Topic: Banks will die crypto will take over in 5-10 years - page 6. (Read 1229 times)
Bank is the place were serving money starts and comparisons of banks and cryptocurrency is not good in my sight because the comparison should be the fiat and cryptocurrencies because can not use bank to achieve anything is a place money is stored why wallet is a place bitcoin is stored, bank can die another means of serving money will come but fiat can not die.
Banks are the ones who do need to work with government since they would need to have some permission whether they would accept or deal with crypto but most of the time they would really be against it and only a few would really be approved out whenever a bank will deal about cryptocurrency.
Actually its not really surprising that they would go against it because decentralized aspect is never been an ideal thing for them to adopt.
Crypto could never able to replaced banks and government wouldn't allow for that thing to happen which you shouldn't really be that
hopeful for this thing to happen.
Actually its not really surprising that they would go against it because decentralized aspect is never been an ideal thing for them to adopt.
Crypto could never able to replaced banks and government wouldn't allow for that thing to happen which you shouldn't really be that
hopeful for this thing to happen.
Banks were operated under the law and regulations of government which is cryptocurrency is a total opposite that's why many countries are not open for adoption of bitcoin because they can't control it. Going back to OP's statement that banks will die and crypto will take over in 5-10years I think this would be impossible for now (I can't also figured out if in the future banks will disappear) because banks are a centralise platform that government has a control over it, I believe that crypto will become one of the circulating currency all over the world working together with banks.
If the central banks really want to retain their purpose of managing headline inflation through monetary policies, they should revamp some existing liberties for upcoming digital payments providers.
Banks are the ones who do need to work with government since they would need to have some permission whether they would accept or deal with crypto but most of the time they would really be against it and only a few would really be approved out whenever a bank will deal about cryptocurrency.
Actually its not really surprising that they would go against it because decentralized aspect is never been an ideal thing for them to adopt.
Crypto could never able to replaced banks and government wouldn't allow for that thing to happen which you shouldn't really be that
hopeful for this thing to happen.
Actually its not really surprising that they would go against it because decentralized aspect is never been an ideal thing for them to adopt.
Crypto could never able to replaced banks and government wouldn't allow for that thing to happen which you shouldn't really be that
hopeful for this thing to happen.
Banks were operated under the law and regulations of government which is cryptocurrency is a total opposite that's why many countries are not open for adoption of bitcoin because they can't control it. Going back to OP's statement that banks will die and crypto will take over in 5-10years I think this would be impossible for now (I can't also figured out if in the future banks will disappear) because banks are a centralise platform that government has a control over it, I believe that crypto will become one of the circulating currency all over the world working together with banks.
In my own opinion, banks will not die to be taken over by crypto soon, this because banks are very important because some banks are really ready to work together with cryptocurrency and government will never make that happen.
Where did you read that the government is working with banks to make crypto easier for people, the government has never line with crypto, they are just trying to regulate it since they have to ban of several timea but people has refused to stay away from it. The adoption is growing at rapid rate and it fear them that they may not be able to control the atmosphere, hence the need for regulations is essential to them.
In my own opinion, banks will not die to be taken over by crypto soon, this because banks are very important because some banks are really ready to work together with cryptocurrency and government will never make that happen.
Where did you read that the government is working with banks to make crypto easier for people, the government has never line with crypto, they are just trying to regulate it since they have to ban of several timea but people has refused to stay away from it. The adoption is growing at rapid rate and it fear them that they may not be able to control the atmosphere, hence the need for regulations is essential to them.
Actually its not really surprising that they would go against it because decentralized aspect is never been an ideal thing for them to adopt.
Crypto could never able to replaced banks and government wouldn't allow for that thing to happen which you shouldn't really be that
hopeful for this thing to happen.
Banks offer a more secure service though not risk free, maybe that's true if we compare it to cryptocurrencies. In addition, banks are still needed by 99% more world's population to carry out daily financial transaction so it is impossible to expect crypto to replace the existence of bank. Although in future every country can have its own cryptocurrency but I think people still need bank especially those who don't agree with crypto.
They do not really "need" it, everything you could do in a bank could be done with crypto as well. Banks needs to go back to what they were all about, savings accounts and lending out money from their savings account holdings, and not multiple amounts neither, whatever they have, they should lend but that's it.If you keep on thinking banks are the way we exchange money then you have not been watching too much of what's going on with crypto, we can exchange money from one side of the world to another for a few cents in a few seconds. Sure bitcoin is not like that right now, but there are other coins like SOL or TRX that you could use to move millions of dollars to another nation. So, 99% of the world doesn't "need" it, they just don't know what else they could do and crypto is not accepted in many places just yet so they still "prefer" fiat.
