Say Goodbye to Banking as We Know It

[airdnasxela]

How exactly? I don’t think banks are ever going to end. Even if we all switch to cryptocurrency there is still going to be banks and they will be offering some other services like loans. And when I said banks are never going to end, I’m referring to fiat as well. You’ve heard that China is creating their own cryptocurrency but you didn’t ask how it is going to function.

After creating cryptocurrency they are not going destroy fiat, cryptocurrency will serve as another means of payment different from their fiat, and citizens will be able to convert their fiat to cryptocurrency and also be able to sell it for fiat if they want. That’s how I see it.

That's why it's too early to say goodbye to banks. It's not like they're going to end just because China is planning to launch their own cryptocurrency. Crypto will just be included in the circulation but fiat would still remain. China never said they will replace their fiat will crypto and that banks will be gone. People would still prefer banks. Why overhyping much China's digital currency?

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[vintages]

Just saw a video on this and it looks like Chinese finding a better way to track their currency. I will not find it amusing if they assign wallets to the common people. 

They will track the flow of money and it will be oppressive than ever to use yuan.

More reason I find it less enthusiast. China control a lot of their citizens welfare which is why they dislike Bitcoin.
Whatever digital coin they are creating will be 'overly' centralised. What's the fun of having a digital currency when it is been control. I guess the only gain will be a cashless society.
Moreover, I am still looking at the possibility of them saying a complete goodbye to the bank.

[beerlover]

Blockchain will not change banking industry as much as we guys assume it would, I personally think they will only use it to make the data more transparent and easily transferable with less cost and higher speed but that won't come down to user and won't affect them at all.

Even if they somehow manage to make it faster which could help the customer the banking moves are quite fast already and if they find a way to make it cheaper it would just be less cost for them but same price for us, maybe whales would be able to transfer millions of dollars for cheap and that would help banks get whales but for the regular people it wouldn't change much at all. Banks don't care about the customer, they care about how much they make and blockchain won't change that too much for us.

[desticy]

Banking systems will change anyway. It doesn’t matter if this is due to cryptocurrencies coming to power, or to some technological breakthroughs or disasters, but this will happen one way or another.
Banking systems are too unstable, these are financial bubbles, time bombs. People need more reliable systems or even abandon them.

[meliodas]

I don't think that we are going to witness the banking industries to disappear because they are now moving and taking action to not get left behind from this cryptocurrency revolution. They are slowly creating their own blockchain and digital currencies to supply the demand of the people from the internet. Even though they are not going to say goodbye, it is still a good news for the cryptocurrency because if they launch their own blockchain and cryptocurrency then it will provide a positive impact to overall market.

[awik p]

I think indeed the bank will be retained by the government, considering that the bank is currently a buffer for a country's economy. therefore even if the system used is no longer relevant, of course the government will still look for ways to maintain it, and maybe only the blockchain will be used

[BitDane]

Banking systems will change anyway. It doesn’t matter if this is due to cryptocurrencies coming to power, or to some technological breakthroughs or disasters, but this will happen one way or another.
Banking systems are too unstable, these are financial bubbles, time bombs. People need more reliable systems or even abandon them.

Banking system will evolve but will never go away.  Institution will take advantage of these innovation to have control over their citizen especially in finance sector.  Imagine a government issuing a digital currency and implementing it to be the sole currency of the nation with its blockchain being private?  They will track all the currency movement down to a single cent.

Blockchain will not change banking industry as much as we guys assume it would, I personally think they will only use it to make the data more transparent and easily transferable with less cost and higher speed but that won't come down to user and won't affect them at all.

Even if they somehow manage to make it faster which could help the customer the banking moves are quite fast already and if they find a way to make it cheaper it would just be less cost for them but same price for us, maybe whales would be able to transfer millions of dollars for cheap and that would help banks get whales but for the regular people it wouldn't change much at all. Banks don't care about the customer, they care about how much they make and blockchain won't change that too much for us.

Aside from that, I would say they will use it to spy on the people. Imagine a ledger where all the transaction is recorded and they have full control of it and each address/account have the people's real identity.  That is kinda scary.

[nasipadang]

I find this just another in a series of announcements about some new currency from China, and I think everything else is just speculation until it becomes reality. China will launch digital yuan, it will be on a private blockchain and it will be under full control of People’s Bank of China. At the moment, I believe that this is an internal matter of China and that it cannot affect the global financial system. It is very likely that all economic forces will launch their digital currencies at some point, this is inevitably the direction the world is moving, a complete transition to the digital age.

