Software will eat Banking

[Matb001]

Saturday morning post about Software, Banking, Innovation, Disruption.

”Real use and adaptation need to come from making things cheaper, more accessible, and convenient.
Cryptocurrency has all the potential of doing all three of those,
cheaper, as can scale internationally without any of the inherent costs of fiat, accessibility...”


https://quantum1net.com/software-will-eat-banking/

[MakeMoneyBtc]

Right now bitcoin is not strong enough to overcome banks and i dont think thats going to happen anytime in the near future. Thats because banks are everywhere in the world and millions of people use them everyday.That gives them power that will be very hard to break since you would have to convice everyuser of banks that what you offer is better

[kingpin4321]

Right now bitcoin is not strong enough to overcome banks and i dont think thats going to happen anytime in the near future. Thats because banks are everywhere in the world and millions of people use them everyday.That gives them power that will be very hard to break since you would have to convice everyuser of banks that what you offer is better

Bitcoin is not here to over take banking system i don't think that was satoshi's idea in the first place
Bitcoin and the banking system has different technology and bitcoin will surely develop into a global phenomenon and still also the banking system will exist

[Mister1k]

Saturday morning post about Software, Banking, Innovation, Disruption.

”Real use and adaptation need to come from making things cheaper, more accessible, and convenient.
Cryptocurrency has all the potential of doing all three of those,
cheaper, as can scale internationally without any of the inherent costs of fiat, accessibility...”


https://quantum1net.com/software-will-eat-banking/

Obviously simply crypto wallet can make everything possible, but surely no one will allow to replace the banking system. There is big politics behind the banking system. So may be after 20 years we can expect it to be happen.
To capture the decentralized market they are launching centralized cryptos but people does not understand that and invest to that too with the big trust.

[MiguelCryptoss]

Bitcoin will not succeed Banks because the two are meant to compliment each other and not to work in detriment to another. Digital currency were made in order to compliment the traditional system, so, the two will work in parallel to each other. Just my view.

[Meysa_richa]

it's true that bitcoin has it all, and bitcoin is very simple in transferring and doesn't require a lot of time and money, and I think bitcoin is very good for international transactions.

[Webberson]

A software is a program used on a computer to execute tasks. In the same vain, a bank is an institute that carries out financial activities. Cryptocurrency being a new initiative, certainly proposes a new kind of system that is different from the norm. However, i am still not of the opinion that it will eradicate the banking system, because as far as fiat currency exist, the banks will always be there.

[Reid]

With the deletion of fiat everyone is going to be fat.

Software. Everything will just be a click away or a scan away.
No need to walk for minutes or queue in a bank just to wait for your turn.
Have been doing this for quite a while now and I can say I am getting fat.
Just need my internet and my computer or smartphone.

Banks will stay though. It cannot be just taken away in just a manner of time. Also, they are upgrading their own technology and even adopting the blockchain technology.
Just one problem though, they are centralized. It is their own and not for the people or freedom unlike BTC.

[MakeMoneyBtc]

Right now bitcoin is not strong enough to overcome banks and i dont think thats going to happen anytime in the near future. Thats because banks are everywhere in the world and millions of people use them everyday.That gives them power that will be very hard to break since you would have to convice everyuser of banks that what you offer is better

Bitcoin is not here to over take banking system i don't think that was satoshi's idea in the first place
Bitcoin and the banking system has different technology and bitcoin will surely develop into a global phenomenon and still also the banking system will exist

Of course,its impossible for bitcoin to replace banks because are two different things and each one has advantages and disadvantages. But i think the idea was that eventually bitcoin will have more users than banks since i think bitcoin was created to survive for a very long time.

[mrdeposit]

Saturday morning post about Software, Banking, Innovation, Disruption.

”Real use and adaptation need to come from making things cheaper, more accessible, and convenient.
Cryptocurrency has all the potential of doing all three of those,
cheaper, as can scale internationally without any of the inherent costs of fiat, accessibility...”


https://quantum1net.com/software-will-eat-banking/

Anyone who is knowledgeable about crypto knows this, therefore we call it as future. Although, unnecessary things are told about, the fact that positive sides make it unnecessary. "Unnecessary" is the game that people play against themselves, and BTC has nothing to do with it. People want it to be decentralized, but they want to keep bad things away. 

