Banking will still be significant until cryptocurrencies can "stand on their own

[RamonBTC]

In all honestly your right that at this time, bank is still significant in 50% in our society. But on the statement “until cryptocurrency can stand on its own”, I don’t agree with. It can stand long time ago without the needs of or to be transacting with the banking system. It is now independent, but that is not the problem. The people is not yet ready or afraid to live in a total undocumented process.

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[Argoo]

The development of the crypto currency can not lead to the collapse of the banking system in the future. Banks will always exist, since they are a prerequisite for the existence of any state. All financial issues, any fulfillment of the economic development plans of the country are carried out through banks. Crypto currency in this matter will not be able to replace banks, since it has greater volatility. Therefore, if the crypto currency will pose a significant threat to the functioning of banks, it is likely that the state will limit the circulation of crypto currency, protecting the efficiency of banks.

[serjent05]

I believe even though cyrptocurrency can stand on their own, banking is still significant.  Because banking is essential to everyone.  Banking is not all about money being stored in an institution but rather getting profit from the stored money (% earned).  Aside from that, institutions like bank is still the better way of storing our important documents and stuff aside from money.

[goldade]

I do believe that even though cryptocurrencies can stand on their own, which is not possible, there would still be need for banks.
Cryptocurrencies can and will never be able to stand on their own as banks are what gives them value. If there are no banks, there would be no reference point to determine the values of cryptocurrencies.
Besides, financial institutions such as banks are not only set up because of the money involved. Banks are also set up to safekeep valuables.

[justdimin]

I believe even though cyrptocurrency can stand on their own, banking is still significant.  Because banking is essential to everyone.  Banking is not all about money being stored in an institution but rather getting profit from the stored money (% earned).  Aside from that, institutions like bank is still the better way of storing our important documents and stuff aside from money.

Yeah, that would remain for a very long time. Firstly, we have to understand that salaries are still going to be paid in fiat and I am not sure how government will react to companies paying in bitcoin. People will still want to get loans for business as well and so many other things.

Hence, one way or the other, banks will still be very operational, and if cryptocurrency gets big, I am sure they will find a way to hop in to render some services for their own benefit, more like the way we have exchanges now.

[rickadone]

In all honestly your right that at this time, bank is still significant in 50% in our society. But on the statement “until cryptocurrency can stand on its own”, I don’t agree with. It can stand long time ago without the needs of or to be transacting with the banking system. It is now independent, but that is not the problem. The people is not yet ready or afraid to live in a total undocumented process.

I think you are even understating the fact. Banks are significant more than 50% in our society except we just want to lie to ourselves. I do not see banks being ripped off their position in long time from now. Most especially in places where there is even limited access to information and internet, and in even places that there is full access, some are still playing the traditional card to everything and the prefer it that way. In some perspective banks already tarted to lose their significance from common people's economical aspects. I strongly believe this will keep on increasing in coming days.

[mostcrack]

Both will stand straight, bitcoin will be difficult to shift the bank to make itself as a legitimate currency is very difficult before there will be no permission from the bank because it is considered very risky in the future where the price is fast up and down, and other bitcoin better known as a digital asset where much of the potential it has bitcoin.

[Hamphser]

In all honestly your right that at this time, bank is still significant in 50% in our society. But on the statement “until cryptocurrency can stand on its own”, I don’t agree with. It can stand long time ago without the needs of or to be transacting with the banking system. It is now independent, but that is not the problem. The people is not yet ready or afraid to live in a total undocumented process.

I think you are even understating the fact. Banks are significant more than 50% in our society except we just want to lie to ourselves. I do not see banks being ripped off their position in long time from now. Most especially in places where there is even limited access to information and internet, and in even places that there is full access, some are still playing the traditional card to everything and the prefer it that way. In some perspective banks already tarted to lose their significance from common people's economical aspects. I strongly believe this will keep on increasing in coming days.

Banks would never ever lose its significance when it comes to economical matter.We do know their role which most people do know on how these institution words on the entire economy.Crypto might stand on their own but not coming to a point on where people would really transfer from traditional legal system to a decentralized one.I would like to know if how cryptos would stand on their own if they would be still on uncontrollable side?

