Banks will die crypto will take over in 5-10 years - page 3.

Hamphser

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Quote from: Issa56 on December 23, 2021, 04:14:31 PM

Seriously how I wish it can happen like that because am already tired with bank rules and regulation but I don't really think cryptocurrency can take over bank completely but it will definitely reduce the way inwhich people make use of it and that's why banks are scared of cryptocurrency.

Even how hard you do wish of it then it could still not happen even on 1% chance.Crypto couldnt replace Banks and come to think on how industries would be working with crypto based up payment solutions or system?
No matter what angle do i look it couldnt really happen no matter what even if we do talk about 50 years of cryptocurrencies existence it wont really be giving out guarantees that it would happen and just like with other
members been saying above that they would both exist and would be both be used by the community and theres no need on replacing of each other yet we do need them
both.

Issa56

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Seriously how I wish it can happen like that because am already tired with bank rules and regulation but I don't really think cryptocurrency can take over bank completely but it will definitely reduce the way inwhich people make use of it and that's why banks are scared of cryptocurrency.

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Quote from: Dump3er on December 17, 2021, 05:34:38 AM

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On the other hand, It's not possible to avoid banks in everyday people's life. A bank is the most trusted media by people's practical world. So everyone can't want of bank's death very early the mentioned topics. So stay with the bank for your safe life & livelihood.

Saying Banks will he replace by crypto is the delusional talk and arguments to talk about in the first place, we both need each other survive this adoption we all need. Banks will get a massive turnout investors from crypto who will want to make a deposit and in return crypto will on board millions of people including those who are very less interested in cryptocurrency.
I know the government want a regulation, it's for everyone benefits and clean money. Nobody will want to talk bad about crypto again, it will seen as a clean money and everyone will be happy when there is a bull run unlike the way India is trying to Fud everyone in the system.

I agree with their position, in fact I believe that many governments will begin to highlight BTC from now on, taking it into account for our digital economy, I do not believe that they will replace banks, rather I believe that banks will adapt to the world crypto and it is not a bad thing, because they would continue to maintain all security but offer a service that at given times can give much more than expected, in fact BBVA already considered it and I think that at least in Spain some series of banks already receive cryptocurrencies .

That's a good point of view, but if banks become an integral part of the digital economy where Bitcoin might play an important role in the future, there is also a possibility that banks somehow implement extra fees for facilitating transactions or providing other financial services relating to Bitcoin. It remains to be seen if they contribute to Bitcoin becoming a real option for people or whether they create additional cost that further exacerbate the tx fees dilemma of Bitcoin.

Yes, in fact if the bankers are quite skilled they can implement this system, and from there they can generate good profits, however it is only a perspective, although the plans of many banks such as BBVA and Santander are quite good, they have every hope that can offer something very good to its clients, only the fact that JP Morgan clients have demanded that they have benefits and that they impose the BTC in their banks is an indication that they have to do things as the clients want because easily anyone can create a wallet and that's your best bank.

stomachgrowls

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Quote from: Vaskiy on December 21, 2021, 02:40:16 PM

Quote from: Japinat on December 21, 2021, 08:05:06 AM

Quote from: BitKongy on December 21, 2021, 03:40:58 AM

Saying banks will die is just like saying government will seize to exists which is impossible, government will make centralised entities and powers to live on till the end of time because that's they can maintain their power, decentralized is striping off government power 100% and that's why gov don't like decentralized entities, it's giving real power to the people

Decentralized system promise to fulfill banking without a bank, which in real life is not possible due to the fact hat majority of what we need can only be bought by fiat, and with that said, without bank fiat would not exist, I hope everyone understands that simple logic.

The middle man gets removed, but how far this happens in real-time is clearly described. As of now the cryptocurrency usage around the globe have increased, but the same hasn't happened in terms of direct usage similar to fiat. The usage of bitcoin as a form of investment, trading asset have increased, but as a legal tender isn't much preferred. If such thing happens we can think of crypto taking the role of banking.

And taking the role of banking isnt something that crypto could take over and this is the fact which we should really be that mindful on whats the true essence of banking system existence even though

some people do really hate it when it comes to centralization but it cant really be denied that this had been always useful on some other aspects and do make our lives even more comfortable

even though it do really compromises someones privacy but the advantage and benefits could really give out that accessibility or do make things a lot more easier.

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Quote from: Japinat on December 21, 2021, 08:05:06 AM

Quote from: BitKongy on December 21, 2021, 03:40:58 AM

Saying banks will die is just like saying government will seize to exists which is impossible, government will make centralised entities and powers to live on till the end of time because that's they can maintain their power, decentralized is striping off government power 100% and that's why gov don't like decentralized entities, it's giving real power to the people

Decentralized system promise to fulfill banking without a bank, which in real life is not possible due to the fact hat majority of what we need can only be bought by fiat, and with that said, without bank fiat would not exist, I hope everyone understands that simple logic.

