Banks will die crypto will take over in 5-10 years - page 7.

shogun47

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Quote from: milewilda on December 01, 2021, 06:45:20 PM

Quote from: Anguwa on December 01, 2021, 06:29:44 PM

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 does have that crucial role on an economy and we know on how it do functions and just like been said that it is really impossible for it to be something to be replaced and be covered up with crypto? Do we really think that government would let that thing to happen? For sure it wont.
Even lets just say that it would happen in 20 years the it cant really be possible or simply an impossible thing to happen.
Its not bad to optimistic but we should be at least realistic on thing so that it wont frustrate you.

Ok you may have a point here, but it is not like banks are only doing good things for society. We all know that major financial crises often exist because of banks behaving and acting irresponsibly. I also doubt that all banks will disappear, but we could see a trend soon to significant consolidation. There infrastructure is expensive and I believe their product line for potential investors will either have a very hard time soon because less and less people (especially those involved with crypto) go and buy their products. The one option they have is to change their business model and also provide access to digital assets. You just don't need banks as much anymore. One or two generations ago customers went to banks to receive some advisory for financial investing, but who is still doing that today with all these new apps like Robinhood and now the crypto wave?

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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 ?

Not in a lifetime. Crypto may be good, but it's still far from replacing banks anytime soon. As long as governments rely on central banks to print money, these financial institutions won't be going anywhere. They will eventually adapt themselves to the latest trends in the "Fintech" space by launching digital currencies (CBDCs) of their own. Crypto will simply live alongside Fiat for generations.

Of course, government control will increase like never before as every transaction performed by a CBDC will be highly visible on a centralized, digital ledger. It'll be the end of an era for privacy as we speak. Most probably, governments will force the use of CBDCs effectively harming crypto's mainstream adoption. We should be prepared for the worst, as slowly but surely our freedom gets "stripped" away from powerful entities. Who knows what'll happen 5-10 years from now? Just my thoughts Grin

nullama

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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.

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Banks will die in 5-10 years because crypto is a wild fantasy which I highly doubt. Banks have both financial and human resources who are experts in their fields so that they will adapt to existing technological developments.
For example, in the past, banks only issued money in physical form for transactions in the market, but money circulation technology is increasingly moving away from physical currency, starting from ATMs, e-wallets, and so on until now to crypto.
I am not a banker and a layman, but if I were in a position as a policy owner at a bank I would consider crypto as a great challenge and opportunity to collaborate with the Bank.

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Quote from: Anguwa on December 01, 2021, 06:29:44 PM

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 does have that crucial role on an economy and we know on how it do functions and just like been said that it is really impossible for it to be something to be replaced and be covered up with crypto? Do we really think that government would let that thing to happen? For sure it wont.
Even lets just say that it would happen in 20 years the it cant really be possible or simply an impossible thing to happen.
Its not bad to optimistic but we should be at least realistic on thing so that it wont frustrate you.

Anguwa

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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.

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Quote from: cheezcarls on November 25, 2021, 08:08:55 AM

I would highly doubt that banks will go away in that certain period of time. Higher chances that it will not happen for a very, very, very long time. I don’t see a lot of banks getting collapsed due to unstoppable crypto adoption. Both banks and crypto are gonna co-exist. While we see that most banks are anti-crypto, a handful of them like the Unionbank of the Philippines are embracing crypto and blockchain.

Crypto just provides an opportunity to help keep the currency from depreciating too much when compared to the base and general living conditions of the country, most working people understand that their income only increases very little and then the value of goods and products increases, greatly limiting their needs and spending, solution like crypto is to overcome that weakness. But like many technology software, the fix also has other disadvantages created, so it still needs the bank to exist to maintain an insurance path to avoid complete bankruptcy

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It will hard for banks to die in my country for crypto to take over because cryptocurrency is yet not allow in my country. The government is still suspecting crypto as a scam currency that will reduce the value of their fiat money in the country. Many citizens are used to the banks which is very easy for them to understand their balance and their transaction in the community.
Bank will still remain in the community but many educated citizens will prefer crypto transaction than bank because crypto transaction is more faster and safe than bank transaction in the country. Since many educated people are now use to cryptocurrency in the country, it will help the country to know how steady and safe crypto transaction is to their customers.

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I would highly doubt that banks will go away in that certain period of time. Higher chances that it will not happen for a very, very, very long time. I don’t see a lot of banks getting collapsed due to unstoppable crypto adoption. Both banks and crypto are gonna co-exist. While we see that most banks are anti-crypto, a handful of them like the Unionbank of the Philippines are embracing crypto and blockchain.

