Most Banks are centrally backed up and do you think that government will allow banks to die so easily if they are not accepting bitcoin? The fiat is widely used and accepted by all and the world trade is done in it and bitcoin can be used as alternative to it because it's still long when you would see fiat out of circulation so easily.The bitcoin is technical money and you need to educate the world for it as still lot of population is unaware about it's working and how to store it and they still prefer to use traditional cash.So i would say at current it's alternate and whether banks accept it or not they are not dying anytime soon.
Can't die easily with government funding but it also doesn't mean that banks are immortal, once their services lose a large number of customers while maintenance costs such as staff and facilities are too high, they can also just declare decommissioning, especially when bitcoin education is rapidly integrating into the community, withdrawing capital from banks to invest in bitcoin becomes more common. When there are signs of such a threat, the government cannot turn the situation around, so banks need to adapt and collide with bitcoin more to find common ground for cooperation 
Topic: Banks either adapt or face death - page 3. (Read 559 times)
Most Banks are centrally backed up and do you think that government will allow banks to die so easily if they are not accepting bitcoin? The fiat is widely used and accepted by all and the world trade is done in it and bitcoin can be used as alternative to it because it's still long when you would see fiat out of circulation so easily.The bitcoin is technical money and you need to educate the world for it as still lot of population is unaware about it's working and how to store it and they still prefer to use traditional cash.So i would say at current it's alternate and whether banks accept it or not they are not dying anytime soon.
I think all banks will eventually get involved in some way down the road, but as in direct correlation to bitcoin and todays cryptocurrencies, I think we may be a far ways off for most banks. There are still more than enough people unwilling to move to cryptocurrencies at the moment and that’s not changing completely anytime soon.
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?
I think the bank is still important, the bank will not die even if we use BTC to pay salaries, transfer payments for cross-border transactions, eventually it has to be converted to fiat currency, because So BTC and banks can only exist continuously and in parallel. On the bank side, I think they will definitely have currency changes soon to be able to adapt to the new changes in the current era of cryptocurrency technology. Chances are they won't use BTC as their currency but instead they will launch a banking cryptocurrency that keeps up with the times and the main purpose remains to also manage our taxes. 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?
IMO we are exaggerating BTC too much. It's still not used by a considerable no of people in the world nor its a kind of fundamental technology. Crypto is mainly popular among its community that is growing day by day. As far as banks are concerned they are not a position to embrace this financial system, but wait a sec - do we really need banks in BTC financial system? I have heard every person has his own bank in the BTC ecosystem.
Speaking of which, Banks are already feeling FOMO as they don't want to miss a piece of the pie. Federal Deposit Insurance Corporation Chair Jelena McWilliams came public saying Banks should hold cryptos such as Bitcoin
Why does anyone think that banks will face death if they don't adapt bitcoin? And even if they adapt it, will you be heppy? Because that means that banks will have more control over it and there will be much more regulations on bitcoin. From my understanding, the more famous something gets, the more abused it becomes in a bad way and loses the magic that it had at the beginning. People always try to make business from everything and gain control on it, bitcoin can't be a resistant in this case because the mining business is already conquered, the market was already manipulated in a very bad way, one man crashed the whole crypto market.
In any way, banks won't die because they control the finances of the world. We have visa/master card, money transfer services, neobanks, all the bank services and I haven't heard from an average person that he/she is uncomfortable with the banks services.
In any way, banks won't die because they control the finances of the world. We have visa/master card, money transfer services, neobanks, all the bank services and I haven't heard from an average person that he/she is uncomfortable with the banks services.
We as crypto supporters really shouldn't be too confident that banks will face death if they don't adapt Bitcoin. Due to the fact that the majority of
people are still comfortable using all bank services to make financial transactions. Even in my country there are still few who believe in Bitcoin,
there is still a lot of education about crypto so that people understand what Bitcoin can provide. I see crypto is still too new for the majority of
people around the world, because there are still many people who are not familiar with Bitcoin. It will still take a very long time to force banks
to adapt Bitcoin, as more people are now using banks than crypto.
I think that it won't take a decade long until many of the banks have already made their plan and backup of adopting cryptocurrencies, majorly bitcoin.
It's part of their mission and vision about being financially well and making their clients grow. As part of the growth then adoption and adjusting with their services that includes bitcoin will make them through.
But are we going to like it once they've started doing that? maybe. As their main target for such adoptions are those that have no to little knowledge about cryptocurrencies.
