Banks can actually play a significant role in the crypto industry, adding some much needed assurance and security to the largely unregulated environment. Adopting cryptocurrencies and blockchain technology overall can streamline processes and take banking into the next generation of efficiency and innovation.
Agreed. Banks are still essential these days specially that we are in the age of migration from old system to new generation of banking. DeFi isnt polished just yet and still needs upgrades and innovations that could potentially replace banks. DeFi could takeover the place but not now, probably in the long run I think. 
Topic: Banks either adapt or face death (Read 559 times)
Banks can actually play a significant role in the crypto industry, adding some much needed assurance and security to the largely unregulated environment. Adopting cryptocurrencies and blockchain technology overall can streamline processes and take banking into the next generation of efficiency and innovation.
I will continue to maintain that the rise and prevalence of cryptocurrencies will never be the end of banks or fiat. The worse that can happen to banks will be that they will lose trade volume and market share. Cryptocurrencies can never misplace banks, never. Despite the coming of emails and all that, don't people still make use of the postal agencies? But of course, they do. Besides, let's quickly remind ourselves that the technicalities involved in using cryptos will also make a lot of people skeptical in completely switching over to it. There are people who wouldn't want to have anything to do with cryptocurrencies, especially the old. They may have a hard time grasping with the internet. For me, I envisage a situation where banks and the crypto industry will continue to work in synergy to prosper global economy, and not struggle to destroy the other.
Cryptocurrency has been doing great honestly speaking,but I feel the government control's the bank, which I think needs to adapt to the digital age.
Banks can still upgrade by adding some cryptocurrency policy inner their system,but government has got to give the upper hand before anything takes place.
Banks can still upgrade by adding some cryptocurrency policy inner their system,but government has got to give the upper hand before anything takes place.
While this is true, it's very hard to imagine a world where the government gives up their control of the money. Banks are a very profitable sector for a country with creating a steady tax income for the government. For them to give it up they would ask for some sort of compensation. Could the crypto world offset the lower taxes? I am not sure. The thing with banks is that everybody needs them. A company will not pay our salary in cash, they want to transfer it to a bank. When buying an apartment or house we need to ask the bank for a loan. The bank is profiting from all the services they offer to us, by selling products, issuing loans or just storing our money. For a bank to go bankrupt it's nearly impossible if they don't gamble away all the money, because they can just increase their fees to make more money.
The digital age brought our lives to a second universe - The internet. Ever since the internet set sail Banks had to adapt and present new services and options to their users. However, the digital also brought us digital money and financial freedom. Cryptocurrency is here to stay and is bound to disrupt the way we manage and relate with our money. Banks will need to adapt or they face certain death....
Luckily, things are changing rapidly and mainstream adoption may come sooner than we think. Do you guys think, this will happen within this decade or not?
Luckily, things are changing rapidly and mainstream adoption may come sooner than we think. Do you guys think, this will happen within this decade or not?
While I do agree that the shift to a digital era/currency is inevitable and is bound to happen in the near future, I doubt that the world will replace the traditional fiat with cryptocurrencies. Remember that cryptocurrencies (specifically BTC), has a limited number of supply in which inflation is bound to happen. Imagine having a currency in which its value changes every day will make prices in the market be volatile also.
While the digital era may is fast approaching, I still have some reservations as to the shift to a decentralized currency around the world though.
Cryptocurrency has been doing great honestly speaking,but I feel the government control's the bank, which I think needs to adapt to the digital age.
Banks can still upgrade by adding some cryptocurrency policy inner their system,but government has got to give the upper hand before anything takes place.
Banks can still upgrade by adding some cryptocurrency policy inner their system,but government has got to give the upper hand before anything takes place.
