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Author Topic: How long before banks become obsolete?  (Read 180 times)
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July 08, 2018, 06:50:18 AM
 #21

Well in my opinion banks will remain as it is.We all know banks are behind big influencial people around the world so it will never happened that banks will get vanish.We had nothing to do with it because its like you are hitting the hardest rock.
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July 08, 2018, 07:17:18 AM
 #22

I think this will never happen. Even if they are morally obsolete, the bankers will not want to destroy them and will do everything they can to maintain them. Meanwhile, power and money are in them. Yes, and people are already accustomed to them. Or maybe something like crypto banks, but it's too early to talk about it.
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July 08, 2018, 07:33:20 AM
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Trust me, you don't really want bank out of business.  They ask a lot to protect your money and why don't you use internet banking?
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July 08, 2018, 07:37:20 AM
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I'm really looking forward to not needing my bank at all. Just the other day, I tried to send that they call a "Quick Pay" to someone. It's a feature they offer that allows you to send money to someone instantly. Except it's not so instantly. As soon as I pressed "submit," I received a message saying it required additional review. On the 4th of July. In person. When banks were closed. So dumb. Today, I had to go into the bank and show two forms of ID and they had to call someone by phone from within the bank who then asked to speak to me. They asked me if I knew the person I was sending the money to. (He is a friend, so yes.) I was like, "no, I don't know the person I'm sending money to, I'm just feeling generous." Then they asked me if I planned on sending money to this person again. At this point, I was like, "listen, I've been banking with you for 30 years, I'm sitting in your branch, the teller has known me for 10 years...do I really need to ask your permission to send someone MY money and do I need to tell if I'm going to send them money again???!! No."

How do you think cryptocurrency will change banks in the short-term and how long before some of them go out of business?
First of all I hate banks,but still they are indeed to make transaction to somewhere so they still have support in all over the place.But now a days we really no need to go to banks everything can be done in online maybe your bank service not yet updated to the modern days.Still the fact is we are not holding our money the banks are holding our money and we are asking permission from someone to send our money totally idiotic thing right.That is why the decentralized bitcoin was made but people think it as an investment not as normal currency.There is no exact answer but we no need banks anymore if the people think bitcoin is the currency.

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July 08, 2018, 07:44:16 AM
 #25

I'm really looking forward to not needing my bank at all. Just the other day, I tried to send that they call a "Quick Pay" to someone. It's a feature they offer that allows you to send money to someone instantly. Except it's not so instantly. As soon as I pressed "submit," I received a message saying it required additional review. On the 4th of July. In person. When banks were closed. So dumb. Today, I had to go into the bank and show two forms of ID and they had to call someone by phone from within the bank who then asked to speak to me. They asked me if I knew the person I was sending the money to. (He is a friend, so yes.) I was like, "no, I don't know the person I'm sending money to, I'm just feeling generous." Then they asked me if I planned on sending money to this person again. At this point, I was like, "listen, I've been banking with you for 30 years, I'm sitting in your branch, the teller has known me for 10 years...do I really need to ask your permission to send someone MY money and do I need to tell if I'm going to send them money again???!! No."

How do you think cryptocurrency will change banks in the short-term and how long before some of them go out of business?


I think it would be hard to replace banks because banks are well known before cryptocurrency has existed. Most people still value banks because they believe that it is the safest place to store their earnings. No matter how many banks may fail, we can't deny the fact that banks are still valued.

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July 08, 2018, 07:59:13 AM
 #26

I'm really looking forward to not needing my bank at all. Just the other day, I tried to send that they call a "Quick Pay" to someone. It's a feature they offer that allows you to send money to someone instantly. Except it's not so instantly. As soon as I pressed "submit," I received a message saying it required additional review. On the 4th of July. In person. When banks were closed. So dumb. Today, I had to go into the bank and show two forms of ID and they had to call someone by phone from within the bank who then asked to speak to me. They asked me if I knew the person I was sending the money to. (He is a friend, so yes.) I was like, "no, I don't know the person I'm sending money to, I'm just feeling generous." Then they asked me if I planned on sending money to this person again. At this point, I was like, "listen, I've been banking with you for 30 years, I'm sitting in your branch, the teller has known me for 10 years...do I really need to ask your permission to send someone MY money and do I need to tell if I'm going to send them money again???!! No."

How do you think cryptocurrency will change banks in the short-term and how long before some of them go out of business?



