Bitcoin Forum

Banks will die crypto will take over in 5-10 years

Why ? They are starting to ask to many personal questions and monitoring people like they are criminals / terrorists etc ...even if they are not ...
Govs want to much control on people...the world is becoming very strange and it all started with 9/11 attacks ...  to many coincidences

To many things happened in 2 decades :
Terrorists attacks / Wars on Terror / Arab spring  / SARS / Climate Change / Covid / Global trade problems  and so on ...

Before 2001 life was normal ...does how are older remember ... now they are not even hidding it / no longer in the shadows what they are trying to do ...

Is it just to take peoples freedom for the "greater good" ?  Will people allow their freedom to be taken ?

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Here is a example of problem with banks : I have another girlfriend or a secret kid from another women that i am sending money to each month to support ... now some banks started to ask questions what are you doing with your money ... ? Why are you sending to x,y,z ...We each have our own problems in life...Questions banks started to ask are to personal.

Doubt that banks will just go away.

Banks will certainly adapt to the new crypto landscape and start offering wealth management and transaction services that are denominated in terms of crypto.

But they will certainly not be extinct. Even in the crypto sphere some degree of centralization is necessary to sustain practices (at least as of current).

Banks would never die as long government do exist and come to think that it wasnt even possible even on my dreams on having a society thats been ran

on a decentralized manner because it would just basically wipe out the true existence of government in the first place if ever that thing happens.

Taking over is something is really impossible to happen.We cant deny that there are services we do really need on a centralized network.

It is good to remember that banks have existed in one form or another for thousands of years.

There are segments of the economy where cryptocurrencies may never be well equipped to replace banks. At the moment crypto is not well positioned to takeover automotive, student and real estate loan markets. If an altcoin did emerge with a network of background checks, repo men and the liquidity to make large loans for homes, higher education and cars -- would there be advantages to it, over our current day banking industry? Which would allow crypto based alternatives to thrive over existing options?

Central banks are tied directly into the planning and direction of the economies of nations. That could be one area that couldn't be replaced by an altcoin.

It would seem that we have some obstacles to overcome, if crypto is to ever replace the banking industry.

Banks will stay an never die. But in the future, bank will look very different from today. Because they need to do something to gain more trust from their consumers. It's good if banks will accept crypto currency because we all know that not all 100% population all over the world are already in crypto and mostly they are still using banks. We can't deny he fact that we still need banks even we prefer crypto over it. As long as government is there, bank will never die.

Centralized cryptocurrency exchanges are going to do the exact same thing,because they will be forced by the crypto regulations.
Perhaps the crypto users will dump all centralized exchanges and focus on peer-to-peer transactions,decentralized exchanges and using privacy coins.
Banks will most likely never die.They might become obsolete at some point in the distant future,but I'm sure that they will continue to exist in the next decades or even centuries.
Who is going to give out loans,when there are no banks?What will replace the loan system?Cryptocurrency loans aren't that good,due to the price volatility and high interest rates.
Life wasn't "normal" before 2001.It depends of which part of the world were you living back then.
Life was really shitty in Eastern Europe during the 90s.

Yeah everything was fine before 2001
- Two world wars, Vietnam, Korea
- IRA, ETA, Black September, Ulster VForce
- AIDS, Hong Kong Flu, A/H2N2, Typhus , Polio
- Warsaw Pact, Cold War, Cuban crisis
- 1973 Oil crisis, Black Monday of 87, 97 Asian crisis

Yeah, if you're complete ignorant then everything was just fine before 2000, not a single thing to worry

As for banks going away....I'm willing to bet 90% of the poeple who bought and sold crypto have used a bank to do so. ;)

Crypto has died in China, banks have thrived. Adopting China's strict regulations is not a problem for a global country. Crypto's biggest threat is not banks, but regulation.
After all, what percentage of the world's human population will care about crypto in the next 10 years? By the way, if you take the vaccine, it shows that you are dependent on the government.

Banks won't go away in a decade, but if crypto (or similar digital forms) take over, their market weight will diminish.

I highly doubt it. Banks do take control of our funds however we technically allow them to do so when we give it to them for safe keeping. Plus, banks being gone is like removing the core of a working centralized system that the majority of the users, institutions, and companies use. Not to mention that banks offer convenience, something that most people would gladly take even if it means that their funds are being temporarily controlled by banks. Not anyone has the time, nor the expertise to become their own bank after all.

Before life was normal... what a joke! Add Balkan to that list! :)

I am in that 10%, I am not using banks for selling crypto! But I have to use it anyway, for salary and credit cards!

Well, I believe that crypto will take over, eventually... the number of crypto users will continue to grow, as well as the number of "only crypto" users! So it's logical to believe that crypto will become a real threat for banks all over the world one day!

This is just pure assumptions without backed up evidences. A mere opinion that won't really matter and happen anytime soon at the very least.

The things you are stating are really impossible to happen. By just looking back at the history and economics, banks did exist long before, up until today, and definitely it would still exist in the future. It won't be eliminated that easily by the crypto community. No matter how crypto will be widely known and used, banks will continue to exist. I think what's more fitting to say would be banks and crypto would coexist as an alternative for each other during the next few years. It's possible that in the future, the population of cryptocurrency users will grow big and it will be adopted by numerous establishments and could possibly be adopted by a central organization as well.

Banks are just doing what it was supposed to do. If you are not fond of KYC, then don't make a bank account and just patronize a decentralized platform. KYC is done in order to verify the background information as well as the activities of the clients to ensure a safe and healthy ecosystem for both banks and customers.

The problems and challenges you have mentioned have been overcame and definitely we will overcome. Nice set of leaders are needed in order to maintain peace and harmony as well as to combat the pandemic situation we are in right now. You see, not every government is corrupt. There are still clean politicians sitting on their positions and we just have to find and elect them to make a change.

Not to be pessimitic about taking over and will make the banks die. I think they'll just simply adopt what's with the trend and it's very inevitable for them join the crypto adoption since it's also related to their service, financial services.

We have freedom and we're also free to use them for the purposes that we need from them.

Although as someone that's in the crypto community, I've thought about that too but adoption is inevitable and the banks have to adapt the changes and crypto revolution.

In a societal setting where people strongly stick to good principles and rule of law ,  they could adapt to something more acceptable, probably the True Crypto model. In settings with evil banks where people are asleep or decieved, their rights could continue to be trampled upon probably in different guises.

They are intentionally/unintentionally following a program designed for the Matrix or evil System which sole purpose is to fully delivers those that are slave to the system to hell. It's programmed to behave in certain way if this or that happens or doesn't happen. Better still, If this happens or doesn't then do this or that, and humans will react this way or that way. What it gets people or other things to do could include launching terrorists attacks.

Um.. nope.


Actually all financial services need to do that because of the laws. So while you're right about govs, you're wrong about banks.


It wasn't. The only difference is that the information didn't go this fast and news were not built to only be shocking.


You'd be surprised. Just read between the lines and look how many people will tell that govt actions are OK, and they "have nothing to hide" hence giving all those details is rather normal and so on.
I hope that people will wake up at some point, but I fear that I may hope for too much.

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OP, you had some ideas and could have been better to discuss them separately, since some are rather wrong.
And the conclusion is also wrong. The banks will most probably prevail. Yes, they will have to evolve and some will be dying in the process, but most of them will most probably prevail.

Banks won't go down without a fight, and sure enough governments wouldn't just let their pals sink without extending a helping hand. It'll take a lot from crypto to take down banks, and even then I don't think crypto will ultimately replace banks as a financial institution. There's so much reliance on banks from this society that I don't think people are ready for a world without them. Also, the convenience banks provide to people is something else, even if it means their money are being held hostage until they complied with the banks terms.

I think so too. They are now adopting and even offering the trading in their system. But, in the long run when everything is digitally transacted and when the mainstream cryptocurrency replace fiat, I think DeFi can replace banks. It is really happening now specially in El Salvador where Sovryn - The DeFi for bitcoin is having a collaboration with El Salvadors national bank to provide world class platform for El Salvadorians.

I do think that Banks are honestly essential for the normal functioning economy and cryptocurrencies as well. At the end of the day crypto to crypto trading exists but there are many limitations as well. Therefore I do think that Banks would not die. Cryptocurrencies are not really against banks, they are not really competing against banks, therefore I do think that, the only way for both of them to survive is to have a mutualistic relationship, hands down.

Cryptocurrencies replacing banks as a whole financial institution is something that is impossible. Banks are essential, might be not for the upper class, who knows how to use mobile phones and who have access to most of the things that one might consider a necessity for some, but are impossible to achieve in the most cases, the road side vendors, the poor people, they can't afford all of this for sure, therefore for them fiat might be the most affordable method of exchange.

Banks are much needed.
What we should look for is a healthy relationship with them, not domination.

The harsh truth is that most people don't care about privacy. They are okay with giving various kinds of data to the government, banks, and even private companies, as long as they get what they are used to in return. People also don't like responsibility and change. If you store your money in a bank account, you feel like it's their responsibility to keep it safe for you (although of course they don't literally have it there, but that's a different problem). Also, people are used to fiat with its very slow-changing value. Cryptos require you to be responsible for your money's safety, and the volatility can be very high. Banks aren't going away. Some will keep focusing on fiat, others try to offer crypto services as well. Adoption is nowhere near the level required for such a prediction to be reasonable.

To me it seems like you don't understand why banks are required, by governments, to monitor activity between bank accounts and it seems quite naive. It is legal requirements forced on them by politicians and the judiciary. Criminals and terrorists are always trying to hide, so obviously they need to use some pretty advanced techniques to find the real sources of funds. I think the opposite of your conclusion, retail banks now are just starting to wake up to the huge potential revenue source that cryptocurrency offers and they are all going to try to copy the Paypal method - where Bitcoin purchases are funded by customers but kept within an enclosed eco-system where they can charge their own fees.

Your arguments are in fact accurate, the young people do not know but before those attacks we enjoyed a lot more freedom than what we have now so it is regretful we have reached the current conditions we are experimenting, with that being said I still do not think that is going to be enough for banks to disappear, the majority of the people are incapable of taking good financial decisions or to take care of their money and as such they will always be dependent on the banks and other financial institutions.

The emergence of cryptocurrency and even its spread around the world cannot in any way affect the disappearance of current banks. The banking system is part of the state system of government. Banks help the state and its government to regulate the economy. Therefore, as long as states exist, they will protect their banks from any encroachment on them. Even if banks did not have such protection, they would still exist. The demand for banking services will never disappear. At the same time, banks have learned to adapt to changing conditions, especially when it comes to increasing their profits.

It's horrifying to hear that the bank is going to die in such a short time. Whether that happens or not, what is certain is that there are still ways that banks can maintain their existence in various ways and ask for reinforcement from the government. Because the role of banks and governments in running the financial system, when it is said to be dead, is cryptocurrency a suitable escape? So where are the people who don't use crypto? will they feel the economic collapse? obviously that would be a big question.

Why cannot anyone realize the business model of banks? How does a bank money? They get money from you, put it in a savings account, give you 1% for it and then loan it at 2% (numbers vary from nation to nation). So that means we could literally turn that into crypto as well right? Look at exchanges, do you really think that the huge banks all over the world can't turn themselves into exchanges? Hell I am pretty sure banks could acquire all of Binance as a whole, they are that rich. HSBC could ring up CZ tomorrow, offer them 500 billion dollars, and then take over.

