Banks will die crypto will take over in 5-10 years - page 9.

South Park

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Quote from: Sled on November 15, 2021, 07:40:27 PM

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

I can't make such a conclusion as banks remain important to the community. We have to admit also that not all are crypto users, not all are adopting crypto and these banks give them away to secure their money. Maybe this will happen if we are not using fiat money anymore but, we still have and this still exists many years from now.
That even you see that the world is becoming strange, that seems far and not the only reason for such changes and put an end to banks services.

As much as I love the concept of bitcoin that allow us to have true ownership of the money in our wallets and be our own banks we must recognize the fact the majority of the population is not only not ready for this kind of freedom, for the responsibility of keeping their money safe and have no safety net in place they happen to lose their coins, it is incredibly common for people to forget their login credentials and in most cases they can easily recover the password through other means, but if someone were to lose their seed words or password of their wallet then they are on their own, so I think this fact alone will allow banks to survive for a long time.

Pejoh Asu

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Quote from: CapGelatik on November 15, 2021, 06:04:42 PM

indeed there is a possibility that it will come true, but I still think the Bank will not die while the government is not there either,
because the State has an icon, namely the Bank, and the Bank will always print money, whether it will regulate or not.
so I think the Bank will always keep running, and will always be by our side, it's just that its function will be different

Actually the function of the central bank is to fully control the money in circulation and of course this is for the common good, it is true that banks will not die because of full guarantees from the state and I think banks and crypto can complement each other so that we get greater benefits from both.

KennyR

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Banks won't die. Banks are the financial platform that makes the governments function around the world. There are some things that can't be performed through banks with ease. For the same people look for an alternate. As an alternate cryptocurrency takes the role. This makes bitcoin and other cryptocurrencies coexist with banks than elimination of bank services.

AndySt

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Quote from: wxa7115 on November 15, 2021, 06:32:46 PM

Quote from: Mauser on November 15, 2021, 02:14:28 PM

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

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 ?

I don't think that banks are going to die in the next few years. It's been 20 years since 2001 and many bad things happened, but so did it in the time before. Maybe there were less terror attacks before 2001, but there were other bad things like wars too. I don't really understand how banks are being the problem here. Without banks all the things would have happened as well. Saying that it's the banks fault for us losing our freedom is wrong in my opinion. Most of us already gave up their freedom by using all the social media in todays world. The big companies are getting all our personal information for free. Who knows how much of our pictures and messages are being stored on some servers.

Those are different kind of freedoms, the right of privacy has been basically given away for free by the majority of the population simply by the promise they could get their own 15 minutes of fame, and people are happy with that.
Banks are responsible of taking a great deal of our economic freedoms away, for example the things we can do with our cash are more and more limited and it is obvious they want to introduce all kind of similar regulations to bitcoin, I think they will fail but that does not mean I think banks will disappear in such a short amount of time either.

If you really blame someone for all the problems that modern humanity is mired in, then certainly not the banks. I am absolutely sure that banks are happy to abandon all the restrictions imposed on their daily activities by the state as a regulator. Another question, I am not sure that you, as bank customers, would agree to such a lack of responsibility, which would turn into complete irresponsibility in dealing with money capital. Banks are only one of the players in the economic activity of society, which are focused on working with money. But they are not the ones who write the rules and monitor their compliance, but completely different organizations are engaged in this. Therefore, with all the claims to the activities of banks, including mine, it should be recognized that banks are firmly integrated into the economic processes of the state and it will not be possible to remove them from there without catastrophic consequences for the economy, including with the help of cryptocurrencies.

Sled

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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

I can't make such a conclusion as banks remain important to the community. We have to admit also that not all are crypto users, not all are adopting crypto and these banks give them away to secure their money. Maybe this will happen if we are not using fiat money anymore but, we still have and this still exists many years from now.
That even you see that the world is becoming strange, that seems far and not the only reason for such changes and put an end to banks services.

wxa7115

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Quote from: Mauser on November 15, 2021, 02:14:28 PM

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

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 ?

I don't think that banks are going to die in the next few years. It's been 20 years since 2001 and many bad things happened, but so did it in the time before. Maybe there were less terror attacks before 2001, but there were other bad things like wars too. I don't really understand how banks are being the problem here. Without banks all the things would have happened as well. Saying that it's the banks fault for us losing our freedom is wrong in my opinion. Most of us already gave up their freedom by using all the social media in todays world. The big companies are getting all our personal information for free. Who knows how much of our pictures and messages are being stored on some servers.

Those are different kind of freedoms, the right of privacy has been basically given away for free by the majority of the population simply by the promise they could get their own 15 minutes of fame, and people are happy with that.

Banks are responsible of taking a great deal of our economic freedoms away, for example the things we can do with our cash are more and more limited and it is obvious they want to introduce all kind of similar regulations to bitcoin, I think they will fail but that does not mean I think banks will disappear in such a short amount of time either.

