Topic: Can blockchain replace bank? - page 30. (Read 4177 times)
I think that it is possible that blockchain will replace banks, but this will not happen too soon. I think we should wait a little more
The current trend of blockchain is very high, couple with it's ability to execute millions transactions within seconds, few transactions cost and no third party is require or paper signing. All transactions recorded and kept open, taking alway cross border and languages barrier, excellent in e commences. So many features to change the world. My emphasis is can blockchain has the capacity to replace bank?
i think blockchain wil be used as a replacement for banks and also i feel banks will be in great need because less and less people would require their services, just as echange maybe
I think this can happen. In the future, the blockchain may replace banking operations and become the main system for the circulation of all financial assets. But this is still a very long way. But he in my opinion has already begun and will be undisputed.
You are mixing it together, there is no way for blockchain to replace banking institution. Both are not the same, and even Cryptocurrency can not replace banks in our society. We need both of them for the better functioning of the society.
They can work together, no need for replacing each other but to help peoples need they can process both sides without interfering with each other, let new generations to used this new technology and those who already using the old fashioned ways continue the institutional process, there's should be no problemif they co exist but a great lift for payment process.
Many people mistakenly believe that crypto is a substitute for money. That was the original purpose when bitcoin was created. However, later on, I think that purpose has been changed and bitcoin or blockchain is used as a means and way to help people's lives better.
...My emphasis is can blockchain has the capacity to replace bank?
Well if we talk about such function of banks as conducting transactions than yes, cryptocurrency can provide faster payments with less omissions because not so many parties are invited.
But it is the only one function of banks, if we talk about commercial ones(as you know banking system can be two- or three leveled or more depending on what country you are living in). Now I can't see if blockchain can replace all banks with all their functionality. Maybe the technology is not ready for that, or maybe I got scant imagination
The current trend of blockchain is very high, couple with it's ability to execute millions transactions within seconds, few transactions cost and no third party is require or paper signing. All transactions recorded and kept open, taking alway cross border and languages barrier, excellent in e commences. So many features to change the world. My emphasis is can blockchain has the capacity to replace bank?
Blockchain was not created to replace anything in business, but blockchain can adopt in all type of business we had in the entire world. Like for example Dell company, and other restaurant businesses, travel tour, and etc. are accepting the concepts system it has in the form of the blockchain technology. But bank can adapt blockchain to their business sectors.
Blockchain is already used in banking. Banks are interested in new technologies and are already testing some programs.
the possibilities are quite large but I think it takes a long time to make this happen because there are some people who still don't believe in crypto and the problem is that many people always associate blockchain with crypto, even there are still many people who only know that crypto is about bitcoin and what When it comes to bitcoin, they consider bitcoin, then there are many bad issues about bitcoin, so they don't trust crypto, so if there are still many people who don't believe in crypto, the blockchain won't be able to replace the bank
Traditional cryptocurrencies such as BTC are without a doubt very valuable in their impact on the industry. However, the stumbling block is the contradiction between cryptocurrencies and traditional financial institutions. A bitcoin user stores his assets in the blockchain, and it would be naive to believe that banks will humbly accept a situation that cannot be controlled. In any case, the path to acceptance will be far from easy and not as fast as it may seem.
My emphasis is can blockchain has the capacity to replace bank?
Of course it has, this is the main reason why Bitcoin was created, there is another question "Will Bitcoin replace bank?". Now banks fight against cryptocurrency including bitcoin and this is really very interesting who will win and how
No. the blockchain cannot fully replace the banks because aside from the transfer of money that can be done on the blockchain and the saving of cryptocurrency in wallets. Banks are a very big complex organization that extension into plenty fields of life.
So no
So no
I don't see how this could be in the future - it is a lot of steps before people will use cryptocurrency as usual money in the future. So banks will live and people will keep there money of course.
This will be very easy, because today banks perform certain operations that we can create very easily by writing smart contracts very simply. Therefore, I am confident that today the replacement as a whole will be easy.
The world will remain the same, even if ten new technologies come to it. Just this time the technological leap has touched the financial systems, and this topic is always interesting. Banks will eventually take on arms new technology and everything will be as before
crypto and the bank I think are interconnected because basically the bank is a place to store personal money that is used for a country's currency while crypto has its own place in the network they make. in licensing there are some countries that prohibit crypto as a payment instrument and if it is to be used it must be exchanged into the country's currency so I think for crypto and banks if it will coexist
In this world nothing is impossible, many people think that the current bank transaction system is very good but changes are always happening so that someday it will be replaced by a better system, and I think blockchain is a better system than banks so it's worth replacing.
You are mixing it together, there is no way for blockchain to replace banking institution. Both are not the same, and even Cryptocurrency can not replace banks in our society. We need both of them for the better functioning of the society.
They can work together, no need for replacing each other but to help peoples need they can process both sides without interfering with each other, let new generations to used this new technology and those who already using the old fashioned ways continue the institutional process, there's should be no problemif they co exist but a great lift for payment process.
I would say yes it can make to replace the bank system by the blockchain technology because of its unique capabilty process that can record and protect digital data that will change the way we live in most facets of our life. A completely transparent ledger that records every transaction in existence for a certain coin, and anyone can look at those transactions.
You are mixing it together, there is no way for blockchain to replace banking institution. Both are not the same, and even Cryptocurrency can not replace banks in our society. We need both of them for the better functioning of the society.
This thing will happen if almost people whole the world accept to use cryptocurrency to exchange and use blockchain to storage personal transaction data. Employee of bank will not need much as now
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