Same goes for Coinbase, I do not know who owns majority of it, but it is on the stock market and banks probably took most of the stocks available as well. All of this means that the moment banks can't make a profit with fiat, they will already be doing fine with crypto anyway.

As many have argued that banks will always adapt, evolve to the conditions and circumstances of the world economy. For example, from the year the Bank was born, the system has made many adjustments to date. Starting from manual transactions, then to digital transactions between cities and extending between countries in just one confirmation.

So, as long as the government system requires finances that meet economic stability supported by state finances, during that time banks will continue to adjust to the situation. Even by giving up on crypto, the financial system runs centrally under the control of the government. It may not be seen at this time, but in 5 to 10 years nothing is impossible. Finances must continue to run, the government needs income to manage the state order.

For crypto enthusiasts, they will really wish for crypto to replace banks in the near future. But how about for those who are used in the presence of banks? This will really give them a headache.  So this is the reason why government cannot allow crypto to replace banks because it will only cause more horrible experiences. As long as government still backed banks, it will never stop from existing. Maybe in the future, we can see banks integrating crypto transactions so they can cater too for those who find more convenience in crypto.

5-10 years is really short duration for this your prediction. However, I completely understand your school of thought and i'd rather say the that the banking systems will evolve rather than completely disappear. Things are changing quickly and in 5-10years time if we are still alive, we will have witnessed massive changes, improvements and development in all systems, the banking industry will not be left out.

Banks will not disappear. Banks represent the government. The government may launch its own country's digital currency, but cryptocurrency cannot replace banks. Many people still don't believe in cryptocurrencies. They believe in banks and store their money in the bank, even if they cannot make additional profits.

exactly, banks certainly have a different function than cryptocurrencies, even though the use of cryptocurrencies is increasingly massive but I also believe that banks will continue to be protected by the state because the dependence of the public and businesses on banks is very high, for example lending.

Good luck to that kind of perception.
Banks has been like than since. Personal information are always gonna be the main concern when you're opening a bank account. It's not that it's something new.
Whether you like it or not, banks are always here to stay.
Infact, banks are slowly adapting to cryptocurrency. So, what made you think banks will disappear in the future?

If you think banks are asking too much personal information, then wait until majority of the crypto exchange and trading platform is regulated.

time flow, era will follow no matter what.
in many past year, we dont know about crypto, but now we said that the opponent will be destroy. actually, the obstacle know how to stand, how to survive. they always stand above or below the subject.
in my place, bank never ask about that one, but they will ask 'what do you do for living', just for formality.

Really doubt if bank can die easily, because we can see people behind them can do anything they want. Crypto already created in years, and i think as long we still can use it, is already good for us. Don't need to disrupt fiat which already be used for really long time, because will need more adaption, more process, more resources to change main payment of the world.

I haven't heard that crypto can dominate transactions in the country even though it has been legalized like El Salvador, of course I don't want to see changes that are too fast because changes that are too fast will cause a lot of losses such as unemployment because banks are closed, let everything pass slowly so it's easier to adapt .

Social media really opened the eyes of the people. Then, the usage of internet is now in its maturity form.
We don't rely on gossips anymore, we can gain information by clicks or types away from our keyboards with a computer connected to the internet.
They can tell lies using words in newspaper or just attack the editor to write a different thing but now the people want videos for proofs if something is not right.
To gain access with anything sure does help but its also scary in a way. Banks will stay, an industry that holds money for people who cannot use crypto is still in a high percentage.

Banks will still exist. People are familiar with banking system. Banks have benefits that crypto doesn't have. Cryptocurrencies are too risky to replace banks because of their anonymous use and can lead to financial crimes as well.
El Salvador not yet have an official currency and still uses the US dollar. That is why they accept Bitcoin as their transaction. But in fact people in El Salvador still struggle to use Bitcoin as their main transaction many people don't know how Bitcoin works and protest about the adoption of Bitcoin because potentially increase financial crime and fluctuating prices.

I think it took us more than 20 years to take over from banks, especially in developing countries internet usage is still low so there are still many people on earth who have not heard of cryptocurrencies, besides that it takes time for parliament to make laws and the process of transitioning the financial system of course takes time. long time.

Banks and cryptocurrency  may exist with each other and not that cryptocurrency will close down banks because there are mode of operation that banks do as it works with government and government has a duty to control of the citizen so for the mention of this fact, the government will keep fighting cryptocurrency for its traditional leadership role. And now most government are creating a digital aspect of theur currency which is a way of remaining in the affairs of digital economy.

Maybe crypto will take some customers out of the banking system and shift to crypto to hold their assets and wealth. But that will be a big risk for people who are not technically inclined, so it will be a big challenge for them.

But for those who doesn't want to be their own bank, then they will have to choose the banking institutions. So I doubt that it will even take 20 years for them to disappear because they are not. They will remain even if crypto will be recognized by many countries around the world.

For sure those things what in your mind will not happen since for sure government is just making an audit to see if this is safe to be used by their citizens since knowing that bitcoin is been tag as currency used by criminals, but even if those things came first before this good things happening on this coin still we don't see any of them completely ban its usage to their respective country. And there's no freedom taken on this since anyone could use bitcoin after all.

I do not think banks will die in 5-10 years later as the banks are one product from the government. The government does not want to see their product will die and will do many things they can to still exist among the people. Maybe the government will modify the system and who knows, the government will try to integrate the system with the blockchain so the banks can evolve into the blockchain.

If the government allows people to use crypto and make sure the banks still exist, people will have the freedom to manage their finances and not just depend on the banks.

If this are your reasons then i highly doubt it will happen, are you just realizing the way banks work or what! banks always ask personal questions before you can own an account afaik, so what is new?
how is the bank responsible for what is happening since 2 decades ago? what makes you to think that even with only crypto existing that this things will not still happen or happen after banks demise?
before 2001 banks were already in existence how come they were not a threat back then?     too much freedom will come with a price, careful what you wish for.

Well ... wait, if you open with that apocalyptic context of the XXI century, we fall into a matrix that is not so real if we compare it with other periods or centuries. For example, without going too far, we had two world wars, atomic bombs, and a great many more in the 20th century.

I do not believe that banks will disappear in five or ten years and even less that crypto take control, it is not that I am against this idea, we all want and believe that things are not fair with traditional banking in fact we live it to daily and that there must be a change.

Now, although I am attached to the ideals of bitcoin in what it represents as a revolutionary technology, that does not imply that we should destroy or that it is used with those purposes.

In fact, if such a thing has not emerged in these 10 years, I do not think that such a thing will arise in another 10, now well and a progressive change is already happening in the advance of bitcoin in many areas, then the banks far from being "eliminated" are part of that process, regrettable but for now there is no other way.

Most of the people out there are using banks to save their money and because they trust the banks because it is the place where they store their money, they aren't afraid to share their personal information to them. Its almost the same as Binance users sharing their personal information to them just to have access to their services. Banks need your information if you want to access their services as well.

Now with regards to banks dying in 5-10 years, I don't think that it will happen but I think what they will do is just they will adopt to what is happening to the financial industry. If crypto will change the financial industry then the banks must adopt if they want to stay or else, they will end up useless (at least for some). Overall, I think that banks will adopt if something will change especially if crypto will change how we are right now. They will not die because its their business and they need to adopt or they will lose their money.

As EI Salvador is at the forefront of crypto adoption combined with crypto's rise this year, doubts about the bank's opportunities and future become negative, more precisely, the bank's mission is being criticized and downgraded by many public opinion, creating more space for crypto but as you have seen, internet dominance can be very high for crypto but the presence of banks and utility payments with banks is not less. Adapting to crypto is a story sooner or later but adaptation here tends to be a profitable investment industry, not the meaning of adapting to replace and destroy banks, banks are indispensable.

I just love it when people are into crypto that much. I do not care how wrong they are, instead of people saying "bitcoin will die eventually", I like to see people saying "bitcoin will take over the world!!!!".

We know that both of them are wrong, we know that it will neither die nor take over the world, we know that it will grow in a good manner and be a good alternative to use as an option for whoever prefers it and that's it, we know that people may continue to make a profit from it, doubtful to make profit like the people who bought bitcoin for few cents, but still could make a decent profit. However, I still prefer these type of wrong people, at least they are hyping bitcoin like crazy.

Even banks are not showing interest in cryptocurrency. I don’t really think banks are going to die off just like that, there will also be people who are still interested in making use of banks, maybe people who find it very difficult to navigate through the use of crypto currency. But, for those of us who would be able to manage their finances by themselves, it wouldn't be bad if we do that by choosing crypto.

It is all about choice, if you think it would be best for you to put all your money in cryptocurrency and you’re ready to take the risk, then you can go ahead and do that. But if you still look at things the other way round, you would see that in a way you still need the services of banks in some areas, why cryptocurrency especially Bitcoin continues to play its own part in the areas that it would fit in best.

Dont know on why some people do really think off for banks to cease to exist and been completely replaced by decentralized fiat? Havent they realized on what are the things we are really that benefiting out of these centralized aspect or thing?

Im not against with decentralization but we should accept the fact that current system we are taking and been using through ages
does really give out that convenience.

Why not thinking off on having both on upcoming or near future? The more the better right?

Because you are a crypto fan, you definitely want to hear something positive about crypto instead of having to hear something negative. Although
as you said sometimes the positive things we hear are not true and are difficult to realize, but we are happy to hear them. That's a natural thing,
it happens to anyone, because most humans really want to hear what they really want to hear. I also think like you, would prefer people who spread
the word Bitcoin will take over the world and will make banks die. Because this will make people more motivated to invest in Bitcoin and eventually
make the Bitcoin price go up. Although I admit it's wrong, but maybe my selfishness arises and I really want to see Bitcoin become the best currency
in the world.

It's not necessary for me to read your reason because it will never happen.

When you say that the bank will die in 5-10 years, that means our government will also die, don't forget that our government creates a central bank to monitor the banking system and they issue fiat, so where would fiat go? do you think bitcoin will replace fiat? if you answer is no, then no doubt that banks will stay.

Why do you want banks to die? It doesn't have to die. Bank, fiat and crypto currencies can be used side by side, concurrently. We are not in war with banks or fiat currency. Even if crypto currencies to replace fiat or the bank, it won't be happening anytime soon. Maybe after decades, but not now. And you are saying that terrorism financing is the reason why crypto will replace banks? I mean wouldn't the exact opposite be happening?

One of the greatest financial advisers once said that what is old will survive, gold and silver are old and it will survive, so basically since Banks are older than bitcoin or crypto, then it will survive, while on the other hand, crypto is relatively new as bitcoin is not even 15 years old yet, so there's a chance that it will not survive while the bank will remain.

Actually, we can't compare apple to orange because both have a different purpose, banks do centralized transactions while bitcoin or blockchain do decentralized transaction, but what's more powerful are the regulators and that will favor the banks since they can declare bitcoin to be illegal while keep the banking system legal.

I wholeheartedly agree. Banks will remain as fiat will still continue to be the standard/medium of exchange even in the far future.

What makes cryptocurrencies impossible for standardization is the recognition they must gain from countries before they come legal tender. Imagine having a currency that is volatile in nature, which changes its value every second of the day. This would not only disrupt the market but also be prejudicial to either the vendor or the vendee depending on who controls majority of the supply of BTC.

That is also one of the reasons on why banks will continue to remain as long as fiat stays in the picture.

