Bitcoin Forum

The creation of blockchain came with possibilities and predictions of a future where intermediaries could be eliminated entirely. It is capable of executing millions of transactions within seconds at a lower transaction cost and requires no centralized authorization.

With the blockchain trend going on as strong as the moment, is it possible that blockchain will replace banks any time soon in the future?

More here: https://www.hb-wallet.com/post/2018/12/20/can-blockchain-replace-banks

Bitcoin (and other cryptocurrencies) can replace some of the functions of banks, but not all. Bitcoin can't make loans, for example.

There will always be demand for custodian services, so no. The most anti-bank thing I see happening is for banks to completely pivot their businesses towards crypto. That means insured crypto safety accounts, loans, etc.

Blockchain replacing banks - is a great subject for day dreaming, but that's not gonna happen! Not at least in our lifetime! No nation would throw out their authorities over the money to a technology that is controlled by none! Also having no authority will also lead to a lot of other problems. Let me give you an example,

In case of a fraud, now you can actually contact you bank and police to get that transaction reversed to your bank account. How you will handle the same situation if it is controlled by none or the same fraud happened in your bitcoin wallet??

Centralized authorities are not bad, just some revamps are required to adopt the changes of a progressive economy! Complete decentralization is a myth!

Not gonna happen, we love blockchain technology but I don't think it will totally replace or make bank obsolete, simply because banking system is a business, no one would allow their business to be swept just because a new technology emerge.

Right now banks are seeing the potential, that's why even banking system around the world are totally split as far as crypto or blockchain goes. There are majority who sees crypto not a competition but rather a model wherein both banks and crypto's can exist. While on the other side, there are the old and traditional way of thinking, crypto is negative and disrupting the banking ecosystem.

This issue has been over-flogged already in the sense that the possibility of blockchain replacing bank is likely impossible what we will likely see is the bank system implementing the blockchain as a technology into their operations in other to make it more efficient which I believe they are already doing something about. And insinuate about bitcoin now replacing the bank, then that is also likely not possible because as we go into the future with series of new technology springing up everyday, banks have the resources to hire anyone to deliver a solution that could feature effectively in that same future.

I think blockchain can replace mastercard/visa and not banks, bitcoin is a currency and not blockchain is the underlying technology that helps you send and receive bitcoin from each other (also other altcoins have blockchain too) and it helps sending something from one place to another just like mastercard/visa, so blockchain will not replace banks, maybe crypto will replace banks but then blockchain will replace the mastercards of the world? Who knows, I just know that its not bank like technology just yet, maybe instead of blockchain replacing banks the banks will instead start using more blockchain and implement it into their systems so they could work together instead of fighting against each other, that would be a lot better than fighting against each other.

A well saying sir! It is very good and important we understand the difference between blockchsin and cryotocurrency as most time many of us see it as the samething. To explain further on what you said or to put it in another way : blockchain is a processing system or technology and bitcoin is an assets like money and security. You can own money or bitcoin as currency but blockchain is just a system that allows you to hold, transfer and transact business with another party without third party involvement. Therefore it is not a bank but a system why Bitcoin or ethereum or any of the crypto-coin can replace bank in the future.

A well saying sir! It is very good and important we understand the difference between blockchsin and cryptocurrency as most time many of us see it as the samething. To explain further on what you said or to put it in another way : blockchain is a processing system or technology and bitcoin is an assets like money and security. You can own money or bitcoin as currency but blockchain is just a system that allows you to hold, transfer and transact business with another party without third party involvement. Therefore it is not a bank but a system why Bitcoin or ethereum or any of the crypto-coin can replace bank in the future.

Blockchain is techbology and bank is place which offers some services so can't understand how technology can replace service but this technology can be implemented in services and as a result we will get bank with blockchain technologies which is pretty much possible. Blockchain technologies are integrated in a lot of services because it adds an extra layer of protection to whole process, it has nothing to do with transaction fees in your statement.

Probably in the next millennium because at this rate there's no assurance that blockchain is capable of outgrowing the traditional banking system. I do hope to this see being put in place, but first the assurance that traditional banking system has on ground must also be implemented in the blockchain system to see this coming to past.

No. Banks will most likely take advantage of the blockchain tech and implement it into their own services. And this is already happening, early this year JP Morgan announced that they're planning on launching their cryptocurrency, JPM Coin, which will have its own blockchain so that their clients can transfer funds.

I think the whole "cryptos will replace banks", "blockchain will replace banks", and "bitcoin will replace banks" narratives just need to dissapear. Neither of them will replace the other, the bankers will learn to adapt and coexist with both cryptos and the blockchain technology.

Dumb question I have seen so far.Do you know on whats truly blockchain technology?It has nothing to do to replace banks

yet it can be adopted by this industry or banking sector.Blockchain is an innovative tech that can be used up on this space.
It do fasten and give out more transparency on such banking transactions way more than on the traditional ones.

Millions of transactions per second? What are those people smoking, true blockchains like Bitcoin are limited to a few transactions per second, and they require something like Lightning Network to break that limit, which is still in development because it needs to solve some problems. Even then, in best case, it won't be millions of transactions per second.

The article sounds like a typical "blockchain technology" propaganda - absolute misinformation just for the sake of hyping blockchain, to profit from it in some way, like shilling for ICO's.

Loans can also be work-out under bitcoin, especially if there’s a companies who are willing to do business like this. But i agree that not all the functions can be done with blockchain, so they cannot fully replace banks. If making transactions online here is the main concern, then blockchain technology is the best replacement for banks.

Not in the near future. Given that there are speedy transactions, with the anonymity and all, it will not suffice to think that people will just deviate from the norm of using fiat and banks to switching to crypto. Banks are more secure and offers insurance for every depositor. Unlike crypto, once it's lost, it's lost.

the posted article link has some good points
what I said below came to my mind even before I read it, the article confirmed my thoughts
we can use blockchain to store fund and to carry out daily transactions (peer-to-peer)
but as stated, issuing loan and managing investment must still rely on a third party institution (bank)
I strongly agree that banks will most likely adopt blockchain than against it in the future
it just that they haven't figured out the best way to incorporate blockchain technology into their systems

Yes, there are many believers now in blockchain. They see the potential of what does blockchain can do. Maybe in the future, people will fully adopt blockchain and will use it.

There is nothing impossible when it comes to this technology. As far as I know, there are some crypto sites that you can do loans. Like this https://coinloan.io/

Yes, that's how things works to banks vs bitcoin. There are still people who wanted the centralized system which offered by Banks and lacks by Bitcoin. There are great things also that Bitcoin has and vice versa. If you are asking  If it can replace banks, my answer is no. Governments are still on the side of the Banks no matter what.

we hear a lot of news that banks are starting to use blockchain for various purposes. but I think the blockchain will not replace the bank, but the bank will use the blockchain completely. what we don't know is government policy that will regulate it

Blockchain technology can be implemented on the banking system as well so it is not a threat for the existence of the banking system but if the cryptocurrencies take over the payment system then in future banks will be replaced by the the cryptocurrencies which run on the blockchain technology make it to be decentralized.

   Banks will use Blockchain! It will happen, this year we have seen many big names entering Blockchain, JP Morgan is one of them. In the next couple of years more banks
will join. What ever new coin they create it will be centralized and controlled by people who created that coin.
   I think Bitcoin already proved that we don`t need banks, we can be our own bank. We can store Bitcoin, send it where ever we want, we can do what we want, without
going to a bank.

There are some questions that doesn’t even need answers. Before asking this question did you ever take a minute to imagine what it’s going to look like if like such a thing happens? How possible do you even think it is? The only thing you should have said is that if there is any possibility that banks might decide to start making use of the Blockchain in processing transactions. There is the possibility for such to happen, and not the one of eliminating banks completely. That one is the one that is not going to happen, as much as some crazy enthusiasts would say that’s what they want.

We need to clear this idea off our mind of blockchain replacing banks, the only thing blockchain can do is to better the system of banks and not replace it because so long government exists, and there is money involved, there will always be a  third party to manage the affairs of the nation’s fiances, whether it is on blockchain technology or not, and this third party will always be referred to as bank.

Look at it, I already heard that we have crypto banks being established already, I also heard that we have cryptocurrency ATM also being mounted, so these things are still replicate of the already existing traditional system, but this time around built on blockchain, so we can only say that blockchain may eliminate the tradition way of operating things, but it will still be regulated by a third party delegated by the government.

Good point. But the banks could seize to exist, and other institutions could appear to assist with the functions that cryptos can't perform. For instance, some official loan services, exchanges, insurance services, etc. And if blockchain is to take over, I think there'll still be some sort of authorities that help to regulate human relations in this area. There will be (and already are in some countries) crypto regulators, institutions of offer legal, advisory and other services. It's just that these institutions will only be able to assist with things, but not control the money.

No, in my opinion, blockchain is just a kind of technology and it is not a bank, it has no one to manage the blockchain.
I think the combination of bank and blockchain will be what new startups are aiming for. Blockchain is really good, but it only serves customers who understand the blockchain and now there are very few customers.
they will combine them and create a much better service. Every transaction becomes cheaper and faster.

Libra is unlikely going to compete with Bitcoin or the dollar in the nearest future, but under certain conditions, it can become a leader among stable coins.
The main advantage of Libra is its connection with Facebook, and now there is a historical choice: independence from the authorities or full assistance. It will compere with Tether and USD Coin, and if the project is not closed, Libra will become the most popular stable coin.

I doubt about it, have you heard some banks has decided to make their own coin based on blockchain such as JPM coin? Although for the user of cryptocurrencies it is nothing to do for crypto industry but I don't know for those people who haven't know about blockchain before.

I guess they has thought that the blockchain system can replace its role as a bank function. However they try to make an inovation in order to survive when blockchain is a maintreams system that known by most people. It is gonna happen, this is the matter of time.

Moreover facebook as the mainstreams social media has created their own coin which is use blockchain as a basic system. So, it will be easy for all people on this world who haven't know blockchain so as they can try to understand about it.

for rightnow i think its hard to believe that cryptocurrency can replace banks , there a lot of thing that make people still trust bank rather than blockchain
need more years to make it happens and more improvment i guess

The question was can it replace it. Data about state issued currency can also be held in the blockchain. It's about the banks not being there and people being able to be their own banks, even for centralized currencies. Such state is very much possible, but it would have to remove fiat completely and replace it with stablecoins and centralized XRP -like coins held in a public ledger. Doable but very unlikely to happen, within the next 10 years.

To some extent you are right, blockchain gives us faster and good transaction than we get from banks,  but I don’t think that blockchain has any intention to beat of to replace banks because in some areas people use banks to store their money and in some people prefer using blockchain to store their coin, but I am sure after few years banks will try to make blockchain a part of their system.

Instead of replacing , blockchain infact is integrating itself with the banks and many other things , institutions, environment  etc...

It is itself not a sure shot thing which can replace something instead it is more like a programme made to integrate itself with other things , you can take it for the building block of everything that is dependent upon the blockchain.

I won't say it can replace banking system , it can for sure make it stronger .

Blockchain technology and cryptocurrencies are here to substitute banks.
I think that this transition is not going to happen soon. Maybe it is more likely to see double ecosystems to occur and cooperate with each other. But still that would be a huge step towards mass adoption.

I think this is what is happening, some big banks are studying this so they can use Blockchain technology. sooner or later all banks in the world will announce they have adopted the Blockchain system.

Blockchain can replace banks but I do not think it will. I think Banks will venture into the use of blockchain technology and come out with a platform that will make customers feel like they are getting all the benefits of blockchain.

this is what im also about to say  .  blockchain is not a business  but banks are  . both cant be comparable to each other but blockchain tech. can be used in existing banks so that it can perfrom better and faster  . both can be a good combo but im not sure if some banks will agree on it since they knew that blockchain tech. is related to crypto and i believe that banks ( some /most of them ) are still allergic to cryptocurrencies or simillar/related to it  .

If the banks will not adapt to the technological changes of the time, then they will probably be replaced. But then it is not necessary to compare banks with blockchain for this matter because banks could simply use blockchain as well. But if they insist in using whatever old and obsolete banking system they have and disregard the rise of blockchain, they would definitely end up outdated and then replaced with something updated.

I think blockchain can't do that but wallets of bitcoin could potentially steal some customers. Right now, there are places like xapo or coinsbank or whatever else you want to use and with that you can literally get a debit card that is filled with bitcoin or other cryptocurrencies they work with and than you get to spend it wherever you want like a regular debit card and than you still get to keep the rest of it on bitcoin anytime you want.

So, you are basically spending bitcoin on stuff and can be using it wherever you want in the whole world as well, it is giving you that insane freedom over your finance and you do not have to ever use a bank, you can even send money to people from there as well because it is credit card like system and all you have to do is wire them some money.

No, Banks are already and will end up using blockchain technology. But everything is going to be in the backend. They have millions and millions to spend on development, they can just hire the best blockchain developers in the world and start integrating it on their system.

