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.
Is there any possible reason for you thinking such things because i don't see any reason for Banks becoming obselete any time soon. Banks have built faith in the people for a long time and provide the essential services of money transfer,providing money,saving your funds with interest ovet them or providing loans which crypto cannot do even in the long run.So banks are here to stay for long and they do not fear crypto.
It was not so good to be questioned about so many things especially when it is your money. This is how things should be. However there are rules that banks are also following which I think is the reason why they would keep asking you about it when you are there client for around 30 years as you said. Think about the whole economy of your country maybe you will know why you aren't allowed to send money anywhere. This could be the same reason why cryptocurrencies are somehow banned in some countries. As for banks, they have survived everything for many centuries and generations so I think they won't be lost easily.
I honestly don't care, and I strongly wish them the best of luck with whatever they transform into.
I'm already at a point where I conduct way more Bitcoin transactions than legacy bank transactions, and if the price in the coming years becomes a bit more stable and usable to pay may bills with, I will ditch them completely.
The only reason I currently use a bank is because of the following reasons;
# The price is not stable enough.
# My employer doesn't pay in Bitcoin (yet).
# I can't pay my bills in Bitcoin (yet).
# Local stores don't accept Bitcoin through LN (yet).
If these factors change, it's adios banks for me. I'm happy that I have never subjected myself to debt, so I am at least free from that poison.
I'm already at a point where I conduct way more Bitcoin transactions than legacy bank transactions, and if the price in the coming years becomes a bit more stable and usable to pay may bills with, I will ditch them completely.
The only reason I currently use a bank is because of the following reasons;
# The price is not stable enough.
# My employer doesn't pay in Bitcoin (yet).
# I can't pay my bills in Bitcoin (yet).
# Local stores don't accept Bitcoin through LN (yet).
If these factors change, it's adios banks for me. I'm happy that I have never subjected myself to debt, so I am at least free from that poison.
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?
Banks will never become obsolete not now not in the future. The worse that would happen is reliance on them will become so low that a lot of transactions that they today would be taken over if crypto currency is allowed to flourish to the fullest. Even if the crypto is legalised as a legal tender, people would still need an organisation to help them keep their wealth, they want to have someone who will pay them interest on their savings, others would want to borrow to finance their businesses, governments would want some to act as intermediary in keeping revenue generated, international trades would still need to be facilitated etc put all this together, any organisation or business licensed to do all this, is technically a bank.
With the volatility of cryptocurrency people has doubt of investing all their money on crypto and they still use banks as this is the safest way to keep your money. Although banks has lower interest rate than putting it on bitcoin but it's more secure in the banks. I don't think banks will be obsolete not unless government will force to remove them.
I always hope Bitcoin Can Be The Legitimate Currency In The World, Because Create Bitcoin Wallet does not require identity and it does not take long time to create bitcoin wallet and only need internet connection smartphone or computer to access website bitcoin wallet and only need an Email for create bitcoin wallet. 
Although I would very much like to be able to free ourselves from the control of the banks, I do not think that these will become obsolete, at least not in the short term.
People are too used to leaning on banks, and banks certainly do not want to lose their role of power.
They will surely find the way to renew themselves.
People are too used to leaning on banks, and banks certainly do not want to lose their role of power.
They will surely find the way to renew themselves.
We know how banks geting their profits and incomes. Banks can become obsolete if something or someone will compete on their interests. Giving low interests rates will make some bank to close. Bankrupt is the main problem of banks. We know how cryptocurrency can defeat banks by using cryptocurrency wallets.
Banking system will stay a bit longer as we wanted them to be replace by Crypto Digital transaction in the Market. Banking investment of solid asset remains as practice in the financial business market. It will take time to this Banking system to be obsolete. The issues on Banned, Scammer, Hacking and the never ending issue on Regulation still need to be address and put it into the proper perspective by the business financial institution of the government.
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?
this is a bank weakness and crypto excellence, where the bank simply takes a lot of time if you have to send money while we are in a different urgency with cyrpto as long as we connect to the internet everything is easier if bitcoin has become a legitimate use then one or two years ahead the bank does not will be needed again... How do you think cryptocurrency will change banks in the short-term and how long before some of them go out of business?
I think it is never outdated. It just changed to fit. Because the bank is a place to maintain and manage a country's finances. In addition, every company needs finance to operate so the bank is never outdated and it lasts forever in human development.
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?
Bitcoin arrived 8 years ago and due to the fast pacing development of blockchain technologies it is becoming obsolete because there is only that much we can built on it in order to get it upgradable.
Well i don't think that banks can entirely be obsolete. Perhaps people will shift to digital money once it becomes more accepted and many banks will close due to lack of customers but they will always be an option
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?
