Bitcoin Forum

The digital age brought our lives to a second universe - The internet. Ever since the internet set sail Banks had to adapt and present new services and options to their users. However, the digital also brought us digital money and financial freedom. Cryptocurrency is here to stay and is bound to disrupt the way we manage and relate with our money. Banks will need to adapt or they face certain death. While some Banks and financial institutions have been historically fighting cryptocurrency others have already understood the need to adapt to stay ahead of the curve as in the case of some Spanish Banks (https://www.coindesk.com/policy/2021/10/22/spanish-banks-are-preparing-to-offer-crypto-services-report/). Nevertheless, this is still a new technology and Governments with its old fashion regulation as well as their Central Banks are yet to implement adequate regulation and are still a bi hindrance for cryptos to go mainstream.

Luckily, things are changing rapidly and mainstream adoption may come sooner than we think. Do you guys think, this will happen within this decade or not?

Something fast and international will probably be adopted within the next decade but perhaps not bitcoin. Banks normally like centralised solutions they can invest in to power themselves - unless regulated to accept something else - so they'll probably go down that route. Also something like cryptocurrency hitting mainstream really fast could cause a lot of problems such as a huge rise in scams.

I honestly don't believe that I'll ever behold bitcoin as the default currency option. Most likely, it will be treated as the basic store of value asset, as it complies with the properties. It's actually the best type of store of value human has ever witnessed, IMHO.

As for the banks, there's no way they'll put bitcoin above their digital currency that will be fully controlled and not private. The banks and the government want to have power and that's the ordinary way of things. None would ever accept a currency with so anarchic structure as the main one.

Banks are important. Therefore it's important to understand the fact that they have to improve. Which generally is very hard for the stern thinking of most people involved in the system, they always think that the conservative ways are still the best therefore in few years if they are not able to adapt to cryptocurrencies and allow their exchange, transactions then it would be detrimental for their overall health and people might start switching to the banks who does. This is only an example. For me I had sbi from back in India and they didn't allow crypto transactions therefore I closed my account and have been using dbs for ages now. Therefore it's all about people choosing what is better for them. Therefore the banks can have their own digital currencies hands down but they have to give bitcoins and other cryptos a good roof.

the banks will not die, the banking system itself will not allow them to die no matter how many centuries pass they will always continue to exist. just look at the following:

the government employee works 30 days and receives his salary at the bank - the bank deducts life and health insurance from the salary of the government employee and many other insurances - when the government employee wants more money he borrows from the bank - the bank pays taxes to the government

this cycle does not allow banks to die, they always profit

Possible! But that will not happen in our lifetime! The root of commercial banks are so deeply attached to the society,  that death of the banking system is not something that will happen soon enough.

Rather what I foresee is that banks will adapt this digital era and evolve as per the need of the economy. Failur is certainly not an option for them. They will be under pressure for sure but eventually will adapt to the demand of the economy.

governments set out what 'currency' 'asset' 'token' 'note' as the national currency. they employ laws like tax, minimum wage, courtfines to ensure that currency is used by citizens (aka legal tender)

this makes people need to have services to transfer, exchange, store, audit/log.

if a government was to adopt a crypto. they wouldnt just let it be wild where citizens can self transfer without logs/audits. they would want some form of custodian group, with regulations on what/who they monitor and how much citizens can move without presenting as a flag.

changing from fiat to crypto wont destroy banks. it would just change what banks handle

take even the altnets like LN. even now with just a few thousand users its already showing its weakness of independance by having some users not want to be full nodes because they just want the phone litewallet version. meaning people end up depositing into hubs custody as a multisig. these hubs are then banks

heck even on the bitcoin network in 2012. i remember times where instead of just withdrawing from one exchange to another. id use bitinstant 'codes' to exchange reserves between mtgox and btc-e to move funds faster when arbitraging the markets.

so there will always be some custodian service offering something that users want and these services will be the 'banks'

Banks will still exist, some people in the world still like conventional banking methods even though they have adapted to technology. But maybe yes, banks will also adopt crypto to equalize their services to the current crypto platforms that used to be popular with crypto enthusiasts, such as the defi loan platform. However, the bank remains a priority for most customers for several reasons. With the power of legality that is able to offer security and guarantees under the law. And with its centralization, banks can manage facilities and offer advantages flexibly.

Keep in mind, some people believe that a safe service is a service that has clear legality. We can only speculate about the bank's plans, in fact global regulations generally have not allowed banks to adopt crypto.

There is nothing to suggest now that cryptocurrency would be the end of banks or fiat currencies, it is yet a novel currency which cannot sustain an economy on its own as the staple means of transaction and it cannot be used under the current system of government run by most all countries, except it can fully regulate it.

Mainstream adoption is definitely possible within this decade or the next, but the cost of it could potentially change the way most people view cryptocurrencies.
When banks adopt then, it cannot fully function as a decentralized network and users would need to submit KYC and AML documents to the central bank, basically making the network centralized.

