I Want Your Opinion
Today I ran into a article and person saying that if Bitcoin becomes mainstream then Coinbase and Binance would be eaten alive. What they mean by that is being acquired by banks or simply run out of business.
Do you feel that is the case? I would love to hear in the comments below.
As per my opinion I say this person is dead wrong for a number of reasons.
The people in crypto hate banks
Coinbase and Binance have the ability to provide a great service with reduced fees while banks as we all know it love to throw in hidden fees and do some shady ass shit with your money.
Many whales want nothing to do with banks, why in the world would they invest their money into a bank instead of just profiting themselves there is no need for a bank.
No way Coinbase is going anywhere.
The incredibly small number of early adopters hate banks, but this is talking about if crypto goes mainstream, and the vast majority of people in the world seem to have no issue with banks and probably trust them more than coinbase/binance.
Again, the small number of crypto whales wants nothing to do with banks. The much larger number of "traditional" whales probably own the banks.
So yes, I agree with this statement.
I always love seeing the other side via peoples views and these are very valid and good points. As much as I wouldn't want to see it happen that most likely is exactly where we will be heading.
That time though seems to be a good 2-3 years out at least though would you agree ? or do you feel like it will be very quick and near instant ?
Well I should let you know that I really suck at timing...so that's anyone's guess. I would also guess that it's a while out mostly because I think we need to wait for the regulatory issues to be out of the way first.
But I see ETrade, TD Ameritrade, ICE, Fidelity etc starting to get into crypto and if I was them I would much prefer to spend some tens of billions to just buy a Coinbase or a Binance instead of figuring it all out myself. Also if they don't, then some of the other big names might make an acquisition like that just to play catch-up.
Yea I hate that I agree, but think they could be right. Early adopters are dorky and like more “fringe” services, or want to stick it to banks and the Fed, but mainstream people will commercialize the blockchain and bitcoin. Making themselves seem like they are actually necessary. They have millions to spend in marketing to make this case, only early adopters know better.
You do make good point with certain whales, but mainstream might make those whales look like minnows.
Either way great question!
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I have a feeling you might be right the more I think about it and get input from others. Exactly why I love hearing others opinions and views. Thank you!
I think all centralized exchanges will ultimately lose popularity as they will need to cede to decentralized options to improve security and the offering.
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Binance is safe I think since they offer a lot of coins that the retail market won't touch right away if at all...also may depend on success of NEO as a valid block chain operating system....also...the Binance coin is popular....finally...they have more of a world wide market as well.
Coinbase could face chanllenges but they may change the nature of their offerings....
If we are still using centralized services...
Then I agree that Banks will eat the current ones.
I don't really feel like typing but pretty much what @yabapmatt said.
I actually hope for neither and hence why a big suppoter of Bisq,HodlHodl,Boltz,Sparkswap and a few others. Dex should be the Ultimate way to go.
But what currenctly stands, people trust banks and banks have a major brand name so they have a huge chance of eating coinbas and others.
Lol wut
I fear that binance and coinbase get too big.
We want decentralization not more Monopolys
That will be one very very difficult battle. To many shady people would try and manipulate and screw people out of their money like we saw with ICOs
I strongly doubt it. The majority of crypto hates banks so I think they will stick to using Binance. Coinbase might have a problem because a lot of people really don't like them, me personally I have no problem with either. These to companies are battle tested in the market and knows the in and outs.
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Not sure why Coinbase has to charge $1.50 to buy $25 of Bitcoin though. Why are fees so high ?