Bitcoin Forum

-There will not be any Blockchain network or project that can replace traditional banks.
-We can criticize that the system of banks is increasingly outdated and slow, but their strength and position cannot be denied.
-Traditional banks have existed for thousands of years, if the existence of banks is wrong, it would not exist now.
-With Blockchain technology, traditional banks will be updated to a more stable network, faster money transfer, cheaper fees, better user experience, along with no worries about Customer information is stolen by targeted attacks.
-Therefore, there will be no way for Blockchain to become a substitute or compete with Banks. Instead, support, improve and develop together.
                                        https://i.imgur.com/VkiKymx.jpg

Faster and cheaper transactions in the traditional banking system? Have you ever made any overseas transaction which may take upto a week and lot of processes to go through and also the fee is not going to be cheaper. With the globalization the world is getting smaller and people are doing more and more overseas transactions that is why the central banks sucks now.

And importantly your money doesn't have any value, its just promised to have a value which is getting lower and lower every year and if you failed not notice that then no one can convince you!

You're right with that criticism against blockchain. And it's a sure thing that the banks cannot be replaced but it's not the goal of blockchain technology.

The tech itself is really there to help such industries including the banks but they're not just for the banks.

However, bankers will prefer to control customer assets as opposed to true blockchain technology (if they want to fully adopt "your keys, your coins"). Transparency of transactions on the blockchain will slightly interfere with the privacy of bankers to manage funds.

I think banks will only adopt blockchain if physical fiat starts turning into crypto, and only fiat they will accept as long as they comply with regulations.

In fact many banks and financial institutions have been developing their homegrown blockchains to aid in their services - something that most people here are not even aware of. The craze of blockchain development began in 2016 and has been going on with government approval for years now. Governments dont see the tech as a bad thing, but they see Bitcoin as something outlawed.

So in this context a background in blockchain development has good job opportunities as well. We should see gradual improvement in services too. Remember that the job of the banks is to aid in the services that common people need. Probably in future banks will allow crypto to be transacted with regulations too.

There is no need to choose. Blockchain is just there to be adopted and ready to be used just in case some banks have already realized that it can help their internal affairs with their system.

Knowing that you've been in crypto since 2015, I guess you've earned a lot from the sources that you've done.

CBDC will be a keyword for people to search and understand it better in the future. I think this problem will have a solution maybe it won't happen anytime soon but I believe it will. There has been a lot of interest on the issue across countries, I think the strong implementation of CBDC will help this market move into a new phase.

Blockchain technology has received a lot of attention over the last decade about such things. and even us right now we can't say anything about that because we are all agree and just waiting for that time to happen.. But unfortunately its impossible to happen honestly.  And it is because of some untrusted parties when it come blockchain and that's the reason why most of the governments were disagree and wants to destroy the reputation blockchain around the world because of that factors.

Just like you saw the Emails over take the traditional ways of sending and posting messages. It's inevitable that Blockchain technology will over take the traditional banking system. The only difference is that Banks or Governments will try to ensure they create their own blockchains which they can control and not adopt the current cryptocurrencies such as Ether or Bitcoins which they can't control.

So what we may have is let say China having the Chinese yuan currency running on a blockchain created and controlled by the Government. They can also choose to create, burn and freeze the coins at any time they feel like.

it is inevitable imo. private blockchain is just a better database that is suitable for money related technology. not to mention the cost to setup and maintain the network is probably not that huge compared to traditional database. they can simply move the existing resources for it.

The existence of traditional banks till now is not because they are right/wrong but rather that there is not yet newfinancial system that can be accepted in everyday life.

Looking at the current conditions it seems you are right, but remember no matter how great a system is, it will always be replaced by a new one that is better and definitely more efficient.

But all system will compete with each other on the spectrum from centralization to decentralization. So far we know that efficiency can best be achieved with more centralized systems while security can better be achieved with decentralized systems. That's the case because there are less honey pots within decentralized systems. Banks have a lot of reasons to prefer centralized systems. It helps them keep power and control. It makes them better rent-seekers, which they have been now for decades without pushing innovation to alternative system architectures at all.