencies like BTC is one of the best options. You can use your money anytime and anywhere. You will be free from transaction restrictions like in the traditional financial system. I think in the future these two forms of financial systems will work together like they do today.

[Reatim]

Banks provide us with so many services but the Some of the restrictions from local banks are completely different from what Bitcoin offers us to show that Bitcoin is practically intentional about their worldwide users and owners.Generally,cryptocurrencies changes has already improved the financial services of the economy.The new generation are highly spirited to embrace this availability of difference in mindset and financial technology.

At some point the Central Bank of my country limited bank withdrawals to $1000. It was a big problem for business owners who would have to pay clients and international partners. The companies sometimes pay trading partners in China over $50,000 weekly. I know a business owner who began to pay his business partner in China with Bitcoin. Don't ask me how he was able to make such payments since Bitcoin is banned in Mainland China. I suspect that there are still means Chinese people use cryptocurrencies. This was when I saw the freedom Bitcoin gives.

this is quite an uncommon occurrence as banks are not really supposed to limit withdrawals unless they have suspicions about the particular client of the bank but if a central bank does it i am curious why? it is to control the economy by limiting how the market moves? this is exactly the kind of thing why banks can control too much of our money therefore we shouldn’t put all of it on to their hands

[dezoel]

Mobile access, microtransactions, peer-to-peer finance, borderless movement of value. All of them are real. But the deeper value is permissionlessness, no paperwork, no ID shaming, no hierarchy of financial worth. Just access. The irony? Crypto does in 10 lines of code what institutions couldn’t achieve in 100 years of promises

The problem isn’t whether crypto can help. It’s whether society has the psychological readiness to stop worshipping institutions and start trusting protocols

It isn't; that's the problem. A large percentage of the total population is still too entrenched in traditional financial systems that they are not even ready to hear about a change because they believe only banks and traditional systems are legitimate, and anything else being introduced to them is there to either scam them or use them for their own benefit. They probably don't understand how the banking system is using them for their own benefit, using their money to earn money by loaning it to sharks and whales and getting commissions from it.

Some people will never accept cryptocurrencies because they propose a change, and they are not ready to adapt and move to new mediums. If you tell them they are decentralized, they say it's an even bigger problem because there is no one to keep your assets safe instead of thinking that they can be keeping their assets to themselves.