Banks either adapt or face death

[nelson4lov]

Luckily, things are changing rapidly and mainstream adoption may come sooner than we think. Do you guys think, this will happen within this decade or not?

My bet is that it will change before the next decade because things are moving fast and from the looks of things, Govts and banks only option would be to join the bandwagon but they'll do this using their own services/blockchains or networks which is a tradeoffs from what we're used to.

For instance, Nigeria banks in collaboration with banks, launched eNaira: https://punchng.com/transactions-on-enaira-platform-free-for-90-days-cbn/

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[TimeTeller]

Luckily, things are changing rapidly and mainstream adoption may come sooner than we think. Do you guys think, this will happen within this decade or not?

My bet is that it will change before the next decade because things are moving fast and from the looks of things, Govts and banks only option would be to join the bandwagon but they'll do this using their own services/blockchains or networks which is a tradeoffs from what we're used to.

For instance, Nigeria banks in collaboration with banks, launched eNaira: https://punchng.com/transactions-on-enaira-platform-free-for-90-days-cbn/

In this decade, we may see more CBDCs to be launched and implemented.
Still, they will not divert to decentralized network. The government will keep it centralized as always it has.
We may see digital currency used by the governments but it is more on like digital counterpart of their local fiat.
I don't think banks or governments will totally explore the possibility of adopting the decentralized currencies.
And besides, what do you think will be the percentage of the population that will go all in in crypto?
So not thinking about the possible death of traditional banks, because it will not happen in our lifetime.
Crypto adoption may grow in numbers but I am not seeing crypto as totally replacing the fiat system.

[Baofeng]

Luckily, things are changing rapidly and mainstream adoption may come sooner than we think. Do you guys think, this will happen within this decade or not?

Not really sure if banks will die just because of digital age, yes they will adapt for sure but won't be totally erase as they are considered one institutions by all countries. They have been in existence for centuries so for sure they know how to adapt with different trying times, from ww1-ww2 and other financial disruptions throughout mankind's history.

Yeah, maybe CBCD will be the thing in the next decade, or cashless society, e-wallets, but still banks are going to exist facilitating everything.

[lalabotax]

Now, all banks (especially in my country) have adapted the current technology that always utilizes internet connection.
There are some services or products that are also related to internet use. They are likely internet banking, e-money, and other types of it.
And about related to crypto world or blockchain adoption, well, it is still in the progress of CBDC to be realized, but still under examination.

I am sure if a bank doesn't want to follow the current condition, they will face a very difficult situation and probably will be slow death.

[carlfebz2]

Luckily, things are changing rapidly and mainstream adoption may come sooner than we think. Do you guys think, this will happen within this decade or not?

Not really sure if banks will die just because of digital age, yes they will adapt for sure but won't be totally erase as they are considered one institutions by all countries. They have been in existence for centuries so for sure they know how to adapt with different trying times, from ww1-ww2 and other financial disruptions throughout mankind's history.

Yeah, maybe CBCD will be the thing in the next decade, or cashless society, e-wallets, but still banks are going to exist facilitating everything.

Why they would die? In speaking with digital age then they arent that dumb on having that integration or changes because everything would turns out to be digitalized and they wouldnt really be just ending up on
having no changes for sure.

Transactions maybe all digitalized and the fact that we've been using it for a  while or for decades already when it comes to this system.
There might be changes or something new but doesnt mean that they arent aware with that.

[Vaskiy]

Luckily, things are changing rapidly and mainstream adoption may come sooner than we think. Do you guys think, this will happen within this decade or not?

Not really sure if banks will die just because of digital age, yes they will adapt for sure but won't be totally erase as they are considered one institutions by all countries. They have been in existence for centuries so for sure they know how to adapt with different trying times, from ww1-ww2 and other financial disruptions throughout mankind's history.

Yeah, maybe CBCD will be the thing in the next decade, or cashless society, e-wallets, but still banks are going to exist facilitating everything.

Agreed, banks were the backup for the governments indirectly. With time new generation expect various forms of banking. When something isn't possible through banks then they'll look for an alternate. Here comes the cryptocurrency, other than this the banking system isn't gonna face death. Some banks around the world have begun to use the blockchain technology and some has started using bitcoin into banking for users convenience. This shows the growth of bitcoin and not the destruction of the banking.

[Blawpaw]

I don't know why I see threads like this where people talk about the "death" of fiat, banks or anything that comes in front of crypto? Why shouldn't fiat be used just as it was since decades?
Why to eradicate banks from our society? Banks only lend people for their businesses and not everyone here can afford to learn about crypto or join this revolution by buying the expensive cryptocurrencies. I'm not against crypto, but I guess we need everything we already have, plus a few new things for a better tomorrow. Why remove anything out of them for our convenience?