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Quote from: Kodok Bencot on November 19, 2021, 06:36:17 AM

banks will be fully protected by the state, for example if there are banks that will go bankrupt, the state immediately disburses funds so that the banks do not collapse

This is much easier done with a government controlled currency vs a decentralized one. Governments can bail them out then gradually print out more money to recover the cost (in effect making everybody using its currency pay for it). With crypto, unless it's state controlled, that won't be possible.

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Quote from: uneng on November 23, 2021, 11:22:16 PM

Actually banks aren't going to disappear or die, because people need them and I'm not talking about traditional banks exclusively. I'm also including crypto banks that are going to become very common as crypto currency becomes more popular and adopted worldwide. People need banks because they can invest their money there and earn interest from it or in another situations they can take a loan, if they are in financial need.

Crypto can't replace banks, but it can be integrated in banks and that is already happening.

I would understand that if that was something regarding security, but that is regarding questioning without asking permission first. Why would a bank have the right to question me where I am sending my money? If it is still me then it is me, you can ask me if I was hacked or anything, that is a valid security question, and that would be understandable but asking me why I am sending someone money? That is not their business.

I agree that being unfaithful to your spouse should be punishable with a huge sum of alimony so that you could at least realize the mistake you did, but that is regarding laws and not regarding anything related to banks. Crypto is far superior in that regard because there is nobody to ask me anything. Decentralization is another level thing and I love it, the whole reason why I love decentralization is the fact that nobody could tell me what I can do with my money or question my moves.

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Quote from: ven7net on November 19, 2021, 02:06:48 PM

As for the banks, they are likely to remain, but not all, and those that remain will simply work with new money and on new conditions. What is happening in the world now can be called in one word - change, but in which direction this change will be seen further. But the fact that banks are now introducing a number of restrictions is only because they are also going through not very good times and they are also bad. But people are worse off, that's why the system is changing now. We just have to adapt and continue our activities further.

In my country banks ask annually or make us fillup updates of what is new in our lives as employment changes. They knew how much the range of our salary and yet able to withdraw more than that will make them question us as they are rules and laws they need to control. KYC is a must in banks to let them avoid AML problems. If we don’t way to be ask every now and then in our transactions then do not use that bank in cashing out crypto better find other means that will make you comfortable not being asked.

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Quote from: AbuBhakar on November 24, 2021, 05:18:34 PM

Quote from: ven7net on November 19, 2021, 02:06:48 PM

As for the banks, they are likely to remain, but not all, and those that remain will simply work with new money and on new conditions. What is happening in the world now can be called in one word - change, but in which direction this change will be seen further. But the fact that banks are now introducing a number of restrictions is only because they are also going through not very good times and they are also bad. But people are worse off, that's why the system is changing now. We just have to adapt and continue our activities further.

In my country banks ask annually or make us fillup updates of what is new in our lives as employment changes. They knew how much the range of our salary and yet able to withdraw more than that will make them question us as they are rules and laws they need to control. KYC is a must in banks to let them avoid AML problems. If we don’t way to be ask every now and then in our transactions then do not use that bank in cashing out crypto better find other means that will make you comfortable not being asked.

Its normally happen since its like verifying your own identity so that they will check if you are still intact with your current details since everything could change and also this is part of their security measure to their clients. Don't feel bad about it since back is regulated by law so there's nothing harm it can give to you since banks are complying with the law. I will doubt about it if certain crypto platform will ask about it since actually I don't trust any crypto platform in terms of providing my KYC details.

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Quote from: Sanitough on November 24, 2021, 05:15:01 PM

Quote from: Botnake on November 24, 2021, 05:11:34 PM

Is it really necessary that banks should be replaced by crypto? For me, if they can both co exist, then why not?

They will co-exist, but if one will only stay, I'm sure it will be the bank as they have been here for so long while bitcoin is still new. With regulations, bitcoin cannot be as decentralized as it was before because crypto exchanges will have to adopt the rules and regulations that are imposed on the banks.

Co-exist is the sure thing on here because we cant really much say that crypto would easily be removed or gone yet recognition is already high but not on

the point that you would really presume that fiat/banks would be replaced on that point and i dont see on any covering up or something like that.

They would surely co-exist to each other and that would be much preferable to see rather than on focusing on single one.

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Quote from: Botnake on November 24, 2021, 05:11:34 PM

Is it really necessary that banks should be replaced by crypto? For me, if they can both co exist, then why not?

They will co-exist, but if one will only stay, I'm sure it will be the bank as they have been here for so long while bitcoin is still new. With regulations, bitcoin cannot be as decentralized as it was before because crypto exchanges will have to adopt the rules and regulations that are imposed on the banks.

