Will blockchain kill traditional banking?

[Griffith Allen]

Essentially, cryptocurrency can serve to regulate the monetary supply based on algorithms and policies, in the place of a central bank. Cryptocurrency cannot play the role of “central banker”, supporting and regulating banks and acting as the government’s bank.

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[Geoffrey Walker]

No, for two reasons:
1. It takes up far too much computing power, exponentially rising the more it is used.
2. An essential role of central banks is to limit and add to the stock of money in circulation.

[Odora]

this is still a question of many people and I think maybe yes Blockchain will kill the old bank system,
we are in the transition period.

[Azaria Rodriguez]

Yes there is a lot of possibilities that blockchain based cryptos can replace banks and other intermediates.Saving a huge amount of time and other paper work for the customers.

[Rudolph White]

Depends on what you consider the function of the bank to be. --> Do you consider the bank a place to store and transfer money? Then, yes.
Do you consider the bank a place to get loans and other financial products? -->  Perhaps, although it will be incredibly difficult without some bank like entity.

[skylark001]

A bunch of blockchain tech founders debate the question here: https://bitnewstoday.com/opinion/will-blockchain-kill-banks-or-financial-sector-can-use-this-technology-to-improve-its-efficiency/

James Song, founder of exsulcoin , is featured too. He's showing up everywhere these days.

Out of question in current scenario, It is true that blockchain is getting popularity and gaining its foot hold in the market and finance regulation but how come without being under an accepted regulation it can replace the banking system. To replace banking, blockchain needs to accepted as a proper system world over.

[coolws]

Cross-border transactions from banks are expensive. When blockchain comes up, it would help them to improve and reduce the transaction costs and change the form of payment. Also, banks are still remain in the world, and would not disappear any more. Blockchain would replace some business and increase the convenience and efficiency.

[IloveDigibyte]

I don't block-chain will kill traditional banking. I don't think that the banks will give it up so easy. I think banks will find a way to stay on top.

[tyuner4]

As far as I know of, traditional banks are testing Blockchain as remittances alternative to swift. Therefore I don’t think Blockchain will kill traditional banks. However, fintech startups such as crypto banks might have a chance to overtake and eventually kill the banks.

[BitcoinTurk]

Traditional banking is not an easy sector to me. The reason is quite simple; we should be constantly attached to them. Whatever it is, do not forget that in daily life the antagonism is constantly coming out of banks. Everyone, from the one who wants to enter the crypto money world to the person who wants to invest, transfers his money through this bank and starts getting his services. Blockchain technology is very robust, but I do not think it will destroy the traditional banking system. It does not seem to be possible at least for the present day.

[Bokugo]

As far as I know of, traditional banks are testing Blockchain as remittances alternative to swift. Therefore I don’t think Blockchain will kill traditional banks. However, fintech startups such as crypto banks might have a chance to overtake and eventually kill the banks.

If it is seen the function of the Bank is needed to serve the economy but in taking the risk of its economic reserves with keywords at the level of crypto currency, say, bitcoin. It will kill yourself. The system can not be lost through the introduction of crypto currency. With the strengthening of the crypto currency position, banks will decline slightly

[Dipsomaniac]

In the far future, yes I think it will. In the next 10-20 years, I don't think so. I think people still latch on to banks and don't want to let go because it is what they were raised to use. I don't personally trust banks based on a lot of things I read and how they take advantage of users. The blockchain is completely trustworthy though and all of the fees are clearly provided up front. I think eventually people will realize the blockchain is superior. Once widespread adoption happens, I think banks will be useless.

[eMusic]

Blockchain will not "kill" traditional banking, but i believe that it will definitely decrease bank operations worldwide.

The traditional banks are here to stay (at least the big firms) they will obviously adapt to survive

[screwUdriver]

I don't block-chain will kill traditional banking. I don't think that the banks will give it up so easy. I think banks will find a way to stay on top.

The blockchain technology will help banks, not kill them. It is true, the banking system was designed decades ago and doesn't keep the rhythm of current technology evolution, but they will adapt fast, as the market strongly demands that.

[pabpete]

As far as I know of, traditional banks are testing Blockchain as remittances alternative to swift. Therefore I don’t think Blockchain will kill traditional banks. However, fintech startups such as crypto banks might have a chance to overtake and eventually kill the banks.

Banks will integrate or adapt. Also as we're seeing, the crypto space is creating its own intermediaries and layers.Blockchain technology will revolutionize systems and eliminate a lot of middlemen.

[armakarisma]

I think blockhain will not kill traditional banks, it is precisely today many traditional banks are beginning to adopt blockhain technology and this is good for technological advancement and improvement of the current service

[Exforgant]

Bitcoin is one application of blockchain, while blockchain is one type of distributed ledger technology.Banks as we know them are dead, Bitcoin and the Blockchain fundamentally kill how current banks operate with fiat money and fractional reserve lending. However, banking itself is not dead it just needs to be re-invented.

[bitcoinisbest]

I think blockhain will not kill traditional banks, it is precisely today many traditional banks are beginning to adopt blockhain technology and this is good for technological advancement and improvement of the current service

Blockchain can actually help the banks while transferring money from one country to another in fraction of seconds rather than waiting for days in our country through the normal banking process. This changes in coming time will be bound to happen and also things may change a bit for banking process as well.

[jakiro.hovard]

I really hope so, all banks are subject only to the central bank in each country. I think that this already says that the entire structure should not be hidden. It should have a more open scheme of work.

[max6575]

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