Can Blockchain Replace Banks?

[verita1]

So far I have seen financial solutions based on recharged debit cards or use of credit cards to buy Crypto. As well as debit cards affiliated with a bank where you can spend with your local currency and crypto at the same time. An App where you can add your bank account, buy and sell crypto with your local currency.

This is happening in Nigeria and Ghana with the First Kudi App and their debit card. So it tells me that the solution is to unite FIAT and crypto in one solution. I think that is the most crypto FIAT route in a financial solution and the bank would not be totally replaced.

In the future, the bank could be replaced but for that in the region that is implemented, it should be well prepared so that its finances are fully electronic and with a good telecommunications infrastructure.

[Jeremy Franklin]

The creation of blockchain came with possibilities and predictions of a future where intermediaries could be eliminated entirely. It is capable of executing millions of transactions within seconds at a lower transaction cost and requires no centralized authorization.

With the blockchain trend going on as strong as the moment, is it possible that blockchain will replace banks any time soon in the future?

More here: https://www.hb-wallet.com/post/2018/12/20/can-blockchain-replace-banks

Not everywhere in the world. In countries with a well-grown banking system BTC will be seen more as a store of value like gold. But in countries with a poor banking system and in which not everyone has their own bank-account BTC could really replace the banking system for many people. Nowadays everyone has a smartphone. Just download a wallet app and you are able to trade, store and send BTC. And actually this is already happening in many countries e.g. in Africa.

[Twentyonepaylots]

Why do cryptocurrency users very often ask such a question that sounds so that blockchain or Bitcoin can replace banks and the entire banking system?  It seems to me that today many commercial structures use the blockchain, and also banks are introducing this modern technology into their system, and this does not mean that blockchain is replacing the bank.  Blockchain makes it possible to save information, personal data and receive better services.

Because they want reassurance that the program they have invested on is something that will span out years, not months. They wanted to ensure that they have made thenright choice, that's why they kee on asking fellow cryptocurrency investors/supporters about their opinion regarding blockchain's viability compared to banks right now. To which I will say yes, because not only is blockchain growing by the day, it's also being sought for by most banks worldwide to empower their preexisting features. Either they grow both in tandem or one will take over the other.

[senin]

It is possible that Blockchain can replace Banks, because at present, it is very ricky to bear hand cash( for robbery or corona virus)  and in future, we can save our money in our mind or mobile phone or computer to use it easily(by blockchain).       

Blockchain is a technology with the help of which certain improvements in the quality of our life are introduced. However, technology alone does not solve anything. We need specialists who will implement it, specialists who will constantly service its implementation, and for this we need appropriate facilities, and so on. In the field of finance, this is done by the banking system, which is now quite successfully using blockchain technology. their activities. Therefore, blockchain technology cannot replace the banking system, even in principle.

[bits4books]

Blockchain can be used as part of a banking system, but it will not cover everything completely.
In my opinion, it can be used for transparency, cross border payments, etc. And CBs are already working on digital fiat. So, there will be a lot of use cases for blockchain but it will not replace banks. Upgrade is a better word

[Subbir]

Yeah blockchain can never get replaced by banks because banks operate in their own interest If they are doing not benefit they're going to never assist you. And now blockchain helps within the development of the society and therefore the lifetime of the people the blockchain will never replace the banks and there are many differences between them if they supply various facilities to figure.

[conected]

Blockchain can be used as part of a banking system, but it will not cover everything completely.
In my opinion, it can be used for transparency, cross border payments, etc. And CBs are already working on digital fiat. So, there will be a lot of use cases for blockchain but it will not replace banks. Upgrade is a better word

- Agree, blockchain with outstanding features can become an upgrade for future banks with security, expand services to reach crypto users but summing up all the possibilities of blockchain, a complete system replacement is almost impossible because except for good features, blockchain also reveals the imperfect nature. And banking is a system that needs perfection, the mistake is not allowed to exist too much, right now, they are in the best state while the blockchain is still too poor for the perfect state.

[bkbirge]

This is the model that banks will adopt eventually I'm guessing...
https://cointelegraph.com/news/alipay-patents-reveal-more-details-about-chinas-forthcoming-cbdc

On Feb. 25, Alipay published a patent detailing “a method and device for controlling digital currency accounts.”

The regulator will provide a control device installed at the operating agency, with which supervisors can restrict suspected accounts within predefined rules. This will allow the supervisors to circumvent the need to go through the operator, allowing immediate restriction.

Restrictions that can be applied include blocking one or more account operating authorities, prohibiting currency flows into and/or out of the target account, and freezing all funds held in the account.

[GreenStox]

It is unlikely that the banking system has been implemented for a long time and is used by the whole world.
It's like changing a very large system and it will be difficult or time consuming.
Although blockchain technology is used in different areas.

