Banks either adapt or face death

[Blawpaw]

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?

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[jackg]

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?

Something fast and international will probably be adopted within the next decade but perhaps not bitcoin. Banks normally like centralised solutions they can invest in to power themselves - unless regulated to accept something else - so they'll probably go down that route. Also something like cryptocurrency hitting mainstream really fast could cause a lot of problems such as a huge rise in scams.

[BlackHatCoiner]

I honestly don't believe that I'll ever behold bitcoin as the default currency option. Most likely, it will be treated as the basic store of value asset, as it complies with the properties. It's actually the best type of store of value human has ever witnessed, IMHO.

As for the banks, there's no way they'll put bitcoin above their digital currency that will be fully controlled and not private. The banks and the government want to have power and that's the ordinary way of things. None would ever accept a currency with so anarchic structure as the main one.

[fiulpro]

Banks are important. Therefore it's important to understand the fact that they have to improve. Which generally is very hard for the stern thinking of most people involved in the system, they always think that the conservative ways are still the best therefore in few years if they are not able to adapt to cryptocurrencies and allow their exchange, transactions then it would be detrimental for their overall health and people might start switching to the banks who does. This is only an example. For me I had sbi from back in India and they didn't allow crypto transactions therefore I closed my account and have been using dbs for ages now. Therefore it's all about people choosing what is better for them. Therefore the banks can have their own digital currencies hands down but they have to give bitcoins and other cryptos a good roof.

[Slow death]

the banks will not die, the banking system itself will not allow them to die no matter how many centuries pass they will always continue to exist. just look at the following:

the government employee works 30 days and receives his salary at the bank - the bank deducts life and health insurance from the salary of the government employee and many other insurances - when the government employee wants more money he borrows from the bank - the bank pays taxes to the government

this cycle does not allow banks to die, they always profit

[avikz]

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?

Possible! But that will not happen in our lifetime! The root of commercial banks are so deeply attached to the society,  that death of the banking system is not something that will happen soon enough.

Rather what I foresee is that banks will adapt this digital era and evolve as per the need of the economy. Failur is certainly not an option for them. They will be under pressure for sure but eventually will adapt to the demand of the economy.

[franky1]

governments set out what 'currency' 'asset' 'token' 'note' as the national currency. they employ laws like tax, minimum wage, courtfines to ensure that currency is used by citizens (aka legal tender)

this makes people need to have services to transfer, exchange, store, audit/log.

if a government was to adopt a crypto. they wouldnt just let it be wild where citizens can self transfer without logs/audits. they would want some form of custodian group, with regulations on what/who they monitor and how much citizens can move without presenting as a flag.

changing from fiat to crypto wont destroy banks. it would just change what banks handle

take even the altnets like LN. even now with just a few thousand users its already showing its weakness of independance by having some users not want to be full nodes because they just want the phone litewallet version. meaning people end up depositing into hubs custody as a multisig. these hubs are then banks

heck even on the bitcoin network in 2012. i remember times where instead of just withdrawing from one exchange to another. id use bitinstant 'codes' to exchange reserves between mtgox and btc-e to move funds faster when arbitraging the markets.

so there will always be some custodian service offering something that users want and these services will be the 'banks'

[noorman0]

Banks will still exist, some people in the world still like conventional banking methods even though they have adapted to technology. But maybe yes, banks will also adopt crypto to equalize their services to the current crypto platforms that used to be popular with crypto enthusiasts, such as the defi loan platform. However, the bank remains a priority for most customers for several reasons. With the power of legality that is able to offer security and guarantees under the law. And with its centralization, banks can manage facilities and offer advantages flexibly.

Keep in mind, some people believe that a safe service is a service that has clear legality. We can only speculate about the bank's plans, in fact global regulations generally have not allowed banks to adopt crypto.

[Upgrade00]

Banks will need to adapt or they face certain death.

There is nothing to suggest now that cryptocurrency would be the end of banks or fiat currencies, it is yet a novel currency which cannot sustain an economy on its own as the staple means of transaction and it cannot be used under the current system of government run by most all countries, except it can fully regulate it.

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?

Mainstream adoption is definitely possible within this decade or the next, but the cost of it could potentially change the way most people view cryptocurrencies.
When banks adopt then, it cannot fully function as a decentralized network and users would need to submit KYC and AML documents to the central bank, basically making the network centralized.

[DeathAngel]

Banks & governments are going to have to start being bitcoin friendly in the next 10 years or they can just sign their own death cert right now. Bitcoin is the present & definitely the future, adapt or get left behind.

[Shenzou]

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?

