Software will eat Banking

[Kakmakr]

Wrong, most people are clueless about technology or they live in countries with poor internet access. <Some even without electricity> The Banks gives "clueless" people a crutch to lean on and they are fed like a little baby, whilst Banks charge them huge fees for that service. 

Yes, software can make things more convenient for "smart" people and a lot faster than most banking systems, but some people cannot walk alone anymore. <They became to dependant on that crutch> 

[Ains_sama]

and indeed I think it is very necessary to use it like that, and we hope that way for the cheaper costs in the transaction.

[jseverson]

Lol the author didn't even discuss his headline, which he apparently took from a 2011 piece. For anyone who's curious, here it is:

https://www.wsj.com/articles/SB10001424053111903480904576512250915629460

Spoiler alert: it doesn't mention Bitcoin or crypto anywhere.

[kelz1]

Software has major benefits just like robotics over humans. However, it is still controlled by humans and bitcoin trades are open to manipulation as we just saw in the recent dump just yesterday

[dothebeats]

Lol the author didn't even discuss his headline, which he apparently took from a 2011 piece. For anyone who's curious, here it is:

https://www.wsj.com/articles/SB10001424053111903480904576512250915629460

Spoiler alert: it doesn't mention Bitcoin or crypto anywhere.

What do you expect on modern news and editorial sites anyways?

Anyway, I think the original article is still worthy of a discussion nonetheless. Day by day, software is getting better and better, and with the way some banks are still stuck to the stone age for their systems and security, I think one day it will come at them and knock in front of their doorsteps. Security and reliability should be the things that matter for the banking industry, and they have seen it with the blockchain being applied to bitcoin, and so the rise for blockchain developers working for private sectors begin, particularly big banks looking to improve their systems.

[kryptqnick]

Wrong, most people are clueless about technology or they live in countries with poor internet access. <Some even without electricity> The Banks gives "clueless" people a crutch to lean on and they are fed like a little baby, whilst Banks charge them huge fees for that service. 

Yes, software can make things more convenient for "smart" people and a lot faster than most banking systems, but some people cannot walk alone anymore. <They became to dependant on that crutch> 

I am not sure whether you are right or wrong about Internet vs banking access, so let's find out the answer here. 55% of people have access to the Internet, according to INTERNET USAGE STATISTICS with penetration rate being highest in North America (95%) and Europe (85%) and lowest in Africa (36%). This amounts to 4.2 billion users. Now let's turn to banking statistics. 1.7 billion adults don't have bank accounts according to the World Bank's data. I could not find precise data on how many children or adults there are in the world, but from what I saw around 30% of the population is below 18 years old, so we should cross them out here. Okay, let's say there're around 5.27 billion adults. This means that around a third of them don't have bank accounts. Okay, you win, it's less than roughly almost a half not having the internet access, but the gap is not that big, so there are still pretty serious chances of many adults (especially from the African continent) going for crypto over banking.

[Eugenar]

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/

It is established that cryptocurrency is better than the traditional bank in many different ways. But, not everyone can adapt it right now. The technology is still young and the society still need the bank whether we like it or not. In the future, crypto will surely take over but for the mean time, enjoy and use both wisely.

[Mometaskers]

LOL. Banks ain't gonna disappear any time soon, they're in cahoots with the government after all. But yeah, every bit of money invested into bitcoin is money the bankers can't get their dirty paws on so it is chipping away at them. More like ant bites though.

They will adapt to make their operations faster and more efficient. They'd still be around, perhaps as sources of loans but after the multiple crashes they've caused, people now know they can't keep everything in it. Now they have an option they didn't had in 2008.

[maldini]

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.

yup, it's true that crypto takes over the position of the bank takes a very long time maybe 30 years or more. As with the development of laptops, it takes 25 years to develop, like now, and I think bitcoin will be the same for the next 30 years

[plvbob0070]

It's a real thing... It makes us do things in more cheaper, accessible and convenient way. But I still don't think that cryptos can take over banks. Most people uses traditional system and even in the future, people will still use it.
In conclusion, they have their roles and will both exist and used by the people.

[kyucryp]

In my opinion. one day banks will adopt the crypto currency system or have crypto currencies so that the banking system will not be out of date and will not be left behind by loyal customers. now banks are starting to adopt financial technology. each bank has a system or software to support all transactions involving their finances. so they will continue to keep up with technology.

[shesheboy]

In my opinion. one day banks will adopt the crypto currency system or have crypto currencies so that the banking system will not be out of date and will not be left behind by loyal customers. now banks are starting to adopt financial technology. each bank has a system or software to support all transactions involving their finances. so they will continue to keep up with technology.

banking system or banks are not out of date  and they arent left behind . they also improve thier system and up date it with the latest technology that we see today  .  also , most of banks nowadays are already teaming up with cryptos and blockchain because they knew how useful it was but they are not threatened up because majority of the people are always loyal to banks becuase banks are more trusted and safer compare to crypto's

[morrisgonzalez]

I don't think so software or cryptocurrency eat banking, banking system & cryptocurrency totally different. Software is not competitor to Banking moreover software helpful to banking. These two things are most important to economics. I think software can't eat Banking moreover it's helpful to banking.

[hxtop]

Banking system may be modified to a market which bitcoin is widely used. They have time to do that. Of course,  there some of  banks will be disappeared. l think, it is not reasonable to say that all banking system affected adversely and will be history.

[DreamStage]

Have you ever heard of Stellar? https://www.stellar.org/

It works as a middle man between crypto world and your bank fiat.

You will no longer need to pay for fees and money will travel way more faster than any bank transaction as well for crypto transactions within wallets and bank accounts.

[Innerpumper]

but, I think fiat also has an interest in cryptocurrency, fiat had a good exchange rate if cryptocurrency not working with fiat certainly cryptocurrency don't have Exchange rates at all.

[Baofeng]

If anyone read the full article, posted by the OP in the last paragraph,

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

The insurance industry is ripe for the picking, and I for one is looking forward to seeing great innovative solutions in this area, as I do not believe that we will see any internal evolution in this industry, here I’m counting on external disruption, so again, dazzle me with your innovations.

I'll just give one example how the insurance industry have been disrupted by new technology, in this case, blockchain, IBM's openIDL (open Insurance Data Link). What does it do?

The openIDL streamlines the burdensome statistical reporting process that provides little value to insurance carriers and insufficient information for insurance regulators. It offers carriers a secure and reliable blockchain environment for the storage and selective sharing of statistical data (policy, premium, claims and loss experience data) with AAIS as an authorized statistical agent and advisory organization.

https://aaisonline.com/web/openidl

So there is the disruption that the author is asking for, it's already been implemented and I think it's re-shaping how people look at Insurance industry now.

[faceoff97]

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.

I actually don't have bank account, I only have Crypto wallet. I find it more convenient than bank. If this applies to me, then it is possible for everyone to get into crypto and doesn't see the need for bank. Crypto actually give us the freedom from third trusted party, this way it gives us the full control over our assets with any having any interest for it.

[gesdan]

we know that bitcoin and cryptocurrency is better tan bitcoin right now, but we dont know about the reality right? we dont know about the bitcoin that will work in bitcoin, we dont know that bitcoin and cryptocurrency can change the banking system.

[Instel77]

It will be just matter of time for bitcoin and crypto to get into the mainstream, it is evolving and won't stop evolving. There are some projects developing the technological infrastructure for this to happen, one of them is pundix, which will provide blockchain-based point-of-sales, which means that you'll be able to pay at stores without the need of having internet or even making the transaction manually