[Smitty Werben Man Jensen]

before paper money still existed and America was still in power, then Blockchain would not become a BANK !, you know it would not happen, America would not allow it to happen, but the country could adopt this technology, and reportedly a digital dollar would be created, whether this is the thing good for the crypto currency ecosystem or not

[nosferzd]

To blockchain completely replace the banking system? I think not (at least in the next few years). In some aspects, something works better, something worse. Here are some of the advantages of the blockchain - the lack of an intermediary in transfers, to some extent privacy, network performance. But for example, it is not yet possible to give out a loan. Most likely, blockchain and banks will no longer compete for primacy and will begin to cooperate, gradually merging into a single financial system.

[Renampun]

First of all, Blockchain is not a business entity but a technology...
Blockchain technology is not a competitor of the Bank. in the future, the Bank will adopt Blockchain technology as a form of service improvement or  upgrading of the Bank.

[BitSat19]

First of all, Blockchain is not a business entity but a technology...
Blockchain technology is not a competitor of the Bank. in the future, the Bank will adopt Blockchain technology as a form of service improvement or  upgrading of the Bank.

This is really the simple thing which peoples are not understanding and we have many rumours about this blockchain never replace banks its never been a competitor its just technology which will works for banks and brings some better things for peoples and these banks in future.

[wxxyrqa]

First of all, Blockchain is not a business entity but a technology...
Blockchain technology is not a competitor of the Bank. in the future, the Bank will adopt Blockchain technology as a form of service improvement or  upgrading of the Bank.

I can’t understand a bit why many users and cryptocurrencies are saying that blockchain can replace the banking system.  I also fully support your words regarding the fact that blockchain technology can improve the work of the banking system or any other structure, providing a wide range of services and a high degree of security.  But what people are guided by comparing the blockchain with banks is not clear.

[bits4books]

Blockchain can be used as part of a banking system, but it will not cover everything completely.
In my opinion, it can be used for transparency, cross border payments, etc. And CBs are already working on digital fiat. So, there will be a lot of use cases for blockchain but it will not replace banks. Upgrade is a better word

- Agree, blockchain with outstanding features can become an upgrade for future banks with security, expand services to reach crypto users but summing up all the possibilities of blockchain, a complete system replacement is almost impossible because except for good features, blockchain also reveals the imperfect nature. And banking is a system that needs perfection, the mistake is not allowed to exist too much, right now, they are in the best state while the blockchain is still too poor for the perfect state.

I completely agree! That's what I'm talking about. The blockchain has good intentions that can be a great help to the banking system.
But a full transition of economy system to the blockchain is a bitcoiners dream because of the things indicated by me and many others in this thread.

[hulla]

First of all, Blockchain is not a business entity but a technology...
Blockchain technology is not a competitor of the Bank. in the future, the Bank will adopt Blockchain technology as a form of service improvement or  upgrading of the Bank.

This is really the simple thing which peoples are not understanding and we have many rumours about this blockchain never replace banks its never been a competitor its just technology which will works for banks and brings some better things for peoples and these banks in future.

You are right people keep on saying many things but we should not listen to them but try to stay away from such people who spread bad news about crypto. We know blockchain has high security and storing capability so its good to keep our investment safe, banks are also adopting it to make their system even stronger but blockchain has no such intention to replace banks at all.

I supported what you guys because blockchain and bitcoin was not implemented to replace banks and fiat currencies but to serve as an alternation solution which will makes life more meaningful to us and also serve as safe haven from the economic melt.
I think people lack of understanding about the concept behind blockchain and crypto was what causing the thought of blockchajn replacing banks.

[imstillthebest]

First of all, Blockchain is not a business entity but a technology...
Blockchain technology is not a competitor of the Bank. in the future, the Bank will adopt Blockchain technology as a form of service improvement or  upgrading of the Bank.

This is really the simple thing which peoples are not understanding and we have many rumours about this blockchain never replace banks its never been a competitor its just technology which will works for banks and brings some better things for peoples and these banks in future.

You are right people keep on saying many things but we should not listen to them but try to stay away from such people who spread bad news about crypto. We know blockchain has high security and storing capability so its good to keep our investment safe, banks are also adopting it to make their system even stronger but blockchain has no such intention to replace banks at all.

I supported what you guys because blockchain and bitcoin was not implemented to replace banks and fiat currencies but to serve as an alternation solution which will makes life more meaningful to us and also serve as safe haven from the economic melt.
I think people lack of understanding about the concept behind blockchain and crypto was what causing the thought of blockchajn replacing banks.

blockchain wasnt alternative to banks , the  reason were already stated  .

 btc and other cryptos are not also alternative to banks because they are not a bank but they are like a currency so they are alternative to currencies   . to call them a safe heaven might be true because in times of crisis , stocks are going down and people loosing money so what if they can sell those stocks and transfer it to crypto  ?

 cryptos arent related to stocks or other offline world stuffs so yeah cryptos value can survive

[hulla]

First of all, Blockchain is not a business entity but a technology...
Blockchain technology is not a competitor of the Bank. in the future, the Bank will adopt Blockchain technology as a form of service improvement or  upgrading of the Bank.

