In my opinion, until whenever we will still need a bank. I am sure that this world cannot switch 100% to crypto currency. Until whenever fiat currency cannot be replaced with crypto currency. Crypto currencies and fiat currencies are complementary. This bank will continue to be useful for storing fiat currencies and other valuable assets. Instead, I will give an appreciation if banks and crypto currencies build a partnership, for example banks implement blockchain systems or banks receive crypto currency storage. I'm sure if this happens then this world will feel easier and more comfortable. We will be more facilitated if we want to trade far or near, and with fiat or crypto currencies. All will make our work easier and faster.
Topic: Soon we would not need banks - page 10. (Read 3735 times)
I think that will not happen, the bank will not disappear and will still be there because the bank is very helpful to the community through loans or also to save. Banks get support from the government and with that the bank will survive.
Too early to say that, I must say its a big statement, Banks wont disappear, crypto currency is still not on a position to defeat banks.
Lol. How soon is soon? I'm not seeing that happening in the next decade. Banks have a really firm grip in today's society and it would be hard for anything to supplant them. Governments, corporations, big and small businesses, all these are held by banks.
I don't agree with this because banks don't only keep the money for people but also provide credit. Therefore, banks will last forever whether become number one currency or not.
Nose, I do not have it very clear, one of the main reasons for all this was so that there were no banks, but every time more intentions of the banks are seen interesting by the blockchain. The roles are changing.
Too early to say that, I must say its a big statement, Banks wont disappear, crypto currency is still not on a position to defeat banks.
Banking sysyem is an important part of our economics. There is no way to ignore this. Off course, criptocurrencies change rules by time but it is still in progress.
The Ceo of Bitcoin cash recently stated that soon people wouldn't be needing banks anymore.Does it mean the world is going crypto soon or he is just bluffing.
I will not agree with you because banks are really needed for the cryptocurrency system. Do you think you could need to transfer all your money and hand it over to exchange crypto? Well the bank could do it for you! Could you cash out and get your money directly from the local exchanges? No, but the bank could do it for you. It is so hard to deny the fact that bank has established already a good system where people feel like we need them. Besides it is not good also to store all your money in a digital wallet for digital wallet is not a bank. I can't see banks going anywhere within the next 20 years or so, I think that they will have their place.
Society is heavily reliant on banks and, while governments and bad practices from banks and individuals alike cause problems, they provide a good service beyond that which any crypto can offer.
Society is heavily reliant on banks and, while governments and bad practices from banks and individuals alike cause problems, they provide a good service beyond that which any crypto can offer.
definitely agree to you sir/ma'am banks will never be gone or be remove in the society on our financial system banks has been part of our system for so long
That perception reflects reality. The number of Bitcoin transactions (as opposed to trades) has not risen much in the last few years, and one recent academic study suggested that half of those transactions are associated with illicit activity. As a medium of exchange, Bitcoin remains today pretty much what it was in 2010: an interesting complement to the existing monetary system, primarily useful for people interested in avoiding legal authorities or living in societies racked by inflation (like, say, in Venezuela or Zimbabwe).
I can't see banks going anywhere within the next 20 years or so, I think that they will have their place.
Society is heavily reliant on banks and, while governments and bad practices from banks and individuals alike cause problems, they provide a good service beyond that which any crypto can offer.
Society is heavily reliant on banks and, while governments and bad practices from banks and individuals alike cause problems, they provide a good service beyond that which any crypto can offer.
The Ceo of Bitcoin cash recently stated that soon people wouldn't be needing banks anymore.Does it mean the world is going crypto soon or he is just bluffing.
We still need banks/remittance centers/atm machine to exchange our cryptos to our local fiat and cash it out. Although we can pay bills by means of crypto currency we still banks because not all merchants accepts crypto currency.
I have little idea how bitcoin can replace banks. I use and crypto currency, and constantly use the services of the Bank and I do not know how, for example, will be able to pay utility bills through bitcoin, or take a loan.
This is just an assumption, because banks are now an integral part of our economic life, and it will take many years before they are gone. If that ever happens.
I don't think so but rather about 90 to 95 percent of world population would no longer need banks. Cos 90 to 95 percent would be the people that would easily understand and adapt the concept of crytocurrency while the remaining 10 to 5 percent would not find cryto to be interesting. At the same time it will take saveral years for crypto to replace banks completely
Of course, I would like that to happen. But I do not think that bitcoin can really be a full replacement for banks. And banks have many other functions that are not yet under the power of bitcoin.
But first, need to Bitcoin have been run worldwide. There are very few countries that have installed BTC cash machines. There are several companies working on this.
But this is not possible yet. It could take more time to implement.
But this is not possible yet. It could take more time to implement.
Traditional banks have made their existence irreplaceable and they are not just a mode for making transactions but they meet all adhoc requests of general public unlike Bitcoin which is constraint to only people who use internet. Decentralized nature of Bitcoin will never allow it to be anywhere close to being a bank.
I think this news is more hypothetical than informational. No one knows exactly whether cryptocurrency can replace banks and how soon it will happen. But the assumption is interesting.
The banks are important to us, even if you have a lot of money from crypto you really need to save it in the bank or it will be rotted in your place.
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