Banks either adapt or face death

[bhooscream]

I am sure that if banks are managed and controlled by good regulations and also management they will not die with the progress and development of the era. They will and must follow the development of the era, moreover about the technology to be used. At least right now is online activities. Most and I think that all banking systems have provided online payment gateways or online services that ease all customers to do many things with them. But don't know in the other countries.
But you are right, once banks don't follow the development of the era, their era will end soon and their banks will be left behind,

[BIT-BENDER]

Is the about the banks adopting towards the acceptance that crypto-currency, is only used and the disposal of Fiat? Then I don't think they will or would they be an endangered species in line for an extinction.
To be honest has bank been the problem, using the problem facing crypto-currency adoption in my country, banks hasn't been the problems, the problem has been the government and even when they want to exercise a ban then banks really has no option but to follow the decisions of the government.

[Yamifoud]

If it happens that Bitcoin is globally legalized and accepted my major business, that is something it pushes banks to do as well as they don't have any better option. Well, unless if they stop doing their services and look for another line of business that accepts crypto.
From what I see, 10-20 years from now, Bitcoin is widely used by the community and this it listens to the number of people who come and do business with the banks and this could help nothing for them but something it leads to a shutdown.

[Kasabus]

If it happens that Bitcoin is globally legalized and accepted my major business, that is something it pushes banks to do as well as they don't have any better option. Well, unless if they stop doing their services and look for another line of business that accepts crypto.
From what I see, 10-20 years from now, Bitcoin is widely used by the community and this it listens to the number of people who come and do business with the banks and this could help nothing for them but something it leads to a shutdown.

The government will certainly not allow for banks to stop operating so they have no choice if bitcoin will be used by majority, then they should start adopting it.  But i guess this might be far from possibility since the government also is thinking to launch their own centralized crypto and that will be automatically integrated in bank's transactions. If bitcoin has become more advanced today, then the government should also see to it that banks too should never be left behind, otherwise people will not trust banks anymore because bitcoin itself can be considered already as their own bank.

[Zilon]

This regulation from CBNs is still needed because even though people need privacy to their funds Bitcoin can't still guarantee total security of funds even within the p2p network. And if we all adopt crypto as a default payment option many cybercrimes worst than what we currently have will emerge. To some extent the ban on crypto has helped a bit in tackling cyber crime and insecurities.

[Finestream]

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.

Banks are still in the operation right now because crypto is not yet adopted in many countries for now because some are still hesitant about it. But if majority would likely to embrace crypto, then there's no reason that banks will not adhere into crypto too. But i don't think it will reach to a point that banks will face death because if that will happen, the government will never allow that.

However, crypto is not here to be a big threat to banks or any financial institutions. It will only serve as an option to fiat so i think banks will certainly integrate crypto into fiat transactions. Because banks are here to serve the best services to the people, and that having crypto as an option is already good enough.

[bL4nkcode]

Banks will stay no matter what either they adopt crypto or not. Don't presume like it will happen as early in the next decade.

As long as everyone doesn't have fully access the internet, and government don't want to accept bitcoin/crypto as legal tender, banks will stay and will still against crypto no matter what.

[kryptqnick]

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 don't think that banks are currently under a threat. It's easy to think so if we forget that here, on Bitcointalk, we are in a bubble. But the majority of the world is very different from us. The number of crypto users in the world is estimated to be 300 million users. It's estimated that 3.8 billion people use banks. The difference is enormous, even though it seems as if cryptos are everywhere. So banks are dominating, and they are dominating so strongly that cryptos are hardly even a competition for them. Not to mention that most crypto users probably don't see cryptos as money and are comfortable using fiat and bank accounts, as cryptos are a form of investment for them. While I agree that decentralized cryptos like Bitcoin offer things that effectively make banks obsolete, the vast majority of the population doesn't care, and the system is built such that it's very hard not to use banks (for example, in my country you cannot receive an official salary or scholarship without a bank account, and you don't even get to choose which bank). So facing death is far from reality for banks these days.

[SmokerFace]

Well in my opinion rather than facing death the banks must go for adoption policies. But it is pertinent to mention here that there must be some ground working before making it live for the banks. (i.e: Centralized regulatory authority) which indeed is a need of current ERA. This can be a huge and positive revolution for cryptocurrency.

[LogitechMouse]

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 facing death if they will not adopt into what is happening right now in financial industry is kinda exaggerated at least for me.
I don't think that they will die gradually or will become bankrupt if they will not adapt but their business will be affected as crypto is getting more popular and popular.