Banks & governments are going to have to start being bitcoin friendly in the next 10 years or they can just sign their own death cert right now. Bitcoin is the present & definitely the future, adapt or get left behind.

It is certain that banks and other government financial institutions, have to always adapt to the trends that are going on with the world, whether that is crypto or digital money, but the thing is crypto and bitcoin could co exist with the fiat, because we obviously can't get rid of any of them, and banks have to know that so they have to start accepting as away of payment if they want to stay relevant, and the best example we can take from the experience that is happening in El Salvador is how the government and banks have given the freedom to people to chose between using  fiat and bitcoin without any restrictions in away that does not make banks irrelevant

We can't totally say that banks will face its end once it will not adopt crypto. There is a process for that. I believe the massive adoption for crypto has already started because as we can see, some big countries and their government have already legalized and adopted bitcoin. So in less than a decade, we will witness again new countries start to adopt crypto and when this adoption will become mainstream, i am certain that banks will soon to integrate crypto into their transactions.

However, if government will also use their power to launch their own centralized crypto, then that will surely create another problem. Maybe decentralized crypto will find it hard to be fully adopted but one thing i am certain, the government cannot control the people from investing into bitcoin and other decentralized crypto.

The position of the bank becomes one of the most vital things, especially for the continuity of the country's economic system, and I think the word death is too much because they will always be there.
sectors such as banks will not be destroyed at any time even though technology has advanced.
and when talking about adoption for the next few years it may be true what you say but it seems the answer is still the same as it is today which is not bitcoin.
bitcoin is good but this will not match the bank's criteria that they have a centralized system which in this case is very contrary to bitcoin

I think you underestimate just how much financial firepower the banks have and they are slowly waking up to the power of the blockchain, that could be good or bad for Bitcoin depending on your perspective. Banks are just financial arbitragers in reality, taking a small commission from very types of monetary transactions and hoping to make a profit through different types of investments. Investment banks have already started buying up large amounts of bitcoin due to the interest that their richest clients have and the new types of funds that they'd like exposure to in their portfolio. What will eventually end up happening, like so many other areas in finance, is consolidation into fewer and fewer hands who never have a need to sell again. So the price raises along with the demand, but the available supply is shrinking - 21 million bitcoin doesn't seem like a lot in that scenario.

And this is where i dont see for it to become mainstream or the people been saying about replacing fiat by crypto which is totally impossible and speaking with those Banks then this is something
that cant possibly happen because they do function out on a certain extent on where crypto cant able to do so.Yes, its heavily centralized but we know on how banking transaction
words and had really some advantage on having it.Why we cant just consider on having both which is actually serving two different market? At least we do have some choices or option
whenever on someones needs.

For sure the world of crypto provides a solution, a better alternative to fiat but it poses its own set of challenges. One major one is that you can't educate such a large number of people (we're talking billions) to help with the needed adoption.

Without the proper knowledge, people run into difficulties using it, get scammed and lose all interest. This is exactly why when this integration of crypto to everyday payment systems starts - it must start properly where the bank of information is available and widely spread among people.

FIAT and the banking system across much of the world is going digital as in fewer people
are using physical money and are using cards and phones to transact. Personally on a weekly
basis I dont use cash, its a hassle and not needed, everywhere I go I can pay by card
or phone digitally/electronically.

Maybe banks will accept Bitcoin but it will be as a secondary currency, maybe as
collateral against a FIAT loan or something but i cannot see it replacing FIAT because
the vast majority of people will continue to use FIAT.

That's exaggerated IMO, we have a central bank that is created by the government, so they themselves build the banking system and they would not allow it to be destroyed by cryptocurrency. Our government could only regulate cryptocurrency up to a certain limit and that means we cannot fully enjoy its full feature which is anonymity since the anti-money laundering policy itself requires users to undergo KYC application.

I like the enthusiasm since I believe in the future of crypto, but saying it's a big threat, it's like saying that it will destroy the current financial system which is the centralized system, not gonna happen IMO.

Adapt or die is the way of all business. Even now, MasterCard is working towards crypto payments, Verifone is starting to accept them, and so on.
Banks are either going to have to figure out a way to handle crypto payments and transfers and so on. Or loose out the the businesses that do.
Not dealing with it will lead to shrinking market share.

Now, will it kill all banks. No
Will some banks come out ahead by not taking / dealing with BTC & crypto. Yes

-Dave

I don't know why I see threads like this where people talk about the "death" of fiat, banks or anything that comes in front of crypto? Why shouldn't fiat be used just as it was since decades?
Why to eradicate banks from our society? Banks only lend people for their businesses and not everyone here can afford to learn about crypto or join this revolution by buying the expensive cryptocurrencies. I'm not against crypto, but I guess we need everything we already have, plus a few new things for a better tomorrow. Why to remove anything out of them for our convenience?

My bet is that it will change before the next decade because things are moving fast and from the looks of things, Govts and banks only option would be to join the bandwagon but they'll do this using their own services/blockchains or networks which is a tradeoffs from what we're used to.