Dont too harsh in bankers and besides isn't it better to have two option of keeping safe money?its cryptocurrency and banking service,yeah were tired of the godamn third party and smaller interest but remember banks are safer place than any other storage for our money so please review your wishes before deciding asking it again How do you think cryptocurrency will change banks in the short-term and how long before some of them go out of business?
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?
Bitcoin arrived 8 years ago and due to the fast pacing development of blockchain technologies it is becoming obsolete because there is only that much we can built on it in order to get it upgradable.
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?
I think it would be hard to replace banks because banks are well known before cryptocurrency has existed. Most people still value banks because they believe that it is the safest place to store their earnings. No matter how many banks may fail, we can't deny the fact that banks are still valued.
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?
First of all I hate banks,but still they are indeed to make transaction to somewhere so they still have support in all over the place.But now a days we really no need to go to banks everything can be done in online maybe your bank service not yet updated to the modern days.Still the fact is we are not holding our money the banks are holding our money and we are asking permission from someone to send our money totally idiotic thing right.That is why the decentralized bitcoin was made but people think it as an investment not as normal currency.There is no exact answer but we no need banks anymore if the people think bitcoin is the currency. How do you think cryptocurrency will change banks in the short-term and how long before some of them go out of business?
Trust me, you don't really want bank out of business. They ask a lot to protect your money and why don't you use internet banking?
I think this will never happen. Even if they are morally obsolete, the bankers will not want to destroy them and will do everything they can to maintain them. Meanwhile, power and money are in them. Yes, and people are already accustomed to them. Or maybe something like crypto banks, but it's too early to talk about it.
Well in my opinion banks will remain as it is.We all know banks are behind big influencial people around the world so it will never happened that banks will get vanish.We had nothing to do with it because its like you are hitting the hardest rock.
We know how banks geting their profits and incomes. Banks can become obsolete if something or someone will compete on their interests. Giving low interests rates will make some bank to close. Bankrupt is the main problem of banks. We know how cryptocurrency can defeat banks by using cryptocurrency wallets.
Banks have a great financial stability, and bitcoin does not.
Banks have a governing body and provided a financial services and other stuff to their citizens of their country. Bitcoin on other hand is not governed or have the stability due to which it can overrule the banking functions. It can help people in various ways like transfer of btc quickly anywhere in world with less fees, investing opportunity etc.
Yes this is true ,we are still giving the banks sometime to readjust to the new ways of going about financial transactions. The cryptocurrency ideology is gradually getting down well with people all over the world and small time,the banks indeed will be obsolete.
The average person will actually uses banks more for borrowing money than other major uses such as receiving (making deposits), and spending money (sending "quick pay" payments and writing checks).
Citizens can and do often use things like cash, money orders and similar to pay bills and send money to friends, while on the other hand, they have a hard time coming up with enough money to pay for things like houses, and cars with existing assets, and have few non-bank options to borrow money to pay for said things (both of which are essential for almost everyone to have in order to live and earn a living).
This is also how banks make the majority of their money. As a general rule, a checking account will make banks very little, if any money, while how much money banks earn in interest income verses the cost of money banks pay for what they lend out is a very closely watched indicator in banks' earnings reports.
Citizens can and do often use things like cash, money orders and similar to pay bills and send money to friends, while on the other hand, they have a hard time coming up with enough money to pay for things like houses, and cars with existing assets, and have few non-bank options to borrow money to pay for said things (both of which are essential for almost everyone to have in order to live and earn a living).
This is also how banks make the majority of their money. As a general rule, a checking account will make banks very little, if any money, while how much money banks earn in interest income verses the cost of money banks pay for what they lend out is a very closely watched indicator in banks' earnings reports.
I don't understand why banks are being underestimated this much. Nothing prevents them from using Bitcoin in their advantage just as much as we do, and likely even more because of their advantageous position in the world economy. The world for a large part depends on debt, and if you take that aspect away, the whole economy will just implode. It's quite funny how we're at a point already where less debt will cause more problems overall. Everything thrives on debt so much, that the world economy is exactly like a heroin abuser -- the only way to tackle the short term crave for debt is to inject debt, and that over and over again.
So far, i didnt see any entity whom i can trust my money with rather than banks. They are more like a physical security where you get there, see your identification cards, signature, then give you your money. Even you cannot withraw it unless given the proper documents. Electronic storing of moneyis vice versa. Even we can have this e-wallet, it cannot outrun the function of banks.
I do not expect the bank to be outdated if the whole world accepts cryptocurrency. Because the bank is a very prestigious investment or loan destination.
I agree with most of the comments above. Your inconvenience with the banks doesn't really highlight the urgency of crypto IMO. The most important bank activity is financing, I don't see how crypto will solve that. How'd you give funds anonymously and trustless? That will require another genius idea. So no, at least not anytime soon.
At the moment, banks perform operations much faster than the crypt. Therefore, many still choose translations in the old way.