CapGelatik

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indeed there is a possibility that it will come true, but I still think the Bank will not die while the government is not there either,
because the State has an icon, namely the Bank, and the Bank will always print money, whether it will regulate or not.
so I think the Bank will always keep running, and will always be by our side, it's just that its function will be different

DrBeer

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"Incomprehensible and gambling": another country has banned the use of cryptocurrency ...
On the one hand, cryptocurrencies get recognition and the green light somewhere, on the other - bans and persecutions. Recently, Ktai announced his negative attitude towards cryptocurrencies (1.4 billion population), the other day, the religious leaders of Indonesia (280 million population) voiced their position
"On November 11, the Council of Ulema, the highest Islamic body in Indonesia, banned Muslims from trading cryptocurrency and using it to pay for goods and services. The head of the council, Asronun Niam Sholeh, explained that cryptocurrency is too volatile, causes excitement and can be harmful, and therefore should be banned in Sharia law. In addition, in his opinion, virtual tokens are dangerous to use as a commodity, because they have no reasonable cost and physical infrastructure. Asronun Niam Sholeh said the council could approve the cryptocurrency if the industry changes and begins to comply with the requirements of Islam. "
Cryptocurrency is now considered an impious phenomenon in Indonesia, the country with the largest Muslim population in the world, which is more than 87% of the population. This means that it can become a precedent in countries adhering to Sharia law.

TinaK

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Quote from: Mauser on November 15, 2021, 02:14:28 PM

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

<....>

I don't think that banks are going to die in the next few years. It's been 20 years since 2001 and many bad things happened, but so did it in the time before. Maybe there were less terror attacks before 2001, but there were other bad things like wars too. I don't really understand how banks are being the problem here. Without banks all the things would have happened as well. Saying that it's the banks fault for us losing our freedom is wrong in my opinion. Most of us already gave up their freedom by using all the social media in todays world. The big companies are getting all our personal information for free. Who knows how much of our pictures and messages are being stored on some servers.

The same here, I don't think so because the bank is centralized and back by the government, there's no way that bitcoin will replace the traditional system, asking for personal in the bank is very common I have been there before but there is nothing wrong if you will tell the truth. We know that the government is combating fraud and maybe that is a part of that to avoid possible fraud activity or terrorist acts.

Bitcoin maybe can be regulated but this is decentralized which is government don't have full control so it means it is impossible that bitcoin will replace bank in the future and supported by the government yet, you have an option to choose bitcoin but the government don't have the power to regulate it.

Mauser

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

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 ?

I don't think that banks are going to die in the next few years. It's been 20 years since 2001 and many bad things happened, but so did it in the time before. Maybe there were less terror attacks before 2001, but there were other bad things like wars too. I don't really understand how banks are being the problem here. Without banks all the things would have happened as well. Saying that it's the banks fault for us losing our freedom is wrong in my opinion. Most of us already gave up their freedom by using all the social media in todays world. The big companies are getting all our personal information for free. Who knows how much of our pictures and messages are being stored on some servers.

Sethrey

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Quote from: davis196 on November 11, 2021, 02:48:45 AM

Centralized cryptocurrency exchanges are going to do the exact same thing,because they will be forced by the crypto regulations.
Perhaps the crypto users will dump all centralized exchanges and focus on peer-to-peer transactions,decentralized exchanges and using privacy coins.

Yes, it's already happening like this.I hate all the staff that now happens around. All these regulations that are promised.. The only thing that calms me down is that I've got into privacy coins. Exactly Crypton from Utopia p2p https://u.is/en/currencies.html has its own decentralized no KYC exchange, which couldn't be tracked or blocked anyhow. But the public coins can suffer a lot. At least their owners and holders.

CryptocurencyKing

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Saying banks will come to a closure or halt is actually saying there would be no central banks in any nation. Can that really happen?
Looking at what traditional banks means to a nation and the symbol money stands to represent. Its very impossible for banks and fiat to go out of existence.

Besides, there is a lot that banks do for th government so how then do you expect them to relinquish this power to accept a decentralized system which is far above there control when governance is all about centralization. The government will not want such power in the hands of its citizens all in the name of decentralisation or trying to correct the flaws of centralization.

Silberman

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Quote from: LogitechMouse on November 12, 2021, 10:49:39 AM

Most of the people out there are using banks to save their money and because they trust the banks because it is the place where they store their money, they aren't afraid to share their personal information to them. Its almost the same as Binance users sharing their personal information to them just to have access to their services. Banks need your information if you want to access their services as well.

Now with regards to banks dying in 5-10 years, I don't think that it will happen but I think what they will do is just they will adopt to what is happening to the financial industry. If crypto will change the financial industry then the banks must adopt if they want to stay or else, they will end up useless (at least for some). Overall, I think that banks will adopt if something will change especially if crypto will change how we are right now. They will not die because its their business and they need to adopt or they will lose their money.