For instance, Nigeria banks in collaboration with banks, launched eNaira: https://punchng.com/transactions-on-enaira-platform-free-for-90-days-cbn/

In this decade, we may see more CBDCs to be launched and implemented.
Still, they will not divert to decentralized network. The government will keep it centralized as always it has.
We may see digital currency used by the governments but it is more on like digital counterpart of their local fiat.
I don't think banks or governments will totally explore the possibility of adopting the decentralized currencies.
And besides, what do you think will be the percentage of the population that will go all in in crypto?
So not thinking about the possible death of traditional banks, because it will not happen in our lifetime.
Crypto adoption may grow in numbers but I am not seeing crypto as totally replacing the fiat system.

Not really sure if banks will die just because of digital age, yes they will adapt for sure but won't be totally erase as they are considered one institutions by all countries. They have been in existence for centuries so for sure they know how to adapt with different trying times, from ww1-ww2 and other financial disruptions throughout mankind's history.

Yeah, maybe CBCD will be the thing in the next decade, or cashless society, e-wallets, but still banks are going to exist facilitating everything.

Now, all banks (especially in my country) have adapted the current technology that always utilizes internet connection.
There are some services or products that are also related to internet use. They are likely internet banking, e-money, and other types of it.
And about related to crypto world or blockchain adoption, well, it is still in the progress of CBDC to be realized, but still under examination.

I am sure if a bank doesn't want to follow the current condition, they will face a very difficult situation and probably will be slow death.

Why they would die? In speaking with digital age then they arent that dumb on having that integration or changes because everything would turns out to be digitalized and they wouldnt really be just ending up on
having no changes for sure.

Transactions maybe all digitalized and the fact that we've been using it for a  while or for decades already when it comes to this system.
There might be changes or something new but doesnt mean that they arent aware with that.

Agreed, banks were the backup for the governments indirectly. With time new generation expect various forms of banking. When something isn't possible through banks then they'll look for an alternate. Here comes the cryptocurrency, other than this the banking system isn't gonna face death. Some banks around the world have begun to use the blockchain technology and some has started using bitcoin into banking for users convenience. This shows the growth of bitcoin and not the destruction of the banking.

When I mention "death" in the post, I meant the death of the old financial regime where banks own your money. Ca'mon, it wouldn't be posted any other way. We are still slaves of a regime where we are forced to receive our payroll through a Bank. In case the government has something against you, they have the power to take over what is yours and freeze your bank accounts. while cryptos give you back the power over your money and total financial freedom, banks own your money and decide if and when you can access it or not. So, why shouldn't I be pledging over the "death" of a corrupt Banking system when there is already a better system at our disposal?

There are already a number of banks that have adopted to the rising cryptocurrency trend. I think the banks are not that easy to defeat. They are one of the most powerful institutions in the world. They could even build or break governments. Many of them must have already analyzed and seen the potential of Bitcoin and crypto. No wonder why they are already joining the community. Wall Street has also joined one by one. Others seem not to care but I suspect many of them have already funds diversified into Bitcoin in silence. 

I see CBDC as an opportunity for countries around the world to compete fairly and equally. Since this is a new technology, the technology gap is not too far, and we can easily shorten it. We have the resources, experience of experts and successful and proven products in the world. Many countries are already researching CBDC, and banks have always been the lifeblood of the economy, so I find the approach to be more receptive. Blockchain is proving really useful solutions for real life and in time we will understand everything.

US Bank launches bitcoin custody service as institutions race to cater to crypto demand. U.S. Bank, the fifth-biggest retail bank in the nation, announced Tuesday that its cryptocurrency custody service is available to fund managers, CNBC was first to report.
I think banking system is really needed from government side for earning taxes from which one earning, otherways crypto-currencies is non traceable and government can't earn taxes from cryptocurrency deals.

I think the main issue of the old financial regime is not that banks own your money, but it is that there is no money that you actually can claim ownership of. There is no such thing as "your" money. Central banks have such an enormous power that they can deprive you of money in any way they wish. For example, they can steal from you through inflation, which is an indirect theft, or, they can nullify your bank account, which is, in fact, a direct theft. However, in the case of central banks, none of these actions could be considered or called a criminal activity such as theft because central banks are the rightful owners of what they are "giving" you. Even if you have cash on hand, that won't protect you from theft, because it can be anytime declared illegal to hold money outside bank accounts. That is why central banks will never adopt bitcoin, it is simply antithetical to them. In the case of bitcoin, people can and will claim ownership of money they have as long as they have the corresponding private keys. No one in this world is able to close at will your "bitcoin account", even the most powerful financial institutions can't do that.