[darewaller]

for the moment the Bank is still standing upright, then how is the continuation of the bank if Crypto already stand alone and in the public know so that in use fully and all countries wear it. is there going to be a temporary panic in the financial world? .... and all the banks in every country collapse is that what will happen hopefully there is no market panic

The scenario that you pictured will not likely to happened in the future. Even though that crypto is slowly going mainstream and a lot of people want to be "its own bank'. Financial institution will stay whether we like it or not. Yeah, we must admit that crypto is a threatening disruptive technology that has challenged the way we look at banks, but it doesn't mean that it people will all go to crypto to store their wealth and money. And its a main component of the economy in the world. Banks is like a gauge, observe those wealthy nation and you will notice that their banking and financial system are very healthy as well.

Financial institutions are already in a huge position to remain relevant and nothing is apparently going to be changing that in the long run. I know most people may think that banks have duped us for so long, well, that is past, this is present and in the future, I do not expect the banks to close their eyes and get pushed out of the system, so as long as that is, they will always find ways to always remain relevant with or without cryptocurrencies.

Both will stand straight, bitcoin will be difficult to shift the bank to make itself as a legitimate currency is very difficult before there will be no permission from the bank because it is considered very risky in the future where the price is fast up and down, and other bitcoin better known as a digital asset where much of the potential it has bitcoin.

Both may survive but the question is which one is going to dominate. The definite answer in long run must be "cryptocurrencies" alone. Because banking system has its own pitfalls which may end their life in coming years when people come to the point of understanding those pitfalls.

[upsidedown75]

That's pretty obvious, yes. I think that crypto needs like 10 years more to fully develop the technology and it's practical approach.

Yes, 10 years will be more than enough for crypto-wrold to get established as a replacement for traditional banking.  But, what I am worrying is, the awareness of cryptos to common people, the rate of spreading may differ among different part of world still it is lower pace than estimated.

At the same times, I do not even see how banks are going to be pursued out of their space for now, and even if cryptocurrency gets big, worst is just for them to start finding ways they can also benefit from it. Banking system has been on for a long time now and there is nothing anyone can do about it, but as it is, we will have the two system rolling for a while and when one wins, the other will find a way to blend in, and at the end, banks will blend in.

[bitbunnny]

I.think banks and cryptocurrencies can exist together, each by their own philosophy and rules.
Cryptocurrencies will not replace fiat currencies and banks, this is just utopia but they can represent some alternative and healthy competition to banks and traditional economy system. Also banks can use cryptocurrencies for their own profit and even offer to their clients services related to cryptocurrencies and this can function good.

[evichi]

The mechanism of changing FIAT currencies to CRYPTOCURRENCIES indicates  reduction of the amount of money owned in fiat to cryptocurrencies.  If people continue to invest in cryptocurrency that means asset base is shifting from fiat (bank - money kept with 3rd party) to cryptocurrencies (personal bank). Governments generally work with Banks (fiats). If governments work out modalities to benefit from cryptocurrencies, then cryptocurrency will thrive,  otherwise it may face challenges. Banks will co-exist with cryptocurrency so long the weight of government is on fiat currency. However, In the FAR future I see cryptocurrency taking over.

[carlfebz2]

I.think banks and cryptocurrencies can exist together, each by their own philosophy and rules.
Cryptocurrencies will not replace fiat currencies and banks, this is just utopia but they can represent some alternative and healthy competition to banks and traditional economy system. Also banks can use cryptocurrencies for their own profit and even offer to their clients services related to cryptocurrencies and this can function good.

We are already seeing it now actually on where crypto and banks exist together but collaborating would really be impossible.They do really have their own rules and ways on how they should work into some various of things this is why banks gets alarmed when they do saw a certain feature on where crypto would really able to surpass them and this is why banks do hate it.

