Can we totally eliminate all the banks in this world?

[Gozie51]

What is the future of cryptocurrencies when all the government need to do is to close the bank accounts of businesses or exchange?

https://www.coindesk.com/bitcoin-businesses-face-bank-account-closures-in-singapore/

Not yet time for such agenda. One reason is even that all the cryptos (that is plus bitcoin too) put together is not close to fiat money in circulation not to talk of the once stored in strong rooms.  So at least not time yes, banking has its purpose too.

[1714019090]

1714019090

[1714019090]

1714019090

[1714019090]

1714019090

[1714019090]

1714019090

[1714019090]

1714019090

[Hydrogen]

The only reason banks exist is to fulfill basic and essential needs relating to the storage and exchange of money.

As long as those fundamental human needs exist, banking or something similar to it, will exist in one format or another.

Some ask if bitcoin could replace banks. There's a possibility bitcoin itself could someday become a type of bank.

[hase0278]

What is the future of cryptocurrencies when all the government need to do is to close the bank accounts of businesses or exchange?

https://www.coindesk.com/bitcoin-businesses-face-bank-account-closures-in-singapore/

Whether you like it or not, Banks would not be eliminated that is in the near future at least. Before they were to be deemed as useless, there would be a lot of work needed to do in order for cryptocurrencies to be mainly used with people disregarding the banks. That itself I think would take a long time, and there are still some of the few who will be willing to use their services by that time maybe so banks will not cease to exist in the next 20-30 years at least.

[Saoha]

What is the future of cryptocurrencies when all the government need to do is to close the bank accounts of businesses or exchange?

https://www.coindesk.com/bitcoin-businesses-face-bank-account-closures-in-singapore/

Future Bitcoin will replace the current position of the bank. However, it will be quite difficult and take a long time. Maybe the bank will still work but few people will use it or maybe the bank will not be used !

[naidray]

What is the future of cryptocurrencies when all the government need to do is to close the bank accounts of businesses or exchange?

https://www.coindesk.com/bitcoin-businesses-face-bank-account-closures-in-singapore/

Whether you like it or not, Banks would not be eliminated that is in the near future at least. Before they were to be deemed as useless, there would be a lot of work needed to do in order for cryptocurrencies to be mainly used with people disregarding the banks. That itself I think would take a long time, and there are still some of the few who will be willing to use their services by that time maybe so banks will not cease to exist in the next 20-30 years at least.

You are right! Banks cannot absolutely be eliminated. So many people will still believe in using the normal traditional banking system and wont even want to go through the stress of advancing in technology.

However, this will have to do with time. If cashless system gets grounded and most especially cryptocurrency comes to play, some generations will fade off and banking activities will reduce and before you know it, we may just totally switch over from banking system entirely but this will definitely take years before we start seeing that happening.

[malikusama]

What is the future of cryptocurrencies when all the government need to do is to close the bank accounts of businesses or exchange?

https://www.coindesk.com/bitcoin-businesses-face-bank-account-closures-in-singapore/

Don't be afraid of it mate, bitcoin has faced many conspiracies and challenges in the past like this and every time bitcoin manage to go through these hurdles and grow more due to its loyal community.
Anger of government and banks towards bitcoin and cryptcurrency have just flared up, this reaction is not unexpected at all, the growing popularity of cryptocurrencies is causing headache for government and banks.

[sofi@]

No we can't. Banks are part of the economy of a certain country it holds majority of cash circulating in the market and they played important role in controlling the legality of cash so whether we like it or not banks will remain in the market and even bitcoin cannot replace fiat and permanently remove banks it can be just a global currency but not a currency replacement.

[cyberChevan]

What is the future of cryptocurrencies when all the government need to do is to close the bank accounts of businesses or exchange?

https://www.coindesk.com/bitcoin-businesses-face-bank-account-closures-in-singapore/

Actually, Bitcoin or any type of cryptocurrency cannot make banks disappear completely. Banks are friends with the government so I wish good luck to these cryptocurrencies in eliminating all the banks completely. If ever the time comes that only one should reign, a compromise will be set. Cryptocurrency and bank will work together so that both will coexist.

[iMark]

What is the future of cryptocurrencies when all the government need to do is to close the bank accounts of businesses or exchange?

https://www.coindesk.com/bitcoin-businesses-face-bank-account-closures-in-singapore/

Whether you like it or not, Banks would not be eliminated that is in the near future at least. Before they were to be deemed as useless, there would be a lot of work needed to do in order for cryptocurrencies to be mainly used with people disregarding the banks. That itself I think would take a long time, and there are still some of the few who will be willing to use their services by that time maybe so banks will not cease to exist in the next 20-30 years at least.