It definitely can but the question right now is that will it be? I"m not being so pessimistic here but knowing that cryptocurrency got so many enemies such as the banks, government, businessmen etc. it seems impossible to achieve the worldwide crypto revolution. Even me wasn't convinced by the testimony of an anonymous self-proclaimed time traveller which says that bitcoin will be the the currency used in the whole world on the year 20XX (I'm sorry I forgot the exact year ;D). I do not believe on his statement not only because he he said that he was a "time traveller" ::) but also because I find a hard time sinking in my mind that all of the nations unite as one and made such decision. For me that's insane, so ideal.

Anyway I still believe on crypto's potentials, but then again its future still remain uncertain.  

Companies that would act just like banks. So what's the change?


Yeah, the prophet is telling you that you should embrace bitcoin. Paranoia much?


See that little bolded part?
You're replacing your bank with another one, but because it has crypto or block or satoshi in its name you think you're replacing banks with the blockchain.
If ING would change its name intro CryptoBank you would all start praising it even if in reality nothing would change.

All those cards you talk about are issued by a bank, just because you load it with bitcoin that get exchanged for fiat it doesn't mean you use anything else. It's still a traditional bank doing the same thing.




 

With the pressure and demand of people gradually increasing, banks always understand that they need to upgrade and create a better quality if they don't want to be removed, so over time, they will not be replaced unless they are too silly and do not understand the fierce competition in the market. Talking about blockchain technology, many areas have applied it but perhaps this technology is too new, even that it creates too many difficulties in managing and controlling, many businesses and users do not really like its application, the chance for it to compete with banks is not high

I think it is not possible for banks to survive without blockchain right now and in the future specifically. Blockchain is a decentralized ledger and that really gives people the incentive to keep their money in a wallet that enables them to lower costs and make instant transactions. The arrival of Libra in the market will b ring another revolution of the spread of blockchain and banks would be left with no other option but to adopt the technology.

It's uncertain if it can replace banks, but the fact that the current banking system can actually take this technology and integrate it into itself to make transactions more secure, and exponentially lower their costs, is a reality too.

The defining factor is: what can Blockchain offer over the current banking world order? And given the fact that it's a completely decentralized platform that allows you to be efficient without being approved in a centralized server is certainly a plus. Thousands of people are already using it to send, receive money and even pay for day to day items. The hurdle that blockchain as a technology needs to jump over could be mass adoption and it's a possibility that the solution lies on a worldwide banking environment that mixes the safety the technology provides with the real-world acceptance of paper and plastic money.

It can certainly replace some of their function, almost immediately. On the other hand, the oft touted promise of blockchain removing the middle man from any and all transactions is not realistic. Because that would require both sides of the peer to peer transaction to be expert level knowledgeable. This is not going to happen, in for example divorce agreements with lots of property, large real estate purchases, business mergers, etc.

Blockchain is a double edged sword, the freedom it allows requires the users to be far more educated than most of them are now. Because of that middlemen such as banks will always have a place where we give them money in trade for their expertise in shepherding us through the agreement in question. But I feel their traditional role will be reduced for sure.

Make sense, maybe Blockchain can't replace banks. But banks can implement blockchain technology.

Sooner or later we won't be able to take a dump unless we signed a contract with the toilet bowl. /s

Why don't you people understand that banks aren't just about transactions?
You can take loans from a bank, how would the blockchain make loans better? Do you know how much cost would the blockchain reduce compared to a traditional database? How much, half a cent or two thirds?

The banking sector as a mechanism worked perfectly if it collapsed it's because human decisions and those will not be prevented with a blockchain. No matter how many people hate them banks will not go away just because some decentralized database has appeared and everyone is hyped it will do this and that.

I wonder how people could think that it will be possible to create a crypto bank without having an element of centralization in it, who would create a bank for crypto, and then allow it to fully run in decentralized system? How would they make their money and where would they get money to run the ban from? Government allocation? Is it not the same government we are trying to hide our money from so that they will not have access to it and main reason is because of tax.

I am sure this is why many people and many institutional would prefer to use cryptocurrency to operate, but people should not confuse cryptocurrency and blockchain, cryptocurrency created by satoshi only work on the decentralized part of it, blockchain can still be very much used for a centralized system too, and does not mean the project or company is not running blockchain.

If the government want to they could but the fact that they don't want to spoil the unlimited money supply that they have made secretly that causes fluctuation of fiat, they wouldn't want to replace it at any cost. This is how they control people by locking your account without your knowledge 'cause they have full control of it. And the uprising debt that you owe them just keeps going and going unless you stop putting your money on their banks. This explains why the rich getting richer and the poor getting poorer.

Receiving payment, sending payment and transfer of funds which processed by the bank, could be process much faster via blockchain, as today, many banks are  adopting this technology.

"The decentralized blockchain structure eliminates overlapping KYC and AML compliance checks (banks share authenticating information), lightens the information burden, and allows banks to disseminate data as it is updated."

https://www.mckinsey.com/industries/financial-services/our-insights/blockchain-and-retail-banking-making-the-connection (https://www.mckinsey.com/industries/financial-services/our-insights/blockchain-and-retail-banking-making-the-connection)

https://hackernoon.com/comprehensive-list-of-banks-using-blockchain-technology-97c08fa88385 (https://hackernoon.com/comprehensive-list-of-banks-using-blockchain-technology-97c08fa88385)

Short answer would be, it`s already happening. Like always, who comes first will have more benefits than others, it`s like that in every business. What is interesting is that banks can`t do much without governments, regulations and rules must be met, and that is what I don`t like. I think we love crypto cause it`s independence from that systems, question I need to ask is what will stop us from using decentralized crypto currencies? Will they be able to force us to use this bank blockchains?

Blockchain will replace papers and other data storage srvices not the banks which is used for storage place of money.

Crypto currencies may replace them. :P

A simple search of this question in this section will give you answers you are craving because this question has been asked many times.

Nevertheless, the answer to your question is No. Bitcoin can not replace the bank but what we are hoping is that they both work together. This is the only way it more adaptation will be worldwide unlike now.

Crypto exchanges are great for providing services banks could provide as well for investment reasons and wallets like xapo or coinsbank that provides the debit cards and spending anywhere you want basically provides that spending part of banks too.

So all in all we actually have banks in bitcoin already and no it is not replacing banks just yet but it is making some people go away from banks to say the least. A person that is using xapo and debit card of xapo spending it everywhere and putting all his earnings into it basically uses no bank and can be bankless if they want to, that is one person less in the banking world, it will take a looong time before they replace banks but at least we have the concrete proof of it is starting to become bankless and that is at least a good step forward.

We are peaking in the future but I think this is still early of a topic.

We still have the cards, the platforms, the mobile payments before we even go to these cryptocurrencies. The internet will be trigger the time for cryptocurrencies since decentralization and the internet goes so better together.

Blockchain can help banks to give the same service with lower costs (for the bank), because if a lot of inner procedures could be automated in a blockchain system (not bitcoin's blockchain but the bank's own or a country's own blockchain system), this doesn't mean that:
1. people will notice anything about it (if banks start to use blockchain or not)
2. banks will reduce their fees because of the cheaper cost structure (because of the use of blockchain and the automatized processes)
So as long as someone won't be able to create a blockchain based solution that can do everything that a bank could do (lending, credit cards, mortgages, etc...) banks will remain.
This blockchain based solution that will be able to do everything in the future that a bank could do would become a bank sooner or later because AML and KYC....

Blockchain

It will replace banks.
It will replace governments.
It will make everyone a judge in their nation.
It will replace the traditional school system.
It will cure diseases in the medical field.
It will be used to calculate a nations supply of goods.

You live in a blockchain of time or duration, if you have not noticed.

Although the blockchain handles millions of transactions per hour, the transaction steps are really difficult and when we fill in the wrong wallet, we lose all the money. Because at the blockchain, there is no refund concept.
Therefore, we still need a bank. They are intermediaries and ensure transactions are safe.

But banks and many company as of now are trying to take advantage what blockchain offers by implementing it in their system. I just can't see it replacing banks in the upcoming time also considering that so many people are still putting their money in those banks anyway. Most of them don't even care how is their money or even the risks involved so it is just kinda hard to imagine blockchain could do that much.

First, the Bank and Blockchain are different. You need to know that the Bank is a financial institution while the Blockchain is a digital technology system, which means that both have very far differences. The Blockchain is not likely to replace the bank, but banks may use blockchain technology in the future. So it's only a matter of time, in fact there are already several world banks that use this blockchain system such as Royal Bank of Canada, OCBC, Santander.

I am very confident that this Blockchain Technology will bring considerable changes in the future, we are just waiting for time until all banks adopt the blockchain. The following article can be read about banks that have implemented blockchain.
RBC : https://uk.reuters.com/article/us-rbc-Blockchain/exclusive-royal-bank-of-canada-using-Blockchain-for-u-s-canada-payments-executive-idUKKCN1C237N
Santander : http://bit.ly/2Y93S8W
OCBC : https://www.straitstimes.com/business/banking/ocbc-debuts-use-of-blockchain-technology-for-faster-more-secure-and-cheaper-inter

Banks just will start to use blockchain and nothing more

Blockchain cannot replace banks as there will be always some citizens that would as for a central authority to exist and control some transactions or money.
Additionally, blockchain can provide a secure substitute to bank operations and ensure that there will be always another alternative to bank services.

I wonder how the future of banks will be like. I mean we have seen them improve their systems with blockchain slowly, some are them working with Ripple, some of them are building their own systems, some of them are not doing anything about it.

I assume in 10 years time banking system as we all know it will change, the money sending and receiving will be 7/24 all globally and cheap I assume, like thanks to this blockchain system integrating with the banking system someone from USA will be capable of sending 5 bucks to someone in China easily without paying much cost, at least that is what it should turn out to be with time. If they can actually use blockchain to do that, it would diminish the power of ease for Bitcoin and would only leave the small anonymity it provides and I don't know how valuable that is.

Blockchain never could replace bank position how ever bitcoin have higher price at the next time, bank always have good place with many people keep save and hold their money assets in bank.

Although the Blockchain technology works fine on decentralization, the banks can also harness it. Blockchain can virtually be used in all fields where information and data storage is paramount. This is achievable through the digital ledger feature of the Blockchain.

I would rather it remained an alternative to banks and cryptocurrency an alternative to fiat. If the blockchain were to completely replace banks then it means the government would have imposed strict regulations on it and that would take away most of it's core values. And the banks would likely issue their cryptocurrency to be run on it.

The blockchain is constantly evolving and new applications being introduced beyond the financial sector.

Blockchain will not replace banks this will not happen bank will still be used and can still get their duties put into the blockchain technology and hold their reputation as a bank is just by changing their technology. Blockchain technology is not a bank and a bank Is not a block chain technology they can not replace each other

It's not the banks that will be replaced, and it's the system used by banks that can be replaced by blockchain. Blockchain is a powerful technology that can change the flaws of our banking system today. We knew how well the banking system performing now, but there are still flaws in the system that are prone to attack. Maybe when banks use blockchain, attacks or hacks are reduced or totally eliminated.

My opinion blockchain will not be able to replace the bank's position. but if blockchain technology is implemented in the bank system, it's likely to happen.

It seems to me that many users misinterpret the possibility of implementing blockchain in a person’s daily life and its influence on the existence of the banking system.  Today, the banking system very successfully tests the blockchain technology in its systems and I am sure that this technology will work synchronously with banks and other financial structures in any state.

blockchain give you many offers, so it will make easy user in anu facility, any field, make ideal so its good for transaction. blockchain is too good and it have big change if someone or party use it, but im not sure if blockchain will replace bank. maybe, now, blockchain lead the future, but if bank implement what blockchain system, i think bank will get the name again

Technologically, blocks are more profitable than the Bank system. in order to shift the Bank I think it is difficult, given the Regulation from the government and also the Cash Revenue for the State. because every country has a bank, but not every country has a cryptocurrency. other than that there is dependence on Fiat money which is free of time and place considering Blokchain needs internet and electricity connections.

Of course, this will never happen, because the blockchain or cryptocurrency technology, by its nature and function, cannot replace banks. Banks are not only the transfer of money over a distance. They perform many functions and above all they serve and credit the economy of any state, that is, they act as an integral part of the state. No state will ever allow itself to be destroyed with impunity, even if it were possible.

The blockchain technology will give a solution to almost all the conventional way in which we store and save data but one thing you must understand is that it is not meant to replace the banking sector but it would help improve the banking industry by giving them a robust system that could be transparent and could make things better for their business and that too at a minimal cost if they implement the blockchain technology.

Although blockchain technology has been very popular lately and many have been used by several large companies but the blockchain will be very difficult to replace the bank that already existed before it and has been very trusted by the people in a country but in the future we will know what will  happen

Why can blockchain replace banks if banks are already trying to implement them with their system? Remember blockchain is just a technology and can be use by anyone who wants to implement it with their organization or business. A lot of companies are already filing their patents for their own version of blockchain so I doubt that one kind of tech could kill a certain industry when they are already part of it.

It can replace some function of Banking system but not in its entirety. Bank will still remain but will struggle when digital assets are adopted globally. It might not come any time soon, but that will be the future.