Banks will just switch over to crypto and act as exchanges. Doesn't seem like other currencies will die, but rather there'll be competition between currencies, and banks could serve the role of acting as an intermediary for the sake of convenience. Still, there won't be a reliance as any crypto owner will have full control over their funds. Anyone that doesn't trust themselves to handle their own coin could rely on a bank to hold their funds if they wanted to, because that's basically the traditional system we have today that most people rely on. Financial institutions are quick to adapt so I wouldn't count them out. Except centralized banks to start issuing out CBDC's out to smaller private banks first, and then when that doesn't work they'll start to dive into crypto (I don't consider CBDC to be a true crypto currency, even though people compare the two)

Not all cryptos are truly decentralized!

This might not be a reality it would only exist in the dream world because those in authority will always want to be in charge of their citizens funds so they can track what goes around financial sectors. This is why the regulators are trying had impose digital currencies on their citizens and forcing them to believe it's a better investment option than crypto so the can tell who owns which funds

Bitcoin and cryptocurrencies users are increasing and many have shifted their money from banks to cryptocurrencies, this is a sign that banks will die, I believe in countries that have legalized bitcoin like el savador then 10 years from now there will be no banks, everyone will control money with cryptocurrencies.

I guess bank will not die than to help people to know the difference between decentralized currency and centralized currency. Now that many countries are still use to centralized currency because they are not use to decentralized that came to eliminate economy failure and reduced unemployment in the world economy.
Crypto will continue to fulfilling the purpose it was created by making transaction faster, steady and reduce delay in the community. Bank will still remain centralized currency and Crypto will still remain decentralized currency that is contributing to the world economy. In next 5 or 10 years crypto will be the most popular currency in the world.

The banks will still exist in the next 5 years but I can not predict if that is about 10 years later because with the growth of the technology, that can change the bank's system and we are difficult to know what the government plan with the banks. Maybe banks will use a new system and adopt a blockchain method or the banks can use their own new system and not related to the blockchain because that will depend on each government plan. But people who do not want to use a new thing will still rely on the bank because it is hard to adapt to the situation and still prefer the old methods.

The growth of crypto users has been started to increase and it will be even more visible in  the next 5-10 years. And with this positive change for crypto, the government will always exist with its centralized banks and will continue to serve the people. And with the inevitable growth for crypto enthusiasts, i think the government will create plans for banks to start adopting crypto transactions with fiat still existing. Since there will be two groups already for crypto and fiat users, then banks should also learn to cater to them both, the reason that banks should never be extinct.

You could say that govs want to control people but the govs priorities the control of money. I don't think banks will just go away and die. I would rather believe that banks will start to use cryptocurrency and have their own exchange then they will earn profit from it. There is a wallet/exchange regulated by a central bank in my country.

If I am not mistaken, In the states the FDIC Chair said they were looking to see how or what roles a bank can play in the industry. At the end of the day, it is about profit for banks and maintaining that stream of income as a business, even if a bank. As Jurassic Park chaotician said,"Life Finds a way".

Banks will literally give up on centralized currency and move to decentralized one the moment they realize that the path to getting out will be exactly that. There is nothing that you could do to make them go out of their way to make a profit, if they can profit with crypto and make a loss with fiat then they will not try to fight it, they will not "go away", they will not bankrupt. They will simply just take over the crypto world and try to make a profit that way.

It is clear to me that wealthy people do not become wealthy by just working hard, they are also working smart, and ruthless and cunning as well. They do not care what they do, they just care about how much they could make and that's all they care about.

10/20 years is not a long time in the industry and technology of economic growth, with that time it is not easy to shift the role of banking in the world's people's lives even though we know the shortage of banks in transactions is very far from the digital blockchain world, but what we need to remember banks can still touch several lines of the economy in people's business loans; just as agriculture and fishing are actually the businesses of most locals while the cryptocurrency world is very difficult to touch and tends to only create and sell tokens after they are abandoned.

True fact about money making is clearly described. Working hard will make you rich long term whereas working smart will make you rich in a short time period. The same is with the banking networks, there focus will be revenue. For this banks will adopt to the technology and coexist using cryptocurrencies. Taking over the entire market with cryptocurrency and leaving traditional fiat won't happen.

I myself feel that my freedom has been taken away in my own country..when several factors change the habit of living at home without any income..even though some people have a bad opinion about bitcoin..I think this is interesting to learn for the necessities of life..not only our popes also entitled..in my country have started to look at crypto they open a new channel as a third party..maybe in the future it will be one of their services..how about your country?? hopefully the bank will not be an opponent but a complement... crypto transactions are getting easier
 nice topic bro.. :)

The key is how the government can adapt to the current situation in their country and how they can give benefits to their people and not because of wanting to make money for themselves. If the government can adapt and follow the trend and use it in their system, the bank and the crypto can work together so people will get both advantages from the bank and the crypto. If everything works perfectly, people's economy will grow and maybe that can solve the poverty because people can work and get paid in crypto, which they can use as their investment.

I can agree with that quote, I think that banks will try to fit in no matter what because they want to survive and these bankers know how urgent it is to be able to survive when they're very existence is threatened, I mean that's what any sane business person would do right? Find ways to keep your money maker alive. The claim on the title though, I don't think that it's going to be a happening in that timeframe, as long as capitalist and greedy bankers rule the world, banks will stay alive.

Absolute right. Banks will not die but both will co-exist. I  think we will see Banks developing Investment  Products based on crypto to adopt this emerging Technology which has taken the whole world by storm. It is more likely that Central banks will introduce their own digital currencies in coming years but that won't be an alternative of Bitcoin as its would its supply will be controlled by single authority.

Although the users of cryptocurrencies continue to increase and it is proven by the daily volume which has now reached more than $98 billion, but I believe that banks will always survive because of the government's role which will continue to protect banks, I think we don't need to think too far to make banks die because of their role. Banks for the economy are still big and it will take a long time to replace the role of banks.

The circulation of crypto will increase but I think the possibility of crypto taking over banks is very slim. Both will rather coexist instead of one been eliminated.
Bank have a very vital role to play in the economic system and so does crypto too.....

Both may seem alike but if one is to look closely, you'll see that there's a slight difference in function.
They only thing I'll say is that, if banks do not upgrade in their banking system in such a way as to accommodate the use of crypto, the may suffer great loses.

What do you think kyc is? It's know your customers although am very fine with insensitive information on know your customers, but some exchanges has topped the kyc requirements and added in some sensitive questions and are even harsh on already registered member some has their crypto-currency locked in those exchanges, am a crypto-currency enthusiast but I don't think Banks are going off, I think the government are connecting to crypto-currency, influencers and celebrities are accepting crypto-currency on their contract payments, a big win for crypto-currency. But I don't think crypto-currency and banking system can't exist in the world.

Even if we like it or not, banks will certainly not die, it will always be there standing and scattered around our cities. And it is indeed a fact for more than a century now. Chances are banks nowadays are willing to adopt cryptocurrency to add more options to people to trust the banks again and to let them guard your money.
Why? Because some people will still choose fiat over cryptocurrency for certain purposes like to buy groceries, and needs for everyday living or even pay bills.
But in my opinion, I don't like banks nowadays because they often ask too personal questions and it doesn't make any sense to me. I mean, who cares where we get money or where would our money go isn't their responsibility anymore, it's our money and we pay the banks for the money's security and not to worry about where we got it or where we send it. That's why I enjoyed crypto so much because it gave me so much knowledge how to secure my own money without any help from other sources to guard it.

They make their rules and if you want to use their services then you need to abide to them, it is not really that complex, however for the first time we have an alternative that is not centralized which means that banks cannot use their influence to destroy it and that they will need to adapt to it, do I care about this? Not really, as long as I can keep using my bitcoin directly as I have been doing so far then that is good enough for me, and if the price keeps increasing we could come to the point that it would be irrelevant for us if banks disappear or not as we will not need them since we could use our bitcoin everywhere anyway.

Saying banks will come to a closure or halt is actually saying there would be no central banks in any nation. Can that really happen?
Looking at what traditional banks means to a nation and the symbol money stands to represent. Its very impossible for banks and fiat to go out of existence.

Besides, there is a lot that banks do for th government so how then do you expect them to relinquish this power to accept a decentralized system which is far above there control when governance is all about centralization. The government will not want such power in the hands of its citizens all in the name of decentralisation or trying to correct the flaws of centralization.

Yes, it's already happening like this.I hate all the staff that now happens around. All these regulations that are promised.. The only thing that calms me down is that I've got into privacy coins. Exactly Crypton from Utopia p2p https://u.is/en/currencies.html has its own decentralized no KYC exchange, which couldn't be tracked or blocked anyhow. But the public coins can suffer a lot. At least their owners and holders.

I don't think that banks are going to die in the next few years. It's been 20 years since 2001 and many bad things happened, but so did it in the time before. Maybe there were less terror attacks before 2001, but there were other bad things like wars too. I don't really understand how banks are being the problem here. Without banks all the things would have happened as well. Saying that it's the banks fault for us losing our freedom is wrong in my opinion. Most of us already gave up their freedom by using all the social media in todays world. The big companies are getting all our personal information for free. Who knows how much of our pictures and messages are being stored on some servers.
 

The same here, I don't think so because the bank is centralized and back by the government, there's no way that bitcoin will replace the traditional system, asking for personal in the bank is very common I have been there before but there is nothing wrong if you will tell the truth. We know that the government is combating fraud and maybe that is a part of that to avoid possible fraud activity or terrorist acts.

Bitcoin maybe can be regulated but this is decentralized which is government don't have full control so it means it is impossible that bitcoin will replace bank in the future and supported by the government yet, you have an option to choose bitcoin but the government don't have the power to regulate it.

"Incomprehensible and gambling": another country has banned the use of cryptocurrency ...
On the one hand, cryptocurrencies get recognition and the green light somewhere, on the other - bans and persecutions. Recently, Ktai announced his negative attitude towards cryptocurrencies (1.4 billion population), the other day, the religious leaders of Indonesia (280 million population) voiced their position
"On November 11, the Council of Ulema, the highest Islamic body in Indonesia, banned Muslims from trading cryptocurrency and using it to pay for goods and services. The head of the council, Asronun Niam Sholeh, explained that cryptocurrency is too volatile, causes excitement and can be harmful, and therefore  should be banned in Sharia law. In addition, in his opinion, virtual tokens are dangerous to use as a commodity, because they have no reasonable cost and physical infrastructure. Asronun Niam Sholeh said the council could approve the cryptocurrency if the industry changes and begins to comply with the requirements of Islam. "
Cryptocurrency is now considered an impious phenomenon in Indonesia, the country with the largest Muslim population in the world, which is more than 87% of the population. This means that it can become a precedent in countries adhering to Sharia law.

indeed there is a possibility that it will come true, but I still think the Bank will not die while the government is not there either,
because the State has an icon, namely the Bank, and the Bank will always print money, whether it will regulate or not.
so I think the Bank will always keep running, and will always be by our side, it's just that its function will be different

Those are different kind of freedoms, the right of privacy has been basically given away for free by the majority of the population simply by the promise they could get their own 15 minutes of fame, and people are happy with that.

Banks are responsible of taking a great deal of our economic freedoms away, for example the things we can do with our cash are more and more limited and it is obvious they want to introduce all kind of similar regulations to bitcoin, I think they will fail but that does not mean I think banks will disappear in such a short amount of time either.

I can't make such a conclusion as banks remain important to the community. We have to admit also that not all are crypto users, not all are adopting crypto and these banks give them away to secure their money. Maybe this will happen if we are not using fiat money anymore but, we still have and this still exists many years from now.
That even you see that the world is becoming strange, that seems far and not the only reason for such changes and put an end to banks services.