[r1s2g3]

I did not get your heading, Do you want to say that crypto will eat banking?
I will say no. There are various activities like loan and mortgages for which you need to go to bank apart from your usual daily stuff. Only change I see that bank may start dealing in cryptos but they will definitely stay.

[Ispep]

Anyone who feels that cryptocurrency will take over banks,really doesn't understand what the system is all about.
It's totally impossible,banks perform different functions from what cryptocurrency and the blockchain technology offers, we're talking about two forms of currencies: Fiat and digital currencies.
Both of them will always coexist right into the future.
Just that the future could hold a higher demand for cryptocurrency.

[traderethereum]

I think software will help the bank to grows more than today and the banks will upgrade their system with the right methods. Although we get a convenience from the software, agree or not, the banks will still exist and will always help people especially ordinary people which is not familiar with the technology.
Maybe that is happening with the people are older than us, and they don't understand with the software, and they only know with the banks. But they did not realize that the new era will come and if they don't want to learn, then they will not get benefits from the technology.
But somehow, I don't agree with the word "Software will eat Banking" because until now, many people still depend on the banks although in around them, there is much new software and it really helps their life.

[Bitcoindigger02]

Whether banks like it or not, Bitcoins are here. Compared with the long history of banking development, Bitcoins are still young, but they are developing rapidly. Active response, not just curse, is the way for banks to deal with it. Nowadays, more banks are cooperating to build alliances and develop related block chain technology, which is a positive measure. In the future, Bitcoin may not be a universally accepted currency in the world, but it may also force banks to make more changes and enjoy better services as customers of banks.

[pawanjain]

You are absolutely right. Bitcoin does have the potential to disrupt the traditional banking system and other financial payment services but the mere fact that it is not completely legalized in many countries and the fact that it also involves illegal activities make people not to use it. We can say that these are the obstacles that Bitcoin has to tackle before moving in to wide adoption through out the world.

[CryptoBry]

Shilling website links again ?

As about the topic even banks know that crypto will takeover whatever they had, but the question is just when it will happen.

I personally don't think it will happen anytime soon, banks will have the power for a good long time, normies aren't quite ready for such changes even tough it's in their best interest.

I actually doubt if this can happen even into the future. Why? Because banks right now especially consortium of big banks are now also planning to take advantage of the blockchain technology and soon they can also be issuing their own versions of cryptocurrency...so what I am envisioning is that the market will be teeming with choices for better services and this at the bottom line can be good for all millions or even billions of consumers globally. What is good thing here is that there will no more be monopoly and hopefully it would be consumers that will be the king.

[cizatext]

Even the bank and the government who control the traditional banking system knows about the efficacy and the flexibility of the cryptocurrency and that is the more reason their are always against the adoption of cryptocurrency because it will over take the banking system.

[passwordnow]

I dont trust the link you posted but going to the topic. Banks will remain and they have no option but to adopt the technology, its either bitcoin (which happened already in some banks worldwide) or blockchain. They are starting to consider adopting it and thats why regulations will come.

They can compete with cryptos because they are gov't backed but as long as they can see market, money and people interested on it, they will adopt gradually.

[CaVO32]

With the deletion of fiat everyone is going to be fat.

Software. Everything will just be a click away or a scan away.
No need to walk for minutes or queue in a bank just to wait for your turn.
Have been doing this for quite a while now and I can say I am getting fat.
Just need my internet and my computer or smartphone.

Banks will stay though. It cannot be just taken away in just a manner of time. Also, they are upgrading their own technology and even adopting the blockchain technology.
Just one problem though, they are centralized. It is their own and not for the people or freedom unlike BTC.

i like your good "sentiment" over the use of crypto. but for those who really have no time for queue or any sort of waiting, this is like godsend to them. but i don't think that banks will become extinct so to speak. we have benefits of using both sides and not gonna happening anytime soon about the replacement of banks by crypto.

[BurgerCash]

Software is eating the world thanks to its improved utility over traditional means of business. But to eat banking you don't just need to be better than banks, you need strong lobby, tons of sacrifices and a long long fight.