This is actually exciting to watch -- on how the blockchain technology and in extension the cryptocurrency infrastructure be replacing the many services and products offered by banks. In my view, banks are gonna evolved because of this trend and because they possess the very important resources under their sleeves they are gonna be staying for good but for those who failed to catch the need to innovate they can be left slowly dying.

Big banks right now are recognizing the shifting sands of the marketplace and so many of them are already having big plans for the next many years -- this can result into changes affecting millions of people. They are doing this to survive and still flourish into the future. Banks will soon be adopting the blockchain technology too and there is no stopping them to do so.

The possibility that blockchain will replace banks will be almost impossible because the bank is the mainstream of all transaction all over the world, even in the 3rd world country. Blockchain is high tech, but it doesn't mean that it will take over or replace the old tradition banking system. Theirs a possibility that blockchain can be the top transaction system, but it will never replace bank.

You are a little advanced, mate. I don't think there is an existing blockchain that can process millions of transactions per second as of now. The highest are on the thousands only.


The two may not be completely opposite to each other. There are already banks that use blockchain in their services. In the same manner, that there are now crypto banks.

First question that that person needs to be asked first is if bank is a technology. Blockchain would, never replace bank indeed, blockchain is a technology that is meant to be used by bank to improve the financial sector, banks are actually supposed to be the ones that would need blockchain technology the more, but because of the cryptocurrency product if blockchain that will disrupt their activities, that is why they have been finding it difficult to use blockchain or seeing the blockchain itself as the threat, meanwhile it is not.

It is time that many organizations needs to look beyond cryptocurrency and then understand exactly what blockchain is and how it can positively add value to their already existing system, even the entre government itself.

It may be possible, but government wouldn't allow that.

It may replace banks in placing transactions, since most would prefer to use a car to a place than take a Carmel. The speed of transactions may be appealing.

The conversion from a crypto from a blockchain to cash is the only way banks stay in business as a facilitator of fiat exchange: which is what it’s original function was.

And Bitcoin is the best blockchain app of all time.

I don't think Blockchain can completely replace banks, they'd work hand in hand.

If such conversations are now heard that the blockchain will be able to replace the bank in the future, then why have some banks already managed to successfully use the blockchain in their system?  It seems to me that we will not witness that the banks will die, because those who control the financial sector in the world will not allow this to happen.

Blockchain doesn't tend to replace banks yet this tech would be nor adopted when it comes to transaction making.It way faster more and enhance when it comes to data transfer speed plus having that public ledger check out.

This wont replace banks but would be integrated but it will depend if banking industry will switch to it or would remain into their old style.

have a look at this video, from the TV show Mr Robot: https://www.youtube.com/watch?v=gHOAKWzDH-Q

Maybe blockchain can. However, in a recent report on one of the bank, I have seen a group of people were suggesting banks to adopt blockchain based banking, otherwise, bank will have a bad future.

In technology side blockchain maybe can replace some case in banking such as messaging, etc. To replace bank fully, i think it can't. Bank is complex system in infrastructure, Technology, Finance, politics, business, and the most complex is at public use for layman

A bank is a third-party service, it helps you to store, send/receive, invest your money, and for that help, they take a big interest. Be your own bank is Bitcoin motto, you can store, send/receive or invest your Bitcoins from your computer or phone. Now you tell me what kind of function can bank offer us that we don`t have with Bitcoin? I doubt you will find that function, Bitcoin is better than fiat in every way.

the most severe is that the bank deals with politics. in this case, of course, the bank becomes the controller of a country's economy. Will the government keep quiet? I don't think so, there is a lot of interest in it. So I have the same thought that the blockchain won't be able to replace the bank completely

Banks convert cryptocurrency into a real casg vice versa; thus it won't happen as long as the fiat exists. Nevertheless, they can both work together just like what happened in one of the banks here in my country wherein they are now using Blockchain for their transactions so their transactions tend to process faster and cheaper than other banks here.

Well, the bank has built too many roots and it has plunged deeply into the economies and development of countries, this means that replacing banks with another technology is almost impossible, the empire that banks have built is too strong and has too much influence, the replacement only creates unnecessary losses. But as you said, blockchain can also collaborate with banks, more precisely, banks quite like this technology as it allows them to handle long distance transactions very well and accurately.

The whole point of blockchain to the banks is to improve the services that they deliver to people, but not to completely replace it, and whether we like it or not, there would always be an existence of banks, the only think that may change is the way they operate which blockchain is the key to giving them a better technology, but that would be for banks and countries that are not corrupt.

When it comes to blockchain, we know how it brings about transparency to the system of banks, and all those their hidden charge will no longer be there, and they will not also be able to steal from their customers. Traditional banking method really needs a great upgrade, and I think that there would be a government that would impose the use of blockchain on them.

Looking at what blockchain can accomplish I think its easy to say it can only help people who already have money and not the ones that need money. You are thinking banks as a place where we put our money and than spend it there instead of carrying cash, if that was the case than blockchain would have gotten more popular by now and many more people would have used it.

However, reality is that people use banks for many other reasons, first of all its legally much more simple, it takes a lot more to use crypto to control your money and be on legal side (its still quite possible and doable but requires more effort) on top of that there is loans and credit cards and many other stuff like that which makes you use banks over anything related to crypto because crypto can't offer you these.

Yes, it is something beyond the traditional system that is developed to serve the common people in a much better way. Blockchain as a technology has been getting more importance as it is completely transparent which is a must in a banking sector. However this is not gonna replace banks, but banking services are gonna get integrated with the blockchain technology.

Banks are primary financial service providers, but they always try to keep its customers under them. At times the bank authority decides what the customer needs to do. This gets eliminated when blockchain technology is integrated, which means it helps common people have their own banks.

Question sounds too dumb actually yet it has nothing to do or make such comparison because blockchain technology can be integrated to banking industry.
The question would like be, does banking industry will apply or integrate blockchain tech? This is the main question that should be answered.
We havent seen yet that a bank do apply it.

Local banks make their steps on how to integrate blockchain and they also start creating this in some country. banks will not be replace by blockchain. even so, they use it as a system to be more transparent and offer to their users that banks can be improve more to their services that blockchain can provide. and to what I want to know is crypto banks will replaced local banks?  ???

for some functions, I think blockchain is indeed superior to the current bank. in fact, that opinion I found in the cointelegraph article, which said that Toronto said that bitcoin is more efficient to pay taxes than bank cards. well, that might be a small example.

reference: https://cointelegraph.com/news/bitcoin-payments-6x-cheaper-for-municipalities-says-canadian-exchange

although it cannot be used as a strong grip, I think the potential does exist. it's just that, some people say that some of the bank's strengths that are hard to beat are trust, stability, service, loans, and many other things. however, in the case of transactions, blockchain might be better, it's just not enough to replace the bank.

Indeed, it's a technology that helps them to make their operations better, bank is a business of trust, so they should be more transparent to live by their nature of business. Blockchain has been use within the bank already and I'm delighted to say that our banks in our country has been using blockchain already and adopting to crypto as well.


That's hard to tell, Banks is the biggest financial industry in this world, they gain the trust of the people more than any financial business so it's not gonna be easy. Also, crypto banks has to offer something better than the current banks now so they will excel, I believe bank now can adopt with crypto and they can also be a crypto and fiat bank at the same time.

Blockchain technology can be used by banks, but it can't replace banks in my view. People around the world are still depending on fiat currencies and on banking services a lot more than involved with cryptocurrencies and blockchain transactions. So it will take a long time until the popularity of crypto becomes competitive to fiat and banks.

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When the seller and the buyer plan to complete the transaction, they are looking for an intermediary who will monitor the honesty of the agreement. In financial transactions, the bank guarantees that the money will not go anywhere and will reach from the payer to the recipient. The bank also issues a confirmation of payment. To this end, financial institutions record transaction information in their databases.

Blockchain allows you to do without intermediaries so it can replace banks.

To make it easy, let's just compare the percentage of adoption in fiat versus bitcoin, I think of the total 100% of fiat users there's less than 5% only for crypto users all over the world, and that would clearly say that fiat is dominant over bitcoin and it's impossible bank will be replace.

The government supports bank, they make money from bank and in fact they have a public bank which is called a central bank to oversee all banks if they comply with the rules and regulation, same thing would happen with crypto business as we all convert with fiat and with that, we all need a 3rd party to facilitate it and that could be the bank or other financial institution.

Some points such as decentralization are indeed beneficial and this can be a transparency that can be checked by anyone who transacts the public. agree with your opinion, that in this case some points such as loan services and also change the system that has been formed is not an easy thing

I agree, Banks are essential to the development of the economy of every country and cannot be just replaced. The blockchain OP is talking about is  technology which can be utilized by the banks so that their ledgers is transparent and can be seen by everyone.

I don't think so. Here in our country, blockchain is not yet legal nor illegal. They allow cryptocurrency but we can't use it directly for buying items. So I think they should accept first in our country that the blockchain is allow for buying anything and may people choose Blockchain rather than Banks.

The OP question does seems dumb cause Blockchain was not a treat or an opponent to the banks but it was a technology which will help banking services more effective.


There are some banks which have already integrated the Blockchain systems to there platform. Banks like Deutsche Bank, BNP Paribas, Citibank and Barclays.

thats right its a technology , this is what the guy above wants to explain  . blockchain is a technology and has nothing to do or related with banks because banks are a working busines/company/institutions or whatever names you call it  but your still right and i agree with you that this its not a dumb question , i think the op is just confuse or have done some errors about posting this topic  , i think what op really means is if there is a posibility that banks can integrate with blockchain or can blockchain integrate with banks ( vice versa )

I’ve seen threads like this for at least a couple of years, and I suspect this question has been asked since the early days of bitcoin.  But here we are, 10 years after bitcoin’s creation, and banks still don’t seem to know what to do with bitcoin, blockchain technology, or any other crypto—and people are overwhelmingly still using banking services more so than cryptocurrency.  I don’t think the chronically unbanked population has even adopted bitcoin as an alternative.

Theoretically, bitcoin (or blockchain technology) should be able to substitute for banks but it’s never going to happen.  Why?  Governments would not allow people to abandon banks in favor of a currency neither of them control.  If there was even a hint of this happening, you can bet your bottom dollar that there would be new laws enacted to prohibit citizens from using crypto.  It’s true that bitcoin can’t be stopped, but it could be made illegal.  Easily. 

Both the banking system and all governments have a vested interest in keeping people using fiat money.  There’s no way in hell bitcoin is going to stand in their way.  And lastly, people just aren’t using bitcoin for anything besides an investment (which I support, BTW).  Banks, fiat currency, and the governments that keep both of them afloat are in zero danger.

For me, blockchain can't replace banks because its a decentralized currency and no one can control it. That's the reason why banks transaction is legal because its centralized and controlled by central banks/ government. Blockchain is a technology that shows us the P2P list of records of blocks, but blockchain can't control the transactions unlike banks that they can control/ know it especially when it comes to the issue of scam and fraud. :)

The banking sector is very wide and filled with lots of intelligent people, people who are highly knowledgeable about the money system and who are high technology inclined, do you think that they will ever fold their hands too and watch blockchain replace their system and make them lose relevance and job?

It is exactly what you said that they will follow, they will only find a way to see how their system can blend with blockchain, and which is why we could see some banks in Switzerland and some other countries already implementing the cryptocurrency and even offering its service to their clients. It is not a bad idea anyway, but I just fear that they might turn the system to the system to operate in a centralized way. Well, we always have a way of adjusting.

Perhaps OP intended to ask if Cryptocurrency can replace Banks. Blockchain is a wide technology which can be adopted by apparently every sector of life which include the Banks. And with the increasing growth of the Blockchain and cryptocurrency, it wouldn't be a surprise to see Banks integrating cryptocurrency services into their operations some years to come.

Blockchain is a technology, and there is no way that it will be replacing banks instead banks can use blockchain to improve their services to people and its country.

Banks has a lot of things to do when it comes to a country and that is enough reason why Blockhain will never replace it. Another thing is that government will not be in the side of the Blockchain here, banks also helps the banks.

Neither blockchain as a digital technology, nor cryptocurrency as one of the many products of this technology, can replace banks. Today's banks have a lot of different specific functions, and the blockchain or cryptocurrency has nothing to do with them. Even their usual activities such as legal support of the financial and economic activities of legal entities. Banks issue accounting documents to institutions and enterprises of various forms of ownership, which not only confirm the transfer of money, but also indicate to whom it was transferred, for which payment was made, the number and date of the contract and other information. The blockchain cannot contain this data. However, they are needed for tax authorities and audit.

The assumption with regards to total elimination of intermediaries is a bit blurry simply because we are talking about blockchain in this case. Blockchain is indeed showing advantages over banks with regards to transactions but we should always keep in mind that banks do not tolerate anonymity in which blockchain does. Transactions are well organized and monitored on intermediaries which is an important thing especially if we are referring to transactions, obviously, it secures everything on every transaction. Also, banks are under each countries' governments. They would obviously support it over such changes. In my opinion, despite of the huge potential cryptos and blockchain that we are seeing right now, total replacement won't still happen in the future, and rather coexistence.

