Banks will die crypto will take over in 5-10 years - page 4.

Abiky

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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

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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

Sirait

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banks will not die, they will just adopt crypto and become fiat & crypto banks. when adoption happens, fighting crypto is against the world, they definitely don't want to be outdated, keeping up with changes is the best way for banks to survive.

Gozie51

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Quote from: iv4n on December 18, 2021, 02:29:05 AM

Quote from: OpaMunze on December 17, 2021, 07:42:35 PM

Quote from: spy100 on November 10, 2021, 06:18:48 PM

Banks will die crypto will take over in 5-10 years

I say more like 10-25 years.. the banks will adapt and allow crypto.. but they will fail as they will try to control it.

OpaMunze is right, 10-25 years sounds more like a reasonable expectation, and I must say I like the conclusion, they will fail because they will try to control it, but of course, they will not be able to do it, so they will not be able to adapt! I believe this will happen with many banks, there will be just rare examples of banks ready to adopt new technologies, banks ready to change the way they do business will have more chances for survival!

No if they adopt it then they won't fall. The adoption of cryptocurrency into banks will be as a need to satisfy the customers full financial services so it will go by the side with fiat currency too for maximum service. If banks adopt cryptocurrency they already know that it is not controlled as blockchain is there for everybody. If talking about control that can happen with coins that are centralised but not bitcoin.

iv4n

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Quote from: OpaMunze on December 17, 2021, 07:42:35 PM

Quote from: spy100 on November 10, 2021, 06:18:48 PM

Banks will die crypto will take over in 5-10 years

I say more like 10-25 years.. the banks will adapt and allow crypto.. but they will fail as they will try to control it.

OpaMunze is right, 10-25 years sounds more like a reasonable expectation, and I must say I like the conclusion, they will fail because they will try to control it, but of course, they will not be able to do it, so they will not be able to adapt! I believe this will happen with many banks, there will be just rare examples of banks ready to adopt new technologies, banks ready to change the way they do business will have more chances for survival!

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Quote from: TheNineClub on December 17, 2021, 10:54:42 AM

Bold claims, but I doubt it. Firstly, crypto is deceiving in a way that people in it think everyone has gotten to it, and that's really not the case. A 5 to 10 year period is far too small to have everyone transition to crypto. Every individual, all business transactions, mortgages...everything just disappearing in such a small period? Only if there is a worldwide cataclysm, but then crypto would also be worthless. And as there being troubles around the world...banks have survived 2 world wars plus a bunch of other shit, so there will be no effect there.

I also have this same thought and I wonder why some people would be of the opinion that banks are going to be removed from the chapter. I know there are so many of us who like bitcoin and they are like die-hard fans now, but still they have to understand this – banks are not leaving, neither is bitcoin, rather what I believe would happen is that both would stay.

So, it’s now going to be a matter what you prefer to use, you can go for that. Moreover most people wouldn’t like to be using bitcoin as their main savings account, because it is not a stable currency, and they know that anytime the price can go down and they would be left with something less than what they have invested before.

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Quote from: spy100 on November 10, 2021, 06:18:48 PM

Banks will die crypto will take over in 5-10 years

I say more like 10-25 years.. the banks will adapt and allow crypto.. but they will fail as they will try to control it.

Bollexz1

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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.

Sanitough

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Quote from: TheNineClub on December 17, 2021, 10:54:42 AM

Bold claims, but I doubt it. Firstly, crypto is deceiving in a way that people in it think everyone has gotten to it, and that's really not the case. A 5 to 10 year period is far too small to have everyone transition to crypto. Every individual, all business transactions, mortgages...everything just disappearing in such a small period? Only if there is a worldwide cataclysm, but then crypto would also be worthless. And as there being troubles around the world...banks have survived 2 world wars plus a bunch of other shit, so there will be no effect there.

Even if it will take a lifetime, as long as there's still order in the world, Crypto or any digital currency would not replace banks. It's been already the biggest financial system in the world, the banking system will always remain as the government will never allow it to be replaced, no way a decentralized market will surpass the centralized market, I'm just trying to be realistic here.

syedzakir

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Surely as the crypto currency is becoming famous in the coming world so it is expected that the banks will die soon and the banking system would be leading to a great failure

TheNineClub

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Bold claims, but I doubt it. Firstly, crypto is deceiving in a way that people in it think everyone has gotten to it, and that's really not the case. A 5 to 10 year period is far too small to have everyone transition to crypto. Every individual, all business transactions, mortgages...everything just disappearing in such a small period? Only if there is a worldwide cataclysm, but then crypto would also be worthless. And as there being troubles around the world...banks have survived 2 world wars plus a bunch of other shit, so there will be no effect there.

bengsabeng

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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

the bank is the safest place to store money and your personal data as a customer will be protected, for no apparent reason anyone cannot know your personal data. Saving in the bank does cost money but the costs we spend are very comparable to the security we will get. On the other hand the costs you have to spend when saving in the bank are very small and will not interfere with your finances in the slightest Roll Eyes

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Quote from: dimox on December 17, 2021, 10:06:35 AM

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

actually, people still use bank as saver their money, and im use that thing to keep and do other thing. bank give me convenience to do online thing, i really appreciate with their service.
what i wanna say is how good you are to use that provider, use that service, as good as possible, and minimize the harm.