If you really blame someone for all the problems that modern humanity is mired in, then certainly not the banks. I am absolutely sure that banks are happy to abandon all the restrictions imposed on their daily activities by the state as a regulator. Another question, I am not sure that you, as bank customers, would agree to such a lack of responsibility, which would turn into complete irresponsibility in dealing with money capital. Banks are only one of the players in the economic activity of society, which are focused on working with money. But they are not the ones who write the rules and monitor their compliance, but completely different organizations are engaged in this. Therefore, with all the claims to the activities of banks, including mine, it should be recognized that banks are firmly integrated into the economic processes of the state and it will not be possible to remove them from there without catastrophic consequences for the economy, including with the help of cryptocurrencies.

Banks won't die. Banks are the financial platform that makes the governments function around the world. There are some things that can't be performed through banks with ease. For the same people look for an alternate. As an alternate cryptocurrency takes the role. This makes bitcoin and other cryptocurrencies coexist with banks than elimination of bank services.

Actually the function of the central bank is to fully control the money in circulation and of course this is for the common good, it is true that banks will not die because of full guarantees from the state and I think banks and crypto can complement each other so that we get greater benefits from both.

As much as I love the concept of bitcoin that allow us to have true ownership of the money in our wallets and be our own banks we must recognize the fact the majority of the population is not only not ready for this kind of freedom, for the responsibility of keeping their money safe and have no safety net in place they happen to lose their coins, it is incredibly common for people to forget their login credentials and in most cases they can easily recover the password through other means, but if someone were to lose their seed words or password of their wallet then they are on their own, so I think this fact alone will allow banks to survive for a long time.

Why do some people always think that crypto will replace banks?
I understand your reasons for crypto and indeed crypto can be said to be the savior of almost everyone including me who has been here since a few years ago, and its development is very rapid and will continue to grow in the future.
but to replace the bank? I think things like this are funny.
even though there are a lot of doubts about banks and switching to crypto does not mean the bank will be defeated.
they are already strong in every way, including in regulation and full government support.
we can't forget that. even though crypto continues to grow, banks have government power behind them which is indeed an untouchable position.

There is no logic in these arguments. Already some of the banks are working with cryptocurrency. Even if cryptocurrency completely replace fiat (which is extremely unlikely), there is a chance that the banks would still exist. They would simply integrate crypto in to their platform. Look at the case with PayPal. A few years ago, we were debating on a similar topic. Would PayPal become extinct, if cryptocurrency becomes popular. And see what happened after that. PayPal just integrated BTC to their system and it is turning out to be mutually beneficial for both the sides.

That will be more likely the future of crypto and banks too. If you insist to believe that crypto will definitely replace banks in the near future and make them extinct, maybe you are living in a false hope. That will never happen because the government itself will never allow it to happen that a decentralized currency will take over fiat and banks.

However, i'm very open that banks and crypto will both have a future together because its possible that crypto transaction will be integrated into banks and other centralized financial institutions. Both will exist so that people can benefit the services from crypto and banks.

I never get asked like that, maybe because money that come from crypto to me is not really much. But i agree with some people in here if Bank is not a simple thing to take over. Government usually more support at them and maybe if people in crypto force to replace bank with crypto, i think more regulation which can give bad affect will come and honestly i am not want it to happen, so i will stay to be with crypto as my assets.

There is absolutely no chance that traditional banks will run out of business within 5-10 years.  If anything, they will all simply start to adopt cryptocurrency and make it a part of their business.  You mention they ask too many questions, but the fact of the matter is so do most cryptocurrency exchanges and other things such as cryptocurrency ATMs.  Banks aren't going anywhere anytime soon.

It would be too impossible for now because we all know that the government relies on banks. Lots of people also trust banks more than other currencies or modes of payment because it's traditional and tested. However, I believe that cryptocurrency and banks could collaborate in the future. It only needs more time and adoption.

It is definitely true that Banks will not be destroyed by crypto at all, it is definitely impossible for Banks to get destroyed by something like that. Maybe if we all go against banks all together and stop using them that would shut them down but I do not see a financial system that stops them all at the same time.

I believe that there is a good chance that Banks are the future exchanges, binance and coinbase and all that will be gone in the future, or even if not gone then they will be acquired. With that type of power they are capable of just checking how exchanges are making insane amount of profit and they will build their own exchanges working inside their bank. So, while getting your money into your bank account, with the same account you will be able to hold some crypto as well. It is not really that much of a big deal, it can be done easily.

It's true that if we talk about the current conditions, it looks like the Bank will still exist and maybe it will forever exist.
indeed at this time crypto is already known by many people but I don't think Banks will be replaced,
I'm sure the collaboration between crypto and Banks will happen although we don't know when for sure

Actually I am thinking this way too as this kind of thread were already discussed here in forum for many times, maybe not exactly as this thread but somehow the sense are likely the same , and I always thought that it is impossible to replace the existence of fiat central banks in a certain country or estate to cryptocurrency. For me, cryptocurrency was so volatile that the government couldn't have control over the volatility and this could be a a total kind of risk but I do look for a possibility of fiat banks and cryptocurrency collaboration instead.

Don't be too sure that banks will die and be replaced by crypto, it seems that this is impossible. Banks will always exist because the government's
way of controlling the people's finances is through banks. After all, the majority of countries in the world still prohibit crypto as a means of payment,
meaning that crypto is indeed restricted by the government. Moreover, there are still many people who live in areas where there is no internet
connection, therefore banks are still very much needed. So I agree with you, it is likely that Banks and crypto will co-exist and complement each other.
Even in my neighborhood there are still a lot of people who don't know crypto, so like I said it's impossible for crypto to replace banks.

Most people will still use the banks, which will help the banks exist among us, although crypto will also grow in the future. I will prefer to see cryptocurrency and banks collaborate and help people in the finances section and the investment section to give them a new option to save their money in the crypto form. With the volatility of crypto, it is impossible to replace the banks and besides that, the level of trust from people to their banks is still higher compared to crypto, and it is hard to replace banks with crypto.

Crypto users are increasing and many countries are afraid to get banned crypto, but this cannot prevent the development of crypto because it is anonymous, of course this will have an impact that banks will soon go bankrupt so they will soon die.

I think banks will continue to survive even though the use of crypto is increasingly massive, this is because banks will be fully protected by the state, for example if there are banks that will go bankrupt, the state immediately disburses funds so that the banks do not collapse, I think the two are different instruments and need each other, we can't leave the bank because withdrawing to fiat of course requires a bank.

Some people are just that idealistic, they do not understand that banks will simply adapt to the new reality and still thrive under those new conditions, in an ideal world people will adopt bitcoin and be responsible with their money to the point banks are not needed anymore, but banks exist precisely because people are irresponsible with their money and they do all kind of crazy things with it, and as long as that is the case then banks are going to keep existing.

As for the banks, they are likely to remain, but not all, and those that remain will simply work with new money and on new conditions. What is happening in the world now can be called in one word - change, but in which direction this change will be seen further. But the fact that banks are now introducing a number of restrictions is only because they are also going through not very good times and they are also bad. But people are worse off, that's why the system is changing now. We just have to adapt and continue our activities further.

I don't think this would happen, banks are very smart and they know the technique of adopting and Adapting, with DEFI Space booming so many banks would ultimately shift their operation to the DEFI, they might give up control to some extent but this thing would allow them to still make huge money, Moreover banks could come together as an consortium to pool these DEFI spaces in next 5 years, to be very honest 5-6 years is a very less time to bring everyone on the ecosystem, before that Banks would see the opportunity and hack into the Defi space, obviously this would also mean banks might have to stop spying on our transactions too.

Do not even dream that banks will ever die. They don't even have to adapt to the new conditions. They exist under the protection of the state and this is quite enough for them. However, in order to increase their profits, banks have long been moving to using blockchain technology, and will also issue their digitized central bank currencies. This is enough for the banking system not only to withstand, but also to fully strengthen itself.

We've seen how DeFi project succeed in the past years of their existence. We saw the potentials of borrowing/lending in these platforms and that makes us think that it could replace banks soon enough. However, as governments rely on banks and sees it as a norm, then I don't see how crypto world could replace them. Unless it is mandated by the government itself, like el salvador, then it could potentially just like what sovryn is doing.

the government definitely won't let the bank crash instantly because of crypto, they will do their best to make it last.  i really predict that all banks in the future ^{(perhaps in the next 10 years or more)} will adopt government-approved cryptos because rejecting crypto is not possible.

Government wont really be that dumb on not making any actions against crypto and there's no way that Banks would really die because they do have that crucial function on this economy and that one couldnt really be

denied because we've been using their benefits and use for ages and this isnt something that we cant just ignore about the convenience and accessibility that it gives which couldnt really be denied at all.

So its better not to think off about these probabilities because it would really be just 0% chance if you do ask me.

Lol, that is not banks' fault if a customer is unfaithful to his spouse and has a secret family. Security procedures are a must and have to be followed properly. It would be worse if banks neglected it.

Actually banks aren't going to disappear or die, because people need them and I'm not talking about traditional banks exclusively. I'm also including crypto banks that are going to become very common as crypto currency becomes more popular and adopted worldwide. People need banks because they can invest their money there and earn interest from it or in another situations they can take a loan, if they are in financial need.

Crypto can't replace banks, but it can be integrated in banks and that is already happening.

I agree with your opinion and just imagine if the Bank really died, I think it would have a negative impact on the economy itself,
what is clear I do not see the bank will die even though at this time crypto is also growing rapidly

people can be influenced by such opinion but in fact we can not be separated from the bank, maybe in a few years the whole bank will adapt to a new system that can make it survive
crypto has made a revolution even though there are some who see it as a threat and try to bring it down

Yeah, some people do say this, but I don’t think this is true. Of course, I do know that there are lots of people who wish that banks will end up not existing Someday and cryptocurrency will take over. But, that is not even going to happen at all the way I am seeing it. We can already see the government and the central banks creating their own digital currencies.

So tell me, how exactly you think that in the future that banks will no longer exist and cryptocurrencies will then replace banks? If cryptocurrencies are replacing banks, then how is it going to work, does that mean that there will be nothing like banks and everyone will manage their funds by themselves or are we still going to rely on exchanges? We learn and exchanges is the same as banks, there’s one thing you should know. And the government controls most of these exchanges especially the ones that are centralized.

Is it really necessary that banks should be replaced by crypto? For me, if they can both co exist, then why not?

I really believe that banks is not going to die or be extinct just because of crypto. And I know its not really the main goal of crypto to replace, but rather to serve as a good alternative. Maybe in the near future, we can see banks start to integrate crypto into their transactions. I know its the best way so they can still extend their services to the people without having them extinct.

They will co-exist, but if one will only stay, I'm sure it will be the bank as they have been here for so long while bitcoin is still new. With regulations, bitcoin cannot be as decentralized as it was before because crypto exchanges will have to adopt the rules and regulations that are imposed on the banks.

Co-exist is the sure thing on here because we cant really much say that crypto would easily be removed or gone yet recognition is already high but not on

the point that you would really presume that fiat/banks would be replaced on that point and i dont see on any covering up or something like that.

They would surely co-exist to each other and that would be much preferable to see rather than on focusing on single one.

Its normally happen since its like verifying your own identity so that they will check if you are still intact with your current details since everything could change and also this is part of their security measure to their clients. Don't feel bad about it since back is regulated by law so there's nothing harm it can give to you since banks are complying with the law. I will doubt about it if certain crypto platform will ask about it since actually I don't trust any crypto platform in terms of providing my KYC details.