Blockchain is just a pathway while Banks are framework done to fulfill all the financial needs with everything happening on a legally channeled process. Banks getting replaced by blockchain is simply hard to experience in the near future. Maybe this will change as people are losing interest using traditional banks. One of the major reason for the same is, we can use our funds only when they wish and not when we're in need.

Blockchain willl not replace banks because it will adopt the use of this blockchain technology. There will be changes in the future soon on financing but that does not mean that blockchain will completely replace banks. Blockchain and banking system will intercept to meet the people's need which is speed and efficiency to live life much easier. However, I am seeing a disaster between banks and cryptoccurency with the market's volatility making highly unstable ends.

Blockchain is not here to replace banks let that be clear. Banks will use blockchain for their own good and its nothing wrong with this. A lot of people are confusing bitcoin with blockchain thinking they are one and one but blockchain is the engine that keep bitcoin running and without it bitcoin has 0 value. There are a few chances that some banks will go bankrupt because they will stubborn so hard not to implement blockchain into their own system but again there are winners and losers in every game in every domain.

This could be the main reason why Blockchain technology (crypto) is undergoing some serious setback. Because the funds that are generated by intermediaries (banks) for regulators would no longer be achieved.  Nations are working tirelessly to destabilize blockchain technology, especially crypto in order to maintain the traditional financial movement system. And with the seriousness of fraud attached to this stage of blockchain, it will be difficult to allow it take it full course.

Blockchain is a technology, not a system of AI to determine business risk or other person to person required assessments.    I think its been universally accepted that blockchain is a genuine advancement in the secure capabilities of internet transactions.    Most times I hear or read blockchain discussed they also say they do not accept crypto as significant or Bitcoin currency as especially valid for advancement of economies and intend to use blockchain with their own ideas of unilateral and centralized control, which unfortunately loses alot of the benefits people and society could benefit from.
   Banks will always exist just as people who want to borrow and promise to repay in future will always ask for this service to be provided.    Some have tried to make blockchain allow to account for this with contracts or similar but I think the two are separated still and the judgement on credit worth will always be about humans or employees of a company judging whether to take that risk or not.   Obviously on this forum you can ask to borrow on a smaller scale from a person and its done fairly informally but I dont think Bitcoin or blockchain by itself is going to replace banks entirely or even greatly.

It cannot, banks had been there for centuries and it will remain there. However, banks can adopt blockchain technology which can make their system more efficient and convenient.

Not yet, many people still do not know about bitcoin and blockhcain, they are still less education about what is blockchain and how to used blockchain as technology and replace bank system.

The blockchain technology stands a good chance to out perform our banking institutions but issues with security where even major blockchain networks have once been hacked pushes this achievement of blockchain technology very far. Until hacking of blockchain networks are solved i don't the global adoption of blockchain technology would ever happen :(

Blockchain will not replace the banks.
Its more probably the banks adopt blockchain system.

Some banks start use blockchain system. In a few time, most of them will implement the blockchain to your system, and it will be great, a big technology advance, more secure and fastest transactions!

Banks will just adapt like they have always done, if for some reason cryptocurrencies begin to take over the world as people lose confidence in the currency printed by the governments and banks you can be sure that they will begin to accept deposit in cryptocurrencies and they will claim that they can secure your coins better than yourself and unfortunately that is true for most people so they will rely on banks to store their coins and banks will gain control of most of the bitcoin of the world in that way.

No unfortunately Blockchain won't be able to replace banks. I know this is a bitter truth. But Blockchain may come handy to banks for faster payment processing and safe and secure storage of assets but no way people and regulators are going to trust Blockchain and decentralisation with their money. Not to mock anyone but crowd is never tamed without a leader and decentralisation in this sense is practically impossible no matter how much we grow. Because political supermacy of politicians is mantained due to their economic supermacy which is that banks are in their control. So no blockchain can assist banks but can never replace it.

This is of course possible because with the blockchain the person can be his or her own bank. for example, instead of keeping your money in the bank, you can deposit a stable coin your money and keep it in a cold wallet. Even this is enough reason to finish the banks. Also some crypto money exchanges can do a lot of things that banks do now for example give credit etc.

That's bullocks! Blockchain will never replace banks rather slow them down. Banks and Blockchain technology function differently so why is that? Government around the world trust banks more than anything. Banks are more suitable for the masses and fully regulated by the government.

Some of their functions might likely be replaced in the near future but might not be any moment soon as the digital currency is still advocating for adoption.

Banks have many features beyond those of a blockchain.
It is unlikely that a blockchain would replace a bank at all, but yes, the bank can integrate the blockchain into its systems to computerize, secure and streamline many of its processes.
Soon, most major banks will have many of their features supported by the blockchain, but full replacement is off topic.

However, it can help them. Awareness of the benefits of blockchain technology has led many banks to consider integrating technology into their systems. In addition, sanctions that exclude some countries from the list of participants in the global payment system SWIFT have led to the birth of alternative payment systems. However, blockchain technology needs to make more progress before it can process billions of dollars of daily cross-border payments between world banks.

Blockchain technology is proven fast and secured but i think it will not replace the banks but instead it will help it to improve more of their system to become more trusted financial institution that instead of blockchain will be a threat but it will be the banks supporting pillars.

Banks will not be replaced by Blockchain as they are running from decades, there are chances that banks will adopt Blockchain for people's interest. Banks have gained a lot of popularity across the world and Blockchain still has a long way to go, well every countries national bank should a green signal to make it go. I feel small banks will give more prior to this in future.

It seems to me that these issues regarding the replacement of banks with a blockchain are already outdated, because so far many financial institutions, including the banking system, have successfully tested the blockchain for all systems.  The fact is that the banking system is created by man and can be controlled by man, unlike blockchain, and therefore such structures will be cautious about cryptocurrency, especially if there is no possibility of control.  But if you look through the information space, where more and more questions are raised regarding the control and legalization of cryptocurrencies, I believe that in the near future these problems will be solved and banks will work and it will be beneficial to use blockchain and cryptocurrencies.

That may happen but not yet now because blockchain need to accepted in many countries so if ever it could happen that cryptocurrency could really boost banks.  We just have to trust that blockchain technology can be even more  effective bcause blockchain is really good, like fast transactions, low fees and you can use it anytime..So we hope someday that cryptocurrencies will be accepted in any country as a payment and loans etc.. trust,patience and determination then keep our spirit to spread the word of blockchain

Agree with you banks are now adopting crypto now as it has more security features than banks we can easily keep our investment save in it. Block chain was first only for crypto but after more improvements now banks also has started to use this technology and it made banks safety even more clean and easy.

Blockchain is rapidly growing but I don't think it will entirely replace banking in the near future. Not all layers of the society would have access to the technology. Fiat is still essential for the small transactions. Replacing banking entirely is not a viable option since a large percentage of the society still rely on them. Also, one thing to note is the quick price swings of cryptocurrencies, which would make it more difficult for merchants to transact with prices as it can go up and down pretty quickly, which would be inefficient and would disrupt their profits and such.

No, even if you were to keep a stable coin in cold storage you are not your own bank in that instance as you are depending on the issuer of that cryptocurrency to keep as much fiat in reserve for each coin in circulation, however if you do the same with bitcoin then now you are your own bank since there is no central authority telling you what you can or cannot do with your bitcoin and bitcoin does not depend either on someone trying to guarantee its value since it is free to move around depending on the demand and the supply.

maybe to replace the bank no, but the blockchain technology has begun to be implemented at the expense of banks in my country so the bank system will continue to run as usual only the technology will certainly all banks will apply it because this technology is very useful for banks and also for government.
so in my opinion the blockchain will not be able to replace the bank totally but the blockchain system will be utilized in the future.

The intention for the creation of the Blockchain technology is not to annihilate the banks or any financial institution but rather to improve upon these systems on how the carry out their operations and transactions. Blockchain will not replace Banks but the Banks will integrate Blockchain into their systems in order to provide revolutionary services to their clients and the world at large.

Maybe yes maybe not bank blockchain could replace bank depend with how government give regulation for bitcoin or altcoin, if no space any more with bitcoin and altcoin impossible blockchain could replace bank, when government want to allow bitcoin maybe could replace bank with blockchain.

Well we all know that almost everyone in the world has some interaction with banks for a long time already, they've grown to it already and making them choose blockchain over banks would be a hard thing most specially to those who are already old and doesn't have any sufficient knowledge on crypto. If someday, knowledge about crypto is spread worldwide and we get enough support from everyone, we can say that it is closely possible to have blockchain replace banks.

in real world there are too many conditions on banking. stocks, funds, printed money, digital money, cuts, expenses, transfering money indoor/outdoor, blaa blaa.
of course blockchain should be integrated. but in the end if we talk about any bank, it needs own controlled system.
if we think a blockchain for global banking system, any bank member of this ecosystem need out-chain solution for its own operations.
just think blockchain integrated casino systems, i did not see anyone fully integrated blockchain. they already need out-chain scripts or dapps for operational process.

difficult to replace the system as a whole and must be done step by step but it's possible in the future there will be a better system that can be universally adopted
a few years will come a short time, it's time to think better and do the best

Blockchain not meant to replace banks but this technology could help banks improve their services and more efficient. In my opinion blockchain and cryptocurrency are not anti banks or anti government whatsoever these ecosystems should work together to help build the new model financial system.

In my own personal opinion, it is impossible for blockchain technology to replace banks because blockchain is not supported by the government and a lot of countries do not yet legalize or accept blockchain technology and cryptocurrency, that is why banks will remain it's existence for a long time. Even, a lot of people are now investing their money in cryptocurrency, there will be a lot of people who will store their money in banks.

I would hope so. I want Blockchain and cryptocurrencies to destroy every goddamn Bank one day.

If we don't want this, what are we really doing here? Since I've been in the world of Blockchain, if I had done my transactions at the bank, I would have paid banks 1,000 times more commissions I'm paying nearly zero at this moment. But thanks to blockchain, i'm not using by the banks. I'm getting rid of them selling my personal data, my phone number to third party companies.

Any blockchain project doesn't call me and force me to see if I want to use credit or not. If I have money, I spend it, if I don't i save it.
One day, man, I hope one day, blockchain technology will eliminate all banks, at least destroy the way banks exploit people.

I live every day with the dream that this thought will come true and I will continue to live like this!

Indeed in terms of blockchain technology is superior to the system used by banks, why until now the blockchain is still unable to replace the bank even though the blockchain system is superior? that is because the benefits obtained by the government, the bank is managed by the government, then if the bank is replaced the government authority will not be able to reach the blockchain. That is my opinion, even though blockchain still has weaknesses it is also still unfamiliar among the general public, where the community knows bitcoin better than blockchain technology

No it wont happen, I know that people are enthusiastic about the blockchain technology but banks are probably to most powerful institutions around the world and they will not let their power to evaporate like that so the blockchain will probably never replace them, however we need to ask ourselves can the banks kill the blockchain? And no is the answer to that, if banks could kill the blockchain they would have done it already, so right now we are in a stalemate.

Blockchain technology can't replace banks actually, in my opinion, because most people around the world are using mainly fiat currencies and banking systems to complete their financial transactions. It is obvious that the crypto community is growing up with time, but it is still small compared to people who use only banks and fiat.

Most people don't understand how valuable decentralization is. To them bitcoin etc are just new ways to make money and they will continue their old habits of thinking with these new assets. You see it even with many here that keep all their coins on a centralized exchange. Unless that thinking goes away then banks will always have a big part of the financial world.

Well, it's possible but it's not gonna happen. instead banks will start using the blockchain technology to provide a modern service to their customers. The same with governments, at some point they start using this technology by creating national cryptocurrency and most of the current coins will die and get replaced. Giant companies will also launch their blockchain. For bitcoin, it will be like gold and it will be used a reserve and international currency. This is the realistic scenario in my opinion.

"From security, to management of the money supply (per blockchain technology’s embedded capabilities to support tokens, aka cryptocurrencies, aka digital currencies, aka (possibly in the future) currencies), to lower transaction and administrative costs, to all other benefits of the blockchain-cryptocurrency technology combination being embedded within, and therefore, inherent to, a given central bank and its financial ecosystem (including the given money supply, currency specifics, commerce, and so on) - a blockchain-based central bank can essentially run circles around its partially-technology-based counterparts.'"

source: https://www.quora.com/Can-blockchain-replace-the-role-of-a-central-bank

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Based on my understanding about this debate, blockchain could support replace banks if the Government will allowed it to function as a central banks. Blockchain could surpass the expectation of the Government when it comes on processing transactions and securing funds of the nation, hacking is possible but for me it is more better to use than what central banks could offered to the government from day 1 up to now.

All of the cryptocurrency uses blockchain as their skeletal framework that supports the data of every ledger that is being stored and process in it, replacing the central bank by this means a very wide chance that the Government could have to change the economy's future all over the world.

I think not, block chain is completely a separate entity compared to banks.
Block chain is vigorously compelling as well as innovative but banks are
a staple system that have thrived and we depend on. It however would be
a good and admissible thing if blockchain/cryptocurrency would work togther
even a little bit at some point. It would be productive and an improvement to
bear witness of the growing entente between blockchain and banks. That
I believe could be the next big think for both.