The digital age brought our lives to a second universe - The internet. Ever since the internet set sail Banks had to adapt and present new services and options to their users. However, the digital also brought us digital money and financial freedom. Cryptocurrency is here to stay and is bound to disrupt the way we manage and relate with our money. Banks will need to adapt or they face certain death. While some Banks and financial institutions have been historically fighting cryptocurrency others have already understood the need to adapt to stay ahead of the curve as in the case of some Spanish Banks. Nevertheless, this is still a new technology and Governments with its old fashion regulation as well as their Central Banks are yet to implement adequate regulation and are still a bi hindrance for cryptos to go mainstream.
Luckily, things are changing rapidly and mainstream adoption may come sooner than we think. Do you guys think, this will happen within this decade or not?
Luckily, things are changing rapidly and mainstream adoption may come sooner than we think. Do you guys think, this will happen within this decade or not?
The history shows that markets adapt – at least over time, they have no other choise. But what amount of time will it take -that is a good question, I'd like to think that we will be witnesses of this.
In the next decade, I believe Banks will adapt to cryptocurrencies. They will surely find a way to adapt to cryptocurrencies that can be mutually beneficial between the bank and its customers, we'll just have to wait.
If the government will set rules that are crypto-friendly, most likely the banks will adopt as they a business that operates for profit, more options for their clients will lead to more revenue opportunities for the business. It will always start on how the government sees crypto because they are the ones who will regulate it, so if they are against crypto, no banks would be able to integrate crypto into their business. However, if the government continues to prohibit from crypto and never adopt it as a currency, then banks too should also comply with it. Even if there is a larger demand for crypto from the people, crypto will still not be adopted if there is no regulations from the government.
In the next decade, I believe Banks will adapt to cryptocurrencies. They will surely find a way to adapt to cryptocurrencies that can be mutually beneficial between the bank and its customers, we'll just have to wait.
If the government will set rules that are crypto-friendly, most likely the banks will adopt as they a business that operates for profit, more options for their clients will lead to more revenue opportunities for the business. It will always start on how the government sees crypto because they are the ones who will regulate it, so if they are against crypto, no banks would be able to integrate crypto into their business.
In the next decade, I believe Banks will adapt to cryptocurrencies. They will surely find a way to adapt to cryptocurrencies that can be mutually beneficial between the bank and its customers, we'll just have to wait.
Banks & governments are going to have to start being bitcoin friendly in the next 10 years or they can just sign their own death cert right now. Bitcoin is the present & definitely the future, adapt or get left behind.
It's not obligatory. The banking system is fully under the protection of each state and, in fact, is part of the state system of power. Therefore, as long as the states exist, nothing threatens the banking system. States have sufficient mechanisms to eliminate any difficulties in the way of their banks.At the same time, banks have long appreciated the benefits of digital money based on blockchain technology. They will definitely implement it and are partly already on the way to this, however, the financial system does not like haste, it transforms very slowly. Of course, this will be a completely centralized and controlled by banks currency.
In my country three banking transaction upto $750 is free of charge per month. Beyond that for every transaction it cost a minimum of $1 and tax on the transaction cost. When it is compared to bitcoin, right now bitcoin transaction costs big.
On considering different facts it is true that banks will adopt the technology and add bitcoin related services. Even without bitcoin adoption banks will survive and facing death won't happen as easy, because state have control over the banks.
Banks & governments are going to have to start being bitcoin friendly in the next 10 years or they can just sign their own death cert right now. Bitcoin is the present & definitely the future, adapt or get left behind.
It's not obligatory. The banking system is fully under the protection of each state and, in fact, is part of the state system of power. Therefore, as long as the states exist, nothing threatens the banking system. States have sufficient mechanisms to eliminate any difficulties in the way of their banks.At the same time, banks have long appreciated the benefits of digital money based on blockchain technology. They will definitely implement it and are partly already on the way to this, however, the financial system does not like haste, it transforms very slowly. Of course, this will be a completely centralized and controlled by banks currency.
Banks & governments are going to have to start being bitcoin friendly in the next 10 years or they can just sign their own death cert right now. Bitcoin is the present & definitely the future, adapt or get left behind.
