Topic: Say Goodbye to Banking as We Know It - page 3. (Read 1882 times)

That's why Bitcoin can't replace traditional currencies, it can only be an alternative currency (but it's already a lot).

Today if you need to borrow money to buy a car, for example, you go to the bank and show your income justification and you receive the money, pay later xxx$ per month (principal+interest)

Imagine if Bitcoin becomes the only currency worldwide (considering banks don't use BTC) who's going to lend money to someone? Nobody. Nobody will take the risk to lend money/bitcoins to someone without having collaterals like banks can have (i.e. they take your house if you stop to pay, seize your salary, etc..)

Banks won't change from "profit-oriented" to "service-oriented" unless we change our mentality with the money and how we use it and the whole finance industry

just throwing out this idea


https://i.imgur.com/UIm67kh.jpg

Banks and cryptocurrencies work together now, but for how long? I think that cryptocurrencies will take over banks one day, who knows when will it happen, but it will. Now we need to use banks, we can't skip that in everyday life, in sending money, slowly but steady cryptocurrencies are more popular among people.

If you trust will change everything with bitcoin and cryptocurrency then have to say good bye for banking its terrible ideas, how to make investment with bitcoin and try to buy bitcoin without support from bank, how come to transfer our money to bitcoin exchange account without get support from bank.

It’s true that banking will change and is already beginning to change. There will still be a market for banking but those institutions will need to adapt to digital currencies and cryptocurrency needs of customers.

I do not see the use of banking becoming less as you say, a reflection from my perspective is that the banking system is becoming more developed because I see banking services being offered more each year, more benefits from storing assets then offering low-interest loans, it shows no signs of going down due to the presence of crypto. Crypto can only come next to everyone with the concept of a potential and profitable investment position in a short time, except for this purpose, it can be used for payment and storage but it's not really common with these extra roles

People are embracing paper currency because it is centralized and accepted everywhere. It will be the primary source of payment in near future only if we will attract more people toward it. Bring your friends and closed ones in this market, give them the knowledge of background, importance and working of this digital market. Adding more in this market will increase its price and will lead to surprising results.

For a long time, the financial system is changing. With more and more new financial products and services for consumers every day, it becomes more digitised and online-based. In addition, many banks are already exploring blockchain technology and that will change banking even more as it will soon be introduced. EOLBREAK I don't think banks are interested in cryptocurrencies, they're only trying to figure out how they can be applied and waiting to be controlled. But don't be surprised if banks offer crypto-related services to their customers.

We can say goodbye to bank but if you want to make the official transaction or any government oriented transaction means you need to have banking approved transaction receive to get paid for it.
That is a reason many of the people in the cities even they know the Bitcoin and its uses they are not accepting Bitcoin like how they are using the fiat currencies now.

Banking is not a problem,the fiat is the one.

Crypto may replace them when people call it as currency but as of now its being considered as an investment.

Use of banks has become less than before we got better option to store our  money in crypto for long term. Keeping money in banks is not that profitable and safe and crypto increase our money in very short time. We should keep storing money in crypto its holding fkt small time can give you profit and  keeping money in banks will give you very little profit for long years holding so banks are now almost finished using

Yes of course! People are still embracing the banking system. In fact, in my country there are a lot of people who tend to use atm cards than ewallet. Why? Because only few people see the importance of cryptocurrency especially in my place. But let us look always for future use of digital currencies and we all know that someday, it will be the primary currency of the world.

I think the banks as we know it could end, or it's better to say Banks will change and Bitcoin is a fierce competition for them. The debt crisis and crypto will sweep old fashioned banks. However, In the future there will be banks because most people prefer someone to take care of them. Most people do not want to be responsible and do not want to learn. There will be banks because the financial instruments are too complex and people will want to consult with specialists. But in this case Blockchain is more likely to supplement traditional financial infrastructure, making it more efficient and secure, instead of replacing it entirely.

Banking will be better than now but crypto cant replace them for sure

The interest system implemented by banks raises injustice. Interest rates are used as a reference to achieve capitalist profits. The bank does not want to know whether the borrower makes a profit or not with their loan capital, as long as the borrower must pay loan capital plus loan interest.

There is injustice between the borrower and the giver of capital. Large profits obtained by borrowers who usually consist of groups under the group are only required to pay their capital loans plus loan interest in a relatively small amount compared to the billions of profits they get. This means that the large profits received by conglomerates from the proceeds of their loan money are not commensurate with the money (depositors in banks) which generally consist of the lower middle class.