I would understand that if that was something regarding security, but that is regarding questioning without asking permission first. Why would a bank have the right to question me where I am sending my money? If it is still me then it is me, you can ask me if I was hacked or anything, that is a valid security question, and that would be understandable but asking me why I am sending someone money? That is not their business.

I agree that being unfaithful to your spouse should be punishable with a huge sum of alimony so that you could at least realize the mistake you did, but that is regarding laws and not regarding anything related to banks. Crypto is far superior in that regard because there is nobody to ask me anything. Decentralization is another level thing and I love it, the whole reason why I love decentralization is the fact that nobody could tell me what I can do with my money or question my moves.

This is much easier done with a government controlled currency vs a decentralized one. Governments can bail them out then gradually print out more money to recover the cost (in effect making everybody using its currency pay for it). With crypto, unless it's state controlled, that won't be possible.

I would highly doubt that banks will go away in that certain period of time. Higher chances that it will not happen for a very, very, very long time. I don’t see a lot of banks getting collapsed due to unstoppable crypto adoption. Both banks and crypto are gonna co-exist. While we see that most banks are anti-crypto, a handful of them like the Unionbank of the Philippines are embracing crypto and blockchain.

It will hard for banks to die in my country for crypto to take over because cryptocurrency is yet not allow in my country. The government is still suspecting crypto as a scam currency that will reduce the value of their fiat money in the country. Many citizens are used to the banks which is very easy for them to understand their balance and their transaction in the community.
Bank will still remain in the community but many educated citizens will prefer crypto transaction than bank because crypto transaction is more faster and safe than bank transaction in the country. Since many educated people are now use to cryptocurrency in the country, it will help the country to know how steady and safe crypto transaction is to their customers.

Crypto just provides an opportunity to help keep the currency from depreciating too much when compared to the base and general living conditions of the country, most working people understand that their income only increases very little and then the value of goods and products increases, greatly limiting their needs and spending, solution like crypto is to overcome that weakness. But like many technology software, the fix also has other disadvantages created, so it still needs the bank to exist to maintain an insurance path to avoid complete bankruptcy

In my own opinion, banks will not die to be taken over by crypto soon, this because banks are very important because some banks are really ready to work together with cryptocurrency and government will never make that happen.

Banks does have that crucial role on an economy and we know on how it do functions and just like been said that it is really impossible for it to be something to be replaced and be covered up with crypto? Do we really think that government would let that thing to happen? For sure it wont.
Even lets just say that it would happen in 20 years the it  cant really be possible or simply an impossible thing to happen.
Its not bad to optimistic but we should be at least realistic on thing so that it wont frustrate you.

Banks will die in 5-10 years because crypto is a wild fantasy which I highly doubt. Banks have both financial and human resources who are experts in their fields so that they will adapt to existing technological developments.
For example, in the past, banks only issued money in physical form for transactions in the market, but money circulation technology is increasingly moving away from physical currency, starting from ATMs, e-wallets, and so on until now to crypto.
I am not a banker and a layman, but if I were in a position as a policy owner at a bank I would consider crypto as a great challenge and opportunity to collaborate with the Bank.

I don't think traditional banks will die, at all. Definitely not in the next decade.

If you think of society in general, you'll see that a lot of people still go to a physical bank to pay their bills, make deposits, withdrawals, etc. All of those things can be done online, yet a lot of people choose to go in person. You need a bank for that.

Think about cash for example. When credit/debit cards became popular many people started thinking that cash will be obsolete in a decade or so. You can still see cash being used everywhere, and we'll still use it for a long time.

Same with banks. If anything, more banks will start to pop up now, allowing you to pay with crypto through their card. At the end of the day you'll have to call a number when your card is blocked, even though you're using crypto in theory.

Not in a lifetime. Crypto may be good, but it's still far from replacing banks anytime soon. As long as governments rely on central banks to print money, these financial institutions won't be going anywhere. They will eventually adapt themselves to the latest trends in the "Fintech" space by launching digital currencies (CBDCs) of their own. Crypto will simply live alongside Fiat for generations.

Of course, government control will increase like never before as every transaction performed by a CBDC will be highly visible on a centralized, digital ledger. It'll be the end of an era for privacy as we speak. Most probably, governments will force the use of CBDCs effectively harming crypto's mainstream adoption. We should be prepared for the worst, as slowly but surely our freedom gets "stripped" away from powerful entities. Who knows what'll happen 5-10 years from now? Just my thoughts ;D

Ok you may have a point here, but it is not like banks are only doing good things for society. We all know that major financial crises often exist because of banks behaving and acting irresponsibly. I also doubt that all banks will disappear, but we could see a trend soon to significant consolidation. There infrastructure is expensive and I believe their product line for potential investors will either have a very hard time soon because less and less people (especially those involved with crypto) go and buy their products. The one option they have is to change their business model and also provide access to digital assets. You just don't need banks as much anymore. One or two generations ago customers went to banks to receive some advisory for financial investing, but who is still doing that today with all these new apps like Robinhood and now the crypto wave?

This is quite funny, but you have made a really good point and it is just the truth. Even with the roll out of Internet banking, we still continued to make use of cash and it's widely being used these days, So what makes people think that banks or cash will stop to exist in next 5 to 10 years? It won’t stop existing, rather it is going to coexist with all these other methods of transaction.

Even right now there have been a lot of countries their governments has been fighting cryptocurrency in one way or the other, either by trying to stop cryptocurrency mining or they’re trying to ban it completely as a method of transaction. Though there have also been the good ones that have allowed the use of cryptocurrency and for their citizens to buy and hold it as assets. We still continue to hope for the best for the community.

It is really doubtful whether banks will maintain their existence in the digital currency era. To maintain it, banks will need to transform into something different I think. They need to merge with cryptocurrencies completely not to vanish. When it comes to the time prediction, 5-10 years may not be enough for this transformation. Maybe at least a 15-year time is what we need.

There are some aspects of traditional banking that just cannot be replaced by crypto. Banks provide services that crypto cannot, such as lending and investment. Banks also provide more complex services than crypto, for instance in the form of insurance protection. And let's not forget about wire transfers, which are not possible with cryptocurrency. Due to this reason we may see that crypto may take some more time to take over the banking.

What if we can one day manage to establish a blockchain based reputation score for people such that they can participate in smart-contract based lending? I think what we are seeing now with decentralized finance is by far not the endgame. It is correct that banks have an advantage when it comes to the screening process for their customers and I am also not sure whether that can ever be solved in a purely digital and even anonymous way, but who would have thought that a currency like Bitcoin is even possible? Who would have thought that it will never break and get attacked successfully for such a long time? Getting reputation scores onto the blockchain for individuals could be possible one day. That would be a major precondition for many services to be tied into that system.

This is actually true on which theres no way that it could really be replaced by crypto even though we are really bit optimistic when it comes to its real use case on which we do really believe that we do still need up these services for our benefit and convenience.

Frankly speaking on as long government do exist then theres no way you could really able to take place fiat into its position.

They could both co-exist to each other with having specific functions and doesn't really need of on replacing one just because we do
have it in mind.

With the various services owned by the Bank, I think the Bank will continue to survive even though at this time along with the development of crypto,
even so we need to see in the future because we don't know what technological developments will appear

You did make a point here, that it might get to a time-frame where people will have to be relying on banks to make use of their cryptocurrency, but I wouldn’t wish for such to happen, because cryptocurrency was created for us to have total control over our assets or money, so having a bank do that for you kills off that idea of freedom through decentralization.

At least for next 100 or 200 years, both banks and crypto will exist and provide services to human but after that which is better may will survive and other other may exist in very less number in terms of userbase and in all other related aspects.

Banks offer a more secure service though not risk free, maybe that's true if we compare it to cryptocurrencies. In addition, banks are still needed by 99% more world's population to carry out daily financial transaction so it is impossible to expect crypto to replace the existence of bank. Although in future every country can have its own cryptocurrency but I think people still need bank especially those who don't agree with crypto.

I honestly think the existence of cryptocurrencies today will not kill bank either in the short or long term but will only disrupt the banking system. If 1% of the world's population had used cryptocurrencies today simply because they wanted to gain complete control over their money, then I wouldn't think it could kill banks. I'm not sure about 1% of the world's population has used cryptocurrencies even though the crypto civilization is developing.

I don't know about the time period you have given. It might be quite early before we are entering a new era of cryptocurrencies only. And when it comes to the "banks will die" part, I'm not sure of it either. Because they can maintain as long as they don't go the opposite way of cryptocurrencies. There are already some banks which started integrating their system with cryptos.

I think it's a very fast time to make a total change around the world. things that seem difficult to happen considering that even now most countries in the world have not taken steps to legalize bitcoin. cryptocurrency is just a trading tool. Moreover, banks are the economic buffer of a world, what will happen if they are completely replaced with a decentralized system

Though I invest and support crypto this scenario has never come into my mind.  The simple reason is that banks are the leaders of banking and it's backed by a central bank that our government creates to supervise and regulate financial institutions. Bitcoin although decentralized will not survive without government regulation, so it will still likely be regulated based on the standard of banking, and KYC is just one of the proof that crypto will never beat the banking system.

Banks will certainly follow government rules and regulations, so I think the government has an important role in this issue. banks can coexist with crypto if the government is serious about this and cooperates with banks to create their own crypto. to make this happen is indeed very complicated because it has to do research and trials first, but if this can be realized it will certainly be something extraordinary.

Banks have no choice but comply for sure, there is no way around that. But as you put it, if the banks integrate cryptocurrencies more and more it all comes down to the regulation they have to comply with. If it is a crypto-friendly government, I think that synergy could still be fruitful between banks and crypto, even with decentralized cryptocurrencies. But they will have technology in place that will be able to track down any transaction people do with any bank account.

Where did you read that the government is working with banks to make crypto easier for people, the government has never line with crypto, they are just trying to regulate it since they have to ban of several timea but people has refused to stay away from it. The adoption is growing at rapid rate and it fear them that they may not be able to control the atmosphere, hence the need for regulations is essential to them.

They do not really "need" it, everything you could do in a bank could be done with crypto as well. Banks needs to go back to what they were all about, savings accounts and lending out money from their savings account holdings, and not multiple amounts neither, whatever they have, they should lend but that's it.

If you keep on thinking banks are the way we exchange money then you have not been watching too much of what's going on with crypto, we can exchange money from one side of the world to another for a few cents in a few seconds. Sure bitcoin is not like that right now, but there are other coins like SOL or TRX that you could use to move millions of dollars to another nation. So, 99% of the world doesn't "need" it, they just don't know what else they could do and crypto is not accepted in many places just yet so they still "prefer" fiat.

Banks are the ones who do need to work with government  since they would need to have some permission whether they would accept or deal with crypto but most of the time they would really be against it and only a few would really be approved out whenever a bank will deal about cryptocurrency.

Actually its not really surprising that they would go against it because decentralized aspect is never been an ideal thing for  them to adopt.

Crypto could never able to replaced banks and government wouldn't allow for that thing to happen which you shouldn't really be that
hopeful for this thing to happen.

in my country, there are no signs that the government will enforce bank regulations in cooperation with cryptocurrencies. what is currently happening is that the government only allows its citizens to have cryptocurrencies to trade, but is prohibited as a means of payment. Therefore, I think crypto legalization will take a long time to be realized, let alone cooperate with banks

Banks were operated under the law and regulations of government which is cryptocurrency is a total opposite that's why many countries are not open for adoption of bitcoin because they can't control it. Going back to OP's statement that banks will die and crypto will take over in 5-10years I think this would be impossible for now (I can't also figured out if in the future banks will disappear) because banks are a centralise platform that government has a control over it, I believe that crypto will become one of the circulating currency all over the world working together with banks.

