Topic: Say Goodbye to Banking as We Know It - page 2. (Read 1911 times)

It is not known how it will end, but surely the banks will not agree to lose their power without fighting.
So banks - and other institutions - will invent things that will make you believe that it is crytpo but it is not. Like this.

There are so many people who are not interested in banks now because they got better opportunity to store their money as long as they want but some people don't have information about crypto so they still use banks but I can see the future that soon bitcoin will replace this banking system and people will only invest in crypto as its better option for them.

but i think digital yuan using blockchain system?
due for this 2 article , i think digital yuan is not a simple digital e money like old tehcnology
https://www.coindesk.com/chinas-digital-currency-will-be-two-tiered-replace-cash-binance
https://www.coindesk.com/chinas-central-bank-heres-the-latest-on-the-digital-yuan

Digital Yuan isn't cryptocurrency, it's something like digitalized fiat. Chinese authorities are going to push cash out of the economy because they can't control its spending. Maybe it sounds like conspiracy theory, but China is known for spying its citizens.

With your theory how you will be purchasing bitcoin, barter system or you will be using the banking system and fiat currency to purchase the coins, if not how you are going to invest in bitcoin to begin, i do not understand from where you get these ideas that banking sector will be replaced with the introduction of virtual currencies .

I agree with this, most of us have gotten used to the volatility of bitcoin but most people are never going to accept that volatility willingly except when they think they can earn some easy money as it happened during 2017, it is because of this that I have always thought that one of the most important events that will push adoption upwards will be a global financial crisis that really hits the public and then they try to find alternatives to protect their money.

Yes, both of these products are a perfect support for us in this modern society, bitcoin as a new investment service, providing us with more profit, the bank is a safe storage place, except for that, it also creates more opportunities for investors who want to take risks when they have no capital and lack of conditions, although both have a mix when bitcoin can become a storehouse and a bank can become an investment place with low interest rates. But after all, they still prioritize development and focus on their main services, they have small competition but this competition is what makes them better.

Banks have been good for a time, until they got rid of the customer in the equation and started focusing on making money. They have been doing this for a very long time already and we pretty much can't do nothing about it besides condemn banks which really doesn't do anything. The concept of a special place where you can store your money for safekeeping is good, until they weren't anymore. Bitcoin brings the consumer back to the equationc and that's why we feel like it's better than banks right now.

You think that people will like getting looked at ? All the KYC and everything else is actually something to just spy on them , it is getting everywhere and this inturn is breaching the privacy of everyone. Also as long as you don't have anything to hide I do think that it won't matter much but at the same time the today's banking is not going to be physical it is more like mobile banking and I think soon enough terminals will replace the physical banks .

It is bitter truth that people who love crypto and normal users of crypto dont like traditional banking system.Most of common people also say no to traditional banking system but they forcefully use banking system because government dont allow to legalize the cryptocurrency.Crypto is like own bank and no any involvement of third party.Creating awareness about the crypto is needed most people know about the use of crypto majority will be in favor of crypto.

 The banking as you know it is also not the banking older generations know it neither. So do not think that just because during the life span of bitcoin, banks will be improving and changing for the better just because competition also does it and everyone "has to" be the best bank they can possibly be without being too good to make as much profits as they can, doesn't mean they are doing it out of fear of bitcoins.

 Anyone here remember the times when credit cards fist started out? You literally had to use a huge machine, clink clunk over it, get signatures, call up some places, and many other horribly long taking times yet few people started to use it, nowadays you can read a QR code with your phone and you are good to go, it is that much improved. None of it because of Bitcoin, all because banks compete with each other.

 In 50 years banks will be sooooo much different than today, technological improvements and exponential, 5 year improvements in 2010 to 2015 are less than improvements in 2015 to 2020, and in 2020 to 2025 we will have bigger, so in 50 years banks will be so high end that right now we can't even imagine what would it be like. People 50 years ago didn't had the notion of understanding a smart phone could ever exist, or if you could talk, text, pay, online search, and video chat on the same device, basically all in one, if 50 years ago people didn't even imagined the technolgy we are so used to by now in smart phones, think of what unimaginable stuff will happen in 50 years from now. That will reflect on banks and change too many things for better.

Cryptocurrency is created to have a new kind of currency, which is a digital one. It's not created to fight banks. It's created to help it, to help the economy. Banks are needed for loans, for taxes, and etc. and bitcoin is needed for decentralization and avoiding huge fees that the middle man will get (like a bank). Like it or hate it, banks are needed for our economy to function perfectly, and bitcoin and other cryptocurrency is there to make it better.

Bitcoin and banks are not fighting each other, and they are the tool to make our society better.

for now there are still many people who don't understand cryptocurrency, and they only know banks that are familiar. Moreover, the absence of government regulation has led to the development of crypto not as desired

Basically we are really bound to accept the fact that we don't need banks, we haven't realized that the world will not be functional as like today, if there is no regulation to the use of money we have. It might be hard to accept but the fact that regulation is needed, is what will make our economy better. They circulate money for investment, loans, government projects and for us to have infrastructures that we mainly benefited from. Without banks, everyone will be selfish and will focus on their own, making government incapable to function very well.

I doubt very much your words. 90% of people will not store money in crypto because it makes no sense.

What are their options?
Buy bitcoin - which is extremely unstable in price, and it is not known what will happen to it in the long term.
Buying altcoins is an even worse option.
Buy stable coins - but why take the risk if you have fiat.

GOOD! Banking as we know it sucks! It takes three days to send money anywhere outside a bank, that’s 1980s technology in 20 (fucking) 20!

Putting our banking system on the blockchain (after the blockchain has existed for 10 years) isn’t even a brilliant idea anymore. It’s the obvious or only idea to progress the banking system.

China doing this is great and shows incredible leadership on their part. But let’s not confuse any of this with cryptocurrency. They aren’t creating crypto currency. They’re merely (and greatly) putting their fiat currency on the blockchain.

Banks aren't good! therefore cryptocurrency was created, but there are only a few that have good value, indeed decentralization is a good system for the future, but for now if the BANK ends, the world will be shaken

Banks are making money from no where so do you think banking is still better than decentralized crypto?

Uhh... But isn't banking is basically based on fiat? Uhh... NO. It is considered as currency in the first place, but as time come to pass it turned out to become an investment.


You seem to not understand the idea. Well, basically, we know that banks are either public (by the government) or private (by credit unions). But by this, the government are intending to have complete control over by implementing crypto of their own, and would drastically reduce the effect of banking, especially if the government will force you to use it.

Banks have always existed in some way or form since the beginning of civilization and we will always need some kind of institution that gives loans to people that have productive ideas, that is a good service of the banks the problem is that they have been abusing their position of power to pass laws that favors them and if that was not enough many banks have taken away the power of governments to create currency by the use of fractional reserve banking and that is a power that needs to be taken away from them.