In my own opinion, banks will not die to be taken over by crypto soon, this because banks are very important because some banks are really ready to work together with cryptocurrency and government will never make that happen.
Where did you read that the government is working with banks to make crypto easier for people, the government has never line with crypto, they are just trying to regulate it since they have to ban of several timea but people has refused to stay away from it. The adoption is growing at rapid rate and it fear them that they may not be able to control the atmosphere, hence the need for regulations is essential to them.
In my own opinion, banks will not die to be taken over by crypto soon, this because banks are very important because some banks are really ready to work together with cryptocurrency and government will never make that happen.
Banks will certainly follow government rules and regulations, so I think the government has an important role in this issue. banks can coexist with crypto if the government is serious about this and cooperates with banks to create their own crypto. to make this happen is indeed very complicated because it has to do research and trials first, but if this can be realized it will certainly be something extraordinary.Banks have no choice but comply for sure, there is no way around that. But as you put it, if the banks integrate cryptocurrencies more and more it all comes down to the regulation they have to comply with. If it is a crypto-friendly government, I think that synergy could still be fruitful between banks and crypto, even with decentralized cryptocurrencies. But they will have technology in place that will be able to track down any transaction people do with any bank account.
In my own opinion, banks will not die to be taken over by crypto soon, this because banks are very important because some banks are really ready to work together with cryptocurrency and government will never make that happen.
Banks will certainly follow government rules and regulations, so I think the government has an important role in this issue. banks can coexist with crypto if the government is serious about this and cooperates with banks to create their own crypto. to make this happen is indeed very complicated because it has to do research and trials first, but if this can be realized it will certainly be something extraordinary. 
Though I invest and support crypto this scenario has never come into my mind. The simple reason is that banks are the leaders of banking and it's backed by a central bank that our government creates to supervise and regulate financial institutions. Bitcoin although decentralized will not survive without government regulation, so it will still likely be regulated based on the standard of banking, and KYC is just one of the proof that crypto will never beat the banking system.
With the various services owned by the Bank, I think the Bank will continue to survive even though at this time along with the development of crypto,
even so we need to see in the future because we don't know what technological developments will appear
Banks offer a more secure service though not risk free, maybe that's true if we compare it to cryptocurrencies. In addition, banks are still needed by 99% more world's population to carry out daily financial transaction so it is impossible to expect crypto to replace the existence of bank. Although in future every country can have its own cryptocurrency but I think people still need bank especially those who don't agree with crypto.even so we need to see in the future because we don't know what technological developments will appear
I honestly think the existence of cryptocurrencies today will not kill bank either in the short or long term but will only disrupt the banking system. If 1% of the world's population had used cryptocurrencies today simply because they wanted to gain complete control over their money, then I wouldn't think it could kill banks. I'm not sure about 1% of the world's population has used cryptocurrencies even though the crypto civilization is developing.
I don't know about the time period you have given. It might be quite early before we are entering a new era of cryptocurrencies only. And when it comes to the "banks will die" part, I'm not sure of it either. Because they can maintain as long as they don't go the opposite way of cryptocurrencies. There are already some banks which started integrating their system with cryptos.
With the various services owned by the Bank, I think the Bank will continue to survive even though at this time along with the development of crypto,
even so we need to see in the future because we don't know what technological developments will appear
Banks offer a more secure service though not risk free, maybe that's true if we compare it to cryptocurrencies. In addition, banks are still needed by 99% more world's population to carry out daily financial transaction so it is impossible to expect crypto to replace the existence of bank. Although in future every country can have its own cryptocurrency but I think people still need bank especially those who don't agree with crypto.even so we need to see in the future because we don't know what technological developments will appear
I honestly think the existence of cryptocurrencies today will not kill bank either in the short or long term but will only disrupt the banking system. If 1% of the world's population had used cryptocurrencies today simply because they wanted to gain complete control over their money, then I wouldn't think it could kill banks. I'm not sure about 1% of the world's population has used cryptocurrencies even though the crypto civilization is developing.
If anything, more banks will start to pop up now, allowing you to pay with crypto through their card. At the end of the day you'll have to call a number when your card is blocked, even though you're using crypto in theory.
