Banking is Dead… Long live Blockchain Banking!

[richardsNY]

Although banking isn't dead yet, it is going to happen. When those bankers caused the 1% protests in wall street it signaled that something has to change. Bitcoin is the driving force and so we should all get in now before it happens

Keep dreaming. Banks are in the same position as we are when it comes to adapting to new technologies. They may not have entered this space as early on as most of us here did, but they don't need to since they can shake out people at any time, which is already happening, but people don't realize that yet. Once they do realize, they have sold cheap and bought back expensive already, and that probably several times in a row. Money moves mountains, especially so when you also have an advantage over the rest of the economy already as bank. Banks are here to stay, they will improve and make sure it's you that will yet again lose the battle....

[iagyei259]

It is erroneous for crypto users to think introduction of cryptocurrency it our mainstream economy will make banking go out of extinct. Cryptocurrencies will still needs banks to make it function more effectively. Deposits and withdrawals of crypto is now done with banks and nothing will change even if crypto becomes the basic currency for day to day transactions.

[timerland]

It goes without saying that blockchain is already starting to become integrated into existing services that are provided by corporations, including the record keeping of banking services. Even governments themselves have started to test blockchain, for example, Venezuela with the Petro.

Are these things necessarily that good to bitcoin, though? I mean, banking services will continue to exist. They are definitely not dead. And blockchain IMO will definitely be of benefit in some areas that you mentioned, whether having an immutable database or even for KYC.

It doesn't really have a direct impact to decentralized cryptocurrencies that should really be the focus here, such as bitcoin. Well, I guess it does promote the use of blockchain as an actual viable way to conduct business through, but not much more than that.

[Sled]

I believed on this. The blockchain banking will be the new type of banking because the traditional banking system of the banks are now dead and the people are prioritizing putting their money into blockchain based projects or banks because they know that it is better and it is the future of the other things in the future also.

[Chrisjay29]

Yeah banking will be dead soon. Especially if world accept blockchain. Banking got low interest but blockchain it can make double your money in just a month

[Supreemo]

I believed on this. The blockchain banking will be the new type of banking because the traditional banking system of the banks are now dead and the people are prioritizing putting their money into blockchain based projects or banks because they know that it is better and it is the future of the other things in the future also.

,although it is the future, as of now there is no guarantee that countries will officially accept it. Because as we can see in the reality, there are only few current countries that are accepting crypto and blockchain technology for legalization, and we all knew that the government might disagree with this kind of idea and worst case is that they wont accept it.

[peter1]

BTC's market value is getting higher and prices are getting more and more stable. In the future, BTC may show its importance in cross-border and large transactions.

[pallang]

I don't think banking system will not be affected because people use banks in their transactions and also in car loans and even housing loans but imaybe in the future banks will also adopt blockchain technology.

[Silberman]

The blockchain is actually a book, but it is distributed and decentralized, and the core function of the bank is to book!
Blockchain may change the way banks work, replacing a small part of the business, but it is impossible to replace the existence of the banking industry.

Banks think they are untouchable and that if something happens to them the government is going to save them, but bitcoin is incredible, it attacks both equally on one hand bitcoin replaces almost all the functions of a bank at a very low cost and at the same time attacks the governments by being a currency that is superior to their own and that they cannot control, bitcoin cannot replace either for everyone but it will for some people.

[pasha2020]

In the process of the development of the encryption industry, the banking industry will be greatly reduced, which is why most banks oppose bitcoin.

[Sengoko]

Since banking needs your presence on the bank, you need to travel with your money and this often prawn to kidnapping and crime of people who know you have money with you, so blockchain banking is one way to add security for an individual.

Well this logic seems lame to me. Not everyone gets kidnapped while taking money out to banks. You need to be mature enough in this matter. This bitcoin and other crypto are for your good and ease. But they aren’t perfect as well. You can just be hacked down even you are saving your coins over interest. So risk is always there but still crypto are more secure and safe them fiat.