As for Libra, haven't the US and EU strongly opposed the project? I am not sure if anything has changed in the US, but the EU still firmly stands by its position that it will not allow Libra in this form as presented.

There is a paradigm in the news. I prefer this news, China is a country that bans the exchange of bitcoin, I'm sure this country makes digital yuan for their own control, the bank still remains in power because there is support from the government itself. and the banking system will continue to run with little system development.

I once helped create a bank system and I think why the bank system is more offered to the community because there is a any profits side to the government.

[TEX-LXRY]

Big kudos to China and Europe for further innovating in their respective ways in the evolution of money with digital currencies. The paradigm shift is already here and those that embrace and enhance will reap rewards in the future.

[Ozero]

I find this just another in a series of announcements about some new currency from China, and I think everything else is just speculation until it becomes reality. China will launch digital yuan, it will be on a private blockchain and it will be under full control of People’s Bank of China. At the moment, I believe that this is an internal matter of China and that it cannot affect the global financial system. It is very likely that all economic forces will launch their digital currencies at some point, this is inevitably the direction the world is moving, a complete transition to the digital age.

As for Libra, haven't the US and EU strongly opposed the project? I am not sure if anything has changed in the US, but the EU still firmly stands by its position that it will not allow Libra in this form as presented.

There is a paradigm in the news. I prefer this news, China is a country that bans the exchange of bitcoin, I'm sure this country makes digital yuan for their own control, the bank still remains in power because there is support from the government itself. and the banking system will continue to run with little system development.

I once helped create a bank system and I think why the bank system is more offered to the community because there is a any profits side to the government.

Yes, banks are now moving from using the outdated SWIFT method when making non-cash transactions to blockchain technology. Therefore, we will not see the previous slow banks. With blockchain technology, they will get even stronger. In addition, the states, and therefore the banks, will soon have national stable coins, that is, their regular money digitized, which will also increase the influence of banks in society. A decentralized cryptocurrency will be an alternative means of payment and will occupy some niche in the financial sector.

[Janation]

I think indeed the bank will be retained by the government, considering that the bank is currently a buffer for a country's economy. therefore even if the system used is no longer relevant, of course the government will still look for ways to maintain it, and maybe only the blockchain will be used

Bank will be used, it will still remain as it is.

The one that will be developed or will be improved is the technology behind it. Why would you also say that the "system" will no longer be relevant? It will still be relevant knowing the government, the only thing that will be changed there is the technology behind it since Blockchain technology is a great technology to be used. Whether the transactions stay as it is or it developed based on cryptos, banks will still be there.

[shoreno]

I think indeed the bank will be retained by the government, considering that the bank is currently a buffer for a country's economy. therefore even if the system used is no longer relevant, of course the government will still look for ways to maintain it, and maybe only the blockchain will be used

Bank will be used, it will still remain as it is.

The one that will be developed or will be improved is the technology behind it. Why would you also say that the "system" will no longer be relevant? It will still be relevant knowing the government, the only thing that will be changed there is the technology behind it since Blockchain technology is a great technology to be used. Whether the transactions stay as it is or it developed based on cryptos, banks will still be there.

that is true  . banks already evolved over the past century's and decades we have  . from traditional bank to the introduction of atm ( normal ones ) now they have now touch screen atm's with cctv's attached . recent implementation is the cardless withdrawals and of course the latest would be crypto atm's /withdrawals  .  idk if there are already country that have thier own dedicated crypto/blockchain based bank but im sure that it will also happen to most countries later on   .

[Mihaylovic]

thatk you for the share. i am honestly very interested in how the adaptain is going to be. i mean we know that there are so many people that prefer traditional system. Even some of us do. how fast they will adapt to this alternative financial ecosystem. we will all see.

[Webetcoins]

We are slowly going into the cashless society. Some of the big countries like China is now doing their best to make their own cryptocurrency or a digital currency. This type of movement is the proof that there is something with cryptocurrencies and to those people who are skeptical and continuously denying will jump into the bandwagon train anytime soon.

It made me think worthwhile about the recent developments of online platforms, which usually using digital cashless form of transactions. One particular example was the online loan application, and requires digital wallet that can be withdrawn though different money transfer services.
On this process, the technology has started to evolve at advanced level nowadays and cashless will soon dominates the adoption numbers.

This will depend on the country, some countries still have low Internet coverage and others are not able to do it maybe only applicable in some cities but not in total area. There will be need for a improvement first of the countries technology before we totally say goodbye to banking traditional ways.