This is really the simple thing which peoples are not understanding and we have many rumours about this blockchain never replace banks its never been a competitor its just technology which will works for banks and brings some better things for peoples and these banks in future.

You are right people keep on saying many things but we should not listen to them but try to stay away from such people who spread bad news about crypto. We know blockchain has high security and storing capability so its good to keep our investment safe, banks are also adopting it to make their system even stronger but blockchain has no such intention to replace banks at all.

I supported what you guys because blockchain and bitcoin was not implemented to replace banks and fiat currencies but to serve as an alternation solution which will makes life more meaningful to us and also serve as safe haven from the economic melt.
I think people lack of understanding about the concept behind blockchain and crypto was what causing the thought of blockchajn replacing banks.

blockchain wasnt alternative to banks , the  reason were already stated  .

 btc and other cryptos are not also alternative to banks because they are not a bank but they are like a currency so they are alternative to currencies   . to call them a safe heaven might be true because in times of crisis , stocks are going down and people loosing money so what if they can sell those stocks and transfer it to crypto  ?

 cryptos arent related to stocks or other offline world stuffs so yeah cryptos value can survive

I have a reason to believe you dont read thoroughly the whole message i posted because i already said crypto and blockchain was implemented as an alternative solution to economic meltdown. I dont even said fiat not to mention banks as you stated.

[Xampeuu]

First of all, Blockchain is not a business entity but a technology...
Blockchain technology is not a competitor of the Bank. in the future, the Bank will adopt Blockchain technology as a form of service improvement or  upgrading of the Bank.

This is really the simple thing which peoples are not understanding and we have many rumours about this blockchain never replace banks its never been a competitor its just technology which will works for banks and brings some better things for peoples and these banks in future.

You are right people keep on saying many things but we should not listen to them but try to stay away from such people who spread bad news about crypto. We know blockchain has high security and storing capability so its good to keep our investment safe, banks are also adopting it to make their system even stronger but blockchain has no such intention to replace banks at all.

I supported what you guys because blockchain and bitcoin was not implemented to replace banks and fiat currencies but to serve as an alternation solution which will makes life more meaningful to us and also serve as safe haven from the economic melt.
I think people lack of understanding about the concept behind blockchain and crypto was what causing the thought of blockchajn replacing banks.

blockchain wasnt alternative to banks , the  reason were already stated  .

 btc and other cryptos are not also alternative to banks because they are not a bank but they are like a currency so they are alternative to currencies   . to call them a safe heaven might be true because in times of crisis , stocks are going down and people loosing money so what if they can sell those stocks and transfer it to crypto  ?

 cryptos arent related to stocks or other offline world stuffs so yeah cryptos value can survive

the value of crypt can last when compared to bitcoin, but if we compare it with the dollar, then this fluctuates too. The blockchain will be used by the bank, but the blockchain cannot replace the bank. in this case the bank becomes the parent and the blockchain is just a system

[hulla]

First of all, Blockchain is not a business entity but a technology...
Blockchain technology is not a competitor of the Bank. in the future, the Bank will adopt Blockchain technology as a form of service improvement or  upgrading of the Bank.

This is really the simple thing which peoples are not understanding and we have many rumours about this blockchain never replace banks its never been a competitor its just technology which will works for banks and brings some better things for peoples and these banks in future.

You are right people keep on saying many things but we should not listen to them but try to stay away from such people who spread bad news about crypto. We know blockchain has high security and storing capability so its good to keep our investment safe, banks are also adopting it to make their system even stronger but blockchain has no such intention to replace banks at all.

I supported what you guys because blockchain and bitcoin was not implemented to replace banks and fiat currencies but to serve as an alternation solution which will makes life more meaningful to us and also serve as safe haven from the economic melt.
I think people lack of understanding about the concept behind blockchain and crypto was what causing the thought of blockchajn replacing banks.

blockchain wasnt alternative to banks , the  reason were already stated  .

 btc and other cryptos are not also alternative to banks because they are not a bank but they are like a currency so they are alternative to currencies   . to call them a safe heaven might be true because in times of crisis , stocks are going down and people loosing money so what if they can sell those stocks and transfer it to crypto  ?

 cryptos arent related to stocks or other offline world stuffs so yeah cryptos value can survive

the value of crypt can last when compared to bitcoin, but if we compare it with the dollar, then this fluctuates too. The blockchain will be used by the bank, but the blockchain cannot replace the bank. in this case the bank becomes the parent and the blockchain is just a system

Value of crypt? The last time i checked every crypto and bitcoin are the same but they may have different potential, concept and utility. I dint understand what youre trying to say when you said banks to be father. Does that mean blockchain will be son? Are even aware of basic benefit of blockchain and what it can to the future?