Will blockchain kill traditional banking?

[D-Fault]

Definitely not, this is two different spheres and they have a little common. It's like to tell "if tennis would become more popular would it kill rugby?"

[goncalvopietro]

The banks will be disappear one day. Blockchain technology is more useful, fast and secure. There will be no need for a bank in the future.

[Wechsler]

Definitely not in the next 20 years.

For one, the impact and practical application of blockchain is not thoroughly understood and developed. Also, banks are very powerful and do not just have financial power but political influence. They will likely adapt their businesses.

And finally, the INTERNET has not even been thoroughly utilized and has not even killed industries that it can replace yet. It has not killed newspapers or the radio (although it has done sufficient damage). Very few businesses are on the cloud. But in the dotcom boom, people were dreaming big things of the internet, that EVERYTHING will be online. That all things that are brick and mortar businesses will be rendered totally irrelevant.

I think that blockchain will find it's niche. At most, I think it will give banks a bloody nose and then find its place in our everyday lives.

[SaoAccel]

I think it will not kill traditional banking because most people still believes that putting money in crypto currency is a great risk. But I think banks will also be adopting crypto currency for additional security and transparency.

[Fulmand]

The cost of traditional Bank transfers is much cheaper than transfers in blockchain. The transaction price in Fiat is limited only by the degree of greed of bankers. I do not believe that banks will use the blockchain for transactions. Banks can use the blockchain only for the exchange of documents. We will not see these changes.

This is incredibly a never-ending issue, since it opens doors for different notion. Traditional banking has been in the industry for generation. Traditional banking and Blokchain are from two different world,  it differs in terms of security, accessibilty, finance control, service, contact and more. Despite it's differences still both are beneficial in different scheme. In the presence of Altcoin in the market I don't think it's that easy for traditional banking to be eliminated in the industry, because first of all it is centralized, controlled and regulated by the government and not all people are internet savvy. Besides, traditional banking is not prone for hacking. The greatest challenge of virtual currency would be its security. Unlike traditional banking, blokchain is directly shared without central administrator.

[LUCKY21]

I think traditional banks will simply change. These krahobory were always and will be in the future. They will adjust to the changes in the market. And if they can not defeat the crypt, they will simply lead it.

[dutchkay]

Blockchain killing traditional banking i don't think that it's possible. Blockchain can only exist alongside traditional banking. Some people depends and still believe in the way of old banking system. Though the tech will definitely change a lot of things so far it can stand the test of time. But i doubt that the government will allow it to defeat the banking system.

[Mrs Aura]

Blockchain will definetely reduce the role of traditional bank, it has already happened in some sectors especially in trading across Nation border and might be in a wider scale in the future. But i dont think that blockchain will totally replace the role of traditional bank because traditional bank also had overage that blockchain didn't

[sindikat]

Blockchain killing traditional banking i don't think that it's possible. Blockchain can only exist alongside traditional banking. Some people depends and still believe in the way of old banking system. Though the tech will definitely change a lot of things so far it can stand the test of time. But i doubt that the government will allow it to defeat the banking system.

Now the state cannot exist without the banking system. The economy of the country can not be managed with the help of cryptocurrencies. Impossible lending companies in the cryptocurrency. So I think Fiat will always exist. Cryptocurrencies will exist only in a parallel system. But the weakest banks will not be able to compete with the cryptocurrency and will collapse.

[Vit83]

IMHO cryptocurrencies have all chances to kill all this army of bankers. There is no need for all these people. This can be done just buy programmes and open for everybody.

[thepo1m]

I think some people are under rating some of these banks, some of them are more than 100 years old, if they have not adapted from time they would have die long way, what I see about big banks is that they don't just jump on the hype, they take time to understand how a new tech would benenfit their business and how best they can best deploy it, not just anything goes mentality.

[xenomorphe1]

I don't think blockchain is going to kill traditional banking. Some banks are already using blockchain. I would think that blockchain may kill credit cards, but not banks.
It is easier to go to the bank and take out your cash than transfer your coins/tokens to an exchange, and the exchange then send you the cash on your bank account.
If one day we don't have any cash in circulation, it may be possible that the cash will disappear. But i don't think the banks are going to disappear so easily.

Also, a lot of people are still suspicious about the blockchain coins and tokens. And it is also not so easy to do a transaction on the blockchain.
You sometimes need to type by hand the destination address of the receiver. You also need to keep your private key safe, and also should know how to import it.
You also need to take in account the transaction fees which may change. As it depends of the price in USD and the number of transactions of the coin.
You don't know how much time your transaction is going to be delivered. Can be 2 minutes to some hours/days.
Some coins have only a wallet on a pc. They don't have a wallet on every operating system.
You also need to keep a lot of password and accounts on every exchanges. Also need to keep the 2FA safe.
There is also a lot of scammers on the internet.

It is very complicate to stay safe on the internet.

[AiwaDima]

This is a new technology and therefore it will take a lot of time when it will be perfect, so it is a direct competitor for banks, but it will not be able to push them completely.

[george888055]

The reality is: every payment on a blockchain network is a settlement, and the cheaper these transactions, the more widespread uses the platform will find...

[Mumbeeptind1963]

Definitely not, this is two different spheres and they have a little common. It's like to tell "if tennis would become more popular would it kill rugby?"

I also disagree to the idea that blockchain will kill traditional banking because I believe that even bitcoin will approve worldwidely and also implemented worldwidely the operation of fiats in different countries will continue and bitcoin has nothing to do to suppress those fiats transactions because they are the usual currency that a one nation used all over their country. Let's just be happy if bitcoin will accepted in our country.

[semobo]

Yes sure it will if the cryotocurrency can hold for 10 more years in the world.But the traditional banking system is not useful as the cryotocurrency and they are making money from our money so why we let someone to control our money anymore,we are the owner so we have to control our money.

[Crypto_lion]

Absolutely no way it's gonna happen in our lifetime.You may see Cryptocurrency getting used more often and get mainstream adaption soon but to replace traditional banking is really difficult and of anything I feel banks will adapt cryptos if such a case arises

[Pa1n]

Its not gonna happen. Traditional banking comes from many many years before. People used to  trust tradition process. Maybe a lot of years later can kill.

[ofelia25]

Absolutely no way it's gonna happen in our lifetime.You may see Cryptocurrency getting used more often and get mainstream adaption soon but to replace traditional banking is really difficult and of anything I feel banks will adapt cryptos if such a case arises

It is hard to kill traditional banking instead of killing them why not unite with cryptocurrency we can use both of them in having a smooth transaction, I am okay and nothing against blockchain but I wanted also to have bank as it is good way for us to save money, as it is hard to save if you are handling your money.

[matsusomoto]

It really can,the cryptocurrencies would be our new money when the future comes and these fiats will be replaced by the altcons that we have today.There will be surely some people will stand against cryptocurrencies but the blockchain technology will find its way to eliminate the banking system of these centralized banks.