The middle man gets removed, but how far this happens in real-time is clearly described. As of now the cryptocurrency usage around the globe have increased, but the same hasn't happened in terms of direct usage similar to fiat. The usage of bitcoin as a form of investment, trading asset have increased, but as a legal tender isn't much preferred. If such thing happens we can think of crypto taking the role of banking.

Shagnasty

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You could say that govs want to control people but the govs priorities the control of money. I don't think banks will just go away and die. I would rather believe that banks will start to use cryptocurrency and have their own exchange then they will earn profit from it. There is a wallet/exchange regulated by a central bank in my country.

Japinat

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Quote from: BitKongy on December 21, 2021, 03:40:58 AM

Saying banks will die is just like saying government will seize to exists which is impossible, government will make centralised entities and powers to live on till the end of time because that's they can maintain their power, decentralized is striping off government power 100% and that's why gov don't like decentralized entities, it's giving real power to the people

Decentralized system promise to fulfill banking without a bank, which in real life is not possible due to the fact hat majority of what we need can only be bought by fiat, and with that said, without bank fiat would not exist, I hope everyone understands that simple logic.

BitKongy

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Saying banks will die is just like saying government will seize to exists which is impossible, government will make centralised entities and powers to live on till the end of time because that's they can maintain their power, decentralized is striping off government power 100% and that's why gov don't like decentralized entities, it's giving real power to the people

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Quote from: shasan on December 21, 2021, 12:56:22 AM

Bank is still safer than crypto. Those funds which has been hacked is impossible to recover and it is almost untraceable but now a days funds on bank is safe. It cant be hacked and also bank have a liability if funds lost for any unfair way. At the same time for crypto no one will be responsible or no one will take the liability for lost fund.

yeah, that's the reality. after all, in general people are also more likely to choose banks over crypto nowadays. so, the vote for the bank may still be much bigger, and difficult to dissipate.
besides, rather than die, I think that banks will adapt to this crypto system. if one day people tend to use crypto, the government will not stand still for it. most likely the steps that will be taken are, take advantage of this technology, or ban this.

shasan

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Quote from: Bollexz1 on December 14, 2021, 03:57:59 PM

Bank is no more a safe Haven to me. I can not imagine keeping funds with bank for a whole year and start facing a lot difficulties and answering impromptu questions when the time elapse for me to withdraw my savings, not to even mention the part of all the charges that had been removed from the account. So annoying

Bank is still safer than crypto. Those funds which has been hacked is impossible to recover and it is almost untraceable but now a days funds on bank is safe. It cant be hacked and also bank have a liability if funds lost for any unfair way. At the same time for crypto no one will be responsible or no one will take the liability for lost fund.

pinggoki

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Quote from: Japinat on December 20, 2021, 07:07:47 PM

Quote from: pinggoki on December 20, 2021, 06:23:25 PM

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If crypto innovators need the support of the government to grow their business, then there's no way a government institution like the banking industry will be abolished just to give way to crypto. We have to understand that the fiat system is very powerful, it's the resemblance of the economic status of a country and the government has their own fiat which they can't do with bitcoin and crypto that are decentralized.

What you're saying is in exactly the same realm as what I just said, that financial system is a powerful enemy and I don't think that we will be able to abolish that institution because of their power. I don't get what you're talking about in the last part though can you elaborate on that?

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Quote from: TelolettOm on December 20, 2021, 07:11:54 PM

Are you kidding me?
Even I hate bank system, but I èxactly think that
Banks will not die in 5-10 years. Too high to daydreaming about it.
Banks are strong governance, power, and complicated. They will never let banks to die whatever happen. It is not only about one country but all countries around the world. Although crypto is very possible to be dominant, it doesn't mean to replace banks and make banks die in that period.

And people should really be thinking and realizing about that and not just overthinking and having high hopes that crypto would taking over because this is something that wouldnt happen.Government couldnt really just

let these things to happen since they do know that crypto is decentralized and come to think that there are things which do only works and organized with centralized aspects thats why its really crucial to have it

no matter how some people do really hate up the current banking system which i do have the same input and views too but its not bad for both to co-exist.

TelolettOm

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Are you kidding me?
Even I hate bank system, but I èxactly think that
Banks will not die in 5-10 years. Too high to daydreaming about it.
Banks are strong governance, power, and complicated. They will never let banks to die whatever happen. It is not only about one country but all countries around the world. Although crypto is very possible to be dominant, it doesn't mean to replace banks and make banks die in that period.

Japinat

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Quote from: pinggoki on December 20, 2021, 06:23:25 PM

Quote from: ?? on ??

You could say that govs want to control people but the govs priorities the control of money. I don't think banks will just go away and die. I would rather believe that banks will start to use cryptocurrency and have their own exchange then they will earn profit from it. There is a wallet/exchange regulated by a central bank in my country.

To control money is to control the population so you will understand why they want to control the money and it's circulation because to control it is to maintain the status quo. To be honest, I think that crypto will not be able to defeat the banks because as time goes by, crypto innovators are starting to look alike the conventional financial institutions as they want to curry favor from the government.