[Scripture]

Banks are as old as the civilization where people are starting to have a technology. Now that cryptocurrency has a possibility to change the world, banks would rather adopt or focus only with loans. Electronic money systems like cryptocurrency would make banks lost its storing and investing functions. Lets all see what future brings us.

[cloudproject]

i should agree with this, right now blockchain banking are more preferable for people and not because of that, because of the transparancy people can freely looking at their money transaction, not like an old banking system, many of banking system in the old time are making any fraud and stolen many people money for they own sake, with this i hope can make more stable economic in the future

[Bountyl]

In fact, it would be interesting to see how in a big bank they will change the old system to blockade. This would definitely affect the bitcoin's course and other cripples. All this is waiting for impatience.

[bowals]

I don't agree with that banking is dead, I believe they'll evolve tok meet the blockchain demands

[xyzone]

Yes all this year needs a change. companies have begun to use blockchain technology to make it easier in terms of enterprise development. banks will use blockchain technology in the future to make it easier to transact and monitor online transaction history like blockchain technology.

[Vorzlave]

Banks can not afford increasing expenditure of the old technology anymore they will have to adapt to the change.

Talking about technology and banking, Blockchain, will disrupt the financial domain with certainty. Much has been discussed, debated and discussed about this distributed ledger, both online and offline. So this innovative technology does not require a special introduction at this time. Calling it 'annoying' is a disparaging statement. To understand what a blockchain is, look at bitcoin or cryptocurrency. It has achieved many 'never heard' scenarios in the financial domain. Since technology has been introduced in the banking world, experts are always struggling to create safe and secure means of transactions. A person must go through a third party application or an intermediary or regulatory body to transfer money. But here is the digital currency - completely unfocused - and has broken all conventional banking laws. Today, a person can send money to anyone in the world immediately without having to go through the hassle of what I experienced. It has happened in many parts of the world. You can transfer money via WeChat, Whatsapp, and even Facebook Messenger right now.

Believe it or not, blockchain is a breakthrough technology that can be applied to your domain-name. From agriculture, aviation to supply chains, finance, and the food industry, blockchains are everywhere.

A lot of organizations around the world are already experimenting with this technology. Major financial organizations such as the SBI Holdings, Goldman Sachs and Citi group have already invested in blockchain. Back home, the State Bank of India (SBI) has grand plans in place to use blockchain for a number of processes, including the KYC system. South Indian Bank seamlessly carried out an international transaction using this technology. ICICI, YES Bank, Bank of Baroda, Axis Bank and Kotak Mahindra are some of the few banks that have hopped on to the blockchain bandwagon. While some banks are experimenting with this digital ledger and achieving impressive results, some financial institutions are gearing up to reform and redefine huge chunks of their banking processes.

Good for them and their customers!

As far as my bank is concerned, I recall reading this article which showed that out of Fortune500 in last 50 years, 84% of them are dead today. In the next 10 years, I am happy to predict just a few banks will remain in Fortune 500. Most financial institutions will have either absorbed blockchain tightly OR they will be gone.

Based on economic theory, this wil not decrease our trust to bank. But it will decrease the amount of the transactions. And that will make a big effect to their business process.

[whirlcoin]

Yeah banking will be dead soon. Especially if world accept blockchain. Banking got low interest but blockchain it can make double your money in just a month

Wrong!

Blockchain is not a technology that can give back double bitcoins in a month,it is just technology where the informations where keps secured but buy usimg the demand and supply of the crypto currencies we can make profits in a month or year too but there is no assurance that this investment will give returns like banks.

[Pulsar1x]

Banking it's not dead yet, but it's going in that direction.
And I'm happy to see this.

[parlament9]

yes, it is valid, the system has become outdated and the koissiya imposed by banks because of what, many and have changed on cryptocurrencies don't suit many any more. I like the idea of an anarkhichnost if it is possible to call her so) will look what will occur in several years)