Will banks disappear because of cryptocurrency?

[Boss95rnd]

Yesterday I saw a great picture, that said: To transfer 99 million USD in LTC costs approximately 0,5 USD and to transfer the same amount of money with the help of banks, cost around 1 million USD. I think, when more people will use crypto, the banks won't survive.

[MrLBE]

As much as pro Bitcoin people think that it will make banks disappear its not going to happen.

One reason is that Bitcoin is very volatile and wouldn't be a good way to get paid and store your money in it.

Banks are needed because people need to borrow money to manage their business or to buy a car/home.

[sophiawhite]

Seems unlikely to be honest, seems to be a lot of crypto based banks coming out in the last year or so aswell.

[Robotbitcoin22]

A challenge later. because the bank system should be old-fashioned and replaced with a newer and more transparent decentralization and blockchain system for every user

[xiwanfd]

Banks are an important part of every country's financial system. Cryptocurrencies cannot replace Banks in every country. But I believe that in the next few years, Banks will adopt encryption to improve their levels. The future will be an era of banking and encryption.

[bhordz357]

I think it should not. Although blockchain technology is constantly evolving, more and more countries and large enterprises are beginning to accept and apply cryptocurrencies, but banks have their own advantages. I think that in the future, cryptocurrencies will coexist with banks, and it is possible Banks will launch their own cryptocurrency

It's serves in different manner and they exist in different fields banks are centralized and governed by its laws. Cryptocurrency are decentralized it's not hold by any entities and has its own rules and a community for its support.

[tttuida]

Maybe. But I am not sure, they will have so much losses in that situation but they will be fixed and it is clear. They will workk with crypto in the future I am sure.

[SuiMikira]

Rick Falkvinge said that "Bitcoin will do to banks what email did to the postal industry." I think cryptocurrency has many advantages for us and it will have negative effects to bank. Cryptocurrency can do the role of bank in faster and more convenient way. So I think in the future bank will move to take other role and cryptocurrency will do what bank is operating now.

[pocketfullofpoke]

I don't really think that banks are going to disappear because of cryptocurrencies. Think of those banks that are owned by the government; For sure, government won't allow it to happen because they will choose to save their banks rather than utilizing the blockchain technology.

[lordmick]

Personally I don't think that bank will disappear because of cryptocurrencies. Cryptocurrencies can be payment tools, receive assets, money or may be play role of stocks and so on. But cryptocurrencies never will become banks. Even digital bank is more than the money that is stored in it. Personally I don't like banks, but they offer to us many another services, that we really need, like safe storage of money or any other physical items, passive income from cash deposits, loans, currency conversion and etc. That's why I think banks will be with the humanity until the end.

[Mt Pelerin]

Nothing will make banks disappear as long as their core business (provide custody and credit services) will be protected by regulation.

[StevenPop]

No. Both of them play different roles and function, and I don't see one dying because of the other. I think that even with the growth and development that is gioing to happen with cryptocurrency, banks are still going to exist regardless, and go about their daily business. The purpose of one does not threaten the other, so they both will exist independently, regardless of their growth.

[leslie4u]

Honestly, I would love to see the bank disappearing. They have ruled the economy for long and now is the time for a change. However, I think they might still be around but their operations might be limited for the government will not let it go easily. After all there are so many people working for this stupid system and then all of a sudden they become jobless

Let's hope that the government comes out with the fair balance between Banks and Cryptos. I personally hate banks.

[SilverCup08]

That's a possibility when cryptocurrencies are the only currencies accepted in the world but it will take many more decades if ever that is even going to happen.

[dongyi17]

  I don't so, bank is already there ever since and will always be there part of our society part of every body's transaction as new age, digital age is coming I think It will only lessen some of their client due to digital and decentralized in concept but they will definitely be there.

[Olaoye20]

I don’t think that banks are immediately going to go away. However, I do think that banks are going to fundamentally transform the way that they operate today.Nothing will make banks disappear

[magnum cyber]

I don't so, bank is already there ever since and will always be there part of our society part of every body's transaction as new age, digital age is coming I think It will only lessen some of their client due to digital and decentralized in concept but they will definitely be there.

i agree with this, even in this digital era we can't just erase the bank,  there's few people in this world that not know about cryptocurrency at all,they still need the Bank. just like post office today

[OTC2018]

I don’t think that banks are immediately going to go away. However, I do think that banks are going to fundamentally transform the way that they operate today.Nothing will make banks disappear

I think some will go, probably the ones who refuse to move with the times. But you are right, banks will just adjust their play to work with crypto.

[waitinglist]

it will not be possible, because the bank is very helpful to the wider community. But if it is possible to launch or cooperate with cryptocurrency it might happen.

[thesmallgod]

No bank will not disappear. banks are regulated and control by government which give licence for operation. cryptocurrencies in another way has been due illegal in some countries which means there is no way such country can make crypto replace bank fiat. for other countries that has not regulate crypto, they will not want this except a system through which crypto holders can be tax is introduced which in my own opinion will be very hard to do. finally, despite unlimited opportunity crypto offer, almost 1 billion people dont still know anything about the coin.