Banks either adapt or face death

[Quidat]

~

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.

Totally contradictory if you do ask me but there are people whom do really like to be regulated or something like that but of course centralization would really be next in line.Lets just see on how EL salvador did make this one possible but somehow adoption and recognition is all we need despite of the possible in exchange but its a personal choice though because using up banks is still relevant and much
preffered on most circumstances.

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[GeorgeJohn]

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.

Already before now Bank's is cooperating with Bitcoin through their central bank, except is the situation whereby order has been given to restrict banks with cryptocurrencies related transactions in any country, so we don't have to enumerate or emphasised seriously via the cooperation of cryptocurrency especially bitcoin with banks, because it's very clear that the future will determine the continuity process or bond that will be establish between bank and cryptocurrencies through a country that legalize or embrace bitcoin. For bitcoin to function properly in any country it needs the approval of government, base on my perspective.

[Stedsm]

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 get your point and I believe I misunderstood somewhere.
Okay, even after this point, I'd argue that if you'll try to end their banking power as well as the level of corruption that's spread, what will they do? They'll simply take away what you have, what's giving you power back in your hands, i.e.; crypto.

Trust me, the legalisations, regulations and all that shit we are expecting from our governments to give us the freedom to trade crypto without fear, is giving back the power in their hands because they'll be able to trace your investments as well as when you take your money out from/through crypto.

I believe banks of various countries have already started working with crypto exchanges? Some banks even give loans on BTC. What do you think? Why are they doing this? To collect data, information of all those who are involved. The governments could easily stop all this by banning the way China did, but why aren't they doing it? Because they've understood that people are crazy behind "privacy", "anonymity" and "be your own bank" kinda phrases and governments know how to take full advantage of all this while also knowing who's doing what. They will loot us through levying various taxes once major countries start to legalize and regulate crypto.

[sunsilk]

I think that it won't take a decade long until many of the banks have already made their plan and backup of adopting cryptocurrencies, majorly bitcoin.

It's part of their mission and vision about being financially well and making their clients grow. As part of the growth then adoption and adjusting with their services that includes bitcoin will make them through.

But are we going to like it once they've started doing that? maybe. As their main target for such adoptions are those that have no to little knowledge about cryptocurrencies.

[BuNga_cute]

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.

We as crypto supporters really shouldn't be too confident that banks will face death if they don't adapt Bitcoin. Due to the fact that the majority of
people are still comfortable using all bank services to make financial transactions. Even in my country there are still few who believe in Bitcoin,
there is still a lot of education about crypto so that people understand what Bitcoin can provide. I see crypto is still too new for the majority of
people around the world, because there are still many people who are not familiar with Bitcoin. It will still take a very long time to force banks
to adapt Bitcoin, as more people are now using banks than crypto.

[Blawpaw]

Speaking of which, Banks are already feeling FOMO as they don't want to miss a piece of the pie. Federal Deposit Insurance Corporation Chair Jelena McWilliams came public saying Banks should hold cryptos such as Bitcoin  

[coinism]

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?

IMO we are exaggerating BTC too much. It's still not used by a considerable no of people in the world nor its a kind of fundamental technology. Crypto is mainly popular among its community that is growing day by day. As far as banks are concerned they are not a position to embrace this financial system, but wait a sec - do we really need banks in BTC financial system? I have heard every person has his own bank in the BTC ecosystem.

[rugrats]

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 the bank is still important, the bank will not die even if we use BTC to pay salaries, transfer payments for cross-border transactions, eventually it has to be converted to fiat currency, because So BTC and banks can only exist continuously and in parallel. On the bank side, I think they will definitely have currency changes soon to be able to adapt to the new changes in the current era of cryptocurrency technology. Chances are they won't use BTC as their currency but instead they will launch a banking cryptocurrency that keeps up with the times and the main purpose remains to also manage our taxes.

[ChiBitCTy]

I think all banks will eventually get involved in some way down the road, but as in direct correlation to bitcoin and todays cryptocurrencies, I think we may be a far ways off for most banks. There are still more than enough people unwilling to move to cryptocurrencies at the moment and that’s not changing completely anytime soon.

[worle1bm]

Most Banks are centrally backed up and do you think that government will allow banks to die so easily if they are not accepting bitcoin? The fiat is widely used and accepted by all and the world trade is done in it and bitcoin can be used as alternative to it because it's still long when you would see fiat out of circulation so easily.The bitcoin is technical money and you need to educate the world for it as still lot of population is unaware about it's working and how to store it and they still prefer to use traditional cash.So i would say at current it's alternate and whether banks accept it or not they are not dying anytime soon.

[geegaw]

Most Banks are centrally backed up and do you think that government will allow banks to die so easily if they are not accepting bitcoin? The fiat is widely used and accepted by all and the world trade is done in it and bitcoin can be used as alternative to it because it's still long when you would see fiat out of circulation so easily.The bitcoin is technical money and you need to educate the world for it as still lot of population is unaware about it's working and how to store it and they still prefer to use traditional cash.So i would say at current it's alternate and whether banks accept it or not they are not dying anytime soon.