It will happen in this decade or needs more time for the bank to adapt and apply the digital currency. But for some banks, I think they already use digital currency for their own fiat so I do not think that the banks will face death shortly because the banks have owned by the government and the government do not want to see their product death because they can not follow the era. The government has already thought about digital currency and maybe they still need time to implement the digital currency for their currency. The old fashion regulation will need to modify following the new era to work from time to time. That is what the government will do right now and in the future. While we can still use crypto, we can prepare ourselves for the coming.

I am a crypto enthusiast for a long time and i understand where's your sentiment is coming from. Maybe we can say that banks owned by government are functioning too far from what crypto can offer us. In banks, although it is our own money that is being deposited and yet, they still have the control on it and definitely have an access to our private accounts. But with crypto, our own money will have our own bank and no one can access or control it except by the owner alone. Of course, there is more security and convenience if we are putting our money in crypto than keeping it in banks.

However, i know the government also sees that but definitely won't allow such decentralized cryptos to replace over banks or fiat. Maybe in the near future, as crypto gets more massive adoption, then banks might face death if they can't totally adopt crypto.

"If you can't beat them, join them". This quote can be related to the bank vs Bitcoin.
This is already an aged discussion, Banks vs Bitcoin. For me, this will be forever discussion and argument but, I can say banks will stay as Bitcoin will stay.
For sure there are some people in the world that may have no access to the internet even in the future and don't want to use the internet and prefer the traditional way of living, so for sure they will be the ones who will stay using banks. And I respect that decision even I know what Bitcoin can do.

I can't say that crypto is almost dominant all over the world, there are still certain parts in each country wherein crypto isn't influential or even recognized at all, and this is why some banks won't adapt just yet, but most of banks nowadays gives us the access to do transactions using their own e-wallets, in my country, digital fiat wallets are rising, though the adaptation of cryptocurrency, not yet, probably in the next few years this will be adapted even more or else these banks will really have no choice but to close down because of bankruptcy.

Banks will continue to exist as long as people are dumb enough to primarily use centralized, KYC controlled exchanges. Most people seem to like control. These will get regulated into the existing infrastructure. Just look at what the current US "infrastructure" bill (https://bitcointalk.org/index.php?topic=5360520.0) is going to do to crypto... If you are passionate about keeping banks out of crypto in the US, go to that thread and SPEAK UP!

If you want Bitcoin and other cryptos to exist within Satoshi's vision (see sig), you need to stop supporting these institutions (CoinBase, Binance, Kraken, BitFinex, PayPal, etc.) or they will continue to control people's lives.

Ah interesting point, but now you see how the world powers through the banking system (S&P) changed their credit rating from stable to negative (https://www.msn.com/en-us/money/markets/brief-s-p-says-el-salvador-outlook-revised-to-negative/ar-AAPO8qC) in an attempt to punish them for adopting crypto. This makes it more expensive for their government to get loans for their economy and devalues their currency. Most world governments and banks want to kill or usurp crypto, because it is a threat to their centralized control. We need more countries like El Salvador to resist if we want crypto to persist as a medium without crooked bankers acting as the middlemen.

Its only a matter of few banks accept bitcoin and rest will follow. No one will want to be left behind.
Not only banks but countries also will find it difficult to survive if they do not adopt bitcoins.  Although there is more trend of banning bitcoin around the world  but soon this will change.

That's right, but keep in mind that the "custody" aspect of banks is not as important as it is for cash. People don't want to store piles of cache in safes, but can easily keep a cryptocurrency with very little risk. Banks may switch their models to focus more on DeFi and collateral management, etc. But, I agree that they would be irrelevant soon in their current form.

This is pretty much the answer.

I can recall wanting Bitcoin to be the global currency back in 2017, and I thought first as a newbie back then that it would be at least a good thing, so that means many adopters right? I was thinking of that until I realized that government would surely try to regulate it their way and I took back what I said back then. :D

Why does anyone think that banks will face death if they don't adapt bitcoin? And even if they adapt it, will you be heppy? Because that means that banks will have more control over it and there will be much more regulations on bitcoin. From my understanding, the more famous something gets, the more abused it becomes in a bad way and loses the magic that it had at the beginning. People always try to make business from everything and gain control on it, bitcoin can't be a resistant in this case because the mining business is already conquered, the market was already manipulated in a very bad way, one man crashed the whole crypto market.

In any way, banks won't die because they control the finances of the world. We have visa/master card, money transfer services, neobanks, all the bank services and I haven't heard from an average person that he/she is uncomfortable with the banks services.

Totally contradictory if you do ask me but there are people whom do really like to be regulated or something like that but of course centralization would really be next in line.Lets just see on how EL salvador did make this one possible but somehow adoption and recognition is all we need despite of the possible in exchange but its a personal choice though because using up banks is still relevant and much
preffered on most circumstances.

Already before now Bank's is cooperating with Bitcoin through their central bank, except is the situation whereby order has been given to restrict banks with cryptocurrencies related transactions in any country, so we don't have to enumerate or emphasised seriously via the cooperation of cryptocurrency especially bitcoin with banks, because it's very clear that the future will determine the continuity process or bond that will be establish between bank and cryptocurrencies through a country that legalize or embrace bitcoin. For bitcoin to function properly in any country it needs the approval of government, base on my perspective.

