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 think the main issue of the old financial regime is not that banks own your money, but it is that there is no money that you actually can claim ownership of. There is no such thing as "your" money. Central banks have such an enormous power that they can deprive you of money in any way they wish. For example, they can steal from you through inflation, which is an indirect theft, or, they can nullify your bank account, which is, in fact, a direct theft. However, in the case of central banks, none of these actions could be considered or called a criminal activity such as theft because central banks are the rightful owners of what they are "giving" you. Even if you have cash on hand, that won't protect you from theft, because it can be anytime declared illegal to hold money outside bank accounts. That is why central banks will never adopt bitcoin, it is simply antithetical to them. In the case of bitcoin, people can and will claim ownership of money they have as long as they have the corresponding private keys. No one in this world is able to close at will your "bitcoin account", even the most powerful financial institutions can't do that. 
Topic: Banks either adapt or face death - page 4. (Read 560 times)
US Bank launches bitcoin custody service as institutions race to cater to crypto demand. U.S. Bank, the fifth-biggest retail bank in the nation, announced Tuesday that its cryptocurrency custody service is available to fund managers, CNBC was first to report.
I think banking system is really needed from government side for earning taxes from which one earning, otherways crypto-currencies is non traceable and government can't earn taxes from cryptocurrency deals.
I think banking system is really needed from government side for earning taxes from which one earning, otherways crypto-currencies is non traceable and government can't earn taxes from cryptocurrency deals.
I see CBDC as an opportunity for countries around the world to compete fairly and equally. Since this is a new technology, the technology gap is not too far, and we can easily shorten it. We have the resources, experience of experts and successful and proven products in the world. Many countries are already researching CBDC, and banks have always been the lifeblood of the economy, so I find the approach to be more receptive. Blockchain is proving really useful solutions for real life and in time we will understand everything.
There are already a number of banks that have adopted to the rising cryptocurrency trend. I think the banks are not that easy to defeat. They are one of the most powerful institutions in the world. They could even build or break governments. Many of them must have already analyzed and seen the potential of Bitcoin and crypto. No wonder why they are already joining the community. Wall Street has also joined one by one. Others seem not to care but I suspect many of them have already funds diversified into Bitcoin in silence.
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?
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?
Not really sure if banks will die just because of digital age, yes they will adapt for sure but won't be totally erase as they are considered one institutions by all countries. They have been in existence for centuries so for sure they know how to adapt with different trying times, from ww1-ww2 and other financial disruptions throughout mankind's history.
Yeah, maybe CBCD will be the thing in the next decade, or cashless society, e-wallets, but still banks are going to exist facilitating everything.
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?
Not really sure if banks will die just because of digital age, yes they will adapt for sure but won't be totally erase as they are considered one institutions by all countries. They have been in existence for centuries so for sure they know how to adapt with different trying times, from ww1-ww2 and other financial disruptions throughout mankind's history.
Yeah, maybe CBCD will be the thing in the next decade, or cashless society, e-wallets, but still banks are going to exist facilitating everything.
having no changes for sure.
Transactions maybe all digitalized and the fact that we've been using it for a while or for decades already when it comes to this system.
There might be changes or something new but doesnt mean that they arent aware with that.
Now, all banks (especially in my country) have adapted the current technology that always utilizes internet connection.
There are some services or products that are also related to internet use. They are likely internet banking, e-money, and other types of it.
And about related to crypto world or blockchain adoption, well, it is still in the progress of CBDC to be realized, but still under examination.
I am sure if a bank doesn't want to follow the current condition, they will face a very difficult situation and probably will be slow death.
There are some services or products that are also related to internet use. They are likely internet banking, e-money, and other types of it.
And about related to crypto world or blockchain adoption, well, it is still in the progress of CBDC to be realized, but still under examination.
I am sure if a bank doesn't want to follow the current condition, they will face a very difficult situation and probably will be slow 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?
Not really sure if banks will die just because of digital age, yes they will adapt for sure but won't be totally erase as they are considered one institutions by all countries. They have been in existence for centuries so for sure they know how to adapt with different trying times, from ww1-ww2 and other financial disruptions throughout mankind's history.
Yeah, maybe CBCD will be the thing in the next decade, or cashless society, e-wallets, but still banks are going to exist facilitating everything.
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?
My bet is that it will change before the next decade because things are moving fast and from the looks of things, Govts and banks only option would be to join the bandwagon but they'll do this using their own services/blockchains or networks which is a tradeoffs from what we're used to.
For instance, Nigeria banks in collaboration with banks, launched eNaira: https://punchng.com/transactions-on-enaira-platform-free-for-90-days-cbn/
In this decade, we may see more CBDCs to be launched and implemented.
Still, they will not divert to decentralized network. The government will keep it centralized as always it has.
We may see digital currency used by the governments but it is more on like digital counterpart of their local fiat.
I don't think banks or governments will totally explore the possibility of adopting the decentralized currencies.
And besides, what do you think will be the percentage of the population that will go all in in crypto?
So not thinking about the possible death of traditional banks, because it will not happen in our lifetime.
Crypto adoption may grow in numbers but I am not seeing crypto as totally replacing the fiat system.
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?
My bet is that it will change before the next decade because things are moving fast and from the looks of things, Govts and banks only option would be to join the bandwagon but they'll do this using their own services/blockchains or networks which is a tradeoffs from what we're used to.
