Topic: Soon we would not need banks - page 30. (Read 3715 times)

I don't think so. Banks are operating in our society for a long time. And many people are still entrusting their money in the banks. So i think banks will still remain.

It's too soon to make such conclusion as cryptocurrency still has a long way to work for it and mass adaptation has not yet fully adapted globally. For now,  we still need  banks that cryptocurrency cannot fully work for it.

But we still needed the trust from the people who still don't believe in Crypto currency

Banks are the backbone of the global financial system
And make fantastic profits from the survival of the current system
Even with the global financial crisis of 2008 and the sovereign debt crisis in Europe 2010
Banks are keen to keep the game cards in their hands and will not accept change simply
With all this, banks are now studying this new technology through their cadres and experts
And will provide solutions to cope with the event if the cryptocurrency prevailed.

I do not think that the bank will be obsolette because not everybody are going on risky move in joining cryptocurrency, but others are fearful to go into cryptos and still invest in banking deposits, so bank is always there and keep on operating, so bank actually will still be needed even the popularity of bitcoin.

Please provide us with the source of this information. for all we know the CEO of bitcoin cash has not stated anything about what you have posted here. A lot of people here of this forum are here to gain some knowledge about cryptocurrencies. It will be best if you add the source of this information... .... Looking at how the crypto world is growing and taking over gradually, I believe will not be needed within some years to come...

See, the world is not ready to make a quick change to full crypto currency use but in the future, 5-10 years we could start using crypto currency more and more until we only use crypto currency. In my opinion that would be great because crypto is so easy and profiting to use but at the same time it all depends on luck sometimes.

   People are very advanced thinking than bitcoin growth. Even many years will pass away people still need a banks because the fact that banks are safer than digital banks. Yes you can save money free from the government but it is not 100% secured because a lot of hackers and scammers around. One thing more not all countries already accept and recognize cryptocurrency.

There is a big possibility that sooner or later bank is become useless anymore if bitcoin continue to increase in demand and all people used it.

If that is truth of course he is bluffing.

Bitcoin won't fully replace fiat currency the same way television didn't replace theaters.

The amount of people in this planet is really big and for that reason the amount of preferences is equally big and in the future it will only get bigger. Thinking that only because it will be a lot bigger than right now it will replace everything is just having a really small picture of the future reality.

lol survive from what?
We will not going anywhere in near future. What will happen is banks will likely adopt blockchain and go full digital

Because of the technology has been invented this year when fhe bitcoin will rise up and continue to be in high in the market sooner we don't need bank to change our bitcoin because of the demand so many people already in currency we don't know even in department store we can by anything using bitcoin.

This is my opinion too since I first met my bitcoin. As a person working in the banking sector today, I do not think the banks will survive in the near future. Cryptocurrencies can change the financial system completely.

Being able to do everything from my house is my dream.

I can believe in it, maybe soon we would not need banks right. Many people talkng about the cryptocurrency coins will replace with the paper money and that is making sense for me..

I think even if there is no bank, there will be centralized agencies that we still need to trust as now there is, but decentralized platforms such exchanges increase.

 Most likely this will happen in the future, but not as soon as it is written about a lot of news ... Remember, the owners of banks will not simply look at how their profits are taken away and will interfere with this process. 

I wouldn't say soon, the time will certainly come but there are many more steps to go through first. We should all keep an eye on venezuela and the petro, if it works there then venezuelan banks will need to start worrying.

there will still be fiat 'banks'.. but once things go digital there would not be PHYSICAL bank BRANCHES

banks will create their own app and that app would just use a blockchain/DLT platform

imagine it like the IMF as a (hub) which houses the balances of each country. like a UTXO set of its (channels) to each country
then imagine each country having its own UTXO SET of its own (channels) with (hubs) where each of these is (channelled) into smaller (hubs) per state/county/region
where each regional (hub) is (channelled) into local town/city (hubs)

and each city hub only needs to manage balances of ~4000 customers accounts(channels)
...
some math
imagine 4k people per bank branch. and there are 1730 bank branches per state. and 52 states(~90k bank branches in usa)
90k*4k=~360m population
..
all (hubs) wont need to store transaction history of everyones trade in the world. they would only need to store account totals(channel totals)(UTXO sets) of hubs(channels) its connected to.

where by the transactional data becomes non important once the 2 participants have agreement. and its only the UTXO set that gets transmitted around the network and audited. alowing for the transactional data to be only stored locally and prunable after a detail legally obligated period.

...
its pretty much what LN is to become because thats where the blockstream devs got the idea from. the bankers.

their hope is
your bank STATEMENT.(ledger of 'from alice to bob') transaction data is stored at a local bank branch(factory/watchtower hub). but not needing to have every bank branch holding every transactional data.

whereby your bank BALANCE (utxo set / channel balance) is stored in multiple bank branches locally, regionally at head quarters and at the IMF to be audited(audited route) without needing to check blockchain data every payment

LN's current faults is that its trying to be too bank branch-esq with its hubs, factories and watchtowers concepts. which fall flat because without hubs/factories/watchtowers each node then also needs to view the entire blockchain to validate the channel balances when partnering up in a smart contract. meaning hop models and mobile app models wont work.

It will take a long time before the world will go crypto if even it will ever happen. Crypto currency is in its infant stage and yet to be accepted by many or even know to the majority. The world going crypto? Not now at all.