Many countries still not get higher speed internet access and adopted blockchain without use bank is ad effect, how come many people will make transaction without use internet, bitcoin always need internet for log in and we need good speed internet when selling or buying bitcoin and altcoin.

Yes you are right. Those countries that have access to the technological advancements prefer online system of finance over the banking system. But banking systems are still reliable in today’s world because of the reason that official setups could not operate through online systems. They need to keep the record of everything and it is only possible through the physical systems.

[Triffin]

How exactly? I don’t think banks are ever going to end. Even if we all switch to cryptocurrency there is still going to be banks and they will be offering some other services like loans. And when I said banks are never going to end, I’m referring to fiat as well. You’ve heard that China is creating their own cryptocurrency but you didn’t ask how it is going to function.

After creating cryptocurrency they are not going destroy fiat, cryptocurrency will serve as another means of payment different from their fiat, and citizens will be able to convert their fiat to cryptocurrency and also be able to sell it for fiat if they want. That’s how I see it.

That's why it's too early to say goodbye to banks. It's not like they're going to end just because China is planning to launch their own cryptocurrency. Crypto will just be included in the circulation but fiat would still remain. China never said they will replace their fiat will crypto and that banks will be gone. People would still prefer banks. Why overhyping much China's digital currency?

Yes China is making crypto but they never said that invention of New coin in their country will replace fiat but the reality is as time passing fiat is loosing value and crypto is getting more value as currency as well so the same way people love to save money in forum of investment in crypto rather than storing it uselessly in banks.

[Argoo]

This will most likely be the trend for most countries as they transition to the digital economy. But these government cryptocurrencies or digital currencies will still be centralized so they will not take the place of decentralized currency.

Stable coins of states, of course, will not take the place of a decentralized cryptocurrency, however, they can very strongly supplant it as a means of payment. People are more likely to trust the stable coins of their government more and therefore banks will change. Contrary to different opinions, the positions of banks from this only strengthened. They will successfully use blockchain technology and will become much faster and more efficient in conducting their transactions.

[Visbay]

thatk you for the share. i am honestly very interested in how the adaptain is going to be. i mean we know that there are so many people that prefer traditional system. Even some of us do. how fast they will adapt to this alternative financial ecosystem. we will all see.

In some areas, people still use traditional currency and they are yet not using cryptosystems but only because they are so backward and they don’t have internet access. So we should move with time and developments so if the payment system is turning to the digital system we should also accept it and adopt it. People now prefer using crypto investment more than storing their money in banks.

[CarnagexD]

I think indeed the bank will be retained by the government, considering that the bank is currently a buffer for a country's economy. therefore even if the system used is no longer relevant, of course the government will still look for ways to maintain it, and maybe only the blockchain will be used

Yes, I also think like that, the Bank will only take Blockchain technology to be adopted into their banking system.
So I think the Bank will continue to exist even though Bitcoin has already been legalized by many countries.

Even though bitcoin is legalized in some countries, it is still not enough to think that the banking will get removed from the financial system. Banks are now doing well with their experimentation and trials to implement blockchain technology. They will surely continue to exist and they will become better than before because of their action to adapt the newest technologies.

Indeed, bitcoin's legalization is a good stepping stone, but it will take time before banking becomes obsolete, the business has been ongoing ever since we knew how to take care of our possessions, and it's not gonna be that easily taken down. If anything, bitcoin will revolutionize banking itself. as some characteristics bitcoin has will definitely be beneficial in the banking industry.

[senne]

Block chain gonna change how banking is done. I agree that America is pretty much regularizing the Bitcoin and decentralized currency as we know it. But every country be it America or china, are working aggressively in implementing block chain in various sectors to make it effecient. I doubt any company specially banks are not testing block chain or spending heavily on R&D just to see how viable is bloclchain. So no, America is not restricting the innovation but just strict towards decentralized cryptocurrencies.

[Boov]

More countries are into blockchain adoption. This is a forward move, but countries are specific in their stand of supporting blockchain technology and standing against cryptocurrency usage particularly bitcoin. China once a big supporter of Bitcoin is now supporting blockchain and in the plan of having their own cryptocurrency. Maybe this can take place with more countries, but there needs to be some common asset that unifies everything. This role probably taken by bitcoin.

If this will happen this year, I think nothing will change in the world's economical status but this will be a little help to improve our economical status. There are still a lot of countries who does not support the cryptocurrency because they lacked knowledge about the crypto world but if the US and China launch their first ever coin and announce it to the public, I think that scenario will be a big help to cryptocurrency to be introduced all over the world and also I think that more countries will be encourage also to build their own virtual coin.