Is it possible for cryptocurrency to replace traditional banking?

[iBaba]

I assume you are talking about Bitcoin here.  It can do some of what banks do now, but it probably wont take over banking completely, not anytime soon anyway.  The future will probably be more about mixing the old, traditional finance with the new decentralized technology.

Bitcoin and other crypto currencies in general can do some of the things that the other conventional banks here are doing if not all because the basic functions of the traditional banks are basically to send money to another person and bitcoin can also do other things that might look complex in a traditional bank, simple within few minutes your money has landed on the other side regardless of the distance between you guys, bitcoin also makes it easier for you to own your own money without begging any manager or taking your little interest after earning from thr team

[Asuspawer09]

Not possible in my opinion, probably because its a decentralized thing, cryptocurrency, blockchain, Bitcoin etc is all decentralized and the government is not going to aggreed using somehting that is decentralized because they just can't control it, just like having the cash, or the banking system, they have control over it, that's why we have inflation and they could just keep on printing money anyway because they have the control on it and control the supply of it. They just can't do that in Bitcoin or any other altcoins, they dont have the control over it, I mean Bitcoin has a limited and fixed supply, so value is just gonna go up over time.

But in theory, I think it can replace the system, like what is happening today, cryptocurrency is already being used in a lot of banking systems already, some banks are allowing users to buy and sell cryptocurrency in the banking application already, meaning it can also replace money, if that's the only currency that we are going to use. I mean, cryptocurrency can do as well what the banking system do, I mean, probably even better since transactions are all on the blockchain network, so for m,e it is possible, it just isn't going to happen in our situation.

[avp2306]

I assume you are talking about Bitcoin here.  It can do some of what banks do now, but it probably wont take over banking completely, not anytime soon anyway.  The future will probably be more about mixing the old, traditional finance with the new decentralized technology.

Bitcoin and other crypto currencies in general can do some of the things that the other conventional banks here are doing if not all because the basic functions of the traditional banks are basically to send money to another person and bitcoin can also do other things that might look complex in a traditional bank, simple within few minutes your money has landed on the other side regardless of the distance between you guys, bitcoin also makes it easier for you to own your own money without begging any manager or taking your little interest after earning from thr team

Yeah it can be like that in simple ways, but what make it harder to happen is the regulation set by the government. For sure that they won't easily implement that thing because for them crypto is risky.

Also they provably protect the traditional banking institution since this is the backbone of their financial system and contribute a lot on their economic growth. Bitcoin and other crypto provably will remain to be an option to used by people.

But I really don't think that it can replace the traditional banking since they also know how to adopt the technological changes happening in the world.