When I mention "death" in the post, I meant the death of the old financial regime where banks own your money. Ca'mon, it wouldn't be posted any other way. We are still slaves of a regime where we are forced to receive our payroll through a Bank. In case the government has something against you, they have the power to take over what is yours and freeze your bank accounts. while cryptos give you back the power over your money and total financial freedom, banks own your money and decide if and when you can access it or not. So, why shouldn't I be pledging over the "death" of a corrupt Banking system when there is already a better system at our disposal?

[Fundamentals Of]

There are already a number of banks that have adopted to the rising cryptocurrency trend. I think the banks are not that easy to defeat. They are one of the most powerful institutions in the world. They could even build or break governments. Many of them must have already analyzed and seen the potential of Bitcoin and crypto. No wonder why they are already joining the community. Wall Street has also joined one by one. Others seem not to care but I suspect many of them have already funds diversified into Bitcoin in silence. 

[bussybuddy]

I see CBDC as an opportunity for countries around the world to compete fairly and equally. Since this is a new technology, the technology gap is not too far, and we can easily shorten it. We have the resources, experience of experts and successful and proven products in the world. Many countries are already researching CBDC, and banks have always been the lifeblood of the economy, so I find the approach to be more receptive. Blockchain is proving really useful solutions for real life and in time we will understand everything.

[Rahman11]

US Bank launches bitcoin custody service as institutions race to cater to crypto demand. U.S. Bank, the fifth-biggest retail bank in the nation, announced Tuesday that its cryptocurrency custody service is available to fund managers, CNBC was first to report.
I think banking system is really needed from government side for earning taxes from which one earning, otherways crypto-currencies is non traceable and government can't earn taxes from cryptocurrency deals.

[witcher_sense]

When I mention "death" in the post, I meant the death of the old financial regime where banks own your money. Ca'mon, it wouldn't be posted any other way. We are still slaves of a regime where we are forced to receive our payroll through a Bank. In case the government has something against you, they have the power to take over what is yours and freeze your bank accounts. while cryptos give you back the power over your money and total financial freedom, banks own your money and decide if and when you can access it or not. So, why shouldn't I be pledging over the "death" of a corrupt Banking system when there is already a better system at our disposal?

I think the main issue of the old financial regime is not that banks own your money, but it is that there is no money that you actually can claim ownership of. There is no such thing as "your" money. Central banks have such an enormous power that they can deprive you of money in any way they wish. For example, they can steal from you through inflation, which is an indirect theft, or, they can nullify your bank account, which is, in fact, a direct theft. However, in the case of central banks, none of these actions could be considered or called a criminal activity such as theft because central banks are the rightful owners of what they are "giving" you. Even if you have cash on hand, that won't protect you from theft, because it can be anytime declared illegal to hold money outside bank accounts. That is why central banks will never adopt bitcoin, it is simply antithetical to them. In the case of bitcoin, people can and will claim ownership of money they have as long as they have the corresponding private keys. No one in this world is able to close at will your "bitcoin account", even the most powerful financial institutions can't do that.

[michellee]

It will happen in this decade or needs more time for the bank to adapt and apply the digital currency. But for some banks, I think they already use digital currency for their own fiat so I do not think that the banks will face death shortly because the banks have owned by the government and the government do not want to see their product death because they can not follow the era. The government has already thought about digital currency and maybe they still need time to implement the digital currency for their currency. The old fashion regulation will need to modify following the new era to work from time to time. That is what the government will do right now and in the future. While we can still use crypto, we can prepare ourselves for the coming.

[Natalim]

I don't know why I see threads like this where people talk about the "death" of fiat, banks or anything that comes in front of crypto? Why shouldn't fiat be used just as it was since decades?
Why to eradicate banks from our society? Banks only lend people for their businesses and not everyone here can afford to learn about crypto or join this revolution by buying the expensive cryptocurrencies. I'm not against crypto, but I guess we need everything we already have, plus a few new things for a better tomorrow. Why remove anything out of them for our convenience?

When I mention "death" in the post, I meant the death of the old financial regime where banks own your money. Ca'mon, it wouldn't be posted any other way. We are still slaves of a regime where we are forced to receive our payroll through a Bank. In case the government has something against you, they have the power to take over what is yours and freeze your bank accounts. while cryptos give you back the power over your money and total financial freedom, banks own your money and decide if and when you can access it or not. So, why shouldn't I be pledging over the "death" of a corrupt Banking system when there is already a better system at our disposal?

I am a crypto enthusiast for a long time and i understand where's your sentiment is coming from. Maybe we can say that banks owned by government are functioning too far from what crypto can offer us. In banks, although it is our own money that is being deposited and yet, they still have the control on it and definitely have an access to our private accounts. But with crypto, our own money will have our own bank and no one can access or control it except by the owner alone. Of course, there is more security and convenience if we are putting our money in crypto than keeping it in banks.