You are right, the blockchain essentially removes intermediaries in the form of banks, we absolutely do not need them.
However, for the system to work, all people should switch to it, so that they do it they should trust and believe in the blockchain, but this will not happen until the idea that Bitcoin and other cryptocurrencies are provided with nothing and their price is taken from air. People need more knowledge about the blockchain in order to start trusting this wonderful technology.

Some project are already building cryptocurrency banks with multiple functionality ranging from market place, exchange, loan and many others. What more does bank offer that a good crypto banks can't offer? Traditional banks can conveniently be replaced.

The creation of the blockchain technology has the the potential to replace banks in a way that it eliminates the need for a third-party in handling all of our transactions.
Think of it in this way: all of our transactions will be reflected in a public ledger which cannot be changed or altered by any person making it absolute. This prevents people from committing fraud and dishonesty in every transaction as it is protected. Although it this aspect answers one part of the bank, it cannot answer the portion where it helps the economy and the people by providing interests to investments.

Fiat will always be preset in the market no matter what the situation may be. To shift from a digitlized form of medium would require tremendous effort from all countries which needs to adapt to the change.

Blockchain should not replace the banks. They should get implemented in the banks so the banks and financial institutions will get better. We should not think about replacing the old systems that we have and we should improve them instead so they can get close to the modern technology like the blockchain technology. When the blockchain is implemented to the banks, it will provide smoother and more secured system that the consumers will surely love.

I admit that blockchain technology became popular on the people because of its format and centralized way of running it. But blockchain can really replace our banks in the near future? I think it's impossible because banks are very complicated system of money loaning and etc. but if this happens blockchain may have a banks but it will still depends on the natural banking system.
It is impossible for the blockchain to be the main banks because they will always depends on the real world currency which is giving by the natural banks.

It will not happen in the near future at least I don't believe it, The currency monetary system partially depends on the banking system and the banking system is playing a vital role in this system, People have a strong belief in the banking system because they have gained it for providing a lot service as well as they are assuring our money keeping safe in their hand, It's large business platform so they will not allow entering any new competitor in this platform, most important thing is that people will not leave the conventional system because they have a security as well as they claim more thing to this authority, but in the blockchain system there is nothing to claim and no one would be responsible in case of losing people's money. so it will not possible.

Blockchain is a technology that works with peer to peer, banks can adopt blockchain technology in their system to replace the classic system. But blockchain can't replace banks ! Now blockchain became popular and many people use it in their transactions with BITCOIN and other cryptocurrency so it's a big opportunity for banks to adopt it in their system and earn from it.

My answer is that crypto or blockchain can replace partialy banks but not in overall because replacing fiat completely with digital coins is not at all easy task and it will take time say many years.Banks provide various services which btc cannot provide such as advisory sevices,loans,custodian services are integral part of financial system of banks.So we can say banks are here to stay for a long period of time.

Blockchain can only enhance banks not replace them because it can be used as a tool to move and assure assets which traditionally was performed by banking software.

Absolutely this is an extinction event for banks, when you consider the role of banks in the current global financial economy, they just act as middlemen. Now blockchain technology’s major aim is to eliminate the need for intermediaries in any financial settings which means that once there is mass adoption of cryptocurrencies, banks would no longer be required.

some bank function could supported by blockchain technology,but it could not replace all of bank function.we know that bank has main roles in our economic life even banks have important roles in counties economic growth.loan that they disburse to businnessman could drive economic activity that has positive impact to citizen prosperity.collaboration between bank and blockchain will give tranparancy and efficiency in system.

Blockchain can't replace bank because many country not legal using blockhcain as e currency, without get regulation from government impossible blockchain can replace bank, Bitcoin or alcoin can replace bank position if have legal transaction and government want to adopt bitcoin and altcoin as digital currency payment, but without legal by government impossible can replace bank.

You said once but the question is 'when'? Don't get me wrong, I do love cryptocurrency and the convenience it could bring to us. However, I see that we are not yet all ready for this, this thing should be taken slowly but surely. If we suddenly leave the centralization our economy will suddenly collapse. 2030, 2040, 2050? Who knows when is worldwide adopttion would happen or if it really will happen ::). So for now, let's cherish what we had right now. Be thankful for us to have an option between banks and crypto.

Blockchain is a huge technology which can be practically used by almost every sector or institution such as finance, banking, education, agriculture, health, gas and oil etc. It has no intentions to displace any institution but rather to help improve upon their services in bringing transparency and improve work effectiveness and efficiency as well.

I don't think that will be possible because I am sure that the bank will still exist, but maybe the bank will use blockchain technology and many banks will implement the system so that the bank will grow more.

While it's obvious that the world economy is now running on fiat and through the banks the truth is that even if that was not the case and bitcoin and cryptocurrencies in general became the dominant form of money around the world, it seems to me that banks will still control the economy in some way or form since most people are not going to want to accept the responsibility of being their own banks, banks will understand this and adapt their services to this new form of money.

It is undeniable that blockchain is having its best of times right now for its emergence and adoption has been spreading around the world, in different industries and fields. But despite of those, completely replacing banks by blockchain is impossible because not all countries are accepting blockchain. Another thing is, without banks every countries backbones might fall, and it will have a massive effect,  for losing banks is also a lost of job for the manpower behind it and not everything can be relied on blockchain because not everyone will have the ability to operate blockchain and will still rely on banks.

The thing with banking business, they have the control and they can easily change tempo once the whole industry got the support of the people. It's not impossible for them to adopt and embrace blockchain system while still keeping the business.
Every countries around the world still believes from how banking system helps their economy and since blockchain haven't got the trust of many government it's still the bank who's in control. Blockchain might be adopted but banks will continue to be there.

That will never happen for now because people see banks safer and more secure than crypto transactions. Most people are looking for assurance and they see banks as the perfect place for them to store their funds. Although crypto could provide us the financial freedom that we want, it will still be hard for it to eliminate banks because despite the existence of digital currency, some people still lacks knowledge about it and still trust fiat.

I think not because the bank is a government agency to control the government currency. so there's no way the bank will be replaced by a blockchain. if the bank is eliminated then how will the government control fiat money? I think the bank will still be there and needed. we need a bank to get a loan. blockchain and cryptocurrency cannot provide loans because the value of crypto is always changing every time.

Some blockchain project already have loans or credits, will not name that project since it's just new and still have lot to prove to consider as replacement in what banks can do. However thru stablecoins it gives the possibility that banks usage will be lessen little by little by the comfort of being online currency that can be used in trading or in differen transactions. But the government will sure to have their ways not eliminate banks or not to accept crypto. Atleast now there are options for us that will suit based on our needs.

Less opportunity blockchain can replace bank because many people do not know with blockchain, they are still enjoy with cash money using for transaction with easy way without have internet access to make payment with cash money, just few modern people have know with bitcoin and understand how to use bitcoin as transaction payment, need advertising how to make people know with bitcoin and altcoin.

Banks will improve. blockchain is considering as a system can use by everybody. government and other companies want to use blockchain system. hospital's also want to use blockchain system. other local banks in other countries is starting using blockchain now. all can improve. fiat is surely replace using blockchain system with cryptocurrency and that will surely change our transaction method. and all people will benefit much with this changes.

On my honest opinion, I don't think blockchain can replace banks. We've all grown upon using banks when it comes to our investments. Even though the blockchain trend is getting more and more influential nowadays, banks would still lead the way since there are still more people who has no idea about the existence of crypto. I think instead of hoping that blockchain replaces banks, we should look forward on having them work in harmony so that everyone can gain benefit from it.

I don't believe that banks can be replaced. But banks in the future will adopt blockchain technology and implement it into their systems. Some banks will create their own blockchains and some will use finish blockchain products depending on what benefits them most. Banks are too powerful and influential in this world to be replaced. Not that easy. Some of them may fall but there will be another ones that will arise and will continue to work with their systems. 

It is not so easy that everyone will suddenly get engage into crypto it will take so much time like many years because there are still many hurdles in the path of Bitcoin, still the governments do not want Bitcoin in their countries, still many people do not know about Bitcoin. And I think first of all awareness about Bitcoin is very important in order to cross these hurdles, also some regulations are required then it is possible that everyone will adopt Bitcoin and banks will also be replaced by blockchains.

I agree with your opinion that the bank cannot be replaced but the bank will adopt the system used in the blockchain and we all know the blockchain with the crypto currency economic system created using technological advances and times and along with the times the bank will also use the economic system blockchain

Banks knows how to play business and if they see the potentials using blockchain they will easily adopt and use for their own benefits.
They won't be replaced in anyhow as they know how business works and how they will see the every opportunities, they might be vocal
with opposing blockchain but if this technology will proceed  surely they will adopt and accept the change.

Indeed, as in the matter of fact we do have here in our country wherein they are already studying how blockchain works, that they believe in the power of crypto, so little by little they are adopting it as well as studying how to adopt blockchain in their bank, it will be like few years before it will be fully implemented as it takes time and still needs approval from the government if they will allow it.

Need trial more than one year blockchain can replace bank position because many people do not know with bitcoin and altcoin as currency payment. If country have adopt bitcoin as legal currency maybe just few people have use bitcoin under 5% from people population in one country have understand how bitcoin working, need trial one year teach every people with bitcoin and altcoin working.

I don't think so, at least for decades, because Blockchain technology might be suitable for some use cases, but it won’t ever be a solution for all use cases. also Blockchain technology cannot be considered ready for mass adoption by an enterprise. the technology platforms are not mature, standards are not in place, the uses and implications of the technology are not understood as well as other more prevalent technologies used in regulated industries such as Banking, and the networks required for a network-effect type technology like blockchain are not in place. However, I wish we'd drag ourselves into the modern age and do this immediately.

I don't think it will replace the bank because banks have become very big businesses in every country, but maybe someday in the future some banks will use blockchain technology because of technological advances I find it difficult to stem.

Banks can still get loopholes in blockchain technology, we know that banks from China adopt blockchain technology like digital banks. The bank offers a security system for each of your transactions, because a  anonymous network vulnerable to hacking. As we know from the news, banks think rather than fight it is better to adopt it. Actually if the blockchain gets legal permits, users can just replace their dependence on banks to blockchian technology.

Banks are actually getting started into jumping to blockchain technology. There are some banks in the Asia that are now trying to merge their system from traditional into blockchain technology because the realized the advantages of blockchain technology and how secure it is to rely on. In the next 10 years, I believed that banks all over the world will become fully blockchain powered.

Of course, the blockchain can replace the bank. Blockchain technology will replace banking services and poor registration processes so that those days will be a thing of the past, where people have to visit a local bank or find the right officer to help them with their documents. Blockchain technology will simplify the process and make it easier for everyone to use it. What's more, blockchain technology, combined with a variety of smart devices, will help investors track investment conditions and find out whether everything has been repaired or replaced on schedule. Individuals will get updates in real-time and this will help to eradicate all the complexities associated with the current system.

I don't see blockchain to replace banks as of now. I attend and heard some topics in the open discussion where the panels are working in the banks and other business sectors.

To summarize, banks can use blockchain or inject it on their system as the bank block developer said and they can use crypto like eth for example with low fees. That's the whole point. Having said that they didn't tackle about financial problems or how banks would be able to earn if they adopt blockchain and if they will still use the traditional fees to impose along with the new blockchain system.

basically "if you can't beat them join them", If blockchain technology to be discovered beneficial to all these banks they will no doubt starting to implement it within their system and the dream of blockchain replacing bank will just be a dream.
So many company are starting to do some reseach regarding blockchain technology and many popular universities across the world are opening courses for blockchain. Blockchain will be implemented everywhere in no time if that's the case.

of course it can, because blockchain is a technology. and in fact, several banks around the world have started to learn this blockhain technology and one of them is a bank in my country.
If, can bitcoin replace the bank, the answer is clearly impossible.

Blockhcain can replace bank if almost bank member know with bitcoin, right now many bank member do not know what is bitcoin and how save money in the bank with bitcoin. When bitcoin popular and using by many people blockchain can replace bank, needed more than twenty years later blockchain can replace bank position with educate bank member with bitcoin and altcoin working.

Hypothetically, this could happen. But in reality, banks will simply introduce blockchain into their systems and I think they will make every effort not to lose their customers. The banking system is well established, so I think that the owners of banks know how to persuade customers to use their services.

Yeah, I also believe that later all banks will adopt Blockchain technology to facilitate their task for storing important bank data. Especially after the Chinese president called for using Blockchain technology in their government. I think other countries will follow that step.

Also if Bitcoin or any other coins that uses blockchain technology as the substitution of banks then therefore they need to set some solid ground rules and regulations in order for it to happen. Another thing is the backing of the government by legalizing and going through scrutiny by the central bank and the legislators for it to pass. But honestly if what I aforementioned would happen then I think the essence of Bitcoin itself being decentralized and whatsoever would lessen. I think bank would still exist providing the services that the cryptos could not provide and vice versa.

