A degree of centralization will always be needed to provide certain services. Thus, I don't believe that banks will be ever become obsolete or be replaced be decentralized counterparts, however, in the future more and more can be done trustlessly without a bank imo.
It's definitely a pain in the ass when you try to send someone money, and your bank flags it for no particular reason. It can also be way more general, as all hosted bitcoin wallets can essentially be considered a "bitcoin bank" as well, and account suspensions often happen.
There is a large counter party risk that is involved when you entrust them with a sum of money, especially with them running unbacked fractional reserve in some countries. However, services such as mortgages would not be possible otherwise. Even if we see mass adoption of bitcoin as a currency, if someone requires a loan, they'll most likely still need to get it from something that resembles a bank, if not a bank (even if it operates under full reserve).
Topic: How long before banks become obsolete? (Read 342 times)
I'm not sure the bank will be obsolete, the bank is one of the departments that keep the FIAT stability in the country, so as long as most of its citizens and the government have no problem about this then the bank will continue to stand.
Banks become obsolete?? .. Every crypto enthusiastic pipe dream. Why would banks become obsolete?. No matter the level of development and adoption in crypto, it can never push off the Banks. Banks provide a more stable and efficient financial platform.
i think it is difficult to happen, banks and governments are the backbone of the country's economy. and I do not think the government will legalize cryptocurrency before having policies that can benefit the state
Though there is still a good impact of bitcoin if it is well implemented in each country, I do not think governments will allowed banks to be obsolete. Banks will still have a big role in different countries.
It was really a hassle to experience what you did. So I think it would be better if you have send it using cryptocurrency. The only problem there if you send it to someone who doesn't even know how to exchange his/her digital coins. Yet it could have been very quick and as instant as possible. Banks on the other hand may never be obsolete because they have been there long enough and the process still continues to exist. Only when people move out of this system will banks probably be closed. Note they could be upgraded as well to cryptobanks in the future. Maybe the services will then be better.
Banks become obsolete?? .. Every crypto enthusiastic pipe dream. Why would banks become obsolete?. No matter the level of development and adoption in crypto, it can never push off the Banks. Banks provide a more stable and efficient financial platform.
Banks will not be obsolete because even if you have cryptos, you still need banks in order for you to have fiat. As long as fiat is needed then banks will exist. How would fiat be created then if there are no banks that will issue it. We may have found a way to have a seamless transaction by using crypto but still banks are there because we need them. Not everyone knows cryptocurrency and if even there is already mass adoption, we cannot immediately shift to it because there is still limitations when it comes to who can access and use it.
I can say no one knows how long, but the mere fact that people still using banks as payment method and to kept their money it will not become obsolete. Crypto has many long way to go before it can the best and top to use globally. Because banks are still the top choice by many users.
For as long as people use it then banks will exist. Cryptocurrencies might be a threat to them because others use crypto in doing their transactions so they got a share of the market and the profits too but crypto cannot just easily eliminate the banks. They will just co-exist.
It's not just you who have to deal with this kind of hassle all the time. A lot of people don't get why decentralisation is so important, it's because of this.
When you deposit money into a bank, you are handing over control over every cent. Even though technically it's your money, it's really more of an IOU promise of the bank to you. They can deny transactions outwards, request verification (as shown by your case), delay transactions, and even deny transactions from crypto exchanges coming in.
That being said, I don't think that banks will ever become obsolete.
Centralised banking services will probably co-exist with decentralised currencies such as bitcoin. Even if bitcoin does go mainstream, it's very probable that banks will simply shift some of their resources to serve bitcoin customers as well, instead of all of a sudden going out of business. Interest bearing accounts that they offer will still be needed, and so will loans. But they may only exist in electronic form by that stage with no brick and mortar business, who knows.
When you deposit money into a bank, you are handing over control over every cent. Even though technically it's your money, it's really more of an IOU promise of the bank to you. They can deny transactions outwards, request verification (as shown by your case), delay transactions, and even deny transactions from crypto exchanges coming in.
That being said, I don't think that banks will ever become obsolete.
Centralised banking services will probably co-exist with decentralised currencies such as bitcoin. Even if bitcoin does go mainstream, it's very probable that banks will simply shift some of their resources to serve bitcoin customers as well, instead of all of a sudden going out of business. Interest bearing accounts that they offer will still be needed, and so will loans. But they may only exist in electronic form by that stage with no brick and mortar business, who knows.
I can say no one knows how long, but the mere fact that people still using banks as payment method and to kept their money it will not become obsolete. Crypto has many long way to go before it can the best and top to use globally. Because banks are still the top choice by many users.
Banks become obsolete?? .. Every crypto enthusiastic pipe dream. Why would banks become obsolete?. No matter the level of development and adoption in crypto, it can never push off the Banks. Banks provide a more stable and efficient financial platform.
Definitely, they will not die and banks is supported by the government which mean they will never be gone. Banks is ok not until this blockchain technology comes to us, but for sure if banks adopt this technology they will become efficient and effective which the depositors will love banking system again. But what if governments as we now them will be gone forever? Bitcoin has all chances to replace fiat money and therefore destroy central banks with their monopoly over money. Of course, banks will stay even in that case, but their functions will be different.
Banks become obsolete?? .. Every crypto enthusiastic pipe dream. Why would banks become obsolete?. No matter the level of development and adoption in crypto, it can never push off the Banks. Banks provide a more stable and efficient financial platform.
