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

[inooll00]

Banks are not collapse, but banks are not happy with crypto currencies. Recently i met a banker and he is dislike and argue with me about crypto currency, it mean banks know that in future crypto currencies will make some trouble for them. But now i think every thing is normal and under-control, I don't see any panic situation in market.

No need to wait for the future, it is now clear how the cryptocurrency threatens the banks. Some of the things that are likely to be taken by the cryptocurrency from the banks:
- Investors, they consider the many troubling requirements if investing in a banks. not worth the investment in crypto currency.
- Employees, banks have been known for their high salaries. Say a security guard. When compared with the salary factory,the bank is still higher. Well what happens, some bank employees start appearing to leave a high salary and prefer to earn income with crypto currency.

[Dreamchaser21]

Banks will still exist no matter what simply because cryptocurrency is a decentralized market and the government can’t do anything on that, therefore in order for them to control things they need bank for that. Cryptocurrency will grow more in the future.

[whirlcoin]

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

Banks is in the upper hand because mostly all people in the world uses bank in their daily life but cryotocurrency is still new to the people and it is only used by 10 percentage or less than the world population but not as a currency as an asset so still banking is needed until everyone uses bitcoin.

[entrepmind23]

Though I want a mass adoption of cryptocurrencies because it would have a big advantage for us who are already adopters of it, I don't think banks would collapse and be replaced by cryptocurrencies. They are already studying blockchain technology so that they can still compete with cryptocurrencies. Besides that, it would be hard for all people to use cryptocurrency because not all knows how to use the new technology and has a network connection so transacting it would be impossible. Fiat money and cryptocurrencies would just co-exist like what is happening now. In the future maybe there would be more adopters of crypto but fiat will still be there.

[tbterryboy]

I once answered this problem to the previous thread.
IMO banks will never collapse or be replaced, even though cryptocurrency has its own stand. a little bird told me this, that banks and cryptocurrency will co-exist and we need to know also that banks existed before cryptocurrency existed.
Do not count your chickens until they hatch!

Banks will be able to adapt and find a way to blend in as time goes on, so assuming banks to collapse is definitely out of it. I totally agree with your point on the co-existence and I am sure banks will find a way to benefit in the long run once governments start implementing regulations. You may need to start sharing the hatched chickens of your little bird that is always telling you things though.

[fabrizoc]

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

Banks will collapse?I dont think so yet this thing is very an impossible thing to happen and i cant really think off that crypto would really comes to a point on where it would able to stand on their own.I would like to ask on where bitcoin or cryptocurrencies do get their value? Its still on local fiat.It might progress and develop but wont really coming to a point on where they would become independent.

There are even some things we really do not need to be thinking or assuming. Fiats will still be in existence and people will keep using cash in some part of the world, so assuming banks to just fade out like that is not possible. Even if we get to see cryptocurrency booming and hitting the market strong, once most countries start regulating, I will not be surprised seeing banks starting cryptocurrency exchange in the long run.

[Rustamm]

Banks have existed since the beginning of human civilized life and will exist until its end. Therefore, those who believe that the crypto currency will destroy banks, do not understand the economy and statehood at all. Each state needs banks to finance the economy and, in general, any directions of state development. Therefore, if the crypto currency is in conflict with the banks, it will be banned immediately, regardless of what, the state in this respect defends itself rigidly, up to criminal liability for any operations with the crypto currency. Therefore, it is better not to joke with such things.

[Kemarit]

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.

[devormity]

I do not care about each other, because each has its own belief and has its own specialist and for both of me work is very need each other, whatever happens bank and crypto will not drop each other.

[bohr]

The whole idea of a decentralised system of currency and transactions was to achieve self-reliance while having the highest level of security. All these banks and other centralised agencies are tampering the name and fame of cryptos by calling it out to be the next Tulip bubble. This will go on till the end users begin realising that these centralised agencies are having a field day manipulating them to think that cryptos are a menace.

That is the whole idea but I think we need to understand the position they are in, they have all the power in the world and then someone a complete stranger creates something that is a menace to their power, of course are not going to be happy about it, but I think I'm they realize they cannot defeat bitcoin so what they are doing? They are trying to manipulate the people to not adopt it.

[senin]

Regardless of how actively the crypto currency is introduced into our life, banks will always exist, since any government decisions that concern finances are implemented through centralized banks. It was always and so it will be in the future. Crypto currency in this regard can not completely replace conventional money and is not capable of leading to theft of the banking system.

[Kevin77]

Banks have existed since the beginning of human civilized life and will exist until its end. Therefore, those who believe that the crypto currency will destroy banks, do not understand the economy and statehood at all. Each state needs banks to finance the economy and, in general, any directions of state development. Therefore, if the crypto currency is in conflict with the banks, it will be banned immediately, regardless of what, the state in this respect defends itself rigidly, up to criminal liability for any operations with the crypto currency. Therefore, it is better not to joke with such things.