You did make a point here, that it might get to a time-frame where people will have to be relying on banks to make use of their cryptocurrency, but I wouldn’t wish for such to happen, because cryptocurrency was created for us to have total control over our assets or money, so having a bank do that for you kills off that idea of freedom through decentralization.At least for next 100 or 200 years, both banks and crypto will exist and provide services to human but after that which is better may will survive and other other may exist in very less number in terms of userbase and in all other related aspects.
I don't think traditional banks will die, at all. Definitely not in the next decade.
If you think of society in general, you'll see that a lot of people still go to a physical bank to pay their bills, make deposits, withdrawals, etc. All of those things can be done online, yet a lot of people choose to go in person. You need a bank for that.
Think about cash for example. When credit/debit cards became popular many people started thinking that cash will be obsolete in a decade or so. You can still see cash being used everywhere, and we'll still use it for a long time.
Same with banks. If anything, more banks will start to pop up now, allowing you to pay with crypto through their card. At the end of the day you'll have to call a number when your card is blocked, even though you're using crypto in theory.
If you think of society in general, you'll see that a lot of people still go to a physical bank to pay their bills, make deposits, withdrawals, etc. All of those things can be done online, yet a lot of people choose to go in person. You need a bank for that.
Think about cash for example. When credit/debit cards became popular many people started thinking that cash will be obsolete in a decade or so. You can still see cash being used everywhere, and we'll still use it for a long time.
Same with banks. If anything, more banks will start to pop up now, allowing you to pay with crypto through their card. At the end of the day you'll have to call a number when your card is blocked, even though you're using crypto in theory.
There are some aspects of traditional banking that just cannot be replaced by crypto. Banks provide services that crypto cannot, such as lending and investment. Banks also provide more complex services than crypto, for instance in the form of insurance protection. And let's not forget about wire transfers, which are not possible with cryptocurrency. Due to this reason we may see that crypto may take some more time to take over the banking.
even so we need to see in the future because we don't know what technological developments will appear
I don't think traditional banks will die, at all. Definitely not in the next decade.
If you think of society in general, you'll see that a lot of people still go to a physical bank to pay their bills, make deposits, withdrawals, etc. All of those things can be done online, yet a lot of people choose to go in person. You need a bank for that.
Think about cash for example. When credit/debit cards became popular many people started thinking that cash will be obsolete in a decade or so. You can still see cash being used everywhere, and we'll still use it for a long time.
Same with banks. If anything, more banks will start to pop up now, allowing you to pay with crypto through their card. At the end of the day you'll have to call a number when your card is blocked, even though you're using crypto in theory.
If you think of society in general, you'll see that a lot of people still go to a physical bank to pay their bills, make deposits, withdrawals, etc. All of those things can be done online, yet a lot of people choose to go in person. You need a bank for that.
Think about cash for example. When credit/debit cards became popular many people started thinking that cash will be obsolete in a decade or so. You can still see cash being used everywhere, and we'll still use it for a long time.
Same with banks. If anything, more banks will start to pop up now, allowing you to pay with crypto through their card. At the end of the day you'll have to call a number when your card is blocked, even though you're using crypto in theory.
There are some aspects of traditional banking that just cannot be replaced by crypto. Banks provide services that crypto cannot, such as lending and investment. Banks also provide more complex services than crypto, for instance in the form of insurance protection. And let's not forget about wire transfers, which are not possible with cryptocurrency. Due to this reason we may see that crypto may take some more time to take over the banking.
Frankly speaking on as long government do exist then theres no way you could really able to take place fiat into its position.
They could both co-exist to each other with having specific functions and doesn't really need of on replacing one just because we do
have it in mind.
I don't think traditional banks will die, at all. Definitely not in the next decade.
If you think of society in general, you'll see that a lot of people still go to a physical bank to pay their bills, make deposits, withdrawals, etc. All of those things can be done online, yet a lot of people choose to go in person. You need a bank for that.
Think about cash for example. When credit/debit cards became popular many people started thinking that cash will be obsolete in a decade or so. You can still see cash being used everywhere, and we'll still use it for a long time.
Same with banks. If anything, more banks will start to pop up now, allowing you to pay with crypto through their card. At the end of the day you'll have to call a number when your card is blocked, even though you're using crypto in theory.
If you think of society in general, you'll see that a lot of people still go to a physical bank to pay their bills, make deposits, withdrawals, etc. All of those things can be done online, yet a lot of people choose to go in person. You need a bank for that.
