Banking is Dead… Long live Blockchain Banking!

[Akpuv]

No, banking is not dead. It is too early to rejoice. Blockchain is still an experimental technology. Not everyone is yet satisfied with it. Most people are still trying to understand its functionality. Know the merits and demerits. Until the blockchain technology is globally accepted, then banking is still very much alive and trusted by more people in spite of their complaints against the banks.

[Topaz72]

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.

And this all started with the advent of July because we have had falls in the value below $6000 before July has actually started and the starting hours of July proved fruitful and we had a rise. Right now the values are good and rising slowly but we will have a much sharp rise as soon as the Bitcoin cross the $10000 value on the market. Having said that, we can be hopeful about the future.

[Sergio444]

Its hard to kill banking system since bitcoin has so many issues to deal with. Currently, the developer(s) is/are unknown. So many accusations the bitcoin is used to fund terrorism, slow transaction, energy consumption, anonymous dealings, creating room for scam projects. Although, financially, bitcoin is doing great, some issues that draws the coin back from its potentials must be dealt with.

[binghope]

Possibly, with the boom of the crypto market as it is today, the banking system around the world will be upset, and they will never be able to compete with the BTC. That's why I'm not developing Crypto

[easydrawrex]

Indeed, it is time to adapt change and to adapt the rise of Blockchain for the economy of the world. But it is still a long way to go  There are still so many things to consider and many things to develop. And I know some banks will never let their guard down and won't give up to adapt Blockchain technology but I know it's their loss and they will be out-of-date in the latest trend in our world today.

[jcarlo]

Yesterday, I am reading on litecoin foundation twitter that litecoin already buying share on germany bank. I think cryptocurrency future will be more bright and i am believe it will shifting cryptocurrency to next level

[Burogh]

Its hard to kill banking system since bitcoin has so many issues to deal with. Currently, the developer(s) is/are unknown. So many accusations the bitcoin is used to fund terrorism, slow transaction, energy consumption, anonymous dealings, creating room for scam projects. Although, financially, bitcoin is doing great, some issues that draws the coin back from its potentials must be dealt with.

Bank have good insfrastructure on our economy. They control money supply and as development agent. I am believe banks will survive if cryptocurrency become common on our life, they already have many experience on economic crisis and they still survive until now.
I am believe they will adopt cryptocurrency for their platform and take benefits from cryptocurrency market

[Triffin]

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

I think it is going to happen soon because now almost everyone is try to put their money into bitcoin block chain because it is the new technology which can give you good benefit, banking has become an old way of saving money as it never give you profit and your money just get rusted so I think bitcoin block chain is the best place to keep your money safe, it will grow and rise in price and demand.

[Veronika94]

It's even good that in a short time the technology of blocking will be used in other areas.

[jaocoincrypto18]

It is really possible that the existing transaction or system of the banks will be replace by blockchain technology as it was proven safe, strong and stable. In fact many governments are adapting this technology for security purpose like the famous US Pentagon in which they already adapt the technology for their system defense and also some banks are already making a test run of the system so maybe in a few more years blockchain will be the common transactions for everyone.

[katrimans]

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.

my opinion on the traditional bank is going to die, I think the traditional bank will not die that easily, but if it decreases the number of its banks, I think blockchain is an alternative to store assets in digital space does not mean we do not use traditional money to buy basic needs, and I think the bank system will still exist and complement each other until the world really modernization technology system, may be useful and successful for all of us

Excellently explained. Banks and Bitcoin are two financial institutions. The fact is that there are banks all around the world but the use of Bitcoin is limited to countries except Middle Eastern and South Asian countries where the technology is being banned for certain government interests and for the sake of people.

The government is of the view that people with limited financial means will loose their money into the Bitcoin because they do not know the use and hence the way to deal with the changing condition. Besides, to reduce illegal activities, it is banned.

[bere1993]

I dont think that banking is dead. blockchain will be heavily used by everyone in the world in near future. But still banking system wont disappear from this world. Banking system is an essential party in any economy. It is like if we expect humans need not to be work in the future with the automation or robotics, it wont happen. Even there are robots humans need to be there to inspect. So even if blockchain is becoming famous, banking system will be still be there. They will find ways to make themselves important.

[newwest]

No, banking is not dead. It is too early to rejoice. Blockchain is still an experimental technology. Not everyone is yet satisfied with it. Most people are still trying to understand its functionality. Know the merits and demerits. Until the blockchain technology is globally accepted, then banking is still very much alive and trusted by more people in spite of their complaints against the banks.

Banking can never die and no country can allow it to get abolished. You can create or provide the crypto services from the bank which is possible but existing banking services in any country is the base for the economy to grow.

[Silberman]

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

Too soon but we only need for something to happen, when the great depression happened in 1929 more than 9000 banks closed and that was only in the US another crisis like that could destroy the economy and the power of banks and they will be very weak after it, when that happens that will be the opportunity for cryptocurrencies to take over the banking industry.

[jayyen]

This is what will happen in the long run.Banks will be outdated due to their robotic system of transactions and cryptocurrency will surely reign.This is one of the major reasons why people hit cryptocurrency because they know the long term effect against them will be bad in that they will be jobless

[cryptosluck]

blockchain banking is the right term for future of banking we can expect the banks will admit they are dealing with blockchain based centralised banking in the future

[Portia12]

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)

Banking is dead because people choose to invest on crytpocurrency, everyone know's that investing on cryptocurrency will gain you more profit more than placing your money on the banks.

[Btcschool]

"Blockchain is a technology that allows anyone to send anyone else a piece of information, currency or data in a secure, transparent and anonymous way,"

In my country bitcoin has been banned not because it is decentralized but because they are investigating blockchain technology and when they complete their survey they will allow people to trade and invest in bitcoin. The world is turning towards new technology and the banks would have to adopt this technology otherwise their services will be of no use.

[Swenna]

I don't think banks are dead. In my country, banks and its use is still very common. Cryptocurrency isn't as popular as it should be despite the facl that there's no actual restrictions in using it in my country. Moreover, in terms of loans and money safe-keeping, people still prefer going to banks instead of just putting their money in crypto. Although, I can see in the near future that the banks will be adapting the blockchain technology, soon, so as to ovwrcome some limitations. I am actually looking forward to how they are gonna pull it through and how the people will react and.welcome this innovation.

[huhhuh18]

Don't worry buddy, very soon they'll start partnering with blockchain and crypto solutions. They will have no other option because the youth have started utilising online ways of getting money and so if they don't join and when the oldies are no more, they'll really suffer. They'll join us, I believe that.