Banks either adapt or face death

[romero121]

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.

Even without addition of bitcoin into the service list banking services is taking place in a much effective manner. Banking services are limited, because beyond certain volume of transaction it requires lot of process. When it comes to cryptocurrency, it is possible to transact any volume of fund with ease. As most users mentioned, it can get added as a store of value which helps the banking process more ease.

In my country three banking transaction upto $750 is free of charge per month. Beyond that for every transaction it cost a minimum of $1 and tax on the transaction cost. When it is compared to bitcoin, right now bitcoin transaction costs big.

On considering different facts it is true that banks will adopt the technology and add bitcoin related services. Even without bitcoin adoption banks will survive and facing death won't happen as easy, because state have control over the banks.

[DewiKirana]

In the next decade, I believe Banks will adapt to cryptocurrencies. They will surely find a way to adapt to cryptocurrencies that can be mutually beneficial between the bank and its customers, we'll just have to wait.

[stadus]

In the next decade, I believe Banks will adapt to cryptocurrencies. They will surely find a way to adapt to cryptocurrencies that can be mutually beneficial between the bank and its customers, we'll just have to wait.

If the government will set rules that are crypto-friendly, most likely the banks will adopt as they a business that operates for profit, more options for their clients will lead to more revenue opportunities for the business. It will always start on how the government sees crypto because they are the ones who will regulate it, so if they are against crypto, no banks would be able to integrate crypto into their business.

[freedomgo]

In the next decade, I believe Banks will adapt to cryptocurrencies. They will surely find a way to adapt to cryptocurrencies that can be mutually beneficial between the bank and its customers, we'll just have to wait.

If the government will set rules that are crypto-friendly, most likely the banks will adopt as they a business that operates for profit, more options for their clients will lead to more revenue opportunities for the business. It will always start on how the government sees crypto because they are the ones who will regulate it, so if they are against crypto, no banks would be able to integrate crypto into their business.

Right. It should all start with how the government sees crypto and if they want to support crypto because it has a huge potentials to be a good currency, then that's the time that all banks and financial institutions should also start seeing bitcoin and crypto as good currencies that will be integrated into bank's transactions.

However, if the government continues to prohibit from crypto and never adopt it as a currency, then banks too should also comply with it. Even if there is a larger demand for crypto from the people, crypto will still not be adopted if there is no regulations from the government.

[Swapzone_pr]

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?

The history shows that markets adapt – at least over time, they have no other choise. But what amount of time will it take -that is a good question, I'd like to think that we will be witnesses of this.

[Ebede]

Cryptocurrency has been doing great honestly speaking,but I feel the government control's the bank, which I think needs to adapt to the digital age.
Banks can still upgrade by adding some cryptocurrency policy inner their system,but government has got to give the upper hand before anything takes place.

[qwertyup23]

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....

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?

While I do agree that the shift to a digital era/currency is inevitable and is bound to happen in the near future, I doubt that the world will replace the traditional fiat with cryptocurrencies. Remember that cryptocurrencies (specifically BTC), has a limited number of supply in which inflation is bound to happen. Imagine having a currency in which its value changes every day will make prices in the market be volatile also.

While the digital era may is fast approaching, I still have some reservations as to the shift to a decentralized currency around the world though.

[Mauser]

Cryptocurrency has been doing great honestly speaking,but I feel the government control's the bank, which I think needs to adapt to the digital age.
Banks can still upgrade by adding some cryptocurrency policy inner their system,but government has got to give the upper hand before anything takes place.

While this is true, it's very hard to imagine a world where the government gives up their control of the money. Banks are a very profitable sector for a country with creating a steady tax income for the government. For them to give it up they would ask for some sort of compensation. Could the crypto world offset the lower taxes? I am not sure. The thing with banks is that everybody needs them. A company will not pay our salary in cash, they want to transfer it to a bank. When buying an apartment or house we need to ask the bank for a loan. The bank is profiting from all the services they offer to us, by selling products, issuing loans or just storing our money. For a bank to go bankrupt it's nearly impossible if they don't gamble away all the money, because they can just increase their fees to make more money.

[Mpamaegbu]

I will continue to maintain that the rise and prevalence of cryptocurrencies will never be the end of banks or fiat. The worse that can happen to banks will be that they will lose trade volume and market share. Cryptocurrencies can never misplace banks, never. Despite the coming of emails and all that, don't people still make use of the postal agencies? But of course, they do. Besides, let's quickly remind ourselves that the technicalities involved in using cryptos will also make a lot of people skeptical in completely switching over to it. There are people who wouldn't want to have anything to do with cryptocurrencies, especially the old. They may have a hard time grasping with the internet. For me, I envisage a situation where banks and the crypto industry will continue to work in synergy to prosper global economy, and not struggle to destroy the other.

[Rahman11]

Banks can actually play a significant role in the crypto industry, adding some much needed assurance and security to the largely unregulated environment. Adopting cryptocurrencies and blockchain technology overall can streamline processes and take banking into the next generation of efficiency and innovation.

[Koro-Sensei]

Banks can actually play a significant role in the crypto industry, adding some much needed assurance and security to the largely unregulated environment. Adopting cryptocurrencies and blockchain technology overall can streamline processes and take banking into the next generation of efficiency and innovation.

Agreed. Banks are still essential these days specially that we are in the age of migration from old system to new generation of banking. DeFi isnt polished just yet and still needs upgrades and innovations that could potentially replace banks. DeFi could takeover the place but not now, probably in the long run I think.