The only reason why we are not seeing much from the government right now is because they really have nothing to hold against cryptocurrency and all that they have been saying is just a way to raise some annoying excuse. However, I agree with you that banks will always be significant.

If there is one thing we really need to be true to ourselves about, that is the fact that so many people here today are not here to make use of cryptocurrencies as currency but as an investment, so I guess we are just seeing another world of digital stocks.

[carlfebz2]

Banks have existed since the beginning of human civilized life and will exist until its end. Therefore, those who believe that the crypto currency will destroy banks, do not understand the economy and statehood at all. Each state needs banks to finance the economy and, in general, any directions of state development. Therefore, if the crypto currency is in conflict with the banks, it will be banned immediately, regardless of what, the state in this respect defends itself rigidly, up to criminal liability for any operations with the crypto currency. Therefore, it is better not to joke with such things.

The only reason why we are not seeing much from the government right now is because they really have nothing to hold against cryptocurrency and all that they have been saying is just a way to raise some annoying excuse. However, I agree with you that banks will always be significant.

If there is one thing we really need to be true to ourselves about, that is the fact that so many people here today are not here to make use of cryptocurrencies as currency but as an investment, so I guess we are just seeing another world of digital stocks.

We cant really deny the fact that most people involve on crypto are not really after on the tech itself but rather or majority would be focused on making up money.Its normal since people do the things as long they can able to make money which it would really still end up on having a physical local fiat. Banking would always be significant no matter what.We might see a progress or adaptation of crypto but we cant really change on the sole purpose of banking.

[Mobshady24]

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

banks will definitely play a major role if bitcoin and alts can't still be use for normal purchase transactions, we seeing a lot of companies accepting cryptocurrency for payment such as real estate and purchases of goods but can't be use for small transactions yet so banks will continue its efficient service in financial system.

[glowing10]

Regardless of how actively the crypto currency is introduced into our life, banks will always exist, since any government decisions that concern finances are implemented through centralized banks. It was always and so it will be in the future. Crypto currency in this regard can not completely replace conventional money and is not capable of leading to theft of the banking system.

Banks will always exists unless the government give clearance to have crypto banks then this might turn the story else their is no way that it will affect the banks. Only thing it will change is using the bank services while transferring abroad this will be replaced by virtual currency.

[wuvdoll]

Regardless of how actively the crypto currency is introduced into our life, banks will always exist, since any government decisions that concern finances are implemented through centralized banks. It was always and so it will be in the future. Crypto currency in this regard can not completely replace conventional money and is not capable of leading to theft of the banking system.

Banks should not even consider cryptocurrency as a threat. We are just busy deceiving ourselves to think the banks will just get eradicated with a decentralized ecosystem. Way too much thinking and something that obviously will not come to reality. Banks serve so many functions apart from savings, and even if time comes that cryptocurrency becomes regulated, banks can always find a way to fit in, so at the end, they will always have a huge advantage in the picture.

I even feel we over hype the whole thing sometimes since we usually do not consider the fact that not everyone is a fan of the internet and would rather prefer the traditional way, so that makes bank still relevant obviously. Also, we have to understand that not everyone have access to the internet, most especially in some third world countries, so we need not to forget them in our discussion.

[wxa7115]

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

It is very possible that at some point in the future due to an economic crisis many banks are going to disappear, however we cannot expect the whole banking sector to disappear, that will not happen, banks will adapt to the new circumstances and if cryptocurrencies become an important part for the economy of the world you can be sure they are going to find ways to transact them and use them in their favor.

[thelemot]

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

I think it is not possible for the future of blockchain technology used worldwide. but this is just beginning. only a few countries legalize crypto as a transaction and payment. will take a long time if this is used in our lives. because many countries do not agree about crypto. as well as in my country indonesia. but as the technology progresses. I believe crypto will be used as a transaction for the future. and I think it does not endanger banks because banks can work together using crypto technology. like the ripple thing that Japanese banks will use.

[Hamphser]

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

It is very possible that at some point in the future due to an economic crisis many banks are going to disappear, however we cannot expect the whole banking sector to disappear, that will not happen, banks will adapt to the new circumstances and if cryptocurrencies become an important part for the economy of the world you can be sure they are going to find ways to transact them and use them in their favor.

Why would they vanish if they would able to adopt crypto? They would really have any other choice but to accept it rather than on choosing up to stop their service due to the competition.If  crypto can stand alone then we do have lots of options and we cant really deny the fact that there were always people who do entrust traditional banking sector no matter what and I do strongly believe that crypto wont possibly reach that state.

[DiabolicAnt]

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