Can't die easily with government funding but it also doesn't mean that banks are immortal, once their services lose a large number of customers while maintenance costs such as staff and facilities are too high, they can also just declare decommissioning, especially when bitcoin education is rapidly integrating into the community, withdrawing capital from banks to invest in bitcoin becomes more common. When there are signs of such a threat, the government cannot turn the situation around, so banks need to adapt and collide with bitcoin more to find common ground for cooperation

[Kakmakr]

Banks will never go obsolete as a result of Bitcoin... they are too greedy for that and they have the backing of governments. (Remember why Satoshi Nakamoto created Bitcoin <=== Government bailouts)

I think they will just offer some services that will be leeching fees off from Bitcoin holders... (charging fees to keep Bitcoin's safe.. etc.) As OP said... Banks will have to adopt, but they will not change their business model to counter the Bitcoin threat. 

[jaberwock]

Banks will never go obsolete as a result of Bitcoin... they are too greedy for that and they have the backing of governments. (Remember why Satoshi Nakamoto created Bitcoin <=== Government bailouts)

I think they will just offer some services that will be leeching fees off from Bitcoin holders... (charging fees to keep Bitcoin's safe.. etc.) As OP said... Banks will have to adopt, but they will not change their business model to counter the Bitcoin threat. 

Yeah, banks may adapt bitcoins but it may take time and at the same time as government is always there to back them up hence they will never face extincting situation. Practically all the people from a country may not stop using banks; at least we need 50% of total population from a country need to stop depending on traditional banks so that banks may face a situation of becoming obsolete.

So, banks may survive for near future and only after bitcoin get into relatively (gold like) stable prices then we can expect traditional banking to start falling down.

[isaac_clarke22]

~

Well yeah kind of. Either way regulation is somehow inevitable when adoption happens, since surely the government will pick up that there is another existing method of how people do their transaction/s.
Here in my country, it is not that adopted too much, but the government are starting to pick up about NFTs being popular and being a source of income by some people starting from August this year.

[Anonylz]

The way I see it, I think now that the central bank digital currency are in the lips of almost all central banks of most countries, it will be easier for banks to adopt the cbdc than directly dealing with cryptocurrency, this what the government want, to still have the control over the whole financial system and cbdc is the perfect currency for that, some countries already introducing it and soon others will follow, and probably many people will easily fall for this since not very many people understand crypto and what decentralisation is all about.

[AakZaki]

Totally contradictory if you do ask me but there are people whom do really like to be regulated or something like that but of course centralization would really be next in line.Lets just see on how EL salvador did make this one possible but somehow adoption and recognition is all we need despite of the possible in exchange but its a personal choice though because using up banks is still relevant and much
preffered on most circumstances.

Most people still choose a bank as their asset storage because it is more relevant and safe even though their Fiat assets are held by other parties with various security guarantees.
Storing assets in crypto in full will certainly have a risk of decline in value. Currently, cryptocurrency is still a speculative asset. Banks are also starting to adapt to cryptocurrencies. Cryptocurrency users still need banks to store their wealth on Fiat. centralization and decentralization are still needed.

[adzino]

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?

What do you mean by adapt? You mean integrate bitcoin and other crypto currencies to their system? Then no, we don't want that. It will just make the whole "decentralization" meaningless. We don't need banks. We are our own banks, aren't we? Banks offering crypto services means they will eventually start controlling the whole network, which is something we all would hate. If you mean banks should be using blockchain tech for making transactions, then some of them are already preparing to do so.

[Oilacris]

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?

Banks wont die neither they do adopt bitcoin or not because they are heavily backed by the government which means that these institutions existence would really be always relevant and much needed.

Therefore, it isnt really just right for you to think off that banks would really be in  trouble if they wouldnt jumped in into crypto bandwagon.
They could move as they like no matter situation we are in.

Dont ever think that banks would cease to exist just because decentralized things or market is here but at least we do have an option.

[Sanitough]

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?

Banks wont die neither they do adopt bitcoin or not because they are heavily backed by the government which means that these institutions existence would really be always relevant and much needed.

Therefore, it isnt really just right for you to think off that banks would really be in  trouble if they wouldnt jumped in into crypto bandwagon.
They could move as they like no matter situation we are in.

Dont ever think that banks would cease to exist just because decentralized things or market is here but at least we do have an option.

This is definitely true. Banks will never be less relevant just because crypto has risen already. People are already used to trust banks and it will always will as long as the government never stops to backed banks. And even if we say that crypto adoption has become mainstream, then its really a good thing since it will serve another option for banks. No matter how advanced and progressive crypto will be, it will never cause banks to face death. Crypto will always be an option as long as banks continue to exist.

[Questat]

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'd never think it and I'd never think that banks will die but rather deal with the huge changes. Adopting the system is somewhat the best option they do or else, they got in trouble and face a huge decrease of clients. I believe that they think like this situation and have a plan on how to combat it.
As crypto adoption keeps on growing, it is sooner they will realize and decide to embrace this new technology. For now, many/majority are still using fiat money and so they could still survive and still on business but when major businesses and establishments accept crypto, that will be the beginning.