I agree with your opinion that the bank is a state tool that has strong laws in the field of economics that is used to be used in the country's economic system if the blockchain system is created by using technological and age developments and your opinion is correct if one day the bank will also use a system that used by blockchain

Talking about banks, actually there is already support from banks. I've seen the Ripple and the Bank several times. and Ripple has received support from the Bank. Recently Ripple and Euro Exim Bank held an exclusive meeting Source : https://www.americanbanker.com/news/could-ripples-xrp-replace-correspondent-banks-this-bank-says-yes (https://www.americanbanker.com/news/could-ripples-xrp-replace-correspondent-banks-this-bank-says-yes) .

Regarding the issue that many banks actually hate the decentralized system should be suspected of what reasons make them dislike it.

Banks can never be replaced by any digital currency even bitcoin or blockchain technology as they provide various services to customers and they are financial branches of country.Blockchain technology can be used by banks to improve the services but they can never be replaced by such new technologies as they are integral part of system.

you confuse two things that are different in nature: banks are institutions and blockchain is a technology
the question should be either can Blockchain help xxx to replace banks , or can Blockchain replace banking
and the answer would be no , at least not at the current stage of its development
while distributed ledger is widely used nowadays , it has its drawbacks if we speak about banking in its fullest
blockchain does allow a faster processing and cheaper transactions ( ideally )
but the infrastructure is simply not ready , the idea of multiple banks adopting one and the same blockchain implementation is close to zero
lets get back to this when banksters develop one global payment infrastructure , before that it is not possible for blockchain to overtake the banking world

yup, because fiat was never be removed in a certain country because technologies never spread so fast on every person by the cause of poverty.  Still cryptocurrency not accepted by some country that's why it will never replaced a bank by a block chain.

Why no? Banks already started with implementation of blockchain. After 10 years of life bitcoin is well known to many, and popularity is growing. But while they are trying to implement blockchain cause with blockchain technology they can have faster and safer transactions, here we talk about decentralization. Its a concept, and even thou many people don't understand what that means, that will unite people around the world. We can work together, we don't need third party services controlled by banks or governments.
My opinion is that banking sector is in the problem! In near future people will turn to crypto, they will learn about crypto and people will have a choice to use centralized or decentralized services. What you use its what you support, and when you do the math its far more better to support decentralization!

No it will not be replace the bank may be you will be find the Bitcoin as another alternative from the bank itself bro. There areany banks already shared the news about blockchain adoption.

If Satoshi comes may be he may try to give the best banking experience with the patent policies and make bitcoin as the banking vfor everyone.

Bank have been pass fifty years ago and never can replace by bitcoin and blockchain technology, as adopting bitcoin is the bank is possible depend with how regulated bitcoin by government, to see bitcoin replace of bank impossible thing because bank become source of government running their activities.

Blockcahain can replace bank maybe many people do not have to go bank if want deposit their money, they can transfer or deposit money with using bitcoin to save in bank, we only have dreaming with blockchain can replace bank next time. After bank have adopt with blockchain investor only use bitcoin and altcoin for saving their money in the bank.

Blockchain can naturally replaces traditional banks but it shall never be implemented by the politicians/governments because blockchain shall bring a lot of transparencies, government money laundry shall be diminished entirely.

On the other hand, i will not support that blockchain should replaces the traditional banks because it shall make a lot of bank staffs worldwide to  loose their job, my suggestion is that banks should implement the blockchain system and make their services to be faster.

Blockchain also requires some levels of education, some third countries still have more than 50% citizens as illiterates. 

You have a point, Blockchain can definitely obliterate banks for some some reason however at the same time this will increase the unemployment rate of a certain country especially for third world countries. Besides, some of third world countries have no enough such technologies to access this thing. Implementation of Blockchain system might be better solution.

Never is a word that is used when something cannot happen in the real of forever. Digital currencies are still too young and you must have seen that the number of people has increased over the last few years. So these coins have already started to grab fame and become a hot topic for top governments of the world too. It is just a matter of time before bitcoin will go mainstream and fiat will be wiped out.

You are mistaking the question here. The question was not if Cryptocurrencies are success or failure. But the question was Can Blockchain based currencies replace banks and the answer to that question is NEVER! Cryptocurrencies and Banks are not even closely related. It is like comparing apple with strawberry jam. Bank is the institution that provide services like loan processing by accepting collateral which are standalone not at all possible with cryptocurrencies.

This has been a ongoing debates for many years now, bitcoin or at least blockchain has existed for 10 years and I think it was only in the last 3-5 years that organisations really look at blockchain as an options.

So I would say that blockchain technology won't make banks obsolete in the future. And I think banking system also sees some advantages of blockchain that they can implement within their system and improved by not necessary replacing them. How can blockchain replace one of the pillars of a governmental system around the globe? Think about that.

I read at neironix. io that this is real, even the very cryptocurrency from facebook and telegrams competes with banks, but the banks themselves will not let themselves be displaced and are already introducing blockchain technologies into their systems.

Sure, blockchain can bring a lot of great points for banks to manage but it is not entirely appropriate, even banks do not lack the more appropriate technologies, therefore, the presence of blockchain for banks now and in the future is not encouraged by banks. And in addition, banks are operating based on needs and wants, providing what is needed for customers while blockchain is only working on what has been programmed, with no flexibility, a user will understand which product is trustworthy for them

For all we know, technology is rapidly innovating over the years, and we will see a lot of improvement, discoveries, invention anytime soon.

So, for the question, if blockchain can replace banks, it's a big 'No' when in fact some banks are seeing the potential, advantage, transparency of blockchain, so they are checking, reviewing and studying it how they can use it in bank transactions. 

Maybe we should consider asking a question something like "what can bring blockchain that will replace banks?". if we associate answer with decentralized system and possibility to get rid of the intermediary agent - it's not so simple because banks are businesses and their owners definitely don't want to reduce their income and money, so it will be really hard to replace banks despite presence better technologies.

Certainly no since fiat to Cryptocurrency conversion vice versa still needs bank. Without banks people can't buy crypto with their fiat, the same way crypto holders wouldn't be able to sell their crypto to fiat. Banks are considering using Blockchain for their transaction process, in fact there is already one bank from the Philippines which uses Blockchain already which you may find more details here: https://www.google.com/amp/s/www.coindesk.com/philippines-unionbank-launches-stablecoin-conducts-first-blockchain-transaction-by-bank%3famp

Replace bank by blockchain is not easy because many participant bank never hear with blockchain technology and adopt for bitcoin and altcoin transaction, how ever for participant have older year very hard how to use bank if adopt with blockchain bitcoin and altcoin, how to sent and how to receive money if using bitcoin and altcoin, now keep bank at the same place and give space for blockchain become legal currency payment.

It would be hard for the blockchain to replace banks because as we can see, banks are the one that many people are trusting for so they will definitely follow banks till in the future. There are some case or properties that the blockchain will replace into the banks but not all of the concept of the banks, maybe they will be added some concept and information to the banks in order to be more efficient to the users.
It will takes a lot of time before the blockchain replace the banks although we can say that blockchain can process multiple transaction and larger transaction than banks faster, we cannot predict on what would happen on this soon.
So the main point is, the blockchain cannot replace the banks right now but maybe in the future there is a possibility that it may occur.

Not anytime soon! Because it's not instant, you need to look at the advantage of Blockchain to replace banks and I don't think it's going to happen now. Because you can see on the blockchain who has huge sums of money on it and this could be the reason for the lives of these people to be risk.

Need time for blockchain replace bank because not instant can get access to listed crypto with bank institution, need allowed from government want to adopt bitcoin or not and we are waiting procedure with bank how to adoption bitcoin and respond from member with blockchain, maybe if want to replace blockchain with bank now maybe memebr not ready to move their assets with bitcoin and altcoin.

How could blockchain replace banks? Blockchain is technology that is applicable in many industries, including banking and financial but it can't replace bank as an institution and services it offers. So, banks could only implement blockchain into their business. I think we have problem here with basic understanding of some facts.

And even if the blockchain could replace banks in a technical level it does not mean that this will actually happen, banks and governments are the two most powerful entities in our world and whether we like it or not this is not going to change, and they are working together to slow the adoption of cryptocurrencies and now with the announcement by the Chinese government that they will develop their own blockchain we are seeing another tactic to slow down adoption even more.

Governments are realizing that if things continue on the same direction they will lose so they will create their own blockchain and their own coins, this will create the illusion of freedom for the average person when in fact they will be using a more restrictive form of fiat.

People are expecting the blockchain system to somehow make the bank collapse due to people using crypto currency and leave the bank because the decentralization but as expected the bank is now using the block chain technology which more likely to eliminate that scenario.
It is undeniable that blockchain is beneficial but people are too optimistic thinking it could replace bank anytime soon wherr on reality it just become tool for bank to achieve greater efficiency.

Blockchain can be an innovation in banking system, when banks adopt blockchain they will be in the next digitale generation they will earn a lot of money from miner and cryptocurrency owner's. BLOCKCHAIN will give banks many advantages like the rapidity of transactions, the transparency of wallets, the trust of customers and many other advantages... Well Blockchain will be the key of banks to move from the classic way to the modern way. In conclusion blockchain can't remplace banks but it can be the soul of banks in the next years.

I think blockchain can replace Banks can, but not "decentralized", It is not the idea of ​​bitcoin (https://bitcoinbd.org/tat-tan-tat-ve-bitcoin-tu-a-z/) and satoshi

You have misunderstood it, when it comes to banks getting replaced by blockchain means the functions taking place at the moment on traditional system will move onto the blockchain technology. Now itself more banking services have begun to use blockchain technology, so in future there are chance for higher level of adoption than the present.

If Blockchain has to replace the banks, then Bitcoin should become the main currency for ordinary people. As long as they use fiat cash, it is not possible. You need the banks to store fiat currency, and there is no alternative for that. And with Bitcoin being used more as a speculative investment asset (rather than as a currency), any chance of that happening looks quite remote.

Blockchain can not outrightly replace banks in the future. Looking at the characteristics of a bank, the bank can inculcate the use of blockchain in most of its services. People will still need to walk into a physical building to transact some banking business. In areas where the literacy level is low and blockchain adoption is still far-fetched, you think it's possible to introduce someone to blockchain that can't even use an ATM,a smartphone or a bank's mobile application?😁. How about those that will want to get loans?.Banks act as intermediaries. Imagine removing them out of the picture. Do you know how many people will lose their jobs? We will now start another discussion on unemployment.

The crypto was born with the precise intent to replace the banks, and - theoretically - could succeed.
The point is that banks are unlikely to be willing to renounce their power, so a fierce war should be expected.
We'll see who wins.

it will not replace the banks, government will never let that happen, since banks are being regulated by them, if blockchain and crypto will replace it, government will be alarmed and they will gonna try to stop it or they will do something to be able to regulized it and put some taxes on it. banks and governments are connected in order to improve the economy of a country.

Definitely, banks plays a vital in our life, in each business and in our economy, without bank I don't know how money is circulating right now. And although we are aware and we believe that cryptocurrencies are the future digital currency doesn't mean that establishments such as banks will be vanished, they will just regulate and will add crypto to their transactions but banks will never disappear.

Viola you have no idea what you are talking about, which blockchain has a huge sums of money  ::) Lets learn about the entire tech aspect before teaching other about bitcoin and blockchain, since you are not aware of it, both are different aspects and blockchain and bitcoin are separable.

Blockchain will be implemented by banks but it might not accept the currency part of decentralized currency and bitcoin is not created to replace the banking structure but the system might be changed, to use blockchain you do not need to permission of any government if you are not aware about it :P.

You must have a logical thought about this, Blockchain will not replace banks, banks are run by people who are mostly very intelligent, they know they will take Blockchain to improve their processes in banks, they cannot go against the technology.

In several countries such as Spain, Blockchain is being implemented to improve processes, both in control for their identities (which is stopped, due to independence problems in Catalonia), but in food control processes, such as eggs, and Many more cases.

You cannot see a Banking versus Blockchain approach, because it does not exist, Blockchain technology is leveraged in Pro-Banks, bank owners will never go against technology.

What they can do in conjunction with Blockchain is to apply Artificial Intelligence to make their security systems, identifications, etc. be even more powerful, that is the vision that will be taken.

An example of change is the Chinese, who removed all advertising and labels from NO-Bitcoin and No-Blockchain, now it is pure love with Blockchain, speaking not very well of Bitcoin, but opening the way to its cryptocurrency, which they do not take into account is that its stablecoin that will be launched at any time, people will look for Bitcoin.

Now so much is his love that bitcoin is front page news in China: Bitcoin makes front-page news in China (https://decrypt.co/11352/bitcoin-makes-front-page-news-in-china) what they are looking for the most is the adoption of Blockchain, and they do it through news, training, among others, they are paying the ground for Blockchain.

Blockchain can not replace banks all alone but blockchain technology already used cryptocurrency to  big transaction like bank.I think blockchain can not take this as a bank they can give the useful method like blockchain is secure technology.Blockchain can provide the security system to banks. They could be work together in future.

Waiting with how respond from government with blockchain technologies can adopt in country or not, without not legal by government maybe impossible blockchain can replace bank although have good service and transparent data payment using blockchain, other side by adopting bitcoin with bank many people will increase their assets every time depend with bitcoin price.

