Topic: Banks against the crypto - page 5. (Read 12007 times)
This thread has been discussed a lot of times and answer to this question will always remain same that banks cannot disappear even if crypto will be accepted as payment mode because governments will not allow it to happen.Moreover people have faith on banks which is not easily vanished.
Decentralization. Everyone is talking about it. Can cryptocurrency lead to the disappearance of banks. Or will banks be able to adjust and remain in power?
i dont think it is possible. at least not possible in short or mid term. Because there are and there will always be people that prefer more traditional ways for payments and storing money. And banks sound more traditional comparing to cryptocurrencies.
I think in the future , Banks will not against the cryptocurrency.
But , Banks will adopt the blockchain technology to develop the system to be better.
Even if banks adopts to blockchain technology they will go against decentralized cryptos so banks will never accepts cryptos into their system.Whereas of banks using their own blockchain then it might not create much difference from their current traditional transaction system. But , Banks will adopt the blockchain technology to develop the system to be better.
Decentralization. Everyone is talking about it. Can cryptocurrency lead to the disappearance of banks. Or will banks be able to adjust and remain in power?
It is true, banks have power and banks have power because of government give them, and crypto currency can't lead to disappear of banks. Actually in every country Government take decision and government can't disappear banks, that's why in few countries government not accept crypto currency.
Although banks are operating profitably and they are the largest in the industry of finance, they are still guided by the law created for them.
If they abuse their privilege, they will be penalize.
If that's going to happen, then they will have to start regulating cryptocurrency, which us one thing a lot of people here don't even like (yep, I am very sure that a lot of you guys here don't even want cryptocurrency to be regulated) and banks are still likely to be the ones to be in control of it . So, stop stressing over it.
Banks are not literally against the cryptocurrency. They are just sharing their opinion about precautions on trying cryptocurrency because of the risk that you can lose money since it is not regulated and there is a lot of manipulation in the market of crypto. Some of the banks in some countries are really supporting cryptocurrency just like in the Philippines that they implemented bitcoin ATMs in their country.
We don't really know what's going to happen for sure but u do think that there is not going to be any replacement for banks cause they are very important in so many ways. And how can we forget the job aspect of it? Taking away banks means that we are actually going to render a lot of people in the jobless. Sorry, in this aspect I don't see how cryptocurrency is useful to us. Cryptocurrency is good but I don't think it is going to replace banks and I also don't want it to replace banks. I'm okay with banks, cryptocurrency can continue to serve as a means of making transactions and not become a real currency .
Its always a comparison between bank and crypto. However, banks can also be the medium of crypto. We all know that adaptation is really a big thing especially in the use of money. We are born with the traditional money that we use. The banks will serve as the regulator I guess. Apparently it will also affect there business flow somehow.
May be banks will praise the XRP, stable cryptocurrencies and other centralized cryptos but the fact and truth is bitcoin is not been accepted by banks for sure. If the bitcoin usages has been increased with the legal approval from the banking side.
They will fall for sure. Go with the investment and mark the top cryptocurrencies to stay from banking usage in future.
They will fall for sure. Go with the investment and mark the top cryptocurrencies to stay from banking usage in future.
Decentralization. Everyone is talking about it. Can cryptocurrency lead to the disappearance of banks. Or will banks be able to adjust and remain in power?
This is fully depends on how every government taking it generally in near future. As it is decentralized to government can not track its transaction as normal banking system can easily track. So government must think seriously about this, on the other hand how government will work if they not get any taxs from cryptocurrecny holder or trader. so lets see what is happening in future.
If they regulate crypto it's still not easy as regulating bank because the fact that we are using a decentralized system, people will use the essence of crypto.
Decentralization. Everyone is talking about it. Can cryptocurrency lead to the disappearance of banks. Or will banks be able to adjust and remain in power?
This is fully depends on how every government taking it generally in near future. As it is decentralized to government can not track its transaction as normal banking system can easily track. So government must think seriously about this, on the other hand how government will work if they not get any taxs from cryptocurrecny holder or trader. so lets see what is happening in future.
