Post
Topic
Board Bitcoin Discussion
Re: Bank vs Crypto: Are they opposites?
by
Agbe
on 14/09/2023, 18:28:14 UTC
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.
I will say the answer is yes because bank is purely for physical cash transaction which is centralized system of operation while crypto is only for digital and it is for decentralized mode of operation therefore they don't have the same mode of operation.

There are some potential conflicts between banks and crypto. For example, banks are concerned that crypto could reduce the use of fiat currency and reduce their revenue from services such as credit cards and loans. Additionally, banks are concerned that crypto could be used for illegal activities such as money laundering and terrorist financing.
I don't think banks have any issue with cryptocurrency because they are also benefiting from it but it is the authority that has problem with it. The authority fear that crypto would shadow the fiat currency so they don't want the cryptocurrency to be used in their countries.

Here are some examples of potential conflict and collaboration between banks and crypto:

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.

Collaboration:

Banks can use crypto to improve efficiency and reduce costs.
Banks can use crypto to provide new services to customers, such as loans based on crypto assets.
Ultimately, the future of the relationship between banks and crypto is uncertain. However, it is clear that both will continue to evolve and influence each other.

Additional thoughts:

It is important to note that the relationship between banks and crypto is still in its early stages. As both technologies continue to develop, it is likely that we will see new and innovative ways for them to work together
As I said, the conflict between banks and cryptocurrency is sponsored by the state governments. Cryptocurrency is a very good investment platform which banks can make more profit from but the government restrict them from using it. So the bank is not happy with the government but individually the bank workers invest in bitcoin.