Soon we would not need banks

[lebron]

The Ceo of Bitcoin cash recently stated that soon people wouldn't be needing banks anymore.Does it mean the world is going crypto soon or he is just bluffing.

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[snipie]

The Ceo of Bitcoin cash recently stated that soon people wouldn't be needing banks anymore.Does it mean the world is going crypto soon or he is just bluffing.

Source? Who is the "CEO" of bitcoin cash? Roger Ver maybe? If yes lock the topic and pass, no need for further discussion 

[Successmaniac4]

The world can go to crypto but it will take a while. I do not think it can be soon because not all countries have heard about crypto nor blockchain. It will take much effort to achieve this.

[teamspike911]

Yes. This is completely true. Banks really after years 10-20 will simply be unnecessary. And there is nothing wrong with this in the global sense. Only people working in the banking sector will suffer

[KingScorpio]

The Ceo of Bitcoin cash recently stated that soon people wouldn't be needing banks anymore.Does it mean the world is going crypto soon or he is just bluffing.

banks will come back somehow, there will be people that want more standardisation as crypto will likely cause lots of confusion,

furthermore its questionable weather the gulfstate will be disbandoned into cryptocurrencies.

[BestSSS]

The Ceo of Bitcoin cash recently stated that soon people wouldn't be needing banks anymore.Does it mean the world is going crypto soon or he is just bluffing.

Newspapers can write anything, it's just another news throw! As you imagine the existence of a world without banks-it's ridiculous and unrealistic - it's a Huge sector of THE world's economy which is simply impossible to ignore.
And if banks disappear what will happen to people where they will carry their money 80% of the people of the earth still simply do not know what cryptocurrency and even more so how to use it.

[rudox]

There will be no time that conventional banks will not be in existence. What he is saying is that if bitcoin continue its massive  adoption world  wide then P2P  also as expected rises with the bitcoin acceptance then the need for conventional banks will decrease and more people will prefer to deal through crypto since it will be faster and secured.

[MeBi_US]

The Ceo of Bitcoin cash recently stated that soon people wouldn't be needing banks anymore.Does it mean the world is going crypto soon or he is just bluffing.

Dear forum member, before writing such posts, please attach a link to the source. Even if this information is correct, it is most likely a bluff, since there will not be any integration of the crypto currency and banks in the foreseeable future.

Yes it is possible. But there are a lot of countries that do not benefit from it. The same USA, which live in debt crediting, and many other countries.

Many people say: "The world will take a crypto currency!" But this is not so; the legalization of the crypto currency was carried out solely in order to launder money from citizens. In general, the world is not yet ready to part with the standards acquired over the previous centuries.

[Retty]

Despite what many people may think or hope, we are a looooooong way from the end of banks!

Crypto is still very much in its infancy. Yes there is lots of activity right now in the crypto scene, but theres a lot of crap needs to be flushed down the toilet first! Banks still play a very important role and i think will continue to do do for a long time yet- certainly in the western world where i am.

Also crypto has to appeal to the majority of people before any such statement could be made. At present- we are a long way off!

It might be the end of banks in some countries who have corrupt governments and/or currency that is hyperinflated, but thats not happening where i am and i don't envisage it anytime soon either.

[Criptomen]

I don't think banks will ever disappear. It's a "gold mine". Banks will be transformed into something else.

Blockchain - a new kind of database without a single center in which all the movements within the system are recorded. And this technology allows you to greatly reduce the time for major transactions (issuing loans, stock trading, etc.), as well as cut investor costs. Accordingly, someone will receive less money, and this one doesn't want to introduce technology.

[avikz]

The Ceo of Bitcoin cash recently stated that soon people wouldn't be needing banks anymore.Does it mean the world is going crypto soon or he is just bluffing.

Firstly this particular section is for discussing only bitcoin related topics. Bitcoin cash is an altcoin so I have just reported to moderator to move this topic to altcoin discussion.

Secondly, anyone can say anything! This is a free world and anyone is free to predict anything. But Banks will not become extinct anytime soon. They will change their business model to adopt the situation and keep on thieving the way they are doing it now. The way Rogar's prediction doesn't effect the banking system, the similar way Warren Buffet's negative prediction doesn't effect cryptos. The only deciding factor is what the global market thinks and that is not easy to predict!

[Fred3030]

It will take a long time before the world will go crypto if even it will ever happen. Crypto currency is in its infant stage and yet to be accepted by many or even know to the majority. The world going crypto? Not now at all.

[franky1]

there will still be fiat 'banks'.. but once things go digital there would not be PHYSICAL bank BRANCHES

banks will create their own app and that app would just use a blockchain/DLT platform

imagine it like the IMF as a (hub) which houses the balances of each country. like a UTXO set of its (channels) to each country
then imagine each country having its own UTXO SET of its own (channels) with (hubs) where each of these is (channelled) into smaller (hubs) per state/county/region
where each regional (hub) is (channelled) into local town/city (hubs)

and each city hub only needs to manage balances of ~4000 customers accounts(channels)
...
some math
imagine 4k people per bank branch. and there are 1730 bank branches per state. and 52 states(~90k bank branches in usa)
90k*4k=~360m population
..
all (hubs) wont need to store transaction history of everyones trade in the world. they would only need to store account totals(channel totals)(UTXO sets) of hubs(channels) its connected to.

where by the transactional data becomes non important once the 2 participants have agreement. and its only the UTXO set that gets transmitted around the network and audited. alowing for the transactional data to be only stored locally and prunable after a detail legally obligated period.

...
its pretty much what LN is to become because thats where the blockstream devs got the idea from. the bankers.

their hope is
your bank STATEMENT.(ledger of 'from alice to bob') transaction data is stored at a local bank branch(factory/watchtower hub). but not needing to have every bank branch holding every transactional data.

whereby your bank BALANCE (utxo set / channel balance) is stored in multiple bank branches locally, regionally at head quarters and at the IMF to be audited(audited route) without needing to check blockchain data every payment

LN's current faults is that its trying to be too bank branch-esq with its hubs, factories and watchtowers concepts. which fall flat because without hubs/factories/watchtowers each node then also needs to view the entire blockchain to validate the channel balances when partnering up in a smart contract. meaning hop models and mobile app models wont work.

[domasal]

I wouldn't say soon, the time will certainly come but there are many more steps to go through first. We should all keep an eye on venezuela and the petro, if it works there then venezuelan banks will need to start worrying.

[Kaznachej123]

The Ceo of Bitcoin cash recently stated that soon people wouldn't be needing banks anymore.Does it mean the world is going crypto soon or he is just bluffing.

 Most likely this will happen in the future, but not as soon as it is written about a lot of news ... Remember, the owners of banks will not simply look at how their profits are taken away and will interfere with this process. 

[swissgang]

I think even if there is no bank, there will be centralized agencies that we still need to trust as now there is, but decentralized platforms such exchanges increase.

[erifubirugen]

I can believe in it, maybe soon we would not need banks right. Many people talkng about the cryptocurrency coins will replace with the paper money and that is making sense for me..

[davinci35]

Being able to do everything from my house is my dream.

[dewildance]

This is my opinion too since I first met my bitcoin. As a person working in the banking sector today, I do not think the banks will survive in the near future. Cryptocurrencies can change the financial system completely.

[Phinoy]

Being able to do everything from my house is my dream.

Because of the technology has been invented this year when fhe bitcoin will rise up and continue to be in high in the market sooner we don't need bank to change our bitcoin because of the demand so many people already in currency we don't know even in department store we can by anything using bitcoin.