I don't think banks will disappear because of cryptocurrency because many are used to it their savings are on banks and some didn't even know about digital money. I think banks and crypto will coexist and it's better because people will have many options they can choose a centralized one which is bank and the decentralized one which is cryptocurrency.
Banks will stay and will continue to grow, crypto is making things possible to lessen the transaction fee compared to bank but we cannot deny that we still need banks as majority of the people still trust bank. We are too ambitious to think at this stage that crypto will beat bank, because
crypto's success is still not bigger than bank or cannot even compete.
Banks used to be wary of cryptos. But not anymore. They know that they will be able to control it through regulations. They know that the marketcap isn't enough to be worried of. They know ithat most of the institutional investors are not even thinking of cryptos right now.
Banks are definitely not scared yet
But in future we can see the reversal. But for that we will need no less than a decade to reach that volume, that adoption and that audience. We are still just a small fish in a sea.
Banks are definitely not scared yet
But in future we can see the reversal. But for that we will need no less than a decade to reach that volume, that adoption and that audience. We are still just a small fish in a sea.
I don't think banks will disappear because of cryptocurrency because many are used to it their savings are on banks and some didn't even know about digital money. I think banks and crypto will coexist and it's better because people will have many options they can choose a centralized one which is bank and the decentralized one which is cryptocurrency.
Banks will stay and will continue to grow, crypto is making things possible to lessen the transaction fee compared to bank but we cannot deny that we still need banks as majority of the people still trust bank. We are too ambitious to think at this stage that crypto will beat bank, because
crypto's success is still not bigger than bank or cannot even compete.
it's hard to say, we know bitcoin is the first strongest opponents banks has to face in like 500years but getting decentralized can cause the whole country harm. like what if people get a lot of problems with bitcoin when it is accepted everywhere in their country, any problem with bitcoin or any altcoin they are holding will cause a problem with their money which we do not see with the faint currency. so digital coins need faint currency for now and so does that banking system will live for now.
Decentralization. Everyone is talking about it. Can cryptocurrency lead to the disappearance of banks. Or will banks be able to adjust and remain in power?
This is fully depends on how every government taking it generally in near future. As it is decentralized to government can not track its transaction as normal banking system can easily track. So government must think seriously about this, on the other hand how government will work if they not get any taxs from cryptocurrecny holder or trader. so lets see what is happening in future.
I don't think banks will disappear because of cryptocurrency because many are used to it their savings are on banks and some didn't even know about digital money. I think banks and crypto will coexist and it's better because people will have many options they can choose a centralized one which is bank and the decentralized one which is cryptocurrency.
Banks are the modern day equivalent of Southern US plantation owners, who kept slave labor until the 19th century. In my country, at least 75% of the population remains in debt and most of their monthly salary is used to pay back the loans that they had taken from the banks and money lenders. The government also encourages people to get loans, by offering them tax breaks. Obviously, they are going to get upset when the status quo is breached. If effectively used, Bitcoin can guarantee our personal freedom from these banks.
The banks are against crypto because of one thing - decentralization. The banks are perfectly aware of the power of decentralization especially when it comes to financial matters. These banks want to be in control over the financial transactions of the people whereas crypto gives this power back to the people thereby ensuring financial freedom and satisfaction. The banks are afraid this will cause a major disruption in their services - the reason for the hate of crypto.
Decentralization. Everyone is talking about it. Can cryptocurrency lead to the disappearance of banks. Or will banks be able to adjust and remain in power?
The situation has changed when many banks around the world have accepted Bitcoin as a supported currency for all customers. Banks cannot resist Bitcoin so they accept it so they can grow with it. The number of investors holding Bitcoin is increasing, so banks need to accept it to reach a large number of potential customers in Crypto. 
Decentralization. Everyone is talking about it. Can cryptocurrency lead to the disappearance of banks. Or will banks be able to adjust and remain in power?
It is true, banks have power and banks have power because of government give them, and crypto currency can't lead to disappear of banks. Actually in every country Government take decision and government can't disappear banks, that's why in few countries government not accept crypto currency.
Banks shall use crypto currencies as one of their products available to their investors. Also they can integrate blockchain technologies to promote decentralization.
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