Banks against the crypto

[mistanama]

I don't think banks will disappear because of cryptocurrency because many are used to it their savings are on banks and some didn't even know about digital money. I think banks and crypto will coexist and it's better because people will have many options they can choose a centralized one which is bank and the decentralized one which is cryptocurrency.

Banks will stay and will continue to grow, crypto is making things possible to lessen the transaction fee compared to bank but we cannot
deny that we still need banks as majority of the people still trust bank. We are too ambitious to think at this stage that crypto will beat bank, because
crypto's success is still not bigger than bank or cannot even compete.

Of course the banks will stay because it is one of the sector of the government and the cryptocurrencies are just options because they are decentralized and they are more often online based type of currency but to be honest here, it is far way better than the banks because cryptocurrencies are offering better features and benefits compare to the banks.

[matchi2011]

Decentralization. Everyone is talking about it. Can cryptocurrency lead to the disappearance of banks. Or will banks be able to adjust and remain in power?

This is fully depends on how every government taking it generally in near future. As it is decentralized to government can not track its transaction as normal banking system can easily track. So government must think seriously about this, on the other hand how government will work if they not get any taxs from cryptocurrecny holder or trader. so lets see what is happening in future.

That's the fact and reason behind why government is still doubtful to embrace this new chain of system, they can easily track every transactions if its needed to review everywhere inside their jurisdictions when the banks are fully registered and comply with government rules, unlike decentralized where everything can be done between two wallets and process without a trace, banking system still have a good favor from the government.

[Zooplus]

Decentralization. Everyone is talking about it. Can cryptocurrency lead to the disappearance of banks. Or will banks be able to adjust and remain in power?

This is fully depends on how every government taking it generally in near future. As it is decentralized to government can not track its transaction as normal banking system can easily track. So government must think seriously about this, on the other hand how government will work if they not get any taxs from cryptocurrecny holder or trader. so lets see what is happening in future.

That's the fact and reason behind why government is still doubtful to embrace this new chain of system, they can easily track every transactions if its needed to review everywhere inside their jurisdictions when the banks are fully registered and comply with government rules, unlike decentralized where everything can be done between two wallets and process without a trace, banking system still have a good favor from the government.

In addition to that transactions can be anonymous as we have mixers in crypto that will make it harder for people to trace the real origin of transaction.
If they regulate crypto it's still not easy as regulating bank because the fact that we are using a decentralized system, people will use the essence of crypto.

[reda]

May be banks will praise the XRP, stable cryptocurrencies and other centralized cryptos but the fact and truth is bitcoin is not been accepted by banks for sure. If the bitcoin usages has been increased with the legal approval from the banking side.

They will fall for sure. Go with the investment and mark the top cryptocurrencies to stay from banking usage in future.

[Asmonist]

Its always a comparison between bank and crypto. However, banks can also be the medium of crypto. We all know that adaptation is really a big thing especially in the use of money. We are born with the traditional money that we use. The banks will serve as the regulator I guess. Apparently it will also affect there business flow somehow.

[guoyu78]

We don't really know what's going to happen for sure but u do think that there is not going to be any replacement for banks cause they are very important in so many ways. And how can we forget the job aspect of it? Taking away banks means that we are actually going to render a lot of people in the jobless. Sorry,  in this aspect I don't see how cryptocurrency is useful to us. Cryptocurrency is good but I don't think it is going to replace banks and I also don't want it to replace banks. I'm okay with banks, cryptocurrency can continue to serve as a means of making transactions and not become a real currency .

[Karmakid]

Banks are not literally against the cryptocurrency. They are just sharing their opinion about precautions on trying cryptocurrency because of the risk that you can lose money since it is not regulated and there is a lot of manipulation in the market of crypto. Some of the banks in some countries are really supporting cryptocurrency just like in the Philippines that they implemented bitcoin ATMs in their country.

[fullhdpixel]

Decentralization. Everyone is talking about it. Can cryptocurrency lead to the disappearance of banks. Or will banks be able to adjust and remain in power?

It is true, banks have power and banks have power because of government give them, and crypto currency can't lead to disappear of banks. Actually in every country Government take decision and government can't disappear banks, that's why in few countries government not accept crypto currency. 

Bank has the privilege but does not have the power, only the government has because they are the one who creates law and implement.
Although banks are operating profitably and they are the largest in the industry of finance, they are still guided by the law created for them.
If they abuse their privilege, they will be penalize.

Banks can be controlled by the government but cryptocurrnecy cannot he controlled by the government, so they are hot going to like it. If you ask me I never think the government are going to let cryptocurrency replace fiat or take out banks.

If that's going to happen, then they will have to start regulating cryptocurrency, which us one thing a lot of people here don't even like (yep,  I am very sure that a lot of you guys here don't even want cryptocurrency to be regulated) and banks are still likely to be the ones to be in control of it . So, stop stressing over it.

[Thanasis]

I think in the future , Banks will not against the cryptocurrency.
But , Banks will adopt the blockchain technology to develop the system to be better.

Even if banks adopts to blockchain technology they will go against decentralized cryptos so banks will never accepts cryptos into their system.Whereas of banks using their own blockchain then it might not create much difference from their current traditional transaction system.