I get your point and I believe I misunderstood somewhere.
Okay, even after this point, I'd argue that if you'll try to end their banking power as well as the level of corruption that's spread, what will they do? They'll simply take away what you have, what's giving you power back in your hands, i.e.; crypto.

Trust me, the legalisations, regulations and all that shit we are expecting from our governments to give us the freedom to trade crypto without fear, is giving back the power in their hands because they'll be able to trace your investments as well as when you take your money out from/through crypto.

I believe banks of various countries have already started working with crypto exchanges? Some banks even give loans on BTC. What do you think? Why are they doing this? To collect data, information of all those who are involved. The governments could easily stop all this by banning the way China did, but why aren't they doing it? Because they've understood that people are crazy behind "privacy", "anonymity" and "be your own bank" kinda phrases and governments know how to take full advantage of all this while also knowing who's doing what. They will loot us through levying various taxes once major countries start to legalize and regulate crypto.

I think that it won't take a decade long until many of the banks have already made their plan and backup of adopting cryptocurrencies, majorly bitcoin.

It's part of their mission and vision about being financially well and making their clients grow. As part of the growth then adoption and adjusting with their services that includes bitcoin will make them through.

But are we going to like it once they've started doing that? maybe. As their main target for such adoptions are those that have no to little knowledge about cryptocurrencies.

We as crypto supporters really shouldn't be too confident that banks will face death if they don't adapt Bitcoin. Due to the fact that the majority of
people are still comfortable using all bank services to make financial transactions. Even in my country there are still few who believe in Bitcoin,
there is still a lot of education about crypto so that people understand what Bitcoin can provide. I see crypto is still too new for the majority of
people around the world, because there are still many people who are not familiar with Bitcoin. It will still take a very long time to force banks
to adapt Bitcoin, as more people are now using banks than crypto.

Speaking of which, Banks are already feeling FOMO as they don't want to miss a piece of the pie. Federal Deposit Insurance Corporation Chair Jelena McWilliams came public saying (https://decrypt.co/84507/we-need-allow-banks-hold-bitcoin-fdic-chair) Banks should hold cryptos such as Bitcoin  

IMO we are exaggerating BTC too much. It's still not used by a considerable no of people in the world nor its a kind of fundamental technology. Crypto is mainly popular among its community that is growing day by day. As far as banks are concerned they are not a position to embrace this financial system, but wait a sec - do we really need banks in BTC financial system? I have heard every person has his own bank in the BTC ecosystem.

I think the bank is still important, the bank will not die even if we use BTC to pay salaries, transfer payments for cross-border transactions, eventually it has to be converted to fiat currency, because So BTC and banks can only exist continuously and in parallel. On the bank side, I think they will definitely have currency changes soon to be able to adapt to the new changes in the current era of cryptocurrency technology. Chances are they won't use BTC as their currency but instead they will launch a banking cryptocurrency that keeps up with the times and the main purpose remains to also manage our taxes.

I think all banks will eventually get involved in some way down the road, but as in direct correlation to bitcoin and todays cryptocurrencies, I think we may be a far ways off for most banks. There are still more than enough people unwilling to move to cryptocurrencies at the moment and that’s not changing completely anytime soon.

Most Banks are centrally backed up and do you think that government will allow banks to die so easily if they are not accepting bitcoin? The fiat is widely used and accepted by all and the world trade is done in it and bitcoin can be used as alternative to it because it's still long when you would see fiat out of circulation so easily.The bitcoin is technical money and you need to educate the world for it as still lot of population is unaware about it's working and how to store it and they still prefer to use traditional cash.So i would say at current it's alternate and whether banks accept it or not they are not dying anytime soon.

Can't die easily with government funding but it also doesn't mean that banks are immortal, once their services lose a large number of customers while maintenance costs such as staff and facilities are too high, they can also just declare decommissioning, especially when bitcoin education is rapidly integrating into the community, withdrawing capital from banks to invest in bitcoin becomes more common. When there are signs of such a threat, the government cannot turn the situation around, so banks need to adapt and collide with bitcoin more to find common ground for cooperation

Banks will never go obsolete as a result of Bitcoin... they are too greedy for that and they have the backing of governments. (Remember why Satoshi Nakamoto created Bitcoin <=== Government bailouts)

I think they will just offer some services that will be leeching fees off from Bitcoin holders... (charging fees to keep Bitcoin's safe.. etc.) As OP said... Banks will have to adopt, but they will not change their business model to counter the Bitcoin threat.  ::)

Yeah, banks may adapt bitcoins but it may take time and at the same time as government is always there to back them up hence they will never face extincting situation. Practically all the people from a country may not stop using banks; at least we need 50% of total population from a country need to stop depending on traditional banks so that banks may face a situation of becoming obsolete.