If the central banks really want to retain their purpose of managing headline inflation through monetary policies, they should revamp some existing liberties for upcoming digital payments providers.

Bank is the place were serving money starts and comparisons of banks and cryptocurrency is not good in my sight because the comparison should be the fiat and cryptocurrencies because can not use bank to achieve anything is a place money is stored why wallet is a place bitcoin is stored, bank can die another means of serving money will come but fiat can not die.

I think the current structure - central banking system will have to be in a state of "change". Most likely in the next 10 years the bigger competition will be crypto-based decentralized banking and something more intense when government CBDCs are adopted. I think El Salvador is on this path, in fact the economic significance of El Salvador is showing it. I think the bank is still "weak" and in the last recession zone before it is broken.

Nothing is impossible if the government encounters a major failure of the fiat currency and banking system in the future. But if it's about the next 5-10 years then I wouldn't think it would either. Banks are currently working well for most people even for investors who believe in their system, so while there is hope for a replacement it shouldn't happen in a matter of years from now.

I use banks to do transactions with people who don't use crypto, so I think it will still be used long term by most people. Even though the bank is a centralized financial system, they can guarantee your investment 100% to earn annual interest. That's the advantage.

It’s too early to talk about the death of banks. Nothing foreshadows this now. Moreover banks won’t give crypto any chance to take over fiat. However I think that during several next years all banks will get rid of cash. All people will use only that money they will receive on cards. It’s quite easier in such way to control people and to monitor their spending’s.

So far as the government still exists,there will be people who still go with bank's.
Since they're are regulated by the rules and regulations of the government, although bitcoin and Crypto Currency is doing good,but banks won't die,they will only do well to merge with crypto currencies.

Since we started to use smart phones, our data became transperant. We started seeking comforts from where we are. So online transactions have become a prior and wanted payment method which reduced people stand in queue in banks.

So the bank's turnover has become bit shaky since Gpay and other top payment apps hit huge traffic than what used to happen with bank transaction via their own apps.

So yes, we have become a open book to all. In order to stop this, we need to follow what we were doing before 2001 as you said.

It is not easy that crypto will take places of banks because controlling crypto is not in hand of anybody. Crypto might take place of payment mode in some category. Government can not take control of crypto or crypto transactions. All over community involving in crypto businesses so there will some guidelines comes but talking place of country economic system it has to be seen. Very venerable crypto will change anything in short times.

The role of crypto is getting more massive and many millionaires in the world are investing in crypto, especially after NTFS and Defi, which makes crypto adoption even more massive, but I'm sure this will never turn off the role of banks, maybe it will only reduce the marketcap of banks, this is because banks will always get protection. and full support from the government.

if it wants, governments can actually merge banks with crypto, by working with banks to create their own crypto. but maybe government research in each country has not yet reached this stage because there may be many things that are far more important than this problem, for example about pandemics or public welfare. but even so I still believe in the future both (banks and crypto) will complement each other not kill each other.

If the government will also think that crypto will bring welfare to the people, then it will have more chances that banks will soon to accept crypto and co exist with it. But i am also seeing it in the future that government will soon to realize that crypto is not against the banks or traditional fiat and it's created to serve as an option only to fiat.

However, even if crypto will be globally adopted in the future, its not enough reason to force banks to close and stop operations. Banks won't die and its eventually staying for good as majority of the people still prefer banks over crypto since its always backed by the government.

I do not want to think that bank will die within 5 to 10 years even I do not think it will die within 50 years. Day by day use of bank may be decresed but it will not die. As a lot of thing which we never would be able to do virtualy, and forthat reason we have to rely on bank. Though bank may update their system by blockchain.

Exactly. Cash is still being used even with crypto/Blockchain tech in play. Banks will eventually adapt themselves to the latest technological trends in order to stay ahead in the game. They never lose, especially when they have governments backing them every step of the way. Crypto is only an experiment that will lead us to a cashless society in the future. It was never meant to replace Fiat anyways. Satoshi designed Bitcoin as a decentralized cryptocurrency in order to stand the test of time. No government should be able to take it down, as long as the community keeps it that way. If all cryptocurrencies prioritized decentralization, they'll be able to co-exist with Fiat for generations.

I don't foresee a future where crypto will defeat banks, unless governments adopt decentralized cryptocurrencies as their own (like El Salvador's been doing lately). Set yourself forward 5 to 10 years from now, and everything else will look the same as it is right now. Just my thoughts ;D

I believe bank will never die but from what am seeing from my country I believe with time banks will also end up adopting cryptocurrency and I believe that will be better for them and incase the refuse then there customers will reduce drastically because currently I don't really use bank I don't store my money in bank anymore my money is always in my wallet whenever I want to make use of money then I sell my coin then withdraw to my local bank.

Do you mean decentralized finance won't happen?
I can agree that it will be difficult to replace banks, all governments rely on the banks for their financial stability. I am not sure the governments will move their money to crypto and stop bank operations. Until today, most of governments in the world still worry that the financial system in crypto is too risky because of uncontrollable. So, how can replace banks?

The question is what are we defining the role of crypto, quite a lot of people are constantly cultivating their beliefs about the future of crypto but they don't know exactly what crypto's work is, crypto is not a bank and it also never has a full license in the country, the best description of it is a market of brainwashers and professional gamblers. While a full description of a bank is for money management and full authenticity for a customer, services make it convenient and light for people's minds but in crypto, our money is operating under self-management and claims are sometimes not compensated like a bank, no one would be foolish to replace a useful organization like a bank

Saying Banks will he replace by crypto is the delusional talk and arguments to talk about in the first place, we both need each other survive this adoption we all need. Banks will get a massive turnout investors from crypto who will want to make a deposit and in return crypto will on board millions of people including those who are very less interested in cryptocurrency.
I know the government want a regulation, it's for everyone benefits and clean money. Nobody will want to talk bad about crypto again, it will seen as a clean money and everyone will be happy when there is a bull run unlike the way India is trying to Fud everyone in the system.

Banks are part of the state system of government and therefore is under the strict protection of states. For them, a threat to their existence will arise only when the states themselves are destroyed as a way of social order. But humanity does not yet know any other alternative to states. Therefore, so far nothing threatens the banks.

Exactly, NO
5-10years later seem too fast to judge, moreover right now, we still understand how many countries still don't legalize crypto as a legal tender or currency in their country. Moreover, my government also  has said  that cryptocurrency will not be legal as a currency or legal tender in my country even in 10 years later.
So, doubtful, really doubtful if this will happen only in 5-10 years later.
Moreover banks are complicated, you know, the world bank will never let it be, world bank has very great power. How we don't like banks, but we have no that big power to make banks die.
It may happen probably in the future, but not really what will happen.

Bank is no more a safe Haven to me. I can not imagine keeping funds with bank for a whole year and start facing a lot difficulties and answering impromptu questions when the time elapse for me to withdraw my savings, not to even mention the part of all the charges that had been removed from the account. So annoying

I strongly doubt that the banking system will go away. Maybe their system of work will change and they may adopt blockchain technology but a fully decentralized economy is not always a good idea.

Just think elon musk invested more in BTC and he holds a large portion of BTC amounts. Now he could easily manipulate the markets by creating panic among the investors. Similar things we saw in BTC sometimes when whales manipulate the market and crash it. In this process, small investors like you and me lose money. In a fully decentralized economy no one will give any security to your funds. That's not a good idea in my opinion.

No one win against the government except rare cases where official of the government failed to do the necessary or carried out his/her obligation. The government own and controls the banks and the same government rule and set them in a way that it will favor them and the revenue generation, they also regulate crypto the way they fit and it's your duties to accept them or go to jail.
Banks will and cannot stop you from accessing your fund accept when you have violate their rules and regulations, you have the right to sue them for damages F you know you are on your right.

5-10 years is really short duration for this your prediction. However, I completely understand your school of thought and i'd rather say the that the banking systems will evolve rather than completely disappear. Things are changing quickly and in 5-10years time if we are still alive, we will have witnessed massive changes, improvements and development in all systems, the banking industry will not be left out.

That's certainly true, mate. Given that states still exist, it's highly unlikely crypto will replace banks within 5-10 years from now. Something that's decentralized and outside the control of central banks and governments will be considered as a threat to the global economy. CBDCs (Central Bank Digital Currencies) will be launching soon, greatly solidifying banks' position in the mainstream world. With how thing's been progressing lately, it seems to me that crypto and Fiat will co-exist for many generations. I'm fine with that as long as people have financial freedom through the use of decentralized cryptocurrencies like Bitcoin and Ethereum. Just my thoughts ;D

I agree with their position, in fact I believe that many governments will begin to highlight BTC from now on, taking it into account for our digital economy, I do not believe that they will replace banks, rather I believe that banks will adapt to the world crypto and it is not a bad thing, because they would continue to maintain all security but offer a service that at given times can give much more than expected, in fact BBVA already considered it and I think that at least in Spain some series of banks already receive cryptocurrencies .

That's a good point of view, but if banks become an integral part of the digital economy where Bitcoin might play an important role in the future, there is also a possibility that banks somehow implement extra fees for facilitating transactions or providing other financial services relating to Bitcoin. It remains to be seen if they contribute to Bitcoin becoming a real option for people or whether they create additional cost that further exacerbate the tx fees dilemma of Bitcoin.

The world was fine before 2001, it was find up to the COVID period and it is also good after the pandemic! The financial system was best before 2001 and it’s added advantage after we got crypto currency world evaluated. However, I don’t think that banks will get disturbed because of crypto. Not everyone is having extra marital affairs and hundred gfs and kids besides the first marriage. Lolz. So I don’t think everyone is having problems with the banking system that currently exists.

Peeps are so used to it now that they rely on it with their lives. In fact in country like India they invested so much money in developing Unified Payment System which makes transaction in trillions of dollars in “real time”.  The world wants it so badly!

So there are developments in the traditional banking system all the time which means crypto currency is going to be secondary for time being. Nothing is going to change in next 5-10 years.

I believe the government has started taking cryptocurrency into account, because of its unstoppable development. hopefully this is true, so that with the rules made by the government banks can run so that crypto has a place in the bank. I don't know what the rules will be like, at least a big change will start

actually, people still use bank as saver their money, and im use that thing to keep and do other thing. bank give me convenience to do online thing, i really appreciate with their service.
what i wanna say is how good you are to use that provider, use that service, as good as possible, and minimize the harm.

Exactly, and I was still using banks to keep my money safety than just putting it on online wallets. I know we are aiming to have crypto that is widely adopted and a store of assets but can't disclose the risk is also high, people seem to look for a place where they can assure the safety of their money and to say that banks could give it more than what these online wallets have or even hardware wallets.

And since crypto isn't widely accepted in our country, it leaves no choice but to convert it into our local currency then put it on the bank.

the bank is the safest place to store money and your personal data as a customer will be protected, for no apparent reason anyone cannot know your personal data. Saving in the bank does cost money but the costs we spend are very comparable to the security we will get. On the other hand the costs you have to spend when saving in the bank are very small and will not interfere with your finances in the slightest  ::)

Bold claims, but I doubt it. Firstly, crypto is deceiving in a way that people in it think everyone has gotten to it, and that's really not the case. A 5 to 10 year period is far too small to have everyone transition to crypto. Every individual, all business transactions, mortgages...everything just disappearing in such a small period? Only if there is a worldwide cataclysm, but then crypto would also be worthless.  And as there being troubles around the world...banks have survived 2 world wars plus a bunch of other shit, so there will be no effect there.