Bank interest hinders investment because the higher the interest rate, the smaller the community's tendency to invest. People will be more inclined to save their money in the bank because of the greater profits derived because of high-interest rates.

Bank interest is considered an additional production cost for entrepreneurs using loan capital. High production costs force companies to sell their products at higher prices. Soaring price levels, in turn, will invite inflation because of weakening consumer purchasing power

Even though the bank's interest system has a lot of ugliness, it cannot be denied that people in the world need banks, whether to use banks to get loans, save money to get interest or just to save their money. As long as the fiat currency is still in use, the Bank will continue to exist and before the whole world changes using the cryptocurrency, the fiat system will continue.

Banks realize that Blockchain challenges their traditional business model. There are two ways for banks to survive in the era of blockchain and cryptocurrency advancing

1. Evolution
Changing from a profit-oriented industry to a service-oriented industry. Even if they want to pursue margin, loans are given on a project basis not on a guarantee, so that the role of banks can be felt by all levels of society. It's not only the rich who have guarantees.

2. Performing up-to-date derivation of banking products responding to customer needs (one-stop services). The more complete the services provided, the more interested the customer is. With a blockchain, there is no need for a middle man to transfer funds, but the Bank is still needed as a middle man for validating cross-country transaction documents, or the bank can be the guarantor of the fulfillment of a transaction agreement.

So banking adoption of blockchain technology is a foothold for survival in the future. The application of this system was carried out because of the bank's awareness of the potential of this technology. In addition, Blockchain has also been proven to accelerate payment transactions, reduce transaction complexity, especially in the back office, while reducing costs. The use of the blockchain can reduce the company's operational expenses. Because the data storage will be carried out in a decentralized way. However, in the first implementation, there will be a lot of capital expenditure out. But after that, the operating expense will gradually decrease.

With the advent of cryptocurrency and blockchain technology, the banking system will change, but grow stronger and change for the better. We can already see that the banking system is moving relatively quickly to the use of blockchain technology and, in particular, the Ripple network. Recently, there was information that the Central Bank of Australia wants to transfer its banking system to the use of the Ethereum network. This information was very interesting to me, because ethereum can get a second life.
National stable coins of various states should appear in large numbers this year, they will also slightly change the banking system. However, there are banks and will work normally.

The blockchain, yes but I don't think it does with crypto currencies. In some altcoins, maybe since there are a lot of altcoins out there that can be applied by a developed system and if seen very well it might applied to some popular cryptos especially bitcoin. China might lead the change, they're already going into that, I just hope it went well.

There is a particular case, it is in Venezuela, they launched their cryptocurrency, which looks a lot like a token, but it has largely failed, they have not implemented Blockchain but they use the traditional banking system, which has failed, since they are based on using the Biometric system with the fingerprint, so much that they were suspended until further notice.

Now the government wants to implement that each sale of a barrel of oil is made in the cryptocurrency, which forces them to move, the case of banks is paused, as FIAT money falls more and more with respect to the dollar.

At the beginning of the use of the cryptocurrency, the local currency suffered a much stronger collapse and, therefore, banks do not have the ability to issue cash bills to meet people's demand, in this case the banks cannot make Nothing, and when it comes to Bitcoin in particular economies, it moves much more and digitally using only FIAT money. The case of China has to control these problems, since the inflation that can be caused can be very high in a short time.

And come to think that Bitcoin does get its value from fiat and its impossible for it to replace it one day.We would never say goodbye to banking
yet as government do still exist these centralized things would exist no matter what.Nothing can replace into a system that had been used by many
since from the beginning of time.Bitcoin would only stay up as an alternative rather than the main ones because it impossible for that thing to happen
no matter how hard you do think of it.

Paper money will not completely disappear from our lives but Bitcoin will become an important part also. Due to every day revolution, long term benefits people are getting attracted toward it. People will use it as an easy option of payment in near future. But it will use side by side with paper money.

More people are using physical money or cash than digital currency like bitcoin and other cryptocurrency when it comes purchasing goods and paying their bills at home, so a lot of people will be storing their funds in banks, that is why it is really impossible for banks to disappear for now because bitcoin is still not yet recognized by everyone in the world.