So, banks may survive for near future and only after bitcoin get into relatively (gold like) stable prices then we can expect traditional banking to start falling down.

Well yeah kind of. Either way regulation is somehow inevitable when adoption happens, since surely the government will pick up that there is another existing method of how people do their transaction/s.
Here in my country, it is not that adopted too much, but the government are starting to pick up about NFTs being popular and being a source of income by some people starting from August this year. :D

The way I see it, I think now that the central bank digital currency are in the lips of almost all central banks of most countries, it will be easier for banks to adopt the cbdc than directly dealing with cryptocurrency, this what the government want, to still have the control over the whole financial system and cbdc is the perfect currency for that, some countries already introducing it and soon others will follow, and probably many people will easily fall for this since not very many people understand crypto and what decentralisation is all about.

Most people still choose a bank as their asset storage because it is more relevant and safe even though their Fiat assets are held by other parties with various security guarantees.
Storing assets in crypto in full will certainly have a risk of decline in value. Currently, cryptocurrency is still a speculative asset. Banks are also starting to adapt to cryptocurrencies. Cryptocurrency users still need banks to store their wealth on Fiat. centralization and decentralization are still needed.

What do you mean by adapt? You mean integrate bitcoin and other crypto currencies to their system? Then no, we don't want that. It will just make the whole "decentralization" meaningless. We don't need banks. We are our own banks, aren't we? Banks offering crypto services means they will eventually start controlling the whole network, which is something we all would hate. If you mean banks should be using blockchain tech for making transactions, then some of them are already preparing to do so.

Banks wont die neither they do adopt bitcoin or not because they are heavily backed by the government which means that these institutions existence would really be always relevant and much needed.

Therefore, it isnt really just right for you to think off that banks would really be in  trouble if they wouldnt jumped in into crypto bandwagon.
They could move as they like no matter situation we are in.

Dont ever think that banks would cease to exist just because decentralized things or market is here but at least we do have an option.

This is definitely true. Banks will never be less relevant just because crypto has risen already. People are already used to trust banks and it will always will as long as the government never stops to backed banks. And even if we say that crypto adoption has become mainstream, then its really a good thing since it will serve another option for banks. No matter how advanced and progressive crypto will be, it will never cause banks to face death. Crypto will always be an option as long as banks continue to exist.

I'd never think it and I'd never think that banks will die but rather deal with the huge changes. Adopting the system is somewhat the best option they do or else, they got in trouble and face a huge decrease of clients. I believe that they think like this situation and have a plan on how to combat it.
As crypto adoption keeps on growing, it is sooner they will realize and decide to embrace this new technology. For now, many/majority are still using fiat money and so they could still survive and still on business but when major businesses and establishments accept crypto, that will be the beginning.

I am sure that if banks are managed and controlled by good regulations and also management they will not die with the progress and development of the era. They will and must follow the development of the era, moreover about the technology to be used. At least right now is online activities. Most and I think that all banking systems have provided online payment gateways or online services that ease all customers to do many things with them. But don't know in the other countries.
But you are right, once banks don't follow the development of the era, their era will end soon and their banks will be left behind,

Is the about the banks adopting towards the acceptance that crypto-currency, is only used and the disposal of Fiat? Then I don't think they will or would they be an endangered species in line for an extinction.
To be honest has bank been the problem, using the problem facing crypto-currency adoption in my country, banks hasn't been the problems, the problem has been the government and even when they want to exercise a ban then banks really has no option but to follow the decisions of the government.

If it happens that Bitcoin is globally legalized and accepted my major business, that is something it pushes banks to do as well as they don't have any better option. Well, unless if they stop doing their services and look for another line of business that accepts crypto.
From what I see, 10-20 years from now, Bitcoin is widely used by the community and this it listens to the number of people who come and do business with the banks and this could help nothing for them but something it leads to a shutdown.

The government will certainly not allow for banks to stop operating so they have no choice if bitcoin will be used by majority, then they should start adopting it.  But i guess this might be far from possibility since the government also is thinking to launch their own centralized crypto and that will be automatically integrated in bank's transactions. If bitcoin has become more advanced today, then the government should also see to it that banks too should never be left behind, otherwise people will not trust banks anymore because bitcoin itself can be considered already as their own bank.

This regulation from CBNs is still needed because even though people need privacy to their funds Bitcoin can't still guarantee total security of funds even within the p2p network. And if we all adopt crypto as a default payment option many cybercrimes worst than what we currently have will emerge. To some extent the ban on crypto has helped a bit in tackling cyber crime and insecurities.

Banks are still in the operation right now because crypto is not yet adopted in many countries for now because some are still hesitant about it. But if majority would likely to embrace crypto, then there's no reason that banks will not adhere into crypto too. But i don't think it will reach to a point that banks will face death because if that will happen, the government will never allow that.

However, crypto is not here to be a big threat to banks or any financial institutions. It will only serve as an option to fiat so i think banks will certainly integrate crypto into fiat transactions. Because banks are here to serve the best services to the people, and that having crypto as an option is already good enough.