It's part of their mission and vision about being financially well and making their clients grow. As part of the growth then adoption and adjusting with their services that includes bitcoin will make them through.
But are we going to like it once they've started doing that? maybe. As their main target for such adoptions are those that have no to little knowledge about cryptocurrencies.
When I mention "death" in the post, I meant the death of the old financial regime where banks own your money. Ca'mon, it wouldn't be posted any other way. We are still slaves of a regime where we are forced to receive our payroll through a Bank. In case the government has something against you, they have the power to take over what is yours and freeze your bank accounts. while cryptos give you back the power over your money and total financial freedom, banks own your money and decide if and when you can access it or not. So, why shouldn't I be pledging over the "death" of a corrupt Banking system when there is already a better system at our disposal?
I get your point and I believe I misunderstood somewhere.
Okay, even after this point, I'd argue that if you'll try to end their banking power as well as the level of corruption that's spread, what will they do? They'll simply take away what you have, what's giving you power back in your hands, i.e.; crypto.
Trust me, the legalisations, regulations and all that shit we are expecting from our governments to give us the freedom to trade crypto without fear, is giving back the power in their hands because they'll be able to trace your investments as well as when you take your money out from/through crypto.
I believe banks of various countries have already started working with crypto exchanges? Some banks even give loans on BTC. What do you think? Why are they doing this? To collect data, information of all those who are involved. The governments could easily stop all this by banning the way China did, but why aren't they doing it? Because they've understood that people are crazy behind "privacy", "anonymity" and "be your own bank" kinda phrases and governments know how to take full advantage of all this while also knowing who's doing what. They will loot us through levying various taxes once major countries start to legalize and regulate crypto.
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.
Already before now Bank's is cooperating with Bitcoin through their central bank, except is the situation whereby order has been given to restrict banks with cryptocurrencies related transactions in any country, so we don't have to enumerate or emphasised seriously via the cooperation of cryptocurrency especially bitcoin with banks, because it's very clear that the future will determine the continuity process or bond that will be establish between bank and cryptocurrencies through a country that legalize or embrace bitcoin. For bitcoin to function properly in any country it needs the approval of government, base on my perspective. 
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This is pretty much the answer. I can recall wanting Bitcoin to be the global currency back in 2017, and I thought first as a newbie back then that it would be at least a good thing, so that means many adopters right? I was thinking of that until I realized that government would surely try to regulate it their way and I took back what I said back then.
preffered on most circumstances.
Why does anyone think that banks will face death if they don't adapt bitcoin? And even if they adapt it, will you be heppy? Because that means that banks will have more control over it and there will be much more regulations on bitcoin. From my understanding, the more famous something gets, the more abused it becomes in a bad way and loses the magic that it had at the beginning. People always try to make business from everything and gain control on it, bitcoin can't be a resistant in this case because the mining business is already conquered, the market was already manipulated in a very bad way, one man crashed the whole crypto market.
In any way, banks won't die because they control the finances of the world. We have visa/master card, money transfer services, neobanks, all the bank services and I haven't heard from an average person that he/she is uncomfortable with the banks services.
In any way, banks won't die because they control the finances of the world. We have visa/master card, money transfer services, neobanks, all the bank services and I haven't heard from an average person that he/she is uncomfortable with the banks services.
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This is pretty much the answer. I can recall wanting Bitcoin to be the global currency back in 2017, and I thought first as a newbie back then that it would be at least a good thing, so that means many adopters right? I was thinking of that until I realized that government would surely try to regulate it their way and I took back what I said back then.
That's right, but keep in mind that the "custody" aspect of banks is not as important as it is for cash. People don't want to store piles of cache in safes, but can easily keep a cryptocurrency with very little risk. Banks may switch their models to focus more on DeFi and collateral management, etc. But, I agree that they would be irrelevant soon in their current form.
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?
Its only a matter of few banks accept bitcoin and rest will follow. No one will want to be left behind.
Not only banks but countries also will find it difficult to survive if they do not adopt bitcoins. Although there is more trend of banning bitcoin around the world but soon this will change.
Banks will continue to exist as long as people are dumb enough to primarily use centralized, KYC controlled exchanges. Most people seem to like control. These will get regulated into the existing infrastructure. Just look at what the current US "infrastructure" bill is going to do to crypto... If you are passionate about keeping banks out of crypto in the US, go to that thread and SPEAK UP!
