Topic: Banks will die crypto will take over in 5-10 years - page 12. (Read 1229 times)

For crypto enthusiasts, they will really wish for crypto to replace banks in the near future. But how about for those who are used in the presence of banks? This will really give them a headache.  So this is the reason why government cannot allow crypto to replace banks because it will only cause more horrible experiences. As long as government still backed banks, it will never stop from existing. Maybe in the future, we can see banks integrating crypto transactions so they can cater too for those who find more convenience in crypto.

As many have argued that banks will always adapt, evolve to the conditions and circumstances of the world economy. For example, from the year the Bank was born, the system has made many adjustments to date. Starting from manual transactions, then to digital transactions between cities and extending between countries in just one confirmation.

So, as long as the government system requires finances that meet economic stability supported by state finances, during that time banks will continue to adjust to the situation. Even by giving up on crypto, the financial system runs centrally under the control of the government. It may not be seen at this time, but in 5 to 10 years nothing is impossible. Finances must continue to run, the government needs income to manage the state order.

Why cannot anyone realize the business model of banks? How does a bank money? They get money from you, put it in a savings account, give you 1% for it and then loan it at 2% (numbers vary from nation to nation). So that means we could literally turn that into crypto as well right? Look at exchanges, do you really think that the huge banks all over the world can't turn themselves into exchanges? Hell I am pretty sure banks could acquire all of Binance as a whole, they are that rich. HSBC could ring up CZ tomorrow, offer them 500 billion dollars, and then take over.

Same goes for Coinbase, I do not know who owns majority of it, but it is on the stock market and banks probably took most of the stocks available as well. All of this means that the moment banks can't make a profit with fiat, they will already be doing fine with crypto anyway.

It's horrifying to hear that the bank is going to die in such a short time. Whether that happens or not, what is certain is that there are still ways that banks can maintain their existence in various ways and ask for reinforcement from the government. Because the role of banks and governments in running the financial system, when it is said to be dead, is cryptocurrency a suitable escape? So where are the people who don't use crypto? will they feel the economic collapse? obviously that would be a big question.

The emergence of cryptocurrency and even its spread around the world cannot in any way affect the disappearance of current banks. The banking system is part of the state system of government. Banks help the state and its government to regulate the economy. Therefore, as long as states exist, they will protect their banks from any encroachment on them. Even if banks did not have such protection, they would still exist. The demand for banking services will never disappear. At the same time, banks have learned to adapt to changing conditions, especially when it comes to increasing their profits.

Your arguments are in fact accurate, the young people do not know but before those attacks we enjoyed a lot more freedom than what we have now so it is regretful we have reached the current conditions we are experimenting, with that being said I still do not think that is going to be enough for banks to disappear, the majority of the people are incapable of taking good financial decisions or to take care of their money and as such they will always be dependent on the banks and other financial institutions.

To me it seems like you don't understand why banks are required, by governments, to monitor activity between bank accounts and it seems quite naive. It is legal requirements forced on them by politicians and the judiciary. Criminals and terrorists are always trying to hide, so obviously they need to use some pretty advanced techniques to find the real sources of funds. I think the opposite of your conclusion, retail banks now are just starting to wake up to the huge potential revenue source that cryptocurrency offers and they are all going to try to copy the Paypal method - where Bitcoin purchases are funded by customers but kept within an enclosed eco-system where they can charge their own fees.

The harsh truth is that most people don't care about privacy. They are okay with giving various kinds of data to the government, banks, and even private companies, as long as they get what they are used to in return. People also don't like responsibility and change. If you store your money in a bank account, you feel like it's their responsibility to keep it safe for you (although of course they don't literally have it there, but that's a different problem). Also, people are used to fiat with its very slow-changing value. Cryptos require you to be responsible for your money's safety, and the volatility can be very high. Banks aren't going away. Some will keep focusing on fiat, others try to offer crypto services as well. Adoption is nowhere near the level required for such a prediction to be reasonable.

I do think that Banks are honestly essential for the normal functioning economy and cryptocurrencies as well. At the end of the day crypto to crypto trading exists but there are many limitations as well. Therefore I do think that Banks would not die. Cryptocurrencies are not really against banks, they are not really competing against banks, therefore I do think that, the only way for both of them to survive is to have a mutualistic relationship, hands down.

Cryptocurrencies replacing banks as a whole financial institution is something that is impossible. Banks are essential, might be not for the upper class, who knows how to use mobile phones and who have access to most of the things that one might consider a necessity for some, but are impossible to achieve in the most cases, the road side vendors, the poor people, they can't afford all of this for sure, therefore for them fiat might be the most affordable method of exchange.

Banks are much needed.
What we should look for is a healthy relationship with them, not domination.

