Will banks disappear because of cryptocurrency?

[Akande13]

Bitcoin is a system that aims to facilitate transactions without the need for a bank.People tend to overlook the fact that anywhere where one transacts value in different forms inevitably forms an economy. There shall be tools and factors that influence this economy to cultivate it. Banks are just one of the factors that influence economy. Banks run within a different kind of economy. Banks are designed

[Uhde]

i dont think so. cryptocurrencies have a huge potential for future. blockchain technology is future technology. they will be huge. but banks are powered by governments and oldfashion people always prefer more guarantee ways like banks.

[Valzador]

bank functions will not be replaced until a technology that cannot be hacked is created, I believe that someday there will be a crypto-specific bank.

[bitbabba]

Banks has a lot of solutions to its customers and banks were here like 14th century and they will adopt their working systems to crypto, so i dont think banks will disappear.

[andrejka]

This really what I keep on asking myself since we all know that cryptocurrency dominates the bank as time pass by. I wonder will it result to total collapse of bank industry?


Feel free to drop your comments here.thanks

I think eventually, yes, the bank industry will collapse and banks will totally disappear. But this is not quite in the near future)) First there will be kinda transition period in which banks and crypto will unite in order to make exchange transaction between crypto and fiat in both directions. Cause fiat won't die so easily, it will fight for so time))

[Xuantu9xz]

Electronic money is a form of digital currency that uses passwords for security purposes. Money has quickly become popular in the public eye. There are many types of electronic money including Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, Cardano, and Stellar Lumens.

While banks are against electronic money, they have amazing benefits over conventional currencies. Banks often criticize the volatility of the currency and their potential for money laundering.
The speed with which e-money has been growing over the past few months has made banks desperate. These are the main reasons that bankers fight against electronic money

[AlexanderTW]

These banks in my own view will not dissappear but they will have to partner with these altcoins for financial transactions. For example we have seen some banks which have come up to partner with some altcoins to make ease of transactions. There will also emerge crypto banks we have seen some. So the services of cryptocurrencies to fiat cash will always be proved by banks.

[nadezda@]

Most likely, banks will use innovative blockchain technologies that will help strengthen security and make transactions transparent and accessible ,and maybe lower the Commission.

[bayarau]

The crypto-currency industry is taking the first steps to leave banks without work. Blockchain keeps all incoming information safer than the most recent bookkeeping, and the reliability of contracts signed in Blockchain is not inferior to an excellent law firm. In the crypto currency there is a mechanism of adjustable inflation - why then do we need banks? But the disappearance of the banking sector as an economic structure will lead to the destruction of the world economy.

[ice098]

Most likely, banks will use innovative blockchain technologies that will help strengthen security and make transactions transparent and accessible ,and maybe lower the Commission.

in my view Bank will never disappear because not all people know how to used cryptocurrency even its become more popular now. But if the bank is become part of crypto or be involve to it many people will be glad because the people who using crypto for transaction are growing and most of them are satisfied because of fast, secure and easy to used. And if the blockchain technology of crypto is going to imitate to used of bank with low fee, then surely it will easy to us to used it.

[gegewojinnian18]

Banks will certainly not disappear. Banks are an important part of a country. We don't want to see banks disappear. Banks only need to follow the changes of the times.

[HoorrrBitc]

In the future, it is possible. I do not like that the government has access to my account, it can look at my balance, and if it wants it will freeze it.

[Ade A Aziz]

In the future, it is possible. I do not like that the government has access to my account, it can look at my balance, and if it wants it will freeze it.

I do not think that the bank will collapse. However the bank will not disappear because it is very important in the economic field. But the bank might be involved in the crypto world.

[kabum21]

I think the best we can hopen is an agreement between banks and cryptos, where you can quietly pass your money fiat to cryptos and from cryptos to fiat without any problem, that would be a pretty ideal scenario as it would make the adoption of cryptos for daily use much easier.

[Strannik-74]

I assume that it is quite possible in the future. Cryptocurrency it something new and us still not clear. We use it only as the instrument of speculation now.

[Nesbee2]

Bank may not necessarily disappear, but at a long run people will loose interest on banks.  The decentralized nature of the blockchain  will attract people  from the centralized system of the traditional  banks to the banks on the blockchain.  Some projects are already coming up with the idea of integrating the banking system into the blockchain  for a decentralized  and effective customer care services.

[Ayobami99]

This really what I keep on asking myself since we all know that cryptocurrency dominates the bank as time pass by. I wonder will it result to total collapse of bank industry?


Feel free to drop your comments here.thanks

The banking industries cannot be inexistent because of cryptocurrencies rather they will adopt it... They are still very useful

[galekov0302]

banks will be improved and the Association of crypto-currencies and banks will give impetus to the development

[Korkorjkk]

I don't think banks will disappear because of crypto but I believe they will have a great competition and they will be forced to adapt to the use of block chain technology.

[Reid]

I think the best we can hopen is an agreement between banks and cryptos, where you can quietly pass your money fiat to cryptos and from cryptos to fiat without any problem, that would be a pretty ideal scenario as it would make the adoption of cryptos for daily use much easier.

It is like proving that crypto currencies doesnt really work.
If you will read back what decentralized really means then you will understand.
Anonimity is out when banks are in. They will get all your information and it will just be the same as it was before when you are staying at them.

Who doesnt want change? Stay with banks if you wabnt so.