Surely as the crypto currency is becoming famous in the coming world so it is expected that the banks will die soon and the banking system would be leading to a great failure

Even if it will take a lifetime, as long as there's still order in the world, Crypto or any digital currency would not replace banks. It's been already the biggest financial system in the world, the banking system will always remain as the government will never allow it to be replaced, no way a decentralized market will surpass the centralized market, I'm just trying to be realistic here.

I strongly agree with you. Even though too many unusual charges occur, we just have to bend to their rules as crypto isn't yet accepted globally.

I say more like 10-25 years.. the banks will adapt and allow crypto.. but they will fail as they will try to control it.

I also have this same thought and I wonder why some people would be of the opinion that banks are going to be  removed from the chapter. I know there are so many of us who like bitcoin and they are like die-hard fans now, but still they have to understand this – banks are not leaving, neither is bitcoin, rather what I believe would happen is that both would stay.

So, it’s now going to be a matter what you prefer to use, you can go for that. Moreover most people wouldn’t like to be using bitcoin as their main savings account, because it is not a stable currency, and they know that anytime the price can go down and they would be left with something less than what they have invested before.

OpaMunze is right, 10-25 years sounds more like a reasonable expectation, and I must say I like the conclusion, they will fail because they will try to control it, but of course, they will not be able to do it, so they will not be able to adapt! I believe this will happen with many banks, there will be just rare examples of banks ready to adopt new technologies, banks ready to change the way they do business will have more chances for survival!

No if they adopt it then they won't fall. The adoption of cryptocurrency into banks will be as a need to satisfy the customers full financial services so it will go by the side with fiat currency too for maximum service. If banks adopt cryptocurrency they already know that it is not controlled as blockchain is there for everybody. If talking about control that can happen with coins that are centralised but not bitcoin.

banks will not die, they will just adopt crypto and become fiat & crypto banks. when adoption happens, fighting crypto is against the world, they definitely don't want to be outdated, keeping up with changes is the best way for banks to survive.

And how do you think a crypt will "kill banks" if the state regulates the work of banks, banks reciprocate, and access to the market allows cryptocurrencies, also the state financial system? Until salaries start to be paid in crypto, and all prices for goods and services do not have an indicative price in dollars, only for conversion to bitcoin or alts, there will be no "victories". The banking / financial sector is supported by fiat, the economy is local and global , and so far no cryptocurrency is visible there. It is not seen as a means of calculation, but as a technology - yes, banks and other institutions are beginning to use them ... But this is not a replacement for banks :)

Exactly. The odds of crypto replacing banks in the future are very slim right now. Governments and central banks control the economy, so they won't allow decentralization to prevail. Banks' intention of launching digital Fiat currencies (CBDCs) shows us that crypto isn't going anywhere soon. It'll remain as an alternative financial system for the unbanked. Instead of focusing on replacing banks, we should focus on making crypto/Blockchain land a better place. Only then, crypto will become a strong competitor against Fiat. The crypto economy is growing at a fast pace, so it should only be a matter of time before adoption grows in par with Fiat. Just my opinion :)

Banks will not disappear. Banks represent the government. The government may launch its own country's digital currency, but cryptocurrency cannot replace banks. Many people still don't believe in cryptocurrencies. They believe in banks and store their money in the bank, even if they cannot make additional profits.

regulation is still a major issue today in global adoption but even so I feel there is no reason to leave this because indeed as long as the government is still in a neutral situation and neither supports nor prohibits crypto then there is no strong reason to leave the technology of the future this.
On the other hand, global adoption is actually going to happen sooner or later, all we can do now is just wait for that moment to come

Fiat and Crypto will compete to be the financial system of the future, I think it will be much better than shutting down one of the two. I don't expect crypto to take over the function of banks and replace them, but crypto will always exist if CBDC is actually realized.

Adoption growth is highly expected for crypto as I think it will affect future price volatility. The higher the adoption, the lower the volatility as people have turned crypto into currency. Governments will not allow the financial system to become decentralized, so without banning crypto they can also engage in the same space as CBDC plans.

In this case it seems that it is difficult to see cryptocurrencies replace Banks,
Moreover, traditional banks have existed for a long time so that people can be said to have full trust in them.
but we'll see in the future because technology is growing and it's a shame if it's not used

To be honest, quite recently I also "dreamed" of cryptocurrency as a replacement for fiat. Then I probably grew wiser :)
Why I don’t want cryptocurrency in its current form to replace fiat. Because the crypt is not suitable for mass use, it has a lot of drawbacks (try to return the crypt if there is an error in the recipient's address), and many others. But I want fiat improved blockchain technologies - fast transactions, low commissions, and much more. How do I see the crypt? A kind of cyber-crypto asset that can be used somewhere as a means of payment, somewhere as a means of investment, somewhere as a means of accumulation. This is my opinion :)

To control money is to control the population so you will understand why they want to control the money and it's circulation because to control it is to maintain the status quo. To be honest, I think that crypto will not be able to defeat the banks because as time goes by, crypto innovators are starting to look alike the conventional financial institutions as they want to curry favor from the government.

If crypto innovators need the support of the government to grow their business, then there's no way a government institution like the banking industry will be abolished just to give way to crypto. We have to understand that the fiat system is very powerful, it's the resemblance of the economic status of a country and the government has their own fiat which they can't do with bitcoin and crypto that are decentralized.

Are you kidding me?
Even I hate bank system, but I èxactly think that
Banks will not die in 5-10 years. Too high to daydreaming about it.
Banks are strong governance, power, and complicated. They will never let banks to die whatever happen. It is not only about one country but all countries around the world. Although crypto is very possible to be dominant, it doesn't mean to replace banks and make banks die in that period.

And people should really be thinking and realizing about that and not just overthinking and having high hopes that crypto would taking over because this is something that wouldnt happen.Government couldnt really just

let these things to happen since they do know that crypto is decentralized and come to think that there are things which do only works and organized with centralized aspects thats why its really crucial to have it

no matter how some people do really hate up the current banking system which i do have the same input and views too but its not bad for both to co-exist.

What you're saying is in exactly the same realm as what I just said, that financial system is a powerful enemy and I don't think that we will be able to abolish that institution because of their power. I don't get what you're talking about in the last part though can you elaborate on that?

Bank is still safer than crypto. Those funds which has been hacked is impossible to recover and it is almost untraceable but now a days funds on bank is safe. It cant be hacked and also bank have a liability if funds lost for any unfair way. At the same time for crypto no one will be responsible or no one will take the liability for lost fund.

yeah, that's the reality. after all, in general people are also more likely to choose banks over crypto nowadays. so, the vote for the bank may still be much bigger, and difficult to dissipate.
besides, rather than die, I think that banks will adapt to this crypto system. if one day people tend to use crypto, the government will not stand still for it. most likely the steps that will be taken are, take advantage of this technology, or ban this.

Saying banks will die is just like saying government will seize to exists which is impossible, government will make centralised entities and powers to live on till the end of time because that's they can maintain their power, decentralized is striping off government power 100% and that's why gov don't like decentralized entities, it's giving real power to the people

Decentralized system promise to fulfill banking without a bank, which in real life is not possible due to the fact hat majority of what we need can only be bought by fiat, and with that said, without bank fiat would not exist, I hope everyone understands that simple logic.

You could say that govs want to control people but the govs priorities the control of money. I don't think banks will just go away and die. I would rather believe that banks will start to use cryptocurrency and have their own exchange then they will earn profit from it. There is a wallet/exchange regulated by a central bank in my country.

The middle man gets removed, but how far this happens in real-time is clearly described. As of now the cryptocurrency usage around the globe have increased, but the same hasn't happened in terms of direct usage similar to fiat. The usage of bitcoin as a form of investment, trading asset have increased, but as a legal tender isn't much preferred. If such thing happens we can think of crypto taking the role of banking.

And taking the role of banking isnt something that crypto could take over and this is the fact which we should really be that mindful on whats the true essence of banking system existence even though

some people do really hate it when it comes to centralization but it cant really be denied that this had been always useful on some other aspects and do make our lives even more comfortable

even though it do really compromises someones privacy but the advantage and benefits could really give out that accessibility or do make things a lot more easier.

Yes, in fact if the bankers are quite skilled they can implement this system, and from there they can generate good profits, however it is only a perspective, although the plans of many banks such as BBVA and Santander are quite good, they have every hope that can offer something very good to its clients, only the fact that JP Morgan clients have demanded that they have benefits and that they impose the BTC in their banks is an indication that they have to do things as the clients want because easily anyone can create a wallet and that's your best bank.

Seriously how I wish it can happen like that because am already tired with bank rules and regulation but I don't really think cryptocurrency can take over bank completely but it will definitely reduce the way inwhich people make use of it and that's why banks are scared of cryptocurrency.

Even how hard you do wish of it then it could still not happen even on 1% chance.Crypto couldnt replace Banks and come to think on how industries would be working with crypto based up payment solutions or system?
No matter what angle do i look it couldnt really happen no matter what even if we do talk about 50 years of cryptocurrencies existence it wont really be giving out guarantees that it would happen and just like with other
members been saying above that they would both exist and would be both be used by the community and theres no need on replacing of each other yet we do need them
both.

This sounds funny though but I doubt if bank can just stop existing,  no I don't think so. As far as their is government there will be bank. Bank still play their own roles. I can believe because of the activities cryptocurrency it can reduce the rate of customers who are saving in the future, people may feel interested investing their money in cryptocurrency instead of saving it in the bank.

That wouldn't be applicable to everyone, people are saving money to ensure that their money is safe, and when they save they don't think of investing while if you put your money in bitcoin, you have to bear with the risk of price volatility, so that is not saving at all.

You would really be thinking about this mainly on where you cant really be that confident or could sleep at night when you do store up your money on crypto market.
You wouldnt really be having that peace of mind since you know that volatility could really fucked you up thats why people do still trust up
fiat no matter what specially if they could save it on a bank where they do know that it could be secured.

In most banks, your deposit is covered with insurance up to a maximum amount set by the insurer, that is not possible with bitcoin as you take the risk of volatility, and if ever your wallet gets hacked or compromised, you might also lose your bitcoin in your wallet. I think, we just need to understand and it will only happen if we educate ourselves first about bitcoin so we will understand the risk and not just the reward.

i dont think so, bank always be stand even though there is a crypto or not. but, if people will start to open mind and make a decision to choice this one, that called die too.
people will following what technology do, slowly but sure people know more that crypto is useful, and big chance to use it as their money or whatever it is.

simple logic that can make a pretty good flick my friend.
as long as we live in a system that is in the name of government, it will not be separated from the regulations that exist in it and indeed in this case it is actually clear that even though crypto will continue to grow, it will not be able to defeat the existence of fiat and banks because they are part of the government and rationally we cannot eliminate it completely.
we are still living where we still depend on real and fiat money (in my country) so even though many say things like that that banks will die, it is still an impossibility even if it is based on data and facts

If you're tired of banks, then you can "be your own bank" on the Bitcoin network, I'm not advising you move all of your funds into the network cause that will be investing more than you can afford to lose, but you definitely can put a large portion of it in Bitcoin, at least you'll be rest assured that the fraction in Bitcoin isn't controlled by any third party or governing body other than yourself, all you need to do is strengthen your security and make sure your coins are protected.