[Mihaylovic]

Decentralization. Everyone is talking about it. Can cryptocurrency lead to the disappearance of banks. Or will banks be able to adjust and remain in power?

i dont think it is possible. at least not possible in short or mid term. Because there are and there will always be people that prefer more traditional ways for payments and storing money. And banks sound more traditional comparing to cryptocurrencies.

[Sahyadri]

This thread has been discussed a lot of times and answer to this question will always remain same that banks cannot disappear even if crypto will be accepted as payment mode because governments will not allow it to happen.Moreover people have faith on banks which is not easily vanished.

[Oasisman]

I think in the future , Banks will not against the cryptocurrency.
But , Banks will adopt the blockchain technology to develop the system to be better.

Even if banks adopts to blockchain technology they will go against decentralized cryptos so banks will never accepts cryptos into their system.Whereas of banks using their own blockchain then it might not create much difference from their current traditional transaction system.

Correct!
Banks will most probably create their own blockchain if majority of them decided to start accepting cryptocurrency transactions. They arent a fan of a decentralized system btw and they wont going to adjust to any of the blockchain and crypto ideas that would go against their own idea of monetary and banking transactions.

[maianh09]

Decentralization. Everyone is talking about it. Can cryptocurrency lead to the disappearance of banks. Or will banks be able to adjust and remain in power?

Banks worry about Bitcoin traffic because they cannot control them. If you deposit at 1 Bitcoin bank with a value of $ 5000 and the bank uses it for other investment loans. But in a short time, the price of Bitcoin increased, making banks suffer losses and easily went bankrupt. Therefore banks do not accept it and try to remove it.

[salmanahmedone]

I don't think banks will disappear because of cryptocurrency because many are used to it their savings are on banks and some didn't even know about digital money. I think banks and crypto will coexist and it's better because people will have many options they can choose a centralized one which is bank and the decentralized one which is cryptocurrency.

The only condition of the banks to disappear is that when people will stop using Fiat and will only use crypto currencies. When people do not deposit money in the bank , the bank will have no source of income and they will have to be automatically closed.

[markstivn98]

Decentralization. Everyone is talking about it. Can cryptocurrency lead to the disappearance of banks. Or will banks be able to adjust and remain in power?

Many powerful countries will not allow their banks to fall, I think it is the banks that will eventually win, or maybe decentralized with weaker hope. But the best thing is to develop together and support each other.

[ShooterXD]

Here in Brazil, most of the Banks just closed exchange Accounts, and sometimes close cliente accounts Who sended money to exchange accounts.
The saddly part is the justice given The cause to the Banks. Nothing more to wait for the corruption paradise

[Abiky]

They are against the cryptocurrency because they know that the people are now losing interest in banks because they are not satisfy anymore to the interest and also to the offers of the banks while the cryptocurrencies are offering a higher interest for their money in terms of profit making by just investing in a decentralized cryptocurrency like bitcoin.

Yes. People are seeking for ways to avoid banks, due to their high fees and low interest rates. Not to mention, Banks are centralized financial institutions which are backed by the government, making them fully compliant with regulations. This means, that Banks can freeze an individual's account or do whatever they desire with it. With decentralized cryptocurrencies such as Bitcoin and Ethereum, this is no longer possible as the system is free and open to anyone around the world without a central authority.

That's why, Banks have been against crypto from their very beginnings. Despite this, Banks seem more inclined to using Blockchain technology for their own benefit, rather than adopting an already-established cryptocurrency like Bitcoin or Ethereum. But if crypto continues to exist, you'll see that Banks will be opposed to their development.

Nonetheless, it's hoped that as crypto becomes more regulated and governments take a friendly stance towards them, Banks would part their separate ways by relying on a private Blockchain network built by themselves. It could be either Ripple, IBM's World Wire Network, or another Blockchain payments framework. Just my thoughts

[Botnake]

Here in Brazil, most of the Banks just closed exchange Accounts, and sometimes close cliente accounts Who sended money to exchange accounts.
The saddly part is the justice given The cause to the Banks. Nothing more to wait for the corruption paradise

Do you have source on this, I would like to read the full details on why banks are doing this.
In my country, crypto is not illegal and I can easily transact from my exchange directly to my bank account, so I can say I'm lucky to have a crypto friendly government.

[iam_aayushiJ]

I live in India, and the state of cryptocurrency is really very poor here. Many prominent crypto exchanges like ZEBPAY has shut down here a year back, the reserve bank of India has made it very difficult for the buyers and sellers like me to trade in cryptos.

Here is an article from today morning which I was reading about cryptos  - https://economictimes.indiatimes.com/news/economy/policy/government-department-discuss-draft-bill-to-ban-cryptocurrencies/articleshow/69048480.cms

I think even if some countries are in favour of it and are growing the economy fast, in India and many such countries the state of crypto is really bad and banks governments and the whole economic system is against cryptos. the road ahead is very tough man.

[Kwansimaa]

Nobody really knows the future of the financial industry but the world is developing at a faster rate and many people are starting to appreciate the use of crypto currencies in their transaction.
However the banking is sector still holds majority of transaction of the world but in future cryptocurrencies may take over.