Bitcoin arrived 8 years ago and due to the fast pacing development of blockchain technologies it is becoming obsolete because there is only that much we can built on it in order to get it upgradable.
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July 08, 2018, 08:02:20 AM
 #27

I'm really looking forward to not needing my bank at all. Just the other day, I tried to send that they call a "Quick Pay" to someone. It's a feature they offer that allows you to send money to someone instantly. Except it's not so instantly. As soon as I pressed "submit," I received a message saying it required additional review. On the 4th of July. In person. When banks were closed. So dumb. Today, I had to go into the bank and show two forms of ID and they had to call someone by phone from within the bank who then asked to speak to me. They asked me if I knew the person I was sending the money to. (He is a friend, so yes.) I was like, "no, I don't know the person I'm sending money to, I'm just feeling generous." Then they asked me if I planned on sending money to this person again. At this point, I was like, "listen, I've been banking with you for 30 years, I'm sitting in your branch, the teller has known me for 10 years...do I really need to ask your permission to send someone MY money and do I need to tell if I'm going to send them money again???!! No."

How do you think cryptocurrency will change banks in the short-term and how long before some of them go out of business?
Dont too harsh in bankers and besides isn't it better to have two option of keeping safe money?its cryptocurrency and banking service,yeah were tired of the godamn third party and smaller interest but remember banks are safer place than any other storage for our money so please review your wishes before deciding asking it again

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July 08, 2018, 09:17:28 AM
 #28

I'm really looking forward to not needing my bank at all. Just the other day, I tried to send that they call a "Quick Pay" to someone. It's a feature they offer that allows you to send money to someone instantly. Except it's not so instantly. As soon as I pressed "submit," I received a message saying it required additional review. On the 4th of July. In person. When banks were closed. So dumb. Today, I had to go into the bank and show two forms of ID and they had to call someone by phone from within the bank who then asked to speak to me. They asked me if I knew the person I was sending the money to. (He is a friend, so yes.) I was like, "no, I don't know the person I'm sending money to, I'm just feeling generous." Then they asked me if I planned on sending money to this person again. At this point, I was like, "listen, I've been banking with you for 30 years, I'm sitting in your branch, the teller has known me for 10 years...do I really need to ask your permission to send someone MY money and do I need to tell if I'm going to send them money again???!! No."

How do you think cryptocurrency will change banks in the short-term and how long before some of them go out of business?



Bitcoin arrived 8 years ago and due to the fast pacing development of blockchain technologies it is becoming obsolete because there is only that much we can built on it in order to get it upgradable.

Well i don't think that banks can entirely be obsolete. Perhaps people will shift to digital money once it becomes more accepted and many banks will close due to lack of customers but they will always be an option

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July 08, 2018, 09:22:45 AM
 #29

I think it is never outdated. It just changed to fit. Because the bank is a place to maintain and manage a country's finances. In addition, every company needs finance to operate so the bank is never outdated and it lasts forever in human development.
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July 08, 2018, 09:26:14 AM
 #30

I'm really looking forward to not needing my bank at all. Just the other day, I tried to send that they call a "Quick Pay" to someone. It's a feature they offer that allows you to send money to someone instantly. Except it's not so instantly. As soon as I pressed "submit," I received a message saying it required additional review. On the 4th of July. In person. When banks were closed. So dumb. Today, I had to go into the bank and show two forms of ID and they had to call someone by phone from within the bank who then asked to speak to me. They asked me if I knew the person I was sending the money to. (He is a friend, so yes.) I was like, "no, I don't know the person I'm sending money to, I'm just feeling generous." Then they asked me if I planned on sending money to this person again. At this point, I was like, "listen, I've been banking with you for 30 years, I'm sitting in your branch, the teller has known me for 10 years...do I really need to ask your permission to send someone MY money and do I need to tell if I'm going to send them money again???!! No."

How do you think cryptocurrency will change banks in the short-term and how long before some of them go out of business?
this is a bank weakness and crypto excellence, where the bank simply takes a lot of time if you have to send money while we are in a different urgency with cyrpto as long as we connect to the internet everything is easier if bitcoin has become a legitimate use then one or two years ahead the bank does not will be needed again...

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July 08, 2018, 09:47:28 AM
 #31

We know how banks geting their profits and incomes. Banks can become obsolete if something or someone will compete on their interests. Giving low interests rates will make some bank to close. Bankrupt is the main problem of banks. We know how cryptocurrency can defeat banks by using cryptocurrency wallets.

Banking system will stay a bit longer as we wanted them to be replace by Crypto Digital transaction in the Market. Banking investment of solid asset remains as practice in the financial business market. It will take time to this Banking system to be obsolete. The issues on Banned, Scammer, Hacking and the never ending issue on Regulation still need to be address and put it into the proper perspective by the business financial institution of the government.

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July 08, 2018, 09:50:42 AM
 #32

Although I would very much like to be able to free ourselves from the control of the banks, I do not think that these will become obsolete, at least not in the short term.
People are too used to leaning on banks, and banks certainly do not want to lose their role of power.
They will surely find the way to renew themselves.