Mind you that it's not just you that's somewhat fed up, quite a lot of people are as well, there's been rising inflation that continues to threaten the economy, the value of fiat money is constantly deteriorating, and then the government are in absolute control and can freeze accounts and print money as they like, these reasons and a whole lot more has led a lot of people, including institutional investors to be their own bank via the Bitcoin network, since there is as yet no way for crypto to take over from banks/government, then it's up to individuals to take their finance into their own hands.

Yes, it is quite possible that in the near future the entire community will conduct all financial transactions through the blockchain system and there will be no ordinary banks. There will only be small regulatory bodies that will monitor the order and support of this system. But before that, more than a dozen years will pass to achieve such conditions for development financial transactions. So for now we will do what is happening at the present time and enjoy the success of our work.

Here, of course, I completely agree with you, my money, I manage as I want and send where I want. And the banks are really starting to get overwhelmed, impose restrictions on the amount of transactions, make calls, and so on. Bitcoin actually provides financial freedom.

Why do banks need to die for mass adoption of crypto to occur? Banks will surly adapt to the new technology and situation. For p2p transactions, there has to be media that needs to be maintained and operated. These banks could play a vital role for that. As long as there is a community there will be laws and regulations for everything and which should be because if there is no central authority there will be no law. Which could cause a big instability to human life. People will behave like animals and strong will punish innocent. So for stability in our society, we need govt and govt needs a bank to maintain the economy.

I think that banks will not die, if they are already looking for a way to introduce crypto so that they can have more life, if banks are reluctant to not accept BTC or crypto, it is likely that other types of movements may occur, but the bankers and Governments are not so stupid as to throw away the opportunity to continue earning money according to their debt to continue earning, because a bank, a government is in their best interest for people to go into debt so that they cannot think well about obtaining fair financial freedom.

Exactly. There's no need to overtake banks, when Bitcoin already does its job well. It empowers people to be their own bank, by eliminating the middleman from the system. It's up to you to secure your Bitcoins from theft and/or hacks as much as possible. With how popular Blockchain technology has become, it should only be a matter of time before banks launch digital currencies of their own. Once that happens, Fiat will be in-par with crypto in terms of speed and efficiency. Knowing that governments still patronize banks, it's likely both crypto and Fiat will live alongside each other for generations. As long as decentralization prevails, nothing else matters. Just my opinion :)

People are just getting too overhyped on things and ending up on thinking that banking system would really be overtaken with crypto without even trying to look on whats the crucial purpose or relevance of banks
existence and come to think that government is there and do you really think that they would let these things to happen? For sure they wont and they would really be
finding ways that crypto wouldnt really make out some significant effect nor stir up on the market which is something that they would definitely do.

It would be too impossible for now because we all know that the government relies on banks. Lots of people also trust banks more than other currencies or modes of payment because it's traditional and tested. However, I believe that cryptocurrency and banks could collaborate in the future. It only needs more time and adoption.

I think no. Cause at Bank Indonesia i see the bank will support crypto . i read news Bank Indonesia will create money token for rupiah . but i dont know at another place

Crypto will really replace things that have been in the hands of banks for a long time

So far, many people are always worried about anonymous things that can't be hidden from the bank

5 to 10 years is not a long time.  I can't wait to see crypto shift the bank

I am sure that banks will not be destroyed, because banks play a big role in a country and even in the world, so it is impossible for banks to be eliminated even in the decades to come. in China alone crypto is eliminated how crypto can take over banks.
The most probable and reasonable thing is that crypto will be bigger than it is now, but it cannot replace the role of banks in the world.

I agreed with you, banks would do more of peripheral jobs but unreplaceable, probably there major role is for transactions between two anonymous crypto traders selling of coins and sending fiat to the buyer vice visa however I think a lot of crypto enthusiasts will prefer to hodl their coin as a store of value rather save it as fiat in the bank thus banking would be less attractive to people in saving money because the rate at which crypto adoption is going is in leap and bound.

It will not be impossible if bitcoin launches the latest breakthroughs. Today many trust banks more than others. What I want to say here, how can we convince the wider community. Because until now I have seen several mainstream media that refuse to even spread bad news about bitcoin.

^ I will go on storing value, BTC goal it seems did not now the majority usage which is the peer-to-peer transaction. Everyone was holding their coin and hoping that there will be good value in the future. So now, if we are talking that banks are replaceable then they will not. Banks and cryptocurrencies have a good tandem right at this moment, you cannot get the value of your BTC if you dont have dollars and dollars right this money that has becomes there is a real assets.

Most case it do end up on store of value rather than on making it as a currency but I couldn't actually blame out those people because we couldn't really deny that bitcoin could give out those chances
on making out profits in long term basis plus its not been regulated in every corners of the world which its normal that you would really be having  that kind of hesitance in doing so
since you couldn't really do it after all.

Fiat would still remain no matter what because there would be always a government would be backing it up and wont really be letting decentralized things would take over.
But honestly we couldn't really think off if banking sector or institution would be wiped out considering the services that they do gave then its still crucial for us on needing it of.

I agree with this. As long as the government exists, banks will not disappear and especially the government will not allow crypto to take over banks unless the bank uses cryptocurrencies. Because banks pay a lot of taxes to the government.

Not all banks are very personal asking because they also know that all their clients have privacy, if someone already has an account with a bank they are no longer there to ask questions or interview their clients. Unless the person who's asking you is interested in your personal life, bank staff do not have to ask their client sensitive questions. Before you open a bank account, you need to pass the requirements and they have a form provided for your information so that they will know what a person's source of income is.

The whole economy of the world is running through banks. The Govt makes projects for development and for the welfare of the people and funds are provided through banks. So it is not possible that in the next 5-10 years banks will go to die. But the crypto will be deposited through banks and withdrawal through banks by means of ATM, credit cards or master cards,s, etc. In the future banks will facilitate crypto and you are seeing that it had become possible today.

Do we really think that elites above would make or let crypto to take over in overall financial system which is centralized? 101% it wont really happen and just as been said that as long government does exist then they wouldnt let for these things to happen and would still stick into those traditional centralized system which they do prefer the most.They dont like on something which cant be controlled nor be traced or simply they are being blinded which crypto could give out.They both could co-exist and it isnt really just right to make out presumptions that fiat would be erased up on existence because of crypto
which is really an impossible one.

I think banks will never die. But they are different in the upcoming future. Great article!!

in this case control is key. the political elites certainly object to the decentralization system, because they are difficult to control, and defeat the currency of their respective countries which is a strong national identity. I think fiat can be shifted to cryptocurrency later, but I think it will still take a long time, at which time crypto can be seen as a currency that is in accordance with the development of the era at that time

You are probably right that crypto will take over in 5-10 years.  I would say even 2-3 years.  However, banks arent going to die.  Banks are increasingly getting involved with crypto and profiting from it.  Ripple and many HyperLedger projects are backed by banks.  The biggest project that I am keeping an eye on is Circle, Coinbase and their USDC.  Its starting to look like a front-runner for the CBDC of the Fed.  They have the ability to blacklist wallets and have been granted FDIC insurance.  Federal Deposit insurance is not given to just any organization.  There has to be some sort of cooperation between the Federal Government and Coinbase/Circle.  A CBDC offers the Government and the Federal Reserve a chance to maintain complete control as it would push out cash and 'under the table' transactions.  It also allows them to 'shut off' anyone who disagrees with their policies.  Banks and Government entities are always a few steps ahead of the general population.  If Bitcoin, or any crypto, threatened their control, it would be quickly discredited or shut down.  Remember that.

When you say that the bank will die in 5-10 years, that means our government will also die, don't forget that our government creates a central bank to monitor the banking system and they issue fiat, so where would fiat go? do you think bitcoin will replace fiat? if you answer is no, then no doubt that banks will stay.

There is no way that government will die or the system of the government will be vanish. And on the same way there is no chance that fiat will be disable. And at the same time there is no chance that bank will die. People may not be rely only on the bank but people will have to rely on the bank. If bank die or banking system die then how people will take loan to enlarge their business or necessities.

Actually I have not thought that way. But judging from the current situation, it is true that the bank will not die that easily, because there are still many people who depend on it. Moreover, talking about the government will die because the central bank dies. It seems impossible, because from the beginning the government has existed, only the system has changed.

Already all of good banking system trying to do good something about blockchain technology so we can expect in near future we can see all beaning system operate by over blockchine technology.

I would disagree with that, although the cryptocurrency is already popular nowadays but I still believe that the fiat system is more superior, and with that said, the banking system is still intact and profitable, they collect deposits and people trust them because they offer insurance, unlike in crypto where it's a high risk.

Saving money is good for banks while investing is good for crypto, I believe that way.

Of course. It was never about "beating" banks, but rather becoming an alternative to the existing banking system. Crypto/Blockchain tech is decentralized, so governments won't allow something they can't control to take over the entire mainstream economy. Fiat will continue to decline, but that won't mean the end of banks. On the contrary, banks will become more powerful as they manipulate the economy to their own will. This will happen after the introduction of CBDCs (digital Fiat currencies to be exact). Set yourself forward 5-10 years from now, and everything else will probably look the same as it is right now. Crypto will be bigger and stronger for sure, but that's it. As long as decentralization prevails, nothing else matters. Just my opinion :)

It is just people do really go into those certain extent on having impressions that crypto could really beat up banks which is really a very wrong mindset to have because
no matter crypto would progress on but still it would really remain no matter what which is fiat.Government wouldnt really let these things to happen and this centralized
system would remain for a while and wouldnt tend out to be replaced by something which cant be controlled.Both would co-exist
even if we do talk about forever.  ;D

Yes, maybe banking is still trusted, but the population of banking branches will drop drastically because banking is only a place to borrow money, because we know that more and more people are choosing things that are practical for their lives. Withdrawing money and transferring large amounts of money out of the country is no longer going to the banking center but now you can. through cheap, fast, accurate and practical blockchain because this maybe people will prefer blockchain

It is true that people largely still trust banks. Even if this trust continues to decrease, it will still remain at a fairly high level, which will allow banks to continue to exist.
 On the other hand, banks perform many organizational and administrative functions to serve the economy of each state, which cryptocurrency is not capable of performing.
And most importantly: the banking system is under the full protection of the state and, in fact, is part of the state system of power. Anyone who encroaches on this system will be destroyed by the repressive machine of the state.

Crypto will never replace banking system ,government and banking hold the most powers in the world and because of taxes that companies and individuals paid which are used for social amenities like electrification, health care centers, housing e.t.c. Hence it would be artless to think government will open their eyes and allow crypto to replace banking system.

I know that cryptocurrency can not replace bank, but we misunderstood these because bank is place were money is being transact successfully and is generally known as fiat currency and cryptocurrency is a digital currency that can be seen online and document also online, saying banking system that cryptocurrency will take over it is wrong speech, because what should be there is cryptocurrency /Bitcoin can take over fiat currency.

Considering on whats the actual purpose on why crypto exist yet it would give out people to chance to be their own bank and if we do tend to compare out on  what are the benefits and specific functions on where

banks do then you would able to realize for yourself that this wont really be possible to happen.Hence, as if the government would really just easily allow it? Of course not.

As long they do exist then it wont be happening anytime soon even if we do talk about 10-20 years from now which is impossible.

So, you think transaction through banking system is doing successfully? In this case do you think that transaction of cryptocurrency is unsuccessful? You should know that every factor either bank or crypto has two sides crypto and bank. And we should rely on bank instead of crypto.