[Nhor1011]

for the moment the Bank is still standing upright, then how is the continuation of the bank if Crypto already stand alone and in the public know so that in use fully and all countries wear it. is there going to be a temporary panic in the financial world? .... and all the banks in every country collapse is that what will happen hopefully there is no market panic

       Even cryptocurrency stand on it's own,banks are still significant. Banks are the strong financial institution of government that gives opportunity to people how to manage their money and banks also are the financial supporter on the other hand. And now that cryptocurrency exist banks are still signigicant because cryptocurrency are digital currency that you need to change into fiat before you can spend it in all you want. We need banks if we encash fiat money from the profit we gained through bitcoin. It means banks and cryptocurrency are significant and can exist together

[Olalomi]

For cryptocurrencies to usurp the banking system it's is going to time for it to come to reality, gradually cryptos are well being adopted globally as more people move into cryptos the better, personally I kept my bitcoin in my wallet rather than exchanging it to fiat and save in a bank.

[richminded]

For cryptocurrencies to usurp the banking system it's is going to time for it to come to reality, gradually cryptos are well being adopted globally as more people move into cryptos the better, personally I kept my bitcoin in my wallet rather than exchanging it to fiat and save in a bank.

Banks will remain banks, and cryptocurrency will move further and make its own market globally. We all know that we cannot defeat banking system because those are controlled by the tycoon and we still need it for some transactions but I believe cryptocurrency will play a big role on our financial system in the future.

[robotrobert]

The development of the crypto currency can not lead to the collapse of the banking system in the future. Banks will always exist, since they are a prerequisite for the existence of any state. All financial issues, any fulfillment of the economic development plans of the country are carried out through banks. Crypto currency in this matter will not be able to replace banks, since it has greater volatility. Therefore, if the crypto currency will pose a significant threat to the functioning of banks, it is likely that the state will limit the circulation of crypto currency, protecting the efficiency of banks.

Banks will stay in the picture for a very long time and even if they do not, some of us may not be alive to see it, since we would have gotten old and gone, probably we will be watching it somewhere in 3D from wherever we are in the spirit when that time comes. Banks so far, will still remain as cryptocurrency is just going to be among the community, some will still prefer their long traditional method of transaction.

[d1ceplayer]

for the moment the Bank is still standing upright, then how is the continuation of the bank if Crypto already stand alone and in the public know so that in use fully and all countries wear it. is there going to be a temporary panic in the financial world? .... and all the banks in every country collapse is that what will happen hopefully there is no market panic

And you know that Bitcoin won’t be able to stand on its own. Fiat is controlling everything and you can’t change that. There are lots of things in the world’s market including stocks/assets, commodities and a lot of them, but all are being controlled by fiat, including Bitcoin. Fiat is being controlled by banks which puts banks mostly in control, you see, banks are always at the lead and you can’t change that. Bitcoin will continue to be an asset.

[Snaic]

for the moment the Bank is still standing upright, then how is the continuation of the bank if Crypto already stand alone and in the public know so that in use fully and all countries wear it. is there going to be a temporary panic in the financial world? .... and all the banks in every country collapse is that what will happen hopefully there is no market panic

Regardless of how strong the crypto currency is and will "get on its feet," banks will always exist in any state. The banking system will never burst. Banks are an indispensable attribute of any state. The budget of any country is accepted and implemented through banks. The Crypto-currency with its high volatility can not replace the existing monetary system of banks. If the crypto currency and the banking system conflict with each other, it is likely that the state in this conflict will take the side of the banks and will go on limiting the crypto currency.

[Fatunad]

for the moment the Bank is still standing upright, then how is the continuation of the bank if Crypto already stand alone and in the public know so that in use fully and all countries wear it. is there going to be a temporary panic in the financial world? .... and all the banks in every country collapse is that what will happen hopefully there is no market panic

Regardless of how strong the crypto currency is and will "get on its feet," banks will always exist in any state. The banking system will never burst. Banks are an indispensable attribute of any state. The budget of any country is accepted and implemented through banks. The Crypto-currency with its high volatility can not replace the existing monetary system of banks. If the crypto currency and the banking system conflict with each other, it is likely that the state in this conflict will take the side of the banks and will go on limiting the crypto currency.

We are already seeing now regarding into those conflicts where it would be always where banks would stood still no matter those conflicts would really result into such prohibition on cryptoccurencies instead because government would always protect to those things which they can able to regulate where banks is included into this matter.This why i dont see a reason for banks to be burst out even bitcoin and other coins in the market will fly to the peak there would be still a significant area on where these things are should be placed on.