However, i know the government also sees that but definitely won't allow such decentralized cryptos to replace over banks or fiat. Maybe in the near future, as crypto gets more massive adoption, then banks might face death if they can't totally adopt crypto.

[GreatArkansas]

"If you can't beat them, join them". This quote can be related to the bank vs Bitcoin.
This is already an aged discussion, Banks vs Bitcoin. For me, this will be forever discussion and argument but, I can say banks will stay as Bitcoin will stay.
For sure there are some people in the world that may have no access to the internet even in the future and don't want to use the internet and prefer the traditional way of living, so for sure they will be the ones who will stay using banks. And I respect that decision even I know what Bitcoin can do.

[dupee419]

I can't say that crypto is almost dominant all over the world, there are still certain parts in each country wherein crypto isn't influential or even recognized at all, and this is why some banks won't adapt just yet, but most of banks nowadays gives us the access to do transactions using their own e-wallets, in my country, digital fiat wallets are rising, though the adaptation of cryptocurrency, not yet, probably in the next few years this will be adapted even more or else these banks will really have no choice but to close down because of bankruptcy.

[BrianH]

Banks will continue to exist as long as people are dumb enough to primarily use centralized, KYC controlled exchanges. Most people seem to like control. These will get regulated into the existing infrastructure. Just look at what the current US "infrastructure" bill is going to do to crypto... If you are passionate about keeping banks out of crypto in the US, go to that thread and SPEAK UP!

If you want Bitcoin and other cryptos to exist within Satoshi's vision (see sig), you need to stop supporting these institutions (CoinBase, Binance, Kraken, BitFinex, PayPal, etc.) or they will continue to control people's lives.

It is certain that banks and other government financial institutions, have to always adapt to the trends that are going on with the world, whether that is crypto or digital money, but the thing is crypto and bitcoin could co exist with the fiat, because we obviously can't get rid of any of them, and banks have to know that so they have to start accepting as away of payment if they want to stay relevant, and the best example we can take from the experience that is happening in El Salvador is how the government and banks have given the freedom to people to chose between using  fiat and bitcoin without any restrictions in away that does not make banks irrelevant

Ah interesting point, but now you see how the world powers through the banking system (S&P) changed their credit rating from stable to negative in an attempt to punish them for adopting crypto. This makes it more expensive for their government to get loans for their economy and devalues their currency. Most world governments and banks want to kill or usurp crypto, because it is a threat to their centralized control. We need more countries like El Salvador to resist if we want crypto to persist as a medium without crooked bankers acting as the middlemen.

[noormcs5]

The digital age brought our lives to a second universe - The internet. Ever since the internet set sail Banks had to adapt and present new services and options to their users. However, the digital also brought us digital money and financial freedom. Cryptocurrency is here to stay and is bound to disrupt the way we manage and relate with our money. Banks will need to adapt or they face certain death. While some Banks and financial institutions have been historically fighting cryptocurrency others have already understood the need to adapt to stay ahead of the curve as in the case of some Spanish Banks. Nevertheless, this is still a new technology and Governments with its old fashion regulation as well as their Central Banks are yet to implement adequate regulation and are still a bi hindrance for cryptos to go mainstream.

Luckily, things are changing rapidly and mainstream adoption may come sooner than we think. Do you guys think, this will happen within this decade or not?

Its only a matter of few banks accept bitcoin and rest will follow. No one will want to be left behind.
Not only banks but countries also will find it difficult to survive if they do not adopt bitcoins.  Although there is more trend of banning bitcoin around the world  but soon this will change.

[Lotus]

That's right, but keep in mind that the "custody" aspect of banks is not as important as it is for cash. People don't want to store piles of cache in safes, but can easily keep a cryptocurrency with very little risk. Banks may switch their models to focus more on DeFi and collateral management, etc. But, I agree that they would be irrelevant soon in their current form.

[isaac_clarke22]

~

This is pretty much the answer.

I can recall wanting Bitcoin to be the global currency back in 2017, and I thought first as a newbie back then that it would be at least a good thing, so that means many adopters right? I was thinking of that until I realized that government would surely try to regulate it their way and I took back what I said back then.

[shield132]

Why does anyone think that banks will face death if they don't adapt bitcoin? And even if they adapt it, will you be heppy? Because that means that banks will have more control over it and there will be much more regulations on bitcoin. From my understanding, the more famous something gets, the more abused it becomes in a bad way and loses the magic that it had at the beginning. People always try to make business from everything and gain control on it, bitcoin can't be a resistant in this case because the mining business is already conquered, the market was already manipulated in a very bad way, one man crashed the whole crypto market.

In any way, banks won't die because they control the finances of the world. We have visa/master card, money transfer services, neobanks, all the bank services and I haven't heard from an average person that he/she is uncomfortable with the banks services.