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

[Botnake]

Banks & governments are going to have to start being bitcoin friendly in the next 10 years or they can just sign their own death cert right now. Bitcoin is the present & definitely the future, adapt or get left behind.

We can't totally say that banks will face its end once it will not adopt crypto. There is a process for that. I believe the massive adoption for crypto has already started because as we can see, some big countries and their government have already legalized and adopted bitcoin. So in less than a decade, we will witness again new countries start to adopt crypto and when this adoption will become mainstream, i am certain that banks will soon to integrate crypto into their transactions.

However, if government will also use their power to launch their own centralized crypto, then that will surely create another problem. Maybe decentralized crypto will find it hard to be fully adopted but one thing i am certain, the government cannot control the people from investing into bitcoin and other decentralized crypto.

[RondoAnyar]

The position of the bank becomes one of the most vital things, especially for the continuity of the country's economic system, and I think the word death is too much because they will always be there.
sectors such as banks will not be destroyed at any time even though technology has advanced.
and when talking about adoption for the next few years it may be true what you say but it seems the answer is still the same as it is today which is not bitcoin.
bitcoin is good but this will not match the bank's criteria that they have a centralized system which in this case is very contrary to bitcoin

[Fortify]

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?

I think you underestimate just how much financial firepower the banks have and they are slowly waking up to the power of the blockchain, that could be good or bad for Bitcoin depending on your perspective. Banks are just financial arbitragers in reality, taking a small commission from very types of monetary transactions and hoping to make a profit through different types of investments. Investment banks have already started buying up large amounts of bitcoin due to the interest that their richest clients have and the new types of funds that they'd like exposure to in their portfolio. What will eventually end up happening, like so many other areas in finance, is consolidation into fewer and fewer hands who never have a need to sell again. So the price raises along with the demand, but the available supply is shrinking - 21 million bitcoin doesn't seem like a lot in that scenario.

[Fatunad]

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?

Something fast and international will probably be adopted within the next decade but perhaps not bitcoin. Banks normally like centralised solutions they can invest in to power themselves - unless regulated to accept something else - so they'll probably go down that route. Also something like cryptocurrency hitting mainstream really fast could cause a lot of problems such as a huge rise in scams.

And this is where i dont see for it to become mainstream or the people been saying about replacing fiat by crypto which is totally impossible and speaking with those Banks then this is something
that cant possibly happen because they do function out on a certain extent on where crypto cant able to do so.Yes, its heavily centralized but we know on how banking transaction
words and had really some advantage on having it.Why we cant just consider on having both which is actually serving two different market? At least we do have some choices or option
whenever on someones needs.

[DarkDays]

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?

Something fast and international will probably be adopted within the next decade but perhaps not bitcoin. Banks normally like centralised solutions they can invest in to power themselves - unless regulated to accept something else - so they'll probably go down that route. Also something like cryptocurrency hitting mainstream really fast could cause a lot of problems such as a huge rise in scams.

For sure the world of crypto provides a solution, a better alternative to fiat but it poses its own set of challenges. One major one is that you can't educate such a large number of people (we're talking billions) to help with the needed adoption.

Without the proper knowledge, people run into difficulties using it, get scammed and lose all interest. This is exactly why when this integration of crypto to everyday payment systems starts - it must start properly where the bank of information is available and widely spread among people.

[aoluain]

FIAT and the banking system across much of the world is going digital as in fewer people
are using physical money and are using cards and phones to transact. Personally on a weekly
basis I dont use cash, its a hassle and not needed, everywhere I go I can pay by card
or phone digitally/electronically.

Maybe banks will accept Bitcoin but it will be as a secondary currency, maybe as
collateral against a FIAT loan or something but i cannot see it replacing FIAT because
the vast majority of people will continue to use FIAT.

[stadus]

That's exaggerated IMO, we have a central bank that is created by the government, so they themselves build the banking system and they would not allow it to be destroyed by cryptocurrency. Our government could only regulate cryptocurrency up to a certain limit and that means we cannot fully enjoy its full feature which is anonymity since the anti-money laundering policy itself requires users to undergo KYC application.

I like the enthusiasm since I believe in the future of crypto, but saying it's a big threat, it's like saying that it will destroy the current financial system which is the centralized system, not gonna happen IMO.

[DaveF]

Adapt or die is the way of all business. Even now, MasterCard is working towards crypto payments, Verifone is starting to accept them, and so on.
Banks are either going to have to figure out a way to handle crypto payments and transfers and so on. Or loose out the the businesses that do.
Not dealing with it will lead to shrinking market share.

Now, will it kill all banks. No
Will some banks come out ahead by not taking / dealing with BTC & crypto. Yes

-Dave

[Stedsm]

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 to remove anything out of them for our convenience?