Not really. Don't forget that there is an outrageous fee, especially if you're sending hefty amounts or sending it overseas. Banks is far inferior to crypto in that sector (transaction). Right now I prefer to make any transaction via crypto at all times for a lot of reasons. That's not why people still use banks.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?
Banks are indispensable to countries. Even if the cryptocurrency is accepted by the government in the future, the bank will survive, and it will probably become a cryptocurrency bank. How do you think cryptocurrency will change banks in the short-term and how long before some of them go out of business?
Being honest, this can take up to 50-100 years... Look at the typical retail investor. Most can't even setup a wallet.dat or save their private keys. Not that there is anything bad about this. But people need to teach themselves before there is actual real world use and adoption and any chance for banks to become obsolete. I'd say probably more than 50% of people who hold or have ever held btc have never spent it on any rather just trade or hold it, nevertheless any other altcoin.
At the moment, banks perform operations much faster than the crypt. Therefore, many still choose translations in the old way.
And many people are still want to use banks because of its security and its legal on all places. Banks will enever become obsolete because those are owned by the tycoon and they will not let their business to die. People will use banks and crypos in the future but I think its more or crypto now. Banks have a great financial stability, and bitcoin does not.
I do not agree with your opinion. Now Bitcoin is not stable. But I'm sure Bitcoin will be better than the bank in the future
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.
Not anytime soon. In fact people like Hal Finney saw a future in which banks would be part of the Bitcoin ecosystem because he predicted Bitcoin couldn't scale everything on-chain, so he added some sort of banks in the equation:
Apparently LN is way better than what Hal Finney was talking about there, even if it still has problems.
Actually there is a very good reason for Bitcoin-backed banks to exist, issuing their own digital cash currency, redeemable for bitcoins. Bitcoin itself cannot scale to have every single financial transaction in the world be broadcast to everyone and included in the block chain. There needs to be a secondary level of payment systems which is lighter weight and more efficient. Likewise, the time needed for Bitcoin transactions to finalize will be impractical for medium to large value purchases.
Bitcoin backed banks will solve these problems. They can work like banks did before nationalization of currency. Different banks can have different policies, some more aggressive, some more conservative. Some would be fractional reserve while others may be 100% Bitcoin backed. Interest rates may vary. Cash from some banks may trade at a discount to that from others.
George Selgin has worked out the theory of competitive free banking in detail, and he argues that such a system would be stable, inflation resistant and self-regulating.
I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash. Most Bitcoin transactions will occur between banks, to settle net transfers. Bitcoin transactions by private individuals will be as rare as... well, as Bitcoin based purchases are today.
Bitcoin backed banks will solve these problems. They can work like banks did before nationalization of currency. Different banks can have different policies, some more aggressive, some more conservative. Some would be fractional reserve while others may be 100% Bitcoin backed. Interest rates may vary. Cash from some banks may trade at a discount to that from others.
George Selgin has worked out the theory of competitive free banking in detail, and he argues that such a system would be stable, inflation resistant and self-regulating.
I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash. Most Bitcoin transactions will occur between banks, to settle net transfers. Bitcoin transactions by private individuals will be as rare as... well, as Bitcoin based purchases are today.
Apparently LN is way better than what Hal Finney was talking about there, even if it still has problems.
Banks have a great financial stability, and bitcoin does not.
Banks will NEVER become obsolete, they hold a stronghold on governments -- by lobbying politicians to be able to do their bidding for them. There isn't a force (within the finance industry) which is big enough to be able to stand up to them. We can use Bitcoin as a way to change the inner workings of the banks, and maybe even have them change their ways a little -- as bitcoin could be thought of as competition to the big banks. But the banks will NEVER go away, they have too much power to ever allow themselves to go away.
They will fight to the end, and if it means killing a couple new currencies (such as Bitcoin) they will do it with ease.
They will fight to the end, and if it means killing a couple new currencies (such as Bitcoin) they will do it with ease.
Banks are not going to become obsolete any time soon. That what happened to you is not nice at all, and it can be frustrating. But whole economy of majority of countries is based on banking system. It is hard to change that. And crypto does indeed have potential to become something great, but it is not now. List of banking services is long, while with crypto it is not.
At the moment, banks perform operations much faster than the crypt. Therefore, many still choose translations in the old way.
So far, the banks are still an excellent way to make daily payments and send money within the state; either crypto is appropriate in the case of transactions between countries because of the complexity and fees imposed on it.
The situation that you mentioned can’t be generalized to all banking systems or at least in my country.
The positions of most governments are still vague against cryptocurrencies, which is one of the most critical factors for widespread use, so I expect the banks to hold for a period is not short.
The situation that you mentioned can’t be generalized to all banking systems or at least in my country.
The positions of most governments are still vague against cryptocurrencies, which is one of the most critical factors for widespread use, so I expect the banks to hold for a period is not short.
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?
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