I think so too. They are now adopting and even offering the trading in their system. But, in the long run when everything is digitally transacted and when the mainstream cryptocurrency replace fiat, I think DeFi can replace banks. It is really happening now specially in El Salvador where Sovryn - The DeFi for bitcoin is having a collaboration with El Salvadors national bank to provide world class platform for El Salvadorians.

Banks won't go down without a fight, and sure enough governments wouldn't just let their pals sink without extending a helping hand. It'll take a lot from crypto to take down banks, and even then I don't think crypto will ultimately replace banks as a financial institution. There's so much reliance on banks from this society that I don't think people are ready for a world without them. Also, the convenience banks provide to people is something else, even if it means their money are being held hostage until they complied with the banks terms.

Um.. nope.


Actually all financial services need to do that because of the laws. So while you're right about govs, you're wrong about banks.


It wasn't. The only difference is that the information didn't go this fast and news were not built to only be shocking.


You'd be surprised. Just read between the lines and look how many people will tell that govt actions are OK, and they "have nothing to hide" hence giving all those details is rather normal and so on.
I hope that people will wake up at some point, but I fear that I may hope for too much.

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OP, you had some ideas and could have been better to discuss them separately, since some are rather wrong.
And the conclusion is also wrong. The banks will most probably prevail. Yes, they will have to evolve and some will be dying in the process, but most of them will most probably prevail.

In a societal setting where people strongly stick to good principles and rule of law ,  they could adapt to something more acceptable, probably the True Crypto model. In settings with evil banks where people are asleep or decieved, their rights could continue to be trampled upon probably in different guises.

They are intentionally/unintentionally following a program designed for the Matrix or evil System which sole purpose is to fully delivers those that are slave to the system to hell. It's programmed to behave in certain way if this or that happens or doesn't happen. Better still, If this happens or doesn't then do this or that, and humans will react this way or that way. What it gets people or other things to do could include launching terrorists attacks.

Not to be pessimitic about taking over and will make the banks die. I think they'll just simply adopt what's with the trend and it's very inevitable for them join the crypto adoption since it's also related to their service, financial services.

We have freedom and we're also free to use them for the purposes that we need from them.

Although as someone that's in the crypto community, I've thought about that too but adoption is inevitable and the banks have to adapt the changes and crypto revolution.

This is just pure assumptions without backed up evidences. A mere opinion that won't really matter and happen anytime soon at the very least.

The things you are stating are really impossible to happen. By just looking back at the history and economics, banks did exist long before, up until today, and definitely it would still exist in the future. It won't be eliminated that easily by the crypto community. No matter how crypto will be widely known and used, banks will continue to exist. I think what's more fitting to say would be banks and crypto would coexist as an alternative for each other during the next few years. It's possible that in the future, the population of cryptocurrency users will grow big and it will be adopted by numerous establishments and could possibly be adopted by a central organization as well.

Banks are just doing what it was supposed to do. If you are not fond of KYC, then don't make a bank account and just patronize a decentralized platform. KYC is done in order to verify the background information as well as the activities of the clients to ensure a safe and healthy ecosystem for both banks and customers.

The problems and challenges you have mentioned have been overcame and definitely we will overcome. Nice set of leaders are needed in order to maintain peace and harmony as well as to combat the pandemic situation we are in right now. You see, not every government is corrupt. There are still clean politicians sitting on their positions and we just have to find and elect them to make a change.

Before life was normal... what a joke! Add Balkan to that list!

I am in that 10%, I am not using banks for selling crypto! But I have to use it anyway, for salary and credit cards!

Well, I believe that crypto will take over, eventually... the number of crypto users will continue to grow, as well as the number of "only crypto" users! So it's logical to believe that crypto will become a real threat for banks all over the world one day!

I highly doubt it. Banks do take control of our funds however we technically allow them to do so when we give it to them for safe keeping. Plus, banks being gone is like removing the core of a working centralized system that the majority of the users, institutions, and companies use. Not to mention that banks offer convenience, something that most people would gladly take even if it means that their funds are being temporarily controlled by banks. Not anyone has the time, nor the expertise to become their own bank after all.

Banks won't go away in a decade, but if crypto (or similar digital forms) take over, their market weight will diminish.

Crypto has died in China, banks have thrived. Adopting China's strict regulations is not a problem for a global country. Crypto's biggest threat is not banks, but regulation.
After all, what percentage of the world's human population will care about crypto in the next 10 years? By the way, if you take the vaccine, it shows that you are dependent on the government.

Yeah everything was fine before 2001
- Two world wars, Vietnam, Korea
- IRA, ETA, Black September, Ulster VForce
- AIDS, Hong Kong Flu, A/H2N2, Typhus , Polio
- Warsaw Pact, Cold War, Cuban crisis
- 1973 Oil crisis, Black Monday of 87, 97 Asian crisis

Yeah, if you're complete ignorant then everything was just fine before 2000, not a single thing to worry

As for banks going away....I'm willing to bet 90% of the poeple who bought and sold crypto have used a bank to do so.