They make their rules and if you want to use their services then you need to abide to them, it is not really that complex, however for the first time we have an alternative that is not centralized which means that banks cannot use their influence to destroy it and that they will need to adapt to it, do I care about this? Not really, as long as I can keep using my bitcoin directly as I have been doing so far then that is good enough for me, and if the price keeps increasing we could come to the point that it would be irrelevant for us if banks disappear or not as we will not need them since we could use our bitcoin everywhere anyway.

Rufsilf

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Even if we like it or not, banks will certainly not die, it will always be there standing and scattered around our cities. And it is indeed a fact for more than a century now. Chances are banks nowadays are willing to adopt cryptocurrency to add more options to people to trust the banks again and to let them guard your money.
Why? Because some people will still choose fiat over cryptocurrency for certain purposes like to buy groceries, and needs for everyday living or even pay bills.
But in my opinion, I don't like banks nowadays because they often ask too personal questions and it doesn't make any sense to me. I mean, who cares where we get money or where would our money go isn't their responsibility anymore, it's our money and we pay the banks for the money's security and not to worry about where we got it or where we send it. That's why I enjoyed crypto so much because it gave me so much knowledge how to secure my own money without any help from other sources to guard it.

BIT-BENDER

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What do you think kyc is? It's know your customers although am very fine with insensitive information on know your customers, but some exchanges has topped the kyc requirements and added in some sensitive questions and are even harsh on already registered member some has their crypto-currency locked in those exchanges, am a crypto-currency enthusiast but I don't think Banks are going off, I think the government are connecting to crypto-currency, influencers and celebrities are accepting crypto-currency on their contract payments, a big win for crypto-currency. But I don't think crypto-currency and banking system can't exist in the world.

Alisha-k

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The circulation of crypto will increase but I think the possibility of crypto taking over banks is very slim. Both will rather coexist instead of one been eliminated.
Bank have a very vital role to play in the economic system and so does crypto too.....

Both may seem alike but if one is to look closely, you'll see that there's a slight difference in function.
They only thing I'll say is that, if banks do not upgrade in their banking system in such a way as to accommodate the use of crypto, the may suffer great loses.

19Nov16

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Although the users of cryptocurrencies continue to increase and it is proven by the daily volume which has now reached more than $98 billion, but I believe that banks will always survive because of the government's role which will continue to protect banks, I think we don't need to think too far to make banks die because of their role. Banks for the economy are still big and it will take a long time to replace the role of banks.

Sayeds56

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Quote from: magneto on November 10, 2021, 06:43:59 PM

Doubt that banks will just go away.

Banks will certainly adapt to the new crypto landscape and start offering wealth management and transaction services that are denominated in terms of crypto.

But they will certainly not be extinct. Even in the crypto sphere some degree of centralization is necessary to sustain practices (at least as of current).

Absolute right. Banks will not die but both will co-exist. I think we will see Banks developing Investment Products based on crypto to adopt this emerging Technology which has taken the whole world by storm. It is more likely that Central banks will introduce their own digital currencies in coming years but that won't be an alternative of Bitcoin as its would its supply will be controlled by single authority.

Obito

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Quote from: Beta-coiner on November 13, 2021, 05:16:35 PM

If I am not mistaken, In the states the FDIC Chair said they were looking to see how or what roles a bank can play in the industry. At the end of the day, it is about profit for banks and maintaining that stream of income as a business, even if a bank. As Jurassic Park chaotician said,"Life Finds a way".

I can agree with that quote, I think that banks will try to fit in no matter what because they want to survive and these bankers know how urgent it is to be able to survive when they're very existence is threatened, I mean that's what any sane business person would do right? Find ways to keep your money maker alive. The claim on the title though, I don't think that it's going to be a happening in that timeframe, as long as capitalist and greedy bankers rule the world, banks will stay alive.

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Quote from: freedomgo on November 13, 2021, 01:42:02 PM

Quote from: michellee on November 13, 2021, 10:16:42 AM

The banks will still exist in the next 5 years but I can not predict if that is about 10 years later because with the growth of the technology, that can change the bank's system and we are difficult to know what the government plan with the banks. Maybe banks will use a new system and adopt a blockchain method or the banks can use their own new system and not related to the blockchain because that will depend on each government plan. But people who do not want to use a new thing will still rely on the bank because it is hard to adapt to the situation and still prefer the old methods.

The growth of crypto users has been started to increase and it will be even more visible in the next 5-10 years. And with this positive change for crypto, the government will always exist with its centralized banks and will continue to serve the people. And with the inevitable growth for crypto enthusiasts, i think the government will create plans for banks to start adopting crypto transactions with fiat still existing. Since there will be two groups already for crypto and fiat users, then banks should also learn to cater to them both, the reason that banks should never be extinct.

The key is how the government can adapt to the current situation in their country and how they can give benefits to their people and not because of wanting to make money for themselves. If the government can adapt and follow the trend and use it in their system, the bank and the crypto can work together so people will get both advantages from the bank and the crypto. If everything works perfectly, people's economy will grow and maybe that can solve the poverty because people can work and get paid in crypto, which they can use as their investment.

Topic: Banks will die crypto will take over in 5-10 years - page 9. (Read 1229 times)