If you want Bitcoin and other cryptos to exist within Satoshi's vision (see sig), you need to stop supporting these institutions (CoinBase, Binance, Kraken, BitFinex, PayPal, etc.) or they will continue to control people's lives.
If you want Bitcoin and other cryptos to exist within Satoshi's vision (see sig), you need to stop supporting these institutions (CoinBase, Binance, Kraken, BitFinex, PayPal, etc.) or they will continue to control people's lives.
It is certain that banks and other government financial institutions, have to always adapt to the trends that are going on with the world, whether that is crypto or digital money, but the thing is crypto and bitcoin could co exist with the fiat, because we obviously can't get rid of any of them, and banks have to know that so they have to start accepting as away of payment if they want to stay relevant, and the best example we can take from the experience that is happening in El Salvador is how the government and banks have given the freedom to people to chose between using fiat and bitcoin without any restrictions in away that does not make banks irrelevant
Ah interesting point, but now you see how the world powers through the banking system (S&P) changed their credit rating from stable to negative in an attempt to punish them for adopting crypto. This makes it more expensive for their government to get loans for their economy and devalues their currency. Most world governments and banks want to kill or usurp crypto, because it is a threat to their centralized control. We need more countries like El Salvador to resist if we want crypto to persist as a medium without crooked bankers acting as the middlemen.
I can't say that crypto is almost dominant all over the world, there are still certain parts in each country wherein crypto isn't influential or even recognized at all, and this is why some banks won't adapt just yet, but most of banks nowadays gives us the access to do transactions using their own e-wallets, in my country, digital fiat wallets are rising, though the adaptation of cryptocurrency, not yet, probably in the next few years this will be adapted even more or else these banks will really have no choice but to close down because of bankruptcy.
"If you can't beat them, join them". This quote can be related to the bank vs Bitcoin.
This is already an aged discussion, Banks vs Bitcoin. For me, this will be forever discussion and argument but, I can say banks will stay as Bitcoin will stay.
For sure there are some people in the world that may have no access to the internet even in the future and don't want to use the internet and prefer the traditional way of living, so for sure they will be the ones who will stay using banks. And I respect that decision even I know what Bitcoin can do.
This is already an aged discussion, Banks vs Bitcoin. For me, this will be forever discussion and argument but, I can say banks will stay as Bitcoin will stay.
For sure there are some people in the world that may have no access to the internet even in the future and don't want to use the internet and prefer the traditional way of living, so for sure they will be the ones who will stay using banks. And I respect that decision even I know what Bitcoin can do.
I don't know why I see threads like this where people talk about the "death" of fiat, banks or anything that comes in front of crypto? Why shouldn't fiat be used just as it was since decades?
Why to eradicate banks from our society? Banks only lend people for their businesses and not everyone here can afford to learn about crypto or join this revolution by buying the expensive cryptocurrencies. I'm not against crypto, but I guess we need everything we already have, plus a few new things for a better tomorrow. Why remove anything out of them for our convenience?
Why to eradicate banks from our society? Banks only lend people for their businesses and not everyone here can afford to learn about crypto or join this revolution by buying the expensive cryptocurrencies. I'm not against crypto, but I guess we need everything we already have, plus a few new things for a better tomorrow. Why remove anything out of them for our convenience?
When I mention "death" in the post, I meant the death of the old financial regime where banks own your money. Ca'mon, it wouldn't be posted any other way. We are still slaves of a regime where we are forced to receive our payroll through a Bank. In case the government has something against you, they have the power to take over what is yours and freeze your bank accounts. while cryptos give you back the power over your money and total financial freedom, banks own your money and decide if and when you can access it or not. So, why shouldn't I be pledging over the "death" of a corrupt Banking system when there is already a better system at our disposal?
However, i know the government also sees that but definitely won't allow such decentralized cryptos to replace over banks or fiat. Maybe in the near future, as crypto gets more massive adoption, then banks might face death if they can't totally adopt crypto.
It will happen in this decade or needs more time for the bank to adapt and apply the digital currency. But for some banks, I think they already use digital currency for their own fiat so I do not think that the banks will face death shortly because the banks have owned by the government and the government do not want to see their product death because they can not follow the era. The government has already thought about digital currency and maybe they still need time to implement the digital currency for their currency. The old fashion regulation will need to modify following the new era to work from time to time. That is what the government will do right now and in the future. While we can still use crypto, we can prepare ourselves for the coming.
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