Banks will stay because many people are using it. You are saying that crypto must be adopted by these banks or they will face death in the next years because you are involved into crypto yourself. Ask another person outside if what they will prefer to use. We can say that the people using crypto are increasing but the number of people that are using banks right now is enormous and many are comfortable with it. Some banks might adapt and some will just stay with their traditional way.

[Ziskinberg]

Well in my opinion rather than facing death the banks must go for adoption policies.

No, that would not happen because banks will never face death since bitcoin will not become a threat to the country's own financial system. The centralized system or the bank will still dominate, because if they can't control bitcoin, they might follow the stance of China which is banning bitcoin.

[budi691]

not for now but for the next 10 years maybe the bank is just a memory,
because for now we still need a bank,
and it takes time to transition from paper money to digital money with all the technology, and it's not easy

[lucates]

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.

I partially disagree with your statement.I don't believe in bitcoin being adopted as a currency. Their is central bank backed digital currencies powered by block chain networks for that purpose. Crypto currency is very powerful because of their technology that is block chain technology.

Maybe in the next decade or after  that decisively crypto currencies will come in the mainstream. Is maybe a step by step process like firstly countries will aprove it then made as a legal tender then finally comply with crypto currencies. Since this is the evolutionary stage of currency.

[lumierre]

Many banks start offering crypto services to their clients as they see that it is one more way how they can benefit, so it is wise for banks not to fight against crypto, but try to get used to it and start offering their clients services connected with crypto. I believe that crypto will be more and more widely-used. Different companies will use it as the way to accept payment.

[stadus]

Many banks start offering crypto services to their clients as they see that it is one more way how they can benefit, so it is wise for banks not to fight against crypto, but try to get used to it and start offering their clients services connected with crypto. I believe that crypto will be more and more widely-used. Different companies will use it as the way to accept payment.

Banks would never fight crypto, they'll always find a way to accept bitcoin as it will benefit them, and since banks are regulated by the government, they are still just relying on the rules and regulations the government will impose, if the government is allowing it, then no way the banks will not adopt with it because it's one of the ways to improve their profitability.

[Rufsilf]

Banks will stay no matter what either they adopt crypto or not. Don't presume like it will happen as early in the next decade.

As long as everyone doesn't have fully access the internet, and government don't want to accept bitcoin/crypto as legal tender, banks will stay and will still against crypto no matter what.

Indeed, banks are for fiat and crypto is for digital currencies, it can't be mixed because it is a different element and different goal. Banks will stay even if they decide to go against crypto because they are designed in certain way to provide certain financial transactions or needs that the crypro can't give and banks will still function til next decade or more.

And if banks will start to adopt crypto transactions then that's just an added services to the people.

[rizqoAD]

The old financial system is gradually being abandoned because there is always a decline in the value of fiat money itself, from year to year inflation continues to occur in conventional currencies such as fiat and this in my opinion fiat money holders are very disadvantaged because of the decline in value. With Bitcoin and cryptocurrencies we have financial alternatives that can benefit us because the value of Bitcoin continues to increase, this is accompanied by a flow of people to invest in Bitcoin because it can be a very profitable investment as well as payment. The popularity of Bitcoin continues to this day and people's desire to use Bitcoin as a payment method is very high because it is saturated with the banking system.

[error08]

Crypto is a combination of binary data, some designed to be decentralized, centralized, regulated or unregulated.
Banks or Financial institutions could adopt cryptocurrencies or blockchain technology, however, the uncertainty around the central bank that has the role to establish and regulate monetary policy, regulate and supervise commercial banks become a hindrance. Nevertheless, there are some government and central banks that allow cryptocurrency as a means of payment but there are some that prohibit cryptocurrency.

[yazher]

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.

Most likely they gonna adapt with their own versions of regulations but if people don't like it, they will just stick to exchanges that don't really give them the pain in the ass. I mean, if bitcoins weren't there, We don't even have an opportunity to hodl huge amounts of money especially those people who lacked documents to show to the banks to open bank accounts. Do you believe until now, I don't have any bank account? that's because they asked me for some business permits which I don't have any of those. too much complicated.

[Ozero]

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.

It's not obligatory. The banking system is fully under the protection of each state and, in fact, is part of the state system of power. Therefore, as long as the states exist, nothing threatens the banking system. States have sufficient mechanisms to eliminate any difficulties in the way of their banks.
At the same time, banks have long appreciated the benefits of digital money based on blockchain technology. They will definitely implement it and are partly already on the way to this, however, the financial system does not like haste, it transforms very slowly. Of course, this will be a completely centralized and controlled by banks currency.