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July 08, 2018, 10:11:13 AM
 #33

I always hope Bitcoin Can Be The Legitimate Currency In The World, Because Create Bitcoin Wallet does not require identity and it does not take long time to create  bitcoin wallet and only need internet connection smartphone or computer to access website bitcoin wallet  and only need an Email for create bitcoin wallet. Wink
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July 08, 2018, 10:27:45 AM
 #34

With the volatility of cryptocurrency people has doubt of investing all their money on crypto and they still use banks as this is the safest way to keep your money. Although banks has lower interest rate than putting it on bitcoin but it's more secure in the banks. I don't think banks will be obsolete not unless government will force to remove them.   

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July 08, 2018, 10:37:54 AM
 #35

I'm really looking forward to not needing my bank at all. Just the other day, I tried to send that they call a "Quick Pay" to someone. It's a feature they offer that allows you to send money to someone instantly. Except it's not so instantly. As soon as I pressed "submit," I received a message saying it required additional review. On the 4th of July. In person. When banks were closed. So dumb. Today, I had to go into the bank and show two forms of ID and they had to call someone by phone from within the bank who then asked to speak to me. They asked me if I knew the person I was sending the money to. (He is a friend, so yes.) I was like, "no, I don't know the person I'm sending money to, I'm just feeling generous." Then they asked me if I planned on sending money to this person again. At this point, I was like, "listen, I've been banking with you for 30 years, I'm sitting in your branch, the teller has known me for 10 years...do I really need to ask your permission to send someone MY money and do I need to tell if I'm going to send them money again???!! No."

How do you think cryptocurrency will change banks in the short-term and how long before some of them go out of business?

Banks will never become obsolete not now not in the future. The worse that would happen is reliance on them will become so low that a lot of transactions that they today would be taken over if crypto currency is allowed to flourish to the fullest. Even if the crypto is legalised as a legal tender, people would still need an organisation to help them keep their wealth, they want to have someone who will pay them interest on their savings, others would want to borrow to finance their businesses, governments would want some to act as intermediary in keeping revenue generated, international trades would still need to be facilitated etc put all this together, any organisation or business licensed to do all this, is technically a bank.

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July 08, 2018, 03:23:22 PM
 #36

I honestly don't care, and I strongly wish them the best of luck with whatever they transform into.

I'm already at a point where I conduct way more Bitcoin transactions than legacy bank transactions, and if the price in the coming years becomes a bit more stable and usable to pay may bills with, I will ditch them completely.

The only reason I currently use a bank is because of the following reasons;

# The price is not stable enough.
# My employer doesn't pay in Bitcoin (yet).
# I can't pay my bills in Bitcoin (yet).
# Local stores don't accept Bitcoin through LN (yet).

If these factors change, it's adios banks for me. I'm happy that I have never subjected myself to debt, so I am at least free from that poison.

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July 08, 2018, 03:47:26 PM
 #37

It was not so good to be questioned about so many things especially when it is your money. This is how things should be. However there are rules that banks are also following which I think is the reason why they would keep asking you about it when you are there client for around 30 years as you said. Think about the whole economy of your country maybe you will know why you aren't allowed to send money anywhere. This could be the same reason why cryptocurrencies are somehow banned in some countries. As for banks, they have survived everything for many centuries and generations so I think they won't be lost easily.
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July 08, 2018, 03:53:11 PM
 #38

Is there any possible reason for you thinking such things because i don't see any reason for Banks becoming obselete any time soon. Banks have built faith in the people for a long time and provide the essential services of money transfer,providing money,saving your funds with interest ovet them or providing loans which crypto cannot do even in the long run.So banks are here to stay for long and they do not fear crypto.
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July 08, 2018, 04:39:12 PM
 #39

People need to do a LOT more than send money instantly.  They need loans and other financing, they need investment products, and they need checking accounts for those bills that need to be paid to people who don't accept bitcoin.

So no, banking isn't going away anytime soon.  If someone comes up with a crypto solution for all of these things, then banks might be in trouble--but probably not, since most people are comfortable dealing with banks.

All of these could be scripted in ways which would dis-intermediate the necessity of banks in the process, there will always be some things that cannot be replaced by scripting tho I think. But the main problem is, how do you do borrowing and lending and all that with a deflationary currency? Is is it possible to do it with a limited supply? What if there is a shortage of funds and people demanding funds can't get them? they just don't get them? is this a positive thing or it would detriment the economy? Some people argue that it's positive, the greatest period of growth was under the gold standard, and they claim after 1980 the effects of detachment from gold standard started brewing to explode decades later.

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July 08, 2018, 05:14:53 PM
 #40

This is still take a long-while, blockchain technology has to be understood by various government and it adoption coming into effect b before banks will gradually loss it dependency.     
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