Can we totally eliminate all the banks in this world?

[rowel21]

Eliminated all banks where those  came from I dont think that is the purpose of crypto
Banks are needed not all person in this world is know how to use this new thecnology on this era
How about those poor people out there working so hard and earning a physical money little by little
I can't see the future without our literal money it's our basic needs daily

[1715372029]

1715372029

[1715372029]

1715372029

[Tukang Becak]

Even eliminating the traditional banks we need to make some organizations who would deal financial services, imho. So to my mind, we can not live without them in any ways

The financial system and transactions are heavily dependent on the banks so that it is impossible if banks disappear, if the bitcoin effect is too strong the banks will receive bitcoin.

[GabrielLonz]

Although I would like to believe it is impossible to do, since they are part of the global economy with the fiat currency and eradicating the fiat currency in the world is a situation that is completely far from our reality, despite the fact that we love cryptocurrencies, for now I only see a future of both living and coexisting as they have done so far.

[Opnsrc]

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/

I do not think this is possible in the nearest 20 years. Banks (I mean traditional ones) give people possibility to keep their fiat money, that is used everywhere. The other thing crypto banks, that we need as well, and they can replace some fiat banks.

[Wenmanong]

I think we can't totally eliminate all the banks, the banks for sure they have idea how to get in so that they can stay,

[@minajeryll]

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/

I believe all government can eliminate all banks but they will not allow it. There are still lot of things that banks can do. For example cryptocurrencies cannot lend people to borrow money from them, also housing and etc. So I think all government will not totally eliminate banks.

[red00]

in my opinion bank will not eliminate becuase most of people use bank in real life because most people dont recognize crypto currency or digital currency they prefer cash

[Lubang Bawah]

This is difficult because banks are fully protected by all countries, many banks are shares owned or become state-owned enterprises, in addition banks function vital in building the economy so it is impossible to eliminate the bank in total.

[mstfprcn]

I don't think we can eliminate banks completely,the role of bank in the financial system has been very crucial since a very long time, and it would be very difficult to completely eliminate banks from the system,since people still rely on banks.

[tats14]

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 can't be possible that all bank accounts can be exchange or be eliminate easily because of cryptocurrencies, it is not been easy to eliminate those bank accounts because banks are many users of it and it is impossible.

[siopaotsin]

Of course you can't eliminate all the banks in the world just because of cryptocurrency. though it is possible to become cashless in the future it will be both handled by cryptocurrencies and banks.

[bit.pawy]

It is not possible. Banks will not let itself be eliminated in the world as they're one of the powers controlling the world. Banks will not back down to be replaced by cryptocurrencies. We can already see it as banks are trying to regulate Bitcoin and China prohibiting cryptocurrencies, mining and exchanges in their country as it will hurt their fiat currency.

[Rooster101]

Not totally, other countries may not allow their financial system to be overtaken by the cryptocurrencies in the future. Only the nations with advance technologies can implement a bankless financial system because they had an excellent cyberstructures and high internet literacy. Other countries that still developing can't easily catch up with this kind of advance technology of virtual banking.

[netil]

In the very distant future - perhaps yes. The idea of banks is becoming obsolete and sooner or later it will finally cease to be necessary for society.

[amaydel]

Even eliminating the traditional banks we need to make some organizations who would deal financial services, imho. So to my mind, we can not live without them in any ways

And with some speculations that cryptocurrencies will replace fiat in the future seems so unattainable. We all know that there are drawbacks in cryptocurrency which cannot be found in fiat. Transacting in offline mode is a big problem for bitcoin for instance since you need internet connection to run the blockchain. With fiat, you can transact offline so it's really hard to replace fiat with cryptocurrencies.

In that connection, if there is fiat, there will always be bank, IMO.

[Kim Domingo]

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/

Why would we do such as eliminating all the banks in the world if we can just let it stay as what it is meant to be. We do not need to eliminate it all for the reason that cryptocurrencies are already dominating the world of currency and attracting more people to go beyond it. Also, I do not believe that it can be possible that we can eliminate all banks in the world because people are still into using banks like virtual wallets.

[BingoDog]

Eliminating banks is eutopia. Just not possible and bitcoin and other cryptocurrencies don't have that power. Don't have such hope, it's useless.
They might modify the way they do banking business and they will do that eventualy but they will continue to exist because the economy in the world is depending on them.

[Sled]

Eliminating banks is eutopia. Just not possible and bitcoin and other cryptocurrencies don't have that power. Don't have such hope, it's useless.
They might modify the way they do banking business and they will do that eventualy but they will continue to exist because the economy in the world is depending on them.

I agree that it is not possible as of now. But in the future, we might see some changes in other or from the majority of the people in the cryptocurrencies because they are so powerful for the future and we can see some traditional banks that is closing because of the outdated system because the blockchain technology will be the boomin' market in the future.

[Nylelyn]

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.

Yes it is really difficult eliminate all the banks in the world. Banks are financial institution. It is correct that they practice centralization in which a centralize system controls all the transaction. However, corporate world still rely on this system for security purpose. Since banks have controlled system, money of government, private and personal are more safer plus the fact that all transactions are recorded and can easily be tract. And this is important to avoid fraud, gambling which will lead to money loss.

[oxidoreductase]

In the very distant future - perhaps yes. The idea of banks is becoming obsolete and sooner or later it will finally cease to be necessary for society.

I dont really think that we can eliminate all the banks in this world because banks has a big role in this world and all people in this world was trusting banks and all people in this world is knows banks unlike on bitcoin not all people are know and trusting bitcoin.