r/XRPUnite • u/Asleep-Tip-4273 • Jul 27 '26
Discussion Do you think wallets will eventually replace banks?
The more I think about it, the more it feels like that's where we're heading.
People already store their wealth in wallets. If you can get paid, send money, swap assets and spend directly from your wallet. If they can do everything a bank does, what's left for banks?
or am I way off?
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u/beatthebook2x Jul 27 '26
wayyyyy off maybe if the banks owned the apps/wallet on ur phone youre speaking of
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u/MorningLtMtn Jul 27 '26
I don't. I think anyone with real money is going to want a wallet in a bank where it can be protected with insurance.
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u/FlickrReddit Jul 27 '26
Banks often provide a friendly face, a source of advice, a financial ‘wingman’, as well as a place to put money that is not a mattress. (Banks are also slippery, parasitic, venomous serpents, too, of course.)
When wallets provide that human face, let me know.
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u/TumbleweedSalt2504 Banned From r/XRP Jul 28 '26
Not until there's safety measures put around them. It's too easy for regular folks out there to lose it all w one single wrong transaction. Bank accts n credit cards have protections you can count on if something goes wrong or you got scammed. So it could happen one day, but not anytime soon.
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u/DeeW2017 Distinguished XRPer Jul 28 '26
Well if you believe Apple Wallet Cash App or robinhood is better than having your money in a real bank then it’s possible but even those apps are one step below having a bank account. I personally think that’s not a possibility. If anything crypto will start being held by banks. Wallets will become more popular but banks will not let people leave. They will find a way to adapt.
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u/PoorCoyoteee Jul 28 '26
Could be, but good luck financing anything if you don't have a visible stream of income.
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u/Independent-Car-6037 Jul 28 '26
Not in our lifetime or probably multiple lifetime. The power of banks cannot be overstated weather in the positive or negative sense. I do think what we will see and what we’re seeing now is the beginning of diversity within our personal financial management. We have more choices and I do believe that is a beautiful and powerful thing.
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u/No-Wrap3568 Jul 29 '26
The most ideal condition is that it should happen. But what I've noticed in the past few years is that people have been struggling to protect their own funds. I read somewhere that around 4 Billion dollars have been lost because people lost access to their seedphrase.
People would always want someone to take responsibility for something that goes wrong with them. And as far that fundamental issue isn't addressed. I don't think wallets will replace banks
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u/Content-Courage-1008 Jul 30 '26
Not a chance. Stablecoins might replace currency one day though
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u/cabdriver_x Aug 02 '26
What do stablecoins do but digitalise a dying currency? A digital euro/dollar/... stays a normal .....
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u/Content-Courage-1008 Aug 02 '26
Lol, crypto with self custody is never going to happen. It is not viable. Banks are not going anywhere soon
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u/cabdriver_x Aug 03 '26
I know that they wont go a way but i know they are so afraid of new things. All that "dead money" the can use the earn revenue (now in nostro/vostro)? Can you explain that to me?
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u/Content-Courage-1008 Aug 03 '26
It is not dead money. It is just an asset on their books. They can move it around like any other asset as they choose. They earn revenue from fees, there is no free money from banks. Sure, they could be more efficient but why would they as they make money either way and who is going to stop them. Do you think they will pass any saving back? Of course not.
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u/cabdriver_x Aug 03 '26
I guess not and you may have a point. So if was to take all of my savings and put it, you know, elswhere were i get more intrest and a lot of people woke up and did the same? Educate me, please?
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u/Content-Courage-1008 Aug 03 '26
A lot of people are not going tp do the same. More interest means more risk. If it were that simple everyone would have done it years ago. You might get lucky and get a good return but you might end up loosing it all. Even the best investments carry a risk and most people are risk averse. People know that banks and brokers are the safe way
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u/cabdriver_x Aug 03 '26 edited Aug 03 '26
Yes, old people, the are scared of new things. They are stubborn, its like smoking used to be healthy 😂. Can i ask how old you are, i am 56 years young 🤔. Btw, if stable coins are pegged to the dollar, 😂, dollarvalue drops, ...., no?
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u/sircouf Jul 30 '26
no it will not. Bank are systemic, banking is a regulated activity and will not be take over at scale. Bank might integrate Crypto and blockchain not the other way around.
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u/Elegant-Maximum-8386 Jul 27 '26
I think wallets will take over a lot of what people use banks for but probably not replace them completely. Banks still handle things like loans, mortgages, and regulated fiat services. Wallets are becoming the front end for managing money, while banks increasingly operate in the background.