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Quote from: perfect999 on November 24, 2021, 04:20:13 PM

Quote from: ahsanif on November 24, 2021, 07:48:30 AM

people can be influenced by such opinion but in fact we can not be separated from the bank, maybe in a few years the whole bank will adapt to a new system that can make it survive
crypto has made a revolution even though there are some who see it as a threat and try to bring it down

Yeah, some people do say this, but I don’t think this is true. Of course, I do know that there are lots of people who wish that banks will end up not existing Someday and cryptocurrency will take over. But, that is not even going to happen at all the way I am seeing it. We can already see the government and the central banks creating their own digital currencies.

So tell me, how exactly you think that in the future that banks will no longer exist and cryptocurrencies will then replace banks? If cryptocurrencies are replacing banks, then how is it going to work, does that mean that there will be nothing like banks and everyone will manage their funds by themselves or are we still going to rely on exchanges? We learn and exchanges is the same as banks, there’s one thing you should know. And the government controls most of these exchanges especially the ones that are centralized.

Is it really necessary that banks should be replaced by crypto? For me, if they can both co exist, then why not?

I really believe that banks is not going to die or be extinct just because of crypto. And I know its not really the main goal of crypto to replace, but rather to serve as a good alternative. Maybe in the near future, we can see banks start to integrate crypto into their transactions. I know its the best way so they can still extend their services to the people without having them extinct.

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Quote from: ahsanif on November 24, 2021, 07:48:30 AM

people can be influenced by such opinion but in fact we can not be separated from the bank, maybe in a few years the whole bank will adapt to a new system that can make it survive
crypto has made a revolution even though there are some who see it as a threat and try to bring it down

Yeah, some people do say this, but I don’t think this is true. Of course, I do know that there are lots of people who wish that banks will end up not existing Someday and cryptocurrency will take over. But, that is not even going to happen at all the way I am seeing it. We can already see the government and the central banks creating their own digital currencies.

So tell me, how exactly you think that in the future that banks will no longer exist and cryptocurrencies will then replace banks? If cryptocurrencies are replacing banks, then how is it going to work, does that mean that there will be nothing like banks and everyone will manage their funds by themselves or are we still going to rely on exchanges? We learn and exchanges is the same as banks, there’s one thing you should know. And the government controls most of these exchanges especially the ones that are centralized.

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people can be influenced by such opinion but in fact we can not be separated from the bank, maybe in a few years the whole bank will adapt to a new system that can make it survive
crypto has made a revolution even though there are some who see it as a threat and try to bring it down

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Quote from: Hamphser on November 23, 2021, 03:59:43 PM

Quote from: macson on November 23, 2021, 03:17:18 PM

Quote from: Snappycoco on November 21, 2021, 11:02:09 AM

We've seen how DeFi project succeed in the past years of their existence. We saw the potentials of borrowing/lending in these platforms and that makes us think that it could replace banks soon enough. However, as governments rely on banks and sees it as a norm, then I don't see how crypto world could replace them. Unless it is mandated by the government itself, like el salvador, then it could potentially just like what sovryn is doing.

the government definitely won't let the bank crash instantly because of crypto, they will do their best to make it last. i really predict that all banks in the future ^{(perhaps in the next 10 years or more)} will adopt government-approved cryptos because rejecting crypto is not possible.

Government wont really be that dumb on not making any actions against crypto and there's no way that Banks would really die because they do have that crucial function on this economy and that one couldnt really be

denied because we've been using their benefits and use for ages and this isnt something that we cant just ignore about the convenience and accessibility that it gives which couldnt really be denied at all.

So its better not to think off about these probabilities because it would really be just 0% chance if you do ask me.

I agree with your opinion and just imagine if the Bank really died, I think it would have a negative impact on the economy itself,
what is clear I do not see the bank will die even though at this time crypto is also growing rapidly

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

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.

Lol, that is not banks' fault if a customer is unfaithful to his spouse and has a secret family. Security procedures are a must and have to be followed properly. It would be worse if banks neglected it.

Actually banks aren't going to disappear or die, because people need them and I'm not talking about traditional banks exclusively. I'm also including crypto banks that are going to become very common as crypto currency becomes more popular and adopted worldwide. People need banks because they can invest their money there and earn interest from it or in another situations they can take a loan, if they are in financial need.

Crypto can't replace banks, but it can be integrated in banks and that is already happening.

Topic: Banks will die crypto will take over in 5-10 years - page 7. (Read 1229 times)