Definitely, they will not die and banks is supported by the government which mean they will never be gone. Banks is ok not until this blockchain technology comes to us, but for sure if banks adopt this technology they will become efficient and effective which the depositors will love banking system again. Banks become obsolete?? .. Every crypto enthusiastic pipe dream. Why would banks become obsolete?. No matter the level of development and adoption in crypto, it can never push off the Banks. Banks provide a more stable and efficient financial platform.
The banking systems are still operating very well but it has come up with disadvantages that many investors do not like and they have found it in crypto and blockchain technology. I believe that if you want to develop sustainably, then the bank should apply the blockchain technology to the management of their system that is very necessary and reasonable. 
Its really a discomfort experience being questioned about the money you own that banks is controlling and deciding for you.. They might’ve mandated by law for our financial security,, but too much is not good anymore.. I am one of those who have withdrawn all my assets in banks and closed my accounts for fraud issue in the past in this so called secured place..
But we can’t deny that bitcoin can’t replace banks anytime soon or maybe in the future.. We might not or the government won’t allow it.. So only we can do now is hurt they’re investments by every cents at a time..
But we can’t deny that bitcoin can’t replace banks anytime soon or maybe in the future.. We might not or the government won’t allow it.. So only we can do now is hurt they’re investments by every cents at a time..
I am sure that banks will not disappear else much time because they are very strong and have huge resources as well as they are embedded in all economic and financial aspects of our life so it need to spend much time to change this situation I think but the first step has been already done very successfully.
Banks become obsolete?? .. Every crypto enthusiastic pipe dream. Why would banks become obsolete?. No matter the level of development and adoption in crypto, it can never push off the Banks. Banks provide a more stable and efficient financial platform.
Oh, really? I don't think so. For a long time, banks were thinking that they have no competition, but cryptocurrencies are slowly getting more reliable and widely available. Wire transfers take too long and they might be blocked by the bank. Fees have been growing without any particular reason and withdrawing a larger amount of money might be a problem. Not to mention what would happen if another financial crisis occurred. What would you choose? A platform which is centralized which makes it easier to attack or disrupt the service or a decentralized cryptocurrency which you can store where you want?
May be more 10 years from now mate. If you have funds on banks alone you make change that bitcoin to other ways as well. I really do not like others who have big belief on banking side alone. I do have any loans and funds on banks to safe it.
Only investment on various option only to have the way to keep safe your hard earned money.
Only investment on various option only to have the way to keep safe your hard earned money.
I'm really looking forward to not needing my bank at all. Just the other day, I tried to send that they call a "Quick Pay" to someone. It's a feature they offer that allows you to send money to someone instantly. Except it's not so instantly. As soon as I pressed "submit," I received a message saying it required additional review. On the 4th of July. In person. When banks were closed. So dumb. Today, I had to go into the bank and show two forms of ID and they had to call someone by phone from within the bank who then asked to speak to me. They asked me if I knew the person I was sending the money to. (He is a friend, so yes.) I was like, "no, I don't know the person I'm sending money to, I'm just feeling generous." Then they asked me if I planned on sending money to this person again. At this point, I was like, "listen, I've been banking with you for 30 years, I'm sitting in your branch, the teller has known me for 10 years...do I really need to ask your permission to send someone MY money and do I need to tell if I'm going to send them money again???!! No."
How do you think cryptocurrency will change banks in the short-term and how long before some of them go out of business?
How do you think cryptocurrency will change banks in the short-term and how long before some of them go out of business?
As for me, no one could surpass all the achievements and success that banks have gained in time. It is the most trusted place around the globe which they think is the safest place to store our earnings regardless of which currency are we using. Banks will remain as it is and nothing can replace it for now.
This is strange when banks react like that but they have a reason for it and it is a common practice by banks where they find any abnormal transaction. You have not mentioned the amount of transaction that you have made. In my country it happens when a huge amount is either transferred to your account or you send it to someone. The reason for banks doing this is to confirm whether the transaction is not for any illegal acts. The first and foremost goal is to stop money laundering if there is any. Also confirmation of source is one of their duty, which is following the international laws of banking.
Banks become obsolete?? .. Every crypto enthusiastic pipe dream. Why would banks become obsolete?. No matter the level of development and adoption in crypto, it can never push off the Banks. Banks provide a more stable and efficient financial platform.
This is still take a long-while, blockchain technology has to be understood by various government and it adoption coming into effect b before banks will gradually loss it dependency.
People need to do a LOT more than send money instantly. They need loans and other financing, they need investment products, and they need checking accounts for those bills that need to be paid to people who don't accept bitcoin.
So no, banking isn't going away anytime soon. If someone comes up with a crypto solution for all of these things, then banks might be in trouble--but probably not, since most people are comfortable dealing with banks.
So no, banking isn't going away anytime soon. If someone comes up with a crypto solution for all of these things, then banks might be in trouble--but probably not, since most people are comfortable dealing with banks.
All of these could be scripted in ways which would dis-intermediate the necessity of banks in the process, there will always be some things that cannot be replaced by scripting tho I think. But the main problem is, how do you do borrowing and lending and all that with a deflationary currency? Is is it possible to do it with a limited supply? What if there is a shortage of funds and people demanding funds can't get them? they just don't get them? is this a positive thing or it would detriment the economy? Some people argue that it's positive, the greatest period of growth was under the gold standard, and they claim after 1980 the effects of detachment from gold standard started brewing to explode decades later.
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