Banks will stay no matter what either they adopt crypto or not. Don't presume like it will happen as early in the next decade.

As long as everyone doesn't have fully access the internet, and government don't want to accept bitcoin/crypto as legal tender, banks will stay and will still against crypto no matter what.

I don't think that banks are currently under a threat. It's easy to think so if we forget that here, on Bitcointalk, we are in a bubble. But the majority of the world is very different from us. The number of crypto users in the world is estimated to be 300 million (https://finance.yahoo.com/news/countries-using-cryptocurrency-most-210011742.html#:~:text=Cryptocurrency%20and%20blockchain%20technology%20company,form%20of%20cryptocurrency%20as%20payment.) users. It's estimated that 3.8 billion (https://www.worldbank.org/en/news/press-release/2018/04/19/financial-inclusion-on-the-rise-but-gaps-remain-global-findex-database-shows) people use banks. The difference is enormous, even though it seems as if cryptos are everywhere. So banks are dominating, and they are dominating so strongly that cryptos are hardly even a competition for them. Not to mention that most crypto users probably don't see cryptos as money and are comfortable using fiat and bank accounts, as cryptos are a form of investment for them. While I agree that decentralized cryptos like Bitcoin offer things that effectively make banks obsolete, the vast majority of the population doesn't care, and the system is built such that it's very hard not to use banks (for example, in my country you cannot receive an official salary or scholarship without a bank account, and you don't even get to choose which bank). So facing death is far from reality for banks these days.

Well in my opinion rather than facing death the banks must go for adoption policies. But it is pertinent to mention here that there must be some ground working before making it live for the banks. (i.e: Centralized regulatory authority) which indeed is a need of current ERA. This can be a huge and positive revolution for cryptocurrency.

Banks facing death if they will not adopt into what is happening right now in financial industry is kinda exaggerated at least for me.
I don't think that they will die gradually or will become bankrupt if they will not adapt but their business will be affected as crypto is getting more popular and popular.

Banks will stay because many people are using it. You are saying that crypto must be adopted by these banks or they will face death in the next years because you are involved into crypto yourself. Ask another person outside if what they will prefer to use. We can say that the people using crypto are increasing but the number of people that are using banks right now is enormous and many are comfortable with it. Some banks might adapt and some will just stay with their traditional way.

No, that would not happen because banks will never face death since bitcoin will not become a threat to the country's own financial system. The centralized system or the bank will still dominate, because if they can't control bitcoin, they might follow the stance of China which is banning bitcoin.

not for now but for the next 10 years maybe the bank is just a memory,
because for now we still need a bank,
and it takes time to transition from paper money to digital money with all the technology, and it's not easy

I partially disagree with your statement.I don't believe in bitcoin being adopted as a currency. Their is central bank backed digital currencies powered by block chain networks for that purpose. Crypto currency is very powerful because of their technology that is block chain technology.

Maybe in the next decade or after  that decisively crypto currencies will come in the mainstream. Is maybe a step by step process like firstly countries will aprove it then made as a legal tender then finally comply with crypto currencies. Since this is the evolutionary stage of currency.

Many banks start offering crypto services to their clients as they see that it is one more way how they can benefit, so it is wise for banks not to fight against crypto, but try to get used to it and start offering their clients services connected with crypto. I believe that crypto will be more and more widely-used. Different companies will use it as the way to accept payment.

Banks would never fight crypto, they'll always find a way to accept bitcoin as it will benefit them, and since banks are regulated by the government, they are still just relying on the rules and regulations the government will impose, if the government is allowing it, then no way the banks will not adopt with it because it's one of the ways to improve their profitability.

Indeed, banks are for fiat and crypto is for digital currencies, it can't be mixed because it is a different element and different goal. Banks will stay even if they decide to go against crypto because they are designed in certain way to provide certain financial transactions or needs that the crypro can't give and banks will still function til next decade or more.

And if banks will start to adopt crypto transactions then that's just an added services to the people.

The old financial system is gradually being abandoned because there is always a decline in the value of fiat money itself, from year to year inflation continues to occur in conventional currencies such as fiat and this in my opinion fiat money holders are very disadvantaged because of the decline in value. With Bitcoin and cryptocurrencies we have financial alternatives that can benefit us because the value of Bitcoin continues to increase, this is accompanied by a flow of people to invest in Bitcoin because it can be a very profitable investment as well as payment. The popularity of Bitcoin continues to this day and people's desire to use Bitcoin as a payment method is very high because it is saturated with the banking system.

Crypto is a combination of binary data, some designed to be decentralized, centralized, regulated or unregulated.
Banks or Financial institutions could adopt cryptocurrencies or blockchain technology, however, the uncertainty around the central bank that has the role to establish and regulate monetary policy, regulate and supervise commercial banks become a hindrance. Nevertheless, there are some government and central banks that allow cryptocurrency as a means of payment but there are some that prohibit cryptocurrency.