If crypto innovators need the support of the government to grow their business, then there's no way a government institution like the banking industry will be abolished just to give way to crypto. We have to understand that the fiat system is very powerful, it's the resemblance of the economic status of a country and the government has their own fiat which they can't do with bitcoin and crypto that are decentralized.

pinggoki

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Quote from: ?? on ??

You could say that govs want to control people but the govs priorities the control of money. I don't think banks will just go away and die. I would rather believe that banks will start to use cryptocurrency and have their own exchange then they will earn profit from it. There is a wallet/exchange regulated by a central bank in my country.

To control money is to control the population so you will understand why they want to control the money and it's circulation because to control it is to maintain the status quo. To be honest, I think that crypto will not be able to defeat the banks because as time goes by, crypto innovators are starting to look alike the conventional financial institutions as they want to curry favor from the government.

DrBeer

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Quote from: Abiky on December 20, 2021, 08:10:27 AM

Quote from: DrBeer on December 19, 2021, 03:07:08 PM

And how do you think a crypt will "kill banks" if the state regulates the work of banks, banks reciprocate, and access to the market allows cryptocurrencies, also the state financial system? Until salaries start to be paid in crypto, and all prices for goods and services do not have an indicative price in dollars, only for conversion to bitcoin or alts, there will be no "victories". The banking / financial sector is supported by fiat, the economy is local and global , and so far no cryptocurrency is visible there. It is not seen as a means of calculation, but as a technology - yes, banks and other institutions are beginning to use them ... But this is not a replacement for banks

Exactly. The odds of crypto replacing banks in the future are very slim right now. Governments and central banks control the economy, so they won't allow decentralization to prevail. Banks' intention of launching digital Fiat currencies (CBDCs) shows us that crypto isn't going anywhere soon. It'll remain as an alternative financial system for the unbanked. Instead of focusing on replacing banks, we should focus on making crypto/Blockchain land a better place. Only then, crypto will become a strong competitor against Fiat. The crypto economy is growing at a fast pace, so it should only be a matter of time before adoption grows in par with Fiat. Just my opinion

To be honest, quite recently I also "dreamed" of cryptocurrency as a replacement for fiat. Then I probably grew wiser

Why I don’t want cryptocurrency in its current form to replace fiat. Because the crypt is not suitable for mass use, it has a lot of drawbacks (try to return the crypt if there is an error in the recipient's address), and many others. But I want fiat improved blockchain technologies - fast transactions, low commissions, and much more. How do I see the crypt? A kind of cyber-crypto asset that can be used somewhere as a means of payment, somewhere as a means of investment, somewhere as a means of accumulation. This is my opinion

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Quote from: goku19 on December 20, 2021, 12:35:35 PM

Banks will not disappear. Banks represent the government. The government may launch its own country's digital currency, but cryptocurrency cannot replace banks. Many people still don't believe in cryptocurrencies. They believe in banks and store their money in the bank, even if they cannot make additional profits.

In this case it seems that it is difficult to see cryptocurrencies replace Banks,
Moreover, traditional banks have existed for a long time so that people can be said to have full trust in them.
but we'll see in the future because technology is growing and it's a shame if it's not used

ShowOff

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Quote from: Abiky on December 20, 2021, 08:10:27 AM

Exactly. The odds of crypto replacing banks in the future are very slim right now. Governments and central banks control the economy, so they won't allow decentralization to prevail. Banks' intention of launching digital Fiat currencies (CBDCs) shows us that crypto isn't going anywhere soon. It'll remain as an alternative financial system for the unbanked. Instead of focusing on replacing banks, we should focus on making crypto/Blockchain land a better place. Only then, crypto will become a strong competitor against Fiat. The crypto economy is growing at a fast pace, so it should only be a matter of time before adoption grows in par with Fiat. Just my opinion

Fiat and Crypto will compete to be the financial system of the future, I think it will be much better than shutting down one of the two. I don't expect crypto to take over the function of banks and replace them, but crypto will always exist if CBDC is actually realized.

Adoption growth is highly expected for crypto as I think it will affect future price volatility. The higher the adoption, the lower the volatility as people have turned crypto into currency. Governments will not allow the financial system to become decentralized, so without banning crypto they can also engage in the same space as CBDC plans.

herurist

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Quote from: Bollexz1 on December 17, 2021, 06:05:11 PM

Quote

And since crypto isn't widely accepted in our country, it leaves no choice but to convert it into our local currency then put it on the bank.

I strongly agree with you. Even though too many unusual charges occur, we just have to bend to their rules as crypto isn't yet accepted globally.

regulation is still a major issue today in global adoption but even so I feel there is no reason to leave this because indeed as long as the government is still in a neutral situation and neither supports nor prohibits crypto then there is no strong reason to leave the technology of the future this.
On the other hand, global adoption is actually going to happen sooner or later, all we can do now is just wait for that moment to come

goku19

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Banks will not disappear. Banks represent the government. The government may launch its own country's digital currency, but cryptocurrency cannot replace banks. Many people still don't believe in cryptocurrencies. They believe in banks and store their money in the bank, even if they cannot make additional profits.

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