Banks will die crypto will take over in 5-10 years - page 8.

Hamphser

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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.

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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.

Snappycoco

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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.

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Quote from: Silberman on November 19, 2021, 12:48:01 PM

Quote from: alpamar99 on November 17, 2021, 07:29:22 PM

Why do some people always think that crypto will replace banks?
I understand your reasons for crypto and indeed crypto can be said to be the savior of almost everyone including me who has been here since a few years ago, and its development is very rapid and will continue to grow in the future.
but to replace the bank? I think things like this are funny.
even though there are a lot of doubts about banks and switching to crypto does not mean the bank will be defeated.
they are already strong in every way, including in regulation and full government support.
we can't forget that. even though crypto continues to grow, banks have government power behind them which is indeed an untouchable position.

Some people are just that idealistic, they do not understand that banks will simply adapt to the new reality and still thrive under those new conditions, in an ideal world people will adopt bitcoin and be responsible with their money to the point banks are not needed anymore, but banks exist precisely because people are irresponsible with their money and they do all kind of crazy things with it, and as long as that is the case then banks are going to keep existing.

Do not even dream that banks will ever die. They don't even have to adapt to the new conditions. They exist under the protection of the state and this is quite enough for them. However, in order to increase their profits, banks have long been moving to using blockchain technology, and will also issue their digitized central bank currencies. This is enough for the banking system not only to withstand, but also to fully strengthen itself.

teosanru

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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.

I don't think this would happen, banks are very smart and they know the technique of adopting and Adapting, with DEFI Space booming so many banks would ultimately shift their operation to the DEFI, they might give up control to some extent but this thing would allow them to still make huge money, Moreover banks could come together as an consortium to pool these DEFI spaces in next 5 years, to be very honest 5-6 years is a very less time to bring everyone on the ecosystem, before that Banks would see the opportunity and hack into the Defi space, obviously this would also mean banks might have to stop spying on our transactions too.

ven7net

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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.

Silberman

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Quote from: alpamar99 on November 17, 2021, 07:29:22 PM

Why do some people always think that crypto will replace banks?
I understand your reasons for crypto and indeed crypto can be said to be the savior of almost everyone including me who has been here since a few years ago, and its development is very rapid and will continue to grow in the future.
but to replace the bank? I think things like this are funny.
even though there are a lot of doubts about banks and switching to crypto does not mean the bank will be defeated.
they are already strong in every way, including in regulation and full government support.
we can't forget that. even though crypto continues to grow, banks have government power behind them which is indeed an untouchable position.

Some people are just that idealistic, they do not understand that banks will simply adapt to the new reality and still thrive under those new conditions, in an ideal world people will adopt bitcoin and be responsible with their money to the point banks are not needed anymore, but banks exist precisely because people are irresponsible with their money and they do all kind of crazy things with it, and as long as that is the case then banks are going to keep existing.

Kodok Bencot

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I think banks will continue to survive even though the use of crypto is increasingly massive, this is because 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, I think the two are different instruments and need each other, we can't leave the bank because withdrawing to fiat of course requires a bank.

Quantum907

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Crypto users are increasing and many countries are afraid to get banned crypto, but this cannot prevent the development of crypto because it is anonymous, of course this will have an impact that banks will soon go bankrupt so they will soon die.

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Quote from: molsewid on November 19, 2021, 01:26:51 AM

Quote from: Cling18 on November 18, 2021, 10:43:32 AM

It would be too impossible for now because we all know that the government relies on banks. Lots of people also trust banks more than other currencies or modes of payment because it's traditional and tested. However, I believe that cryptocurrency and banks could collaborate in the future. It only needs more time and adoption.

Actually I am thinking this way too as this kind of thread were already discussed here in forum for many times, maybe not exactly as this thread but somehow the sense are likely the same , and I always thought that it is impossible to replace the existence of fiat central banks in a certain country or estate to cryptocurrency. For me, cryptocurrency was so volatile that the government couldn't have control over the volatility and this could be a a total kind of risk but I do look for a possibility of fiat banks and cryptocurrency collaboration instead.

Most people will still use the banks, which will help the banks exist among us, although crypto will also grow in the future. I will prefer to see cryptocurrency and banks collaborate and help people in the finances section and the investment section to give them a new option to save their money in the crypto form. With the volatility of crypto, it is impossible to replace the banks and besides that, the level of trust from people to their banks is still higher compared to crypto, and it is hard to replace banks with crypto.

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Quote from: judaspriest on November 18, 2021, 11:49:05 PM

Quote from: Cling18 on November 18, 2021, 10:43:32 AM

It would be too impossible for now because we all know that the government relies on banks. Lots of people also trust banks more than other currencies or modes of payment because it's traditional and tested. However, I believe that cryptocurrency and banks could collaborate in the future. It only needs more time and adoption.

It's true that if we talk about the current conditions, it looks like the Bank will still exist and maybe it will forever exist.
indeed at this time crypto is already known by many people but I don't think Banks will be replaced,
I'm sure the collaboration between crypto and Banks will happen although we don't know when for sure

Don't be too sure that banks will die and be replaced by crypto, it seems that this is impossible. Banks will always exist because the government's
way of controlling the people's finances is through banks. After all, the majority of countries in the world still prohibit crypto as a means of payment,
meaning that crypto is indeed restricted by the government. Moreover, there are still many people who live in areas where there is no internet
connection, therefore banks are still very much needed. So I agree with you, it is likely that Banks and crypto will co-exist and complement each other.
Even in my neighborhood there are still a lot of people who don't know crypto, so like I said it's impossible for crypto to replace banks.