Most likely they gonna adapt with their own versions of regulations but if people don't like it, they will just stick to exchanges that don't really give them the pain in the ass. I mean, if bitcoins weren't there, We don't even have an opportunity to hodl huge amounts of money especially those people who lacked documents to show to the banks to open bank accounts. Do you believe until now, I don't have any bank account? that's because they asked me for some business permits which I don't have any of those. too much complicated.

It's not obligatory. The banking system is fully under the protection of each state and, in fact, is part of the state system of power. Therefore, as long as the states exist, nothing threatens the banking system. States have sufficient mechanisms to eliminate any difficulties in the way of their banks.
At the same time, banks have long appreciated the benefits of digital money based on blockchain technology. They will definitely implement it and are partly already on the way to this, however, the financial system does not like haste, it transforms very slowly. Of course, this will be a completely centralized and controlled by banks currency.

Even without addition of bitcoin into the service list banking services is taking place in a much effective manner. Banking services are limited, because beyond certain volume of transaction it requires lot of process. When it comes to cryptocurrency, it is possible to transact any volume of fund with ease. As most users mentioned, it can get added as a store of value which helps the banking process more ease.

In my country three banking transaction upto $750 is free of charge per month. Beyond that for every transaction it cost a minimum of $1 and tax on the transaction cost. When it is compared to bitcoin, right now bitcoin transaction costs big.

On considering different facts it is true that banks will adopt the technology and add bitcoin related services. Even without bitcoin adoption banks will survive and facing death won't happen as easy, because state have control over the banks.

In the next decade, I believe Banks will adapt to cryptocurrencies. They will surely find a way to adapt to cryptocurrencies that can be mutually beneficial between the bank and its customers, we'll just have to wait.

If the government will set rules that are crypto-friendly, most likely the banks will adopt as they a business that operates for profit, more options for their clients will lead to more revenue opportunities for the business. It will always start on how the government sees crypto because they are the ones who will regulate it, so if they are against crypto, no banks would be able to integrate crypto into their business.

Right. It should all start with how the government sees crypto and if they want to support crypto because it has a huge potentials to be a good currency, then that's the time that all banks and financial institutions should also start seeing bitcoin and crypto as good currencies that will be integrated into bank's transactions.

However, if the government continues to prohibit from crypto and never adopt it as a currency, then banks too should also comply with it. Even if there is a larger demand for crypto from the people, crypto will still not be adopted if there is no regulations from the government.

The history shows that markets adapt – at least over time, they have no other choise. But what amount of time will it take -that is a good question, I'd like to think that we will be witnesses of this.

Cryptocurrency has been doing great honestly speaking,but I feel the government control's the bank, which I think needs to adapt to the digital age.
Banks can still upgrade by adding some cryptocurrency policy inner their system,but government has got to give the upper hand before anything takes place.

While I do agree that the shift to a digital era/currency is inevitable and is bound to happen in the near future, I doubt that the world will replace the traditional fiat with cryptocurrencies. Remember that cryptocurrencies (specifically BTC), has a limited number of supply in which inflation is bound to happen. Imagine having a currency in which its value changes every day will make prices in the market be volatile also.

While the digital era may is fast approaching, I still have some reservations as to the shift to a decentralized currency around the world though.

While this is true, it's very hard to imagine a world where the government gives up their control of the money. Banks are a very profitable sector for a country with creating a steady tax income for the government. For them to give it up they would ask for some sort of compensation. Could the crypto world offset the lower taxes? I am not sure. The thing with banks is that everybody needs them. A company will not pay our salary in cash, they want to transfer it to a bank. When buying an apartment or house we need to ask the bank for a loan. The bank is profiting from all the services they offer to us, by selling products, issuing loans or just storing our money. For a bank to go bankrupt it's nearly impossible if they don't gamble away all the money, because they can just increase their fees to make more money.

I will continue to maintain that the rise and prevalence of cryptocurrencies will never be the end of banks or fiat. The worse that can happen to banks will be that they will lose trade volume and market share. Cryptocurrencies can never misplace banks, never. Despite the coming of emails and all that, don't people still make use of the postal agencies? But of course, they do. Besides, let's quickly remind ourselves that the technicalities involved in using cryptos will also make a lot of people skeptical in completely switching over to it. There are people who wouldn't want to have anything to do with cryptocurrencies, especially the old. They may have a hard time grasping with the internet. For me, I envisage a situation where banks and the crypto industry will continue to work in synergy to prosper global economy, and not struggle to destroy the other.

Banks can actually play a significant role in the crypto industry, adding some much needed assurance and security to the largely unregulated environment. Adopting cryptocurrencies and blockchain technology overall can streamline processes and take banking into the next generation of efficiency and innovation.

Agreed. Banks are still essential these days specially that we are in the age of migration from old system to new generation of banking. DeFi isnt polished just yet and still needs upgrades and innovations that could potentially replace banks. DeFi could takeover the place but not now, probably in the long run I think.