Topic: Banks either adapt or face death - page 5. (Read 559 times)

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

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.

There is nothing to suggest now that cryptocurrency would be the end of banks or fiat currencies, it is yet a novel currency which cannot sustain an economy on its own as the staple means of transaction and it cannot be used under the current system of government run by most all countries, except it can fully regulate it.

Mainstream adoption is definitely possible within this decade or the next, but the cost of it could potentially change the way most people view cryptocurrencies.
When banks adopt then, it cannot fully function as a decentralized network and users would need to submit KYC and AML documents to the central bank, basically making the network centralized.

Banks will still exist, some people in the world still like conventional banking methods even though they have adapted to technology. But maybe yes, banks will also adopt crypto to equalize their services to the current crypto platforms that used to be popular with crypto enthusiasts, such as the defi loan platform. However, the bank remains a priority for most customers for several reasons. With the power of legality that is able to offer security and guarantees under the law. And with its centralization, banks can manage facilities and offer advantages flexibly.

Keep in mind, some people believe that a safe service is a service that has clear legality. We can only speculate about the bank's plans, in fact global regulations generally have not allowed banks to adopt crypto.

governments set out what 'currency' 'asset' 'token' 'note' as the national currency. they employ laws like tax, minimum wage, courtfines to ensure that currency is used by citizens (aka legal tender)

this makes people need to have services to transfer, exchange, store, audit/log.

if a government was to adopt a crypto. they wouldnt just let it be wild where citizens can self transfer without logs/audits. they would want some form of custodian group, with regulations on what/who they monitor and how much citizens can move without presenting as a flag.

changing from fiat to crypto wont destroy banks. it would just change what banks handle

take even the altnets like LN. even now with just a few thousand users its already showing its weakness of independance by having some users not want to be full nodes because they just want the phone litewallet version. meaning people end up depositing into hubs custody as a multisig. these hubs are then banks

heck even on the bitcoin network in 2012. i remember times where instead of just withdrawing from one exchange to another. id use bitinstant 'codes' to exchange reserves between mtgox and btc-e to move funds faster when arbitraging the markets.

so there will always be some custodian service offering something that users want and these services will be the 'banks'

Possible! But that will not happen in our lifetime! The root of commercial banks are so deeply attached to the society,  that death of the banking system is not something that will happen soon enough.

Rather what I foresee is that banks will adapt this digital era and evolve as per the need of the economy. Failur is certainly not an option for them. They will be under pressure for sure but eventually will adapt to the demand of the economy.

the banks will not die, the banking system itself will not allow them to die no matter how many centuries pass they will always continue to exist. just look at the following:

the government employee works 30 days and receives his salary at the bank - the bank deducts life and health insurance from the salary of the government employee and many other insurances - when the government employee wants more money he borrows from the bank - the bank pays taxes to the government

this cycle does not allow banks to die, they always profit

Banks are important. Therefore it's important to understand the fact that they have to improve. Which generally is very hard for the stern thinking of most people involved in the system, they always think that the conservative ways are still the best therefore in few years if they are not able to adapt to cryptocurrencies and allow their exchange, transactions then it would be detrimental for their overall health and people might start switching to the banks who does. This is only an example. For me I had sbi from back in India and they didn't allow crypto transactions therefore I closed my account and have been using dbs for ages now. Therefore it's all about people choosing what is better for them. Therefore the banks can have their own digital currencies hands down but they have to give bitcoins and other cryptos a good roof.

I honestly don't believe that I'll ever behold bitcoin as the default currency option. Most likely, it will be treated as the basic store of value asset, as it complies with the properties. It's actually the best type of store of value human has ever witnessed, IMHO.

As for the banks, there's no way they'll put bitcoin above their digital currency that will be fully controlled and not private. The banks and the government want to have power and that's the ordinary way of things. None would ever accept a currency with so anarchic structure as the main one.

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.

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?