Most likely they gonna adapt with their own versions of regulations but if people don't like it, they will just stick to exchanges that don't really give them the pain in the ass. I mean, if bitcoins weren't there, We don't even have an opportunity to hodl huge amounts of money especially those people who lacked documents to show to the banks to open bank accounts. Do you believe until now, I don't have any bank account? that's because they asked me for some business permits which I don't have any of those. too much complicated.
Crypto is a combination of binary data, some designed to be decentralized, centralized, regulated or unregulated.
Banks or Financial institutions could adopt cryptocurrencies or blockchain technology, however, the uncertainty around the central bank that has the role to establish and regulate monetary policy, regulate and supervise commercial banks become a hindrance. Nevertheless, there are some government and central banks that allow cryptocurrency as a means of payment but there are some that prohibit cryptocurrency.
Banks or Financial institutions could adopt cryptocurrencies or blockchain technology, however, the uncertainty around the central bank that has the role to establish and regulate monetary policy, regulate and supervise commercial banks become a hindrance. Nevertheless, there are some government and central banks that allow cryptocurrency as a means of payment but there are some that prohibit cryptocurrency.
The old financial system is gradually being abandoned because there is always a decline in the value of fiat money itself, from year to year inflation continues to occur in conventional currencies such as fiat and this in my opinion fiat money holders are very disadvantaged because of the decline in value. With Bitcoin and cryptocurrencies we have financial alternatives that can benefit us because the value of Bitcoin continues to increase, this is accompanied by a flow of people to invest in Bitcoin because it can be a very profitable investment as well as payment. The popularity of Bitcoin continues to this day and people's desire to use Bitcoin as a payment method is very high because it is saturated with the banking system.
Banks will stay no matter what either they adopt crypto or not. Don't presume like it will happen as early in the next decade.
As long as everyone doesn't have fully access the internet, and government don't want to accept bitcoin/crypto as legal tender, banks will stay and will still against crypto no matter what.
As long as everyone doesn't have fully access the internet, and government don't want to accept bitcoin/crypto as legal tender, banks will stay and will still against crypto no matter what.
Indeed, banks are for fiat and crypto is for digital currencies, it can't be mixed because it is a different element and different goal. Banks will stay even if they decide to go against crypto because they are designed in certain way to provide certain financial transactions or needs that the crypro can't give and banks will still function til next decade or more.
And if banks will start to adopt crypto transactions then that's just an added services to the people.
Many banks start offering crypto services to their clients as they see that it is one more way how they can benefit, so it is wise for banks not to fight against crypto, but try to get used to it and start offering their clients services connected with crypto. I believe that crypto will be more and more widely-used. Different companies will use it as the way to accept payment.
Banks would never fight crypto, they'll always find a way to accept bitcoin as it will benefit them, and since banks are regulated by the government, they are still just relying on the rules and regulations the government will impose, if the government is allowing it, then no way the banks will not adopt with it because it's one of the ways to improve their profitability.
Many banks start offering crypto services to their clients as they see that it is one more way how they can benefit, so it is wise for banks not to fight against crypto, but try to get used to it and start offering their clients services connected with crypto. I believe that crypto will be more and more widely-used. Different companies will use it as the way to accept payment.
Banks & governments are going to have to start being bitcoin friendly in the next 10 years or they can just sign their own death cert right now. Bitcoin is the present & definitely the future, adapt or get left behind.
I partially disagree with your statement.I don't believe in bitcoin being adopted as a currency. Their is central bank backed digital currencies powered by block chain networks for that purpose. Crypto currency is very powerful because of their technology that is block chain technology.
Maybe in the next decade or after that decisively crypto currencies will come in the mainstream. Is maybe a step by step process like firstly countries will aprove it then made as a legal tender then finally comply with crypto currencies. Since this is the evolutionary stage of currency.
not for now but for the next 10 years maybe the bank is just a memory,
because for now we still need a bank,
and it takes time to transition from paper money to digital money with all the technology, and it's not easy
because for now we still need a bank,
and it takes time to transition from paper money to digital money with all the technology, and it's not easy
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