Think about cash for example. When credit/debit cards became popular many people started thinking that cash will be obsolete in a decade or so. You can still see cash being used everywhere, and we'll still use it for a long time.
Same with banks. If anything, more banks will start to pop up now, allowing you to pay with crypto through their card. At the end of the day you'll have to call a number when your card is blocked, even though you're using crypto in theory.
There are some aspects of traditional banking that just cannot be replaced by crypto. Banks provide services that crypto cannot, such as lending and investment. Banks also provide more complex services than crypto, for instance in the form of insurance protection. And let's not forget about wire transfers, which are not possible with cryptocurrency. Due to this reason we may see that crypto may take some more time to take over the banking.
What if we can one day manage to establish a blockchain based reputation score for people such that they can participate in smart-contract based lending? I think what we are seeing now with decentralized finance is by far not the endgame. It is correct that banks have an advantage when it comes to the screening process for their customers and I am also not sure whether that can ever be solved in a purely digital and even anonymous way, but who would have thought that a currency like Bitcoin is even possible? Who would have thought that it will never break and get attacked successfully for such a long time? Getting reputation scores onto the blockchain for individuals could be possible one day. That would be a major precondition for many services to be tied into that system.
I don't think traditional banks will die, at all. Definitely not in the next decade.
If you think of society in general, you'll see that a lot of people still go to a physical bank to pay their bills, make deposits, withdrawals, etc. All of those things can be done online, yet a lot of people choose to go in person. You need a bank for that.
Think about cash for example. When credit/debit cards became popular many people started thinking that cash will be obsolete in a decade or so. You can still see cash being used everywhere, and we'll still use it for a long time.
Same with banks. If anything, more banks will start to pop up now, allowing you to pay with crypto through their card. At the end of the day you'll have to call a number when your card is blocked, even though you're using crypto in theory.
If you think of society in general, you'll see that a lot of people still go to a physical bank to pay their bills, make deposits, withdrawals, etc. All of those things can be done online, yet a lot of people choose to go in person. You need a bank for that.
Think about cash for example. When credit/debit cards became popular many people started thinking that cash will be obsolete in a decade or so. You can still see cash being used everywhere, and we'll still use it for a long time.
Same with banks. If anything, more banks will start to pop up now, allowing you to pay with crypto through their card. At the end of the day you'll have to call a number when your card is blocked, even though you're using crypto in theory.
There are some aspects of traditional banking that just cannot be replaced by crypto. Banks provide services that crypto cannot, such as lending and investment. Banks also provide more complex services than crypto, for instance in the form of insurance protection. And let's not forget about wire transfers, which are not possible with cryptocurrency. Due to this reason we may see that crypto may take some more time to take over the banking.
It is really doubtful whether banks will maintain their existence in the digital currency era. To maintain it, banks will need to transform into something different I think. They need to merge with cryptocurrencies completely not to vanish. When it comes to the time prediction, 5-10 years may not be enough for this transformation. Maybe at least a 15-year time is what we need.
If you think of society in general, you'll see that a lot of people still go to a physical bank to pay their bills, make deposits, withdrawals, etc. All of those things can be done online, yet a lot of people choose to go in person. You need a bank for that.
Think about cash for example. When credit/debit cards became popular many people started thinking that cash will be obsolete in a decade or so. You can still see cash being used everywhere, and we'll still use it for a long time.
Same with banks. If anything, more banks will start to pop up now, allowing you to pay with crypto through their card. At the end of the day you'll have to call a number when your card is blocked, even though you're using crypto in theory.
This is quite funny, but you have made a really good point and it is just the truth. Even with the roll out of Internet banking, we still continued to make use of cash and it's widely being used these days, So what makes people think that banks or cash will stop to exist in next 5 to 10 years? It won’t stop existing, rather it is going to coexist with all these other methods of transaction.Think about cash for example. When credit/debit cards became popular many people started thinking that cash will be obsolete in a decade or so. You can still see cash being used everywhere, and we'll still use it for a long time.
Same with banks. If anything, more banks will start to pop up now, allowing you to pay with crypto through their card. At the end of the day you'll have to call a number when your card is blocked, even though you're using crypto in theory.
Even right now there have been a lot of countries their governments has been fighting cryptocurrency in one way or the other, either by trying to stop cryptocurrency mining or they’re trying to ban it completely as a method of transaction. Though there have also been the good ones that have allowed the use of cryptocurrency and for their citizens to buy and hold it as assets. We still continue to hope for the best for the community.
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