Exactly, and I was still using banks to keep my money safety than just putting it on online wallets. I know we are aiming to have crypto that is widely adopted and a store of assets but can't disclose the risk is also high, people seem to look for a place where they can assure the safety of their money and to say that banks could give it more than what these online wallets have or even hardware wallets.

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.

dimox

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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

actually, people still use bank as saver their money, and im use that thing to keep and do other thing. bank give me convenience to do online thing, i really appreciate with their service.
what i wanna say is how good you are to use that provider, use that service, as good as possible, and minimize the harm.

Xampeuu

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

Quote from: LUCKMCFLY on December 16, 2021, 09:50:15 AM

Quote from: Dragonfund on December 08, 2021, 12:32:45 PM

Quote from: ?? on ??

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.

I believe the government has started taking cryptocurrency into account, because of its unstoppable development. hopefully this is true, so that with the rules made by the government banks can run so that crypto has a place in the bank. I don't know what the rules will be like, at least a big change will start

so98nn

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The world was fine before 2001, it was find up to the COVID period and it is also good after the pandemic! The financial system was best before 2001 and it’s added advantage after we got crypto currency world evaluated. However, I don’t think that banks will get disturbed because of crypto. Not everyone is having extra marital affairs and hundred gfs and kids besides the first marriage. Lolz. So I don’t think everyone is having problems with the banking system that currently exists.

Peeps are so used to it now that they rely on it with their lives. In fact in country like India they invested so much money in developing Unified Payment System which makes transaction in trillions of dollars in “real time”. The world wants it so badly!

So there are developments in the traditional banking system all the time which means crypto currency is going to be secondary for time being. Nothing is going to change in next 5-10 years.

Dump3er

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Quote from: LUCKMCFLY on December 16, 2021, 09:50:15 AM

Quote from: Dragonfund on December 08, 2021, 12:32:45 PM

Quote from: ?? on ??

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.

LUCKMCFLY

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Quote from: Dragonfund on December 08, 2021, 12:32:45 PM

Quote from: ?? on ??

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 .

Abiky

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Quote from: Argoo on December 09, 2021, 10:39:37 AM

Banks are part of the state system of government and therefore is under the strict protection of states. For them, a threat to their existence will arise only when the states themselves are destroyed as a way of social order. But humanity does not yet know any other alternative to states. Therefore, so far nothing threatens the banks.

That's certainly true, mate. Given that states still exist, it's highly unlikely crypto will replace banks within 5-10 years from now. Something that's decentralized and outside the control of central banks and governments will be considered as a threat to the global economy. CBDCs (Central Bank Digital Currencies) will be launching soon, greatly solidifying banks' position in the mainstream world. With how thing's been progressing lately, it seems to me that crypto and Fiat will co-exist for many generations. I'm fine with that as long as people have financial freedom through the use of decentralized cryptocurrencies like Bitcoin and Ethereum. Just my thoughts Grin

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Quote from: spy100 on November 10, 2021, 06:18:48 PM

Banks will die crypto will take over in 5-10 years

Why ? They are starting to ask to many personal questions and monitoring people like they are criminals / terrorists etc ...even if they are not ...
Govs want to much control on people...the world is becoming very strange and it all started with 9/11 attacks ... to many coincidences

To many things happened in 2 decades :
Terrorists attacks / Wars on Terror / Arab spring / SARS / Climate Change / Covid / Global trade problems and so on ...

Before 2001 life was normal ...does how are older remember ... now they are not even hidding it / no longer in the shadows what they are trying to do ...

Is it just to take peoples freedom for the "greater good" ? Will people allow their freedom to be taken ?

-------------------------------------------

Here is a example of problem with banks : I have another girlfriend or a secret kid from another women that i am sending money to each month to support ... now some banks started to ask questions what are you doing with your money ... ? Why are you sending to x,y,z ...We each have our own problems in life...Questions banks started to ask are to personal.

5-10 years is really short duration for this your prediction. However, I completely understand your school of thought and i'd rather say the that the banking systems will evolve rather than completely disappear. Things are changing quickly and in 5-10years time if we are still alive, we will have witnessed massive changes, improvements and development in all systems, the banking industry will not be left out.

Topic: Banks will die crypto will take over in 5-10 years - page 4. (Read 1229 times)