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Quote from: Cling18 on November 18, 2021, 10:43:32 AM

It would be too impossible for now because we all know that the government relies on banks. Lots of people also trust banks more than other currencies or modes of payment because it's traditional and tested. However, I believe that cryptocurrency and banks could collaborate in the future. It only needs more time and adoption.

Actually I am thinking this way too as this kind of thread were already discussed here in forum for many times, maybe not exactly as this thread but somehow the sense are likely the same , and I always thought that it is impossible to replace the existence of fiat central banks in a certain country or estate to cryptocurrency. For me, cryptocurrency was so volatile that the government couldn't have control over the volatility and this could be a a total kind of risk but I do look for a possibility of fiat banks and cryptocurrency collaboration instead.

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Quote from: Cling18 on November 18, 2021, 10:43:32 AM

It would be too impossible for now because we all know that the government relies on banks. Lots of people also trust banks more than other currencies or modes of payment because it's traditional and tested. However, I believe that cryptocurrency and banks could collaborate in the future. It only needs more time and adoption.

It's true that if we talk about the current conditions, it looks like the Bank will still exist and maybe it will forever exist.
indeed at this time crypto is already known by many people but I don't think Banks will be replaced,
I'm sure the collaboration between crypto and Banks will happen although we don't know when for sure

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Quote from: Vaculin on November 18, 2021, 12:55:14 AM

That will be more likely the future of crypto and banks too. If you insist to believe that crypto will definitely replace banks in the near future and make them extinct, maybe you are living in a false hope. That will never happen because the government itself will never allow it to happen that a decentralized currency will take over fiat and banks.

However, i'm very open that banks and crypto will both have a future together because its possible that crypto transaction will be integrated into banks and other centralized financial institutions. Both will exist so that people can benefit the services from crypto and banks.

It is definitely true that Banks will not be destroyed by crypto at all, it is definitely impossible for Banks to get destroyed by something like that. Maybe if we all go against banks all together and stop using them that would shut them down but I do not see a financial system that stops them all at the same time.

I believe that there is a good chance that Banks are the future exchanges, binance and coinbase and all that will be gone in the future, or even if not gone then they will be acquired. With that type of power they are capable of just checking how exchanges are making insane amount of profit and they will build their own exchanges working inside their bank. So, while getting your money into your bank account, with the same account you will be able to hold some crypto as well. It is not really that much of a big deal, it can be done easily.

Cling18

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It would be too impossible for now because we all know that the government relies on banks. Lots of people also trust banks more than other currencies or modes of payment because it's traditional and tested. However, I believe that cryptocurrency and banks could collaborate in the future. It only needs more time and adoption.

ChiBitCTy

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There is absolutely no chance that traditional banks will run out of business within 5-10 years. If anything, they will all simply start to adopt cryptocurrency and make it a part of their business. You mention they ask too many questions, but the fact of the matter is so do most cryptocurrency exchanges and other things such as cryptocurrency ATMs. Banks aren't going anywhere anytime soon.

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I never get asked like that, maybe because money that come from crypto to me is not really much. But i agree with some people in here if Bank is not a simple thing to take over. Government usually more support at them and maybe if people in crypto force to replace bank with crypto, i think more regulation which can give bad affect will come and honestly i am not want it to happen, so i will stay to be with crypto as my assets.

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Quote from: Sithara007 on November 17, 2021, 11:00:10 PM

There is no logic in these arguments. Already some of the banks are working with cryptocurrency. Even if cryptocurrency completely replace fiat (which is extremely unlikely), there is a chance that the banks would still exist. They would simply integrate crypto in to their platform. Look at the case with PayPal. A few years ago, we were debating on a similar topic. Would PayPal become extinct, if cryptocurrency becomes popular. And see what happened after that. PayPal just integrated BTC to their system and it is turning out to be mutually beneficial for both the sides.

That will be more likely the future of crypto and banks too. If you insist to believe that crypto will definitely replace banks in the near future and make them extinct, maybe you are living in a false hope. That will never happen because the government itself will never allow it to happen that a decentralized currency will take over fiat and banks.

However, i'm very open that banks and crypto will both have a future together because its possible that crypto transaction will be integrated into banks and other centralized financial institutions. Both will exist so that people can benefit the services from crypto and banks.

Sithara007

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There is no logic in these arguments. Already some of the banks are working with cryptocurrency. Even if cryptocurrency completely replace fiat (which is extremely unlikely), there is a chance that the banks would still exist. They would simply integrate crypto in to their platform. Look at the case with PayPal. A few years ago, we were debating on a similar topic. Would PayPal become extinct, if cryptocurrency becomes popular. And see what happened after that. PayPal just integrated BTC to their system and it is turning out to be mutually beneficial for both the sides.

alpamar99

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Why do some people always think that crypto will replace banks?
I understand your reasons for crypto and indeed crypto can be said to be the savior of almost everyone including me who has been here since a few years ago, and its development is very rapid and will continue to grow in the future.
but to replace the bank? I think things like this are funny.
even though there are a lot of doubts about banks and switching to crypto does not mean the bank will be defeated.
they are already strong in every way, including in regulation and full government support.
we can't forget that. even though crypto continues to grow, banks have government power behind them which is indeed an untouchable position.

Topic: Banks will die crypto will take over in 5-10 years - page 8. (Read 1229 times)