There are no any possibilities that blockchain could replace banks because banks was existed for a long time ago and it was supported by the government. Unlike, blockchain technology it is not supported by the government, that is why banks will never be replaced and it will still be existed in a long term.

Blockchain will not exactly replaces banks but their present way of working. Banks can and should use blockchain technology to improve their existing systems. Not only this, banks will also have to accept digital assets and most probably, all of them will be releasing their own crypto coins. Or at least, this is highly expected by the governments of the world to introduce digital currencies of their own.

A blockchain is a system whereas a bank is an institution that raises public funds. Blockchain can never replace the specific functions of banks as "agent of trust" and "agent of service"

Judging from the perspective of consumer choice between blockchain and bank?

- Blockchain only offers the convenience of transfers and payments to other parties, or
- Super Bank (a bank that adopts blockchain technology) that provides all service choices ranging from conventional to digital. Judging from the variety of services offered by banks, it can be a one-stop service for customers. And the advantages of a guaranteed refund if an operational error occurs from the bank is the choice deciding factor of the customer to the bank institution.

In the industrial era 4.0 ... Creativity and innovation in business ideas are indispensable. Similarly, the bank as an institution will conduct a series of innovations to maintain its existence. being the winner in the technological era is very important looking in the mirror of the newspaper industry that dies when the internet and smartphones emerge. So what must be changed from the bank is the business system, not the service qualifications.

CMIIW.

Banks have already started using blockchain technology. The effectiveness of their work will increase significantly, but they will do the same work that they did before the introduction of blockchain technology. Therefore, nothing will change significantly. Blockchain simply cannot replace banks, since blockchain is only a technology, a tool, and certain work is carried out by banks.

Blockchain is not a threat to banks, its an innovative tool to make their services more effective and efficient. The two industries can harmoniously, some banks already realize and applied the technology in some of their services and yet its a good start for a new breed of banking system.

At best, Blockchain should only be a management tool or a currency or unit of property.  For the original purpose of the creator of bitcoin and blockchain aimed at a kind of security and privacy currency.  The bank has many functions such as lending, deposit, investment, monetary reserve, issuance and cash flow regulation.  And above all banks and governments are inextricably linked.  Blockchain cannot replace banks.

Exactly. Very well said. Even if there are so many advantages lf blockchains and cryptocurrencies still it cant be replaced the traditional currency and traditional banking because as what you have said the traditkonal banking has a lot of advantages that cannot be performed by the blockchains. Blockchains can just help our financial stability but it cant fully replace the traditional way of banking due to its own disadvantages.

Bloclchain replacing banks? That doesn't make sense. It is a technology which will make banks more effecient. Your rally think these governments gonna let a decentralized currency govern them and replace banks for some of the fundamental operations? Never.
Money is central part of anything be it business, government or home. Give their control to something completely decentralized don't make any sense. So no replacement will take place but banks will integrate bloclchain for some of their core functions to make them more effecient.

Now a days, we grow up in our tradition way in society.Bank is one of this tradition and we all know that bank is very helpful to us people because this is the place where we hide money.I think it cannot replace the banks by the blockchain technology because banking system is unique and it connects to the government so we cannot remove it.

I don't think such in a way, you know the Banking system has been established since the civilization starts, so it's not a simple thing what you are thinking about, but it's true that people are getting bored such type of conventional monetary system, it's also implied that people are losing interest on the banking system but it's also very real issue that they don't have any alternative system, don't think the Blockchain would replace the banking system, I think in the coming days, Bank will use the blockchain system for its own development.

That is what is happening to the banks right now. They are now studying and learning on how to use the blockchain technology to their current system. They are now taking actions because they do not want to lose their customers because there is a lot of alternatives to banking which is cryptocurrency because some cryptocurrencies can transfer a huge amount of money in just a few minutes which the banks cannot do because they will question you for a huge amount of money because of their centralization system.

the implementation of the blockchain system will continue to be conjunction with bank authorities with some tightening of regulations.

apart from the cryptocurrency in circulation, they will remain as the party that guarantees the control of digital fiat circulation circulation which is converted to crypto and vice versa, will indeed change the digital system, but does not erase the conventional system they have.

Actual business checks in China operate like financial orders, except that besides being used to claim payment from a bank, recipients can also exchange them with other entities.
There is an obvious problem with the current system is the large number of intermediaries who assume the role of conventional banks in issuing checks, which increases the risk of fraud. Later, fake checks could circulate among commercial banks and potentially undermine the country's financial integrity.

I do not understand how blockchain can replace banks. Currently, there are many countries that are banning blockchain and cryptocurrency, they do not want this technology to affect the operation of the nation's economy. But if things change in the future, I think blockchain can only be applied to banks so that everything becomes transparent and controlled faster. I know that a number of central banks around the world are actively researching blockchain, especially China. Hopefully in the near future we can see the positive surprises they will bring to this market and blockchain

Blockchain is a technology that has many pluses that can help the bank's shortcomings, but to manage this technology absolutely and not fall into shortcomings, it is impossible because this technology always emphasizes too much individuality, it gives an individual an advantage while a bank needs to be an interaction between them and the user. In addition, bitcoin and blockchain are always two names that go together, the government has determined that it is very difficult to use in the future

I can see blockchain becoming the new banking system provided that bitcoin gets into a level of development that allows it to be of use without too much volatility. Given this chance blockchain will be the best way for us to store our bitcoins and any other cryptocurrencies of course.
 

 There is a whole difference between blockchain being able to replace "banks" and blockchain helping out banks. Blockchain in itself is not something that can replace banks at all, its not possible because the technology blockchain developed is not similar to banks exactly, it only helps out with holding your money safe and also sending it somewhere else in anywhere around the world for cheap and fast.

 Let me explain this in another way and tell you what blockchain has and what banks need.

 Blockchain allows you to create a new coin right? Or basically any coin has blockchain backed, now the reality is that if you have blockchain you can send those coins very cheap, you can build dapps on it, you can keep data on it, you can create tokens and you can build a whole new company with shares and dividends that token holders share all the time. There are countless stuff you can do with blockchain backed projects.

 However banks need people, banks need loans, banks need investments and savings accounts and mortgages and many other stuff that blockchains basically can't give. Plus you need to remove all of banks in the whole world if you want blockchain wallets to be your own personal bank, adoption for crypto currencies should be super high and be accepted everywhere as well.

Already few banking firms have integrated everything into the blockchain technology and has gone under trial. Looking upon the potential of blockchain technology, and the way cryptocurrencies developed over the blockchain technology have been serving as a hard competence to the banking sector. This is the reason more banking firms to adopt blockchain technology, and this at any cost won't replace traditional banks.

Definitely yes, Blockchain can replace 3rd party such a Bank but this only happens in a decentralized cryptocurrency, the scenario might be different when the government of one country is starting to create their own cryptocurrency, maybe the bank still out there, they just revolute the system when it comes to adopting the blockchain technology it's kind of like cutting the cost and let blockchain do some automation.

Blockchain is already replacing banks in many countries. Transactions from one country to another is easier with blockchain and crypto. Many banks have understood this and already using it. They just dont want to market this idea as people may opt in to crypto on their own if they get to know about this.

You are right it is possible but it’s hard well I know at some places people stopped storing money in banks and started to use the crypto investment that saves Your investment as long as you want.  In some countries, people still use banks because in those countries crypto is not yet so familiar that’s why yet banks still present in our society.

can you site some example like what country is fulling adopting blockchain and replace the traditional banking?

if you can't provide one, I would think that your statement has no basis at all..
personally, I don't think blockchain at this stage will replace bank, it's controlled by the government and we know their powers.

It's a blatant lie. No one in the financial industry(=banks) is adopting anything related to a blockchain on a larger scale. And rightfully what for ? They have databases which are much more efficient and faster, their network is anyway centralized, thus there is no need for a blockchain.

Nevertheless there are a few small scale technological studies when it comes to blockchain, however with almost no real chance of real world application. (source: friends who work in the fintech area)

I don't think that banks will ever be replaced, and if they ever are it won't be in our lifetimes. I do think that crypto banking is something that is going to become more prevalent. There are already companies such as Tap  (https://www.tap.global) that have come out with crypto banking apps, and I think this is just the beginning of the future of blockchain banking.

Some banks started to use the Ripple XRP X Rapid for their remittance which involves reduced fees and ease of operation with faster processing like SBI Japanese financial giant and several other banks all over the world. But related to this topic it will not be possible to replace banks anytime sooner or later as it will not be possible to have control as the government has now. Example in India where the higher denomination fiat notes were announced not valid overnight and the entire country stranded

Which countries?
Can you name them please? Cause I do love to know them. Bitcoin was not built nor established to replace the bank on anyway. It was solely founded to make transactions secured and anonymous. Mainly to take over the online payment system. Its just people that kept pushing this idea of Bitcoin taking over the bank.

We need a system whereby the bank and digital currency come together to function properly. Not one withholding the another. A country needs it bank. Have that in mind.

I do not think so. Well for me, the they cannot replace banks because from time to time, we will be needing a physical money for our daily lives. Not all the time we do have internet for us to be able to access our wallet or digital currencies online. Maybe this two would probably work on the future. But no one has going to replace the other one.

Indeed. Physical money or fiat currency is still helpful for us to support our daily lives because not everyone in this world has the enough technology or equipment to adopt blockchain technology and cryptocurrency due to their financial status in life. A lot of countries ahve adopted blockchain technology like China, that is why they are launching their own coin this year, but it is impossible for blockchain to replace banks because there were still people who will use physical money.

I will not say replacement, but a way to improve their technologies yes. Moreover, this is why different banks are already working on the subject and that some have already been talked about on the proposal of the blockchain solution with banks

Blockchain is different from Bank. Blockchain is the technology while the bank is a place where the financial transaction takes place. The bank transaction platform is built by combining so many programming languages that are complex. It is no more news that many banks are already embracing the blockchain technology for an effective transaction which can be achieved cheaply. In fact, some blockchain platforms that house crypto such as XRP is specifically design for banking purposes. The use of blockchain technology is banking will be increasing every year and it is most likely it can takeover the traditional technologies being used in industries.

Bitcoin opened the door of the new economy. Blockchain is a high security system. People can say it is voluntary. However, the internet required for Blockchain is already required for all banking systems. Also, the internet will be a basic need in the near future, such as Water or Electricity. And in the near future, we will receive internet service through cloud systems.

It would be possible if we experienced another big crash and bailout. You say that it's impossible and I don't agree. There are no impossible things and you just need things to go really bad for people to change their minds about banks. Now they still use them because not enough people were affected and lost their money but most of those who did started to hold cash Bitcoin, gold and other valuable assets.

This is main point I also feel blockchain cannot replace banks but this could be revolutionary for them as many changes will happen in banking mean transactions speed could be fast fees could be low but banks still going to do work as they are on blockchain is just a system which will increase good things for them.

Bitcoin was created to give relief to human beings and be financially independent. Although it might not totally replace all the functions of the banking systems, but to a large extent, it will take care most of  their operations is a stress-free way

I accept as true with you that through the blockchain banks can substitute for improvement it's utilized in transactions with banks and its language is complex. nobody can easily access the blockchain without knowing it However the banks will rise above their profits.

No it cannot replace banks, but it can be a great addition to banking system. Just because blockchain technology has its own unique things. It is much more faster, than an ordinary bank transaction. It is much more secure and banks can use it to save your funds.

crytocurrency is indeed associated with blockchain. but I don't think banks want to lose their place, because this is related to the economy of a country and the government that governs it. instead banks will adopt a blockchain to expedite bank tasks. I think the government will find a way for banks to continue to exist

Blockchain can not and will never replace banks totally, it can only be integrated in the banking system to for more effeciency and transparency, there are some banking aspects that blockchain can never fill in.
As much as we all know that blockchain technology is the next technological revolution, we must also know that there are some conventional systems that are totally indispensable such as banking sector.

Today one of the most significant innovation is with the use of cryptocurrency because we all know that one of the goals of using the blockchain is to convert our currency and make the transaction faster to make easier to transfer some funds and also turn the real currency or fiat currency into digital and lessen having too much queue management for the banks that do not support the use of crypto. One of the excellent innovation today is with the use of banks with cryptocurrency, but this kind of action are still not accepted for over the world only a few countries will do that. Also, it is more efficient for the people who have a cryptocurrency and do not want to waste their money because of having a high transaction fee; it is more favorable to the people. I think the community still does not accept the use of blockchain to replace the bank because the banking system already gained the trust of the people, and also, they know the money they have is secured than into the online world. We cannot blame them now because they want to adopt; they still wish to protect their wealth.

I think blockchain technology can be developed and used to combine bank technology and blockchain technology, although it does not completely replace the role of the existing system at the bank, but implementing blockchain technology can provide higher security than before and all transactions will be easy to trace.

Blockchain technology will be used by banks in future no doubt about it may at that time more advanced concepts will introduced related to Blockchain. As for now it is difficult to implement it as they have to design their custom blockchain with current database system and thats little tricky but hope so we will see some bank in action regarding Blockchain technology.