For instance, Nigeria banks in collaboration with banks, launched eNaira: https://punchng.com/transactions-on-enaira-platform-free-for-90-days-cbn/
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 to 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 to remove anything out of them for our convenience?
Adapt or die is the way of all business. Even now, MasterCard is working towards crypto payments, Verifone is starting to accept them, and so on.
Banks are either going to have to figure out a way to handle crypto payments and transfers and so on. Or loose out the the businesses that do.
Not dealing with it will lead to shrinking market share.
Now, will it kill all banks. No
Will some banks come out ahead by not taking / dealing with BTC & crypto. Yes
-Dave
Banks are either going to have to figure out a way to handle crypto payments and transfers and so on. Or loose out the the businesses that do.
Not dealing with it will lead to shrinking market share.
Now, will it kill all banks. No
Will some banks come out ahead by not taking / dealing with BTC & crypto. Yes
-Dave
That's exaggerated IMO, we have a central bank that is created by the government, so they themselves build the banking system and they would not allow it to be destroyed by cryptocurrency. Our government could only regulate cryptocurrency up to a certain limit and that means we cannot fully enjoy its full feature which is anonymity since the anti-money laundering policy itself requires users to undergo KYC application.
I like the enthusiasm since I believe in the future of crypto, but saying it's a big threat, it's like saying that it will destroy the current financial system which is the centralized system, not gonna happen IMO.
I like the enthusiasm since I believe in the future of crypto, but saying it's a big threat, it's like saying that it will destroy the current financial system which is the centralized system, not gonna happen IMO.
FIAT and the banking system across much of the world is going digital as in fewer people
are using physical money and are using cards and phones to transact. Personally on a weekly
basis I dont use cash, its a hassle and not needed, everywhere I go I can pay by card
or phone digitally/electronically.
Maybe banks will accept Bitcoin but it will be as a secondary currency, maybe as
collateral against a FIAT loan or something but i cannot see it replacing FIAT because
the vast majority of people will continue to use FIAT.
are using physical money and are using cards and phones to transact. Personally on a weekly
basis I dont use cash, its a hassle and not needed, everywhere I go I can pay by card
or phone digitally/electronically.
Maybe banks will accept Bitcoin but it will be as a secondary currency, maybe as
collateral against a FIAT loan or something but i cannot see it replacing FIAT because
the vast majority of people will continue to use FIAT.
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?
Something fast and international will probably be adopted within the next decade but perhaps not bitcoin. Banks normally like centralised solutions they can invest in to power themselves - unless regulated to accept something else - so they'll probably go down that route. Also something like cryptocurrency hitting mainstream really fast could cause a lot of problems such as a huge rise in scams.
Without the proper knowledge, people run into difficulties using it, get scammed and lose all interest. This is exactly why when this integration of crypto to everyday payment systems starts - it must start properly where the bank of information is available and widely spread among people.
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?
Something fast and international will probably be adopted within the next decade but perhaps not bitcoin. Banks normally like centralised solutions they can invest in to power themselves - unless regulated to accept something else - so they'll probably go down that route. Also something like cryptocurrency hitting mainstream really fast could cause a lot of problems such as a huge rise in scams.
that cant possibly happen because they do function out on a certain extent on where crypto cant able to do so.Yes, its heavily centralized but we know on how banking transaction
words and had really some advantage on having it.Why we cant just consider on having both which is actually serving two different market? At least we do have some choices or option
whenever on someones needs.
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?
I think you underestimate just how much financial firepower the banks have and they are slowly waking up to the power of the blockchain, that could be good or bad for Bitcoin depending on your perspective. Banks are just financial arbitragers in reality, taking a small commission from very types of monetary transactions and hoping to make a profit through different types of investments. Investment banks have already started buying up large amounts of bitcoin due to the interest that their richest clients have and the new types of funds that they'd like exposure to in their portfolio. What will eventually end up happening, like so many other areas in finance, is consolidation into fewer and fewer hands who never have a need to sell again. So the price raises along with the demand, but the available supply is shrinking - 21 million bitcoin doesn't seem like a lot in that scenario.
The position of the bank becomes one of the most vital things, especially for the continuity of the country's economic system, and I think the word death is too much because they will always be there.
sectors such as banks will not be destroyed at any time even though technology has advanced.
and when talking about adoption for the next few years it may be true what you say but it seems the answer is still the same as it is today which is not bitcoin.
bitcoin is good but this will not match the bank's criteria that they have a centralized system which in this case is very contrary to bitcoin
sectors such as banks will not be destroyed at any time even though technology has advanced.
and when talking about adoption for the next few years it may be true what you say but it seems the answer is still the same as it is today which is not bitcoin.
bitcoin is good but this will not match the bank's criteria that they have a centralized system which in this case is very contrary to bitcoin
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.
We can't totally say that banks will face its end once it will not adopt crypto. There is a process for that. I believe the massive adoption for crypto has already started because as we can see, some big countries and their government have already legalized and adopted bitcoin. So in less than a decade, we will witness again new countries start to adopt crypto and when this adoption will become mainstream, i am certain that banks will soon to integrate crypto into their transactions.However, if government will also use their power to launch their own centralized crypto, then that will surely create another problem. Maybe decentralized crypto will find it hard to be fully adopted but one thing i am certain, the government cannot control the people from investing into bitcoin and other decentralized crypto.
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