You are right! Banks cannot absolutely be eliminated. So many people will still believe in using the normal traditional banking system and wont even want to go through the stress of advancing in technology.

However, this will have to do with time. If cashless system gets grounded and most especially cryptocurrency comes to play, some generations will fade off and banking activities will reduce and before you know it, we may just totally switch over from banking system entirely but this will definitely take years before we start seeing that happening.

after all, the bank functions not only for financial transactions between users or money stores for many people, but the bank has a very important role for the finances of a country, the central bank in a country also performs financial management for the country right? so I think only because the currency becomes more sophisticated does not mean it will eliminate the bank system

[qwertyuiop0987654321]

Not sure that banks will be totaly eliminated (too much money and too many smart minds are staying behind the bank system) but I'm sure that banks will have to change the way they work. It seem like P2P transactions are pushing banks to make those changes and blockchain is bringing innovations to this sphere.

Banks won't be eliminated in the world. Our world consists of differents continents divided into different countries with different currencies. Currencies is the one that makes identification to a certain country. Eliminating banks won't be that easy but it can be possible if the world has a certain currency for everyone.

[NewBet]

Can we totally eliminate all of the banks in the world? No way. There are millions of bank branches and hundreds of banks and to think they would all get eliminated is hilarious. There will always be banks, and I think at some point there will be crypto-like banks which have extreme security to keep your coins safe, and maybe you could only retrieve them in person like current fiat banks.

[zzSunZZ]

Banks all over the world are the most finance system, if they're all eliminated where you think will hold the financial of the country? Of course the goverment can't do it, their responsibility is the politics not for the economics finance.
Banks are necessary for the exist of some organization and order of one country so it's impossible when you want to eliminate all the banks , i guess which country doesn't have a bank will be totally destroyed.

[moanamakeway]

There is a future in cryptocurrencies. But after all, I think, paper money will never go out of trend. it has been there for generations already and it is not that easy to eliminate. So I think we can't get rid of banks that easily. Banks are there for safe keeping of the money. Bitcoin only is for electronic banking but people has a tendency to withdraw bitcoin for paper money to be stored in a more secured platfom.

[pginvest]

What is the future of cryptocurrencies when all the government need to do is to close the bank accounts of businesses or exchange?

https://www.coindesk.com/bitcoin-businesses-face-bank-account-closures-in-singapore/

It might be theoretically possible, but I am not sure that a) it is necessary to strive to achieve that because Think the first thing we should be doing is adding all the value we can and not worrying about what banks do. and b) I am not sure it is desirable to eliminate all the banks, because as much as you might hate some of them, there are many important functions that banks provide.

I do believe int he long term that banks will be very much changed.

[traderethereum]

we can not totally eliminate all the banks in this world unless people is not using the banks again. right now people still believe with the banks and they are saving their money in the banks. but if in future, people is moving from the banks into crypto currencies then it might be possible that banks will eliminate or disappear or even integrate with crypto currency.

[bitcub]

Bitcoin can be use as wiretransfer device for Bank transaction. Why should we need to compare or make an issue of elliminating banks using crypto? THis is why the government wants to close or eliminate the crypto, because they are scared of having their banks closed. So please stop making topic like this to stop the government from mistreating bitcoin.

[dothebeats]

What is the future of cryptocurrencies when all the government need to do is to close the bank accounts of businesses or exchange?

https://www.coindesk.com/bitcoin-businesses-face-bank-account-closures-in-singapore/

According to the article, the Monetary Authority of Singapore don't intervene with the decisions of commercial banks in regards to fraud protection and customer due-diligence laws, so these actions weren't taken by their government but the banks alone. In that case, the exchange needs to just find a bank who's okay with crypto dealings and will make them more money. Slowly, countries are adapting to cryptocurrencies and are creating flexible regulations that allows the use of cryptos freely. Just give it more time and crypto and gov't will coexist but not sure about commercial banks.

[fiulpro]

Banks can never be eliminated soley because of the reason of a cryptocurrency;
They employee a large number of people
They are well established and most of the money and currency people have is im the bank that helps to regulate many functions directly or indirectly, like pertaining to government funds schemes all are regulated through bank besides cryptocurrency is not stable and not widely accepted thus its hard for them to over power the banking system.
And besides keeping the money many other functions are also run through a bank...
They can sure improve but can't be eliminated.

[Mozdalifa17]

Banks disappear will not happen anytime soon but if we get announcement from government officially over the world accepting bitcoin as legal market then bank will close brunches one after one , i expect that would happen withing 1-2 decades.

[mkmdoc]

See banks are the major sector where we can get paid for the work we are doing and many other daily transactions are being done through the banks. Bitcoin is being developed not to eliminate the banks but the bring change in the human being life.