You are probably right, however, you need to understand what kind of blockchain banks will use. Not every bank benefits from the transparency that the blockchain provides.
Indeed, often in banks around the world, schemes are used to launder money and fraud.
As we know, all banking systems are bubbles and sooner or later they can collapse and burst, as has already happened.
Blockchain can prevent this, however, in this case, all bankers' transactions will be visible, which they do not always want.

Imagine everything in world who can't get a bank account, can create a new wallet easily
also privacy matters
That's why the old system should disappear or change!

You are right because every bank is acting in its own interest they're going to not work unless they need a nasty profit through blockchain There are many benefits to blockchain transactions  this is often why i feel it's best to vary these rules as blockchain isn't okay to replace banks with blockchain because it is usually used for Bitcoin transactions.

This will likely happen in the future if the governments will not try to stop the Blockchain virus but as what I see if the adoption will continue to spread. Most of the governments will find a way on how they can turn the table by adapting the future of Blockchain while taking a control of it.

If banks will disappear someday, then there is a big possibility that the bank owners will move to Blockchain industry and continue their operation.

It could be possible with the advent of technology in the society wherein day by day its is slowly transforming the traditional transactions such as in financial in automation and cashless environment. But, taking into consideration the complexity of crypto currency, it would be hard and would take time for it to be implemented in our society.

- Considering the development of blockchain is staggering when it is only in a few years, its reputation has risen very high, it forced the government and industries to have more research on it but after a while learning about it, perhaps the application will reach a certain limit and not be as widespread as we expect. Because the blockchain has irreparable disadvantages as we cannot fix it when the contract is confirmed while transactions in the bank often occur mistakes, forcing banks to repair transactions, that makes blockchain in the banking industry not particularly interested

Banks have been working for a long time to use blockchain in their work. But not all banks are working on creating their own product. It's easier to use a ready-made solution by working with Ripple. Therefore, we see that banks respond to changes by adapting to new realities.

Well, banks are the traditional way of investment. We can never expect that everyone would adjust easily to blockchain. Considering the fact that blockchain is not yet well known by everyone, we cannot expect everyone to agree that blockchain would replace banks. Although blockchain is way more better than banks, its legalization is still a huge problem for its acceptance by the public. Blockchain is still innovating and it still needs time before it can have its perfection to be accepted by the world government so let us stay patient about it.

No.The bank will never want people to transact in a decentralised manner. Blockchain cannot be replace bank. The government of a country does not want its people to use decentralized currency. And the government controls the bank. Banks can add blockchain to their business, so blockchain cannot be replace bank

This starting point is fundamental to understanding how Blockchain can disrupt certain major activities of current financial institutions:

1 - Credit, the primary function of banks and financial institutions,

2 - Currency management - paper and scriptural, sovereign function,

3 - Money transfers, a function on which the banks have positioned themselves opportunistically - it should be noted here that these are services which are already largely treated outside the banks in other countries such as States United.

I think we have misunderstanding here. Blockchain is technology and banks are financial institutions, that is not the same.
Blockchain can be implemented in almost any industry and business so the banks can also implement blockchain in their field and as far as I know some of them are exploring the opportunities that gives blockchain for their business. With time I'm sure that many banks will use blockchain and that will definetely contribute to transparency of their business but blockchain will not replace banks, that is different category.

You are absolutely right.  It seems to me that certain people express their opinion, in reality, without raising what they are talking about.  I believe that the banking system can be much more productive if it uses blockchain technology, as well as provide cryptocurrencies to users using Bitcoin and other cryptocurrencies for storage or exchange.  And as you said, Bitcoin and Bank are completely different things, concepts and differences in functions.

We can't equate the two to be the same thing, because it's even very clear when you can keep money in a bank safely, but can you save bitcoin or other cryptos on the blockchain? So is it the same thing? I don't see any similarities there and with no similarities, then the question for blockchain can replace the bank obviously can't, because even the two are different.

Blockchain can't replace banks but I think some function of it can. Fast transaction and more secure banking system making our money more secure and faster than ever before. Some banks are already making there move and begun to warm up to blockchain technology. They begun exploring and learning how they will adopt in their current system maybe it's small or big banks.
In the other hand, banks and other financial institution are connected to the economy of the country and government will do something and do their job to regulate it.

Blockchain is a ver good system but it is not decentralized thus, it will not replace banks. Most people in the institution wants control over something and blockchain being different would only mean that blockhain will remain what it is now.

Yeah that is possible and it is a little bit sad becaise we might not see the capabilities of blockchain in different fields such as banks because of the people who wants to control everything they can but that doesn't mean that people will do as the higher people wants of course they want to innovate and having blockchain is such great idea for it is faster than our regular system now and much safer.

I think banks are controlled by Goverments, and Blockchain won't. If Goverments issued own cryptocurrency based on Blockchain, it would replace some bank functions but not all of them.

I don't think that bitcoin has a chance to replace banks in the near future. This is simply not possible because it is very difficult to do. You need to do a lot of preparatory steps to go to the blockchain. In addition, the most important stopping factor is that people themselves are not ready for such changes. Although many people talk about bitcoin, but not many are ready for real changes in their lives.

Banks do things in order to get profit.
Everyone in community should be interested in keeping own data in privacy and own profits in safety so blockchain should be a great solve

Blockchain is a technology and will not replace banks. Because blockchain can be adopted by banks as well. This should be the question
can cryptocurrency replace banks? if like that the answer can occur but it is not possible in the near future. Because the banks already
used in thousands of years of human life, so it's impossible to be replaced instantly by cryptocurrency. It takes a very long process for
cryptocurrency to replace banks.

I agree with you. Rather, banks will try to adapt certain areas of their activities to the blockchain in order to satisfy the needs of customers who somehow want to invest in cryptocurrency.
The rest of the banks surpass the blockchain in many respects related specifically to financial transactions, I do not take into account the level of freedom and transparency of these operations.
Speaking about the latter, not every bank needs such a level of transparency as the blockchain provides.

It would be possible if all people began to use primarily stable coins instead of the usual fiat money.
Thus, people would be protected from market volatility and at the same time would have free easy and safe access to interact with cryptocurrencies.

Why do cryptocurrency users very often ask such a question that sounds so that blockchain or Bitcoin can replace banks and the entire banking system?  It seems to me that today many commercial structures use the blockchain, and also banks are introducing this modern technology into their system, and this does not mean that blockchain is replacing the bank.  Blockchain makes it possible to save information, personal data and receive better services.

It is the opposite actually, Banks control the government. This differs in every country but mostly, it is the scenario. Some banks are semi independent but government wants to control it too. If they issued their own crypto currency, it will never replace any bank functions since the approval of it will also roll through the banks like what happened in India in the past about banning crypto currency. Blockchain will be centralized, public records can be available online which governments can review and assess and they can create laws, new rate of taxes and I can see some security flaws so this will never happen for now, that's for sure.

It is possible that Blockchain can replace Banks, because at present, it is very ricky to bear hand cash( for robbery or corona virus)  and in future, we can save our money in our mind or mobile phone or computer to use it easily(by blockchain).       

So far I have seen financial solutions based on recharged debit cards or use of credit cards to buy Crypto. As well as debit cards affiliated with a bank where you can spend with your local currency and crypto at the same time. An App where you can add your bank account, buy and sell crypto with your local currency.

This is happening in Nigeria and Ghana with the First Kudi App and their debit card. So it tells me that the solution is to unite FIAT and crypto in one solution. I think that is the most crypto FIAT route in a financial solution and the bank would not be totally replaced.

In the future, the bank could be replaced but for that in the region that is implemented, it should be well prepared so that its finances are fully electronic and with a good telecommunications infrastructure.

Not everywhere in the world. In countries with a well-grown banking system BTC will be seen more as a store of value like gold. But in countries with a poor banking system and in which not everyone has their own bank-account BTC could really replace the banking system for many people. Nowadays everyone has a smartphone. Just download a wallet app and you are able to trade, store and send BTC. And actually this is already happening in many countries e.g. in Africa.

Because they want reassurance that the program they have invested on is something that will span out years, not months. They wanted to ensure that they have made thenright choice, that's why they kee on asking fellow cryptocurrency investors/supporters about their opinion regarding blockchain's viability compared to banks right now. To which I will say yes, because not only is blockchain growing by the day, it's also being sought for by most banks worldwide to empower their preexisting features. Either they grow both in tandem or one will take over the other.

Blockchain is a technology with the help of which certain improvements in the quality of our life are introduced. However, technology alone does not solve anything. We need specialists who will implement it, specialists who will constantly service its implementation, and for this we need appropriate facilities, and so on. In the field of finance, this is done by the banking system, which is now quite successfully using blockchain technology. their activities. Therefore, blockchain technology cannot replace the banking system, even in principle.

Blockchain can be used as part of a banking system, but it will not cover everything completely.
In my opinion, it can be used for transparency, cross border payments, etc. And CBs are already working on digital fiat. So, there will be a lot of use cases for blockchain but it will not replace banks. Upgrade is a better word

Yeah blockchain can never get replaced by banks because banks operate in their own interest If they are doing not benefit they're going to never assist you. And now blockchain helps within the development of the society and therefore the lifetime of the people the blockchain will never replace the banks and there are many differences between them if they supply various facilities to figure.

- Agree, blockchain with outstanding features can become an upgrade for future banks with security, expand services to reach crypto users but summing up all the possibilities of blockchain, a complete system replacement is almost impossible because except for good features, blockchain also reveals the imperfect nature. And banking is a system that needs perfection, the mistake is not allowed to exist too much, right now, they are in the best state while the blockchain is still too poor for the perfect state.

This is the model that banks will adopt eventually I'm guessing...
https://cointelegraph.com/news/alipay-patents-reveal-more-details-about-chinas-forthcoming-cbdc

It is unlikely that the banking system has been implemented for a long time and is used by the whole world.
It's like changing a very large system and it will be difficult or time consuming.
Although blockchain technology is used in different areas.

before paper money still existed and America was still in power, then Blockchain would not become a BANK !, you know it would not happen, America would not allow it to happen, but the country could adopt this technology, and reportedly a digital dollar would be created, whether this is the thing good for the crypto currency ecosystem or not

To blockchain completely replace the banking system? I think not (at least in the next few years). In some aspects, something works better, something worse. Here are some of the advantages of the blockchain - the lack of an intermediary in transfers, to some extent privacy, network performance. But for example, it is not yet possible to give out a loan. Most likely, blockchain and banks will no longer compete for primacy and will begin to cooperate, gradually merging into a single financial system.

First of all, Blockchain is not a business entity but a technology...
Blockchain technology is not a competitor of the Bank. in the future, the Bank will adopt Blockchain technology as a form of service improvement or  upgrading of the Bank.

This is really the simple thing which peoples are not understanding and we have many rumours about this blockchain never replace banks its never been a competitor its just technology which will works for banks and brings some better things for peoples and these banks in future.

I can’t understand a bit why many users and cryptocurrencies are saying that blockchain can replace the banking system.  I also fully support your words regarding the fact that blockchain technology can improve the work of the banking system or any other structure, providing a wide range of services and a high degree of security.  But what people are guided by comparing the blockchain with banks is not clear.

I completely agree! That's what I'm talking about. The blockchain has good intentions that can be a great help to the banking system.
But a full transition of economy system to the blockchain is a bitcoiners dream because of the things indicated by me and many others in this thread.

I supported what you guys because blockchain and bitcoin was not implemented to replace banks and fiat currencies but to serve as an alternation solution which will makes life more meaningful to us and also serve as safe haven from the economic melt.
I think people lack of understanding about the concept behind blockchain and crypto was what causing the thought of blockchajn replacing banks.

blockchain wasnt alternative to banks , the  reason were already stated  .

 btc and other cryptos are not also alternative to banks because they are not a bank but they are like a currency so they are alternative to currencies   . to call them a safe heaven might be true because in times of crisis , stocks are going down and people loosing money so what if they can sell those stocks and transfer it to crypto  ?

 cryptos arent related to stocks or other offline world stuffs so yeah cryptos value can survive

I have a reason to believe you dont read thoroughly the whole message i posted because i already said crypto and blockchain was implemented as an alternative solution to economic meltdown. I dont even said fiat not to mention banks as you stated.

the value of crypt can last when compared to bitcoin, but if we compare it with the dollar, then this fluctuates too. The blockchain will be used by the bank, but the blockchain cannot replace the bank. in this case the bank becomes the parent and the blockchain is just a system

Value of crypt? The last time i checked every crypto and bitcoin are the same but they may have different potential, concept and utility. I dint understand what youre trying to say when you said banks to be father. Does that mean blockchain will be son? Are even aware of basic benefit of blockchain and what it can to the future?

In a long term, Bitcoin and other cryptocurrencies can take some of the users of banks, but most people will still use the bank system since it's easier to use and provides more offers. Nothing will change in the next 10 years.

How is this going to happen? If the government put strict restrictions on the usage of crypto currencies, how would it take over the banks? If the government starts to ban and make transactions made with crypto currencies illegal, how will people use it on the first place, let alone taking over banks?
True, nothing much will change in the next 10 years, but the banks might start using the blockchain technology (not crypto currencies, just the technology) which will eventually make people release about the benefits of crypto currencies.