Banks will die crypto will take over in 5-10 years

[spy100]

Banks will die crypto will take over in 5-10 years

Why ? They are starting to ask to many personal questions and monitoring people like they are criminals / terrorists etc ...even if they are not ...
Govs want to much control on people...the world is becoming very strange and it all started with 9/11 attacks ...  to many coincidences

To many things happened in 2 decades :
Terrorists attacks / Wars on Terror / Arab spring  / SARS / Climate Change / Covid / Global trade problems  and so on ...

Before 2001 life was normal ...does how are older remember ... now they are not even hidding it / no longer in the shadows what they are trying to do ...

Is it just to take peoples freedom for the "greater good" ?  Will people allow their freedom to be taken ?

-------------------------------------------

Here is a example of problem with banks : I have another girlfriend or a secret kid from another women that i am sending money to each month to support ... now some banks started to ask questions what are you doing with your money ... ? Why are you sending to x,y,z ...We each have our own problems in life...Questions banks started to ask are to personal.

[magneto]

Doubt that banks will just go away.

Banks will certainly adapt to the new crypto landscape and start offering wealth management and transaction services that are denominated in terms of crypto.

But they will certainly not be extinct. Even in the crypto sphere some degree of centralization is necessary to sustain practices (at least as of current).

[dunfida]

Banks will die crypto will take over in 5-10 years

Banks would never die as long government do exist and come to think that it wasnt even possible even on my dreams on having a society thats been ran

on a decentralized manner because it would just basically wipe out the true existence of government in the first place if ever that thing happens.

Taking over is something is really impossible to happen.We cant deny that there are services we do really need on a centralized network.

[Hydrogen]

It is good to remember that banks have existed in one form or another for thousands of years.

There are segments of the economy where cryptocurrencies may never be well equipped to replace banks. At the moment crypto is not well positioned to takeover automotive, student and real estate loan markets. If an altcoin did emerge with a network of background checks, repo men and the liquidity to make large loans for homes, higher education and cars -- would there be advantages to it, over our current day banking industry? Which would allow crypto based alternatives to thrive over existing options?

Central banks are tied directly into the planning and direction of the economies of nations. That could be one area that couldn't be replaced by an altcoin.

It would seem that we have some obstacles to overcome, if crypto is to ever replace the banking industry.

[Kez1817]

Banks will stay an never die. But in the future, bank will look very different from today. Because they need to do something to gain more trust from their consumers. It's good if banks will accept crypto currency because we all know that not all 100% population all over the world are already in crypto and mostly they are still using banks. We can't deny he fact that we still need banks even we prefer crypto over it. As long as government is there, bank will never die.

[davis196]

Why ? They are starting to ask to many personal questions and monitoring people like they are criminals / terrorists etc ...even if they are not ...

Centralized cryptocurrency exchanges are going to do the exact same thing,because they will be forced by the crypto regulations.
Perhaps the crypto users will dump all centralized exchanges and focus on peer-to-peer transactions,decentralized exchanges and using privacy coins.
Banks will most likely never die.They might become obsolete at some point in the distant future,but I'm sure that they will continue to exist in the next decades or even centuries.
Who is going to give out loans,when there are no banks?What will replace the loan system?Cryptocurrency loans aren't that good,due to the price volatility and high interest rates.
Life wasn't "normal" before 2001.It depends of which part of the world were you living back then.
Life was really shitty in Eastern Europe during the 90s.

[stompix]

To many things happened in 2 decades :
Terrorists attacks / Wars on Terror / Arab spring  / SARS / Climate Change / Covid / Global trade problems  and so on ...

Before 2001 life was normal ...does how are older remember ... now they are not even hidding it / no longer in the shadows what they are trying to do ...

Yeah everything was fine before 2001
- Two world wars, Vietnam, Korea
- IRA, ETA, Black September, Ulster VForce
- AIDS, Hong Kong Flu, A/H2N2, Typhus , Polio
- Warsaw Pact, Cold War, Cuban crisis
- 1973 Oil crisis, Black Monday of 87, 97 Asian crisis

Yeah, if you're complete ignorant then everything was just fine before 2000, not a single thing to worry

As for banks going away....I'm willing to bet 90% of the poeple who bought and sold crypto have used a bank to do so.

[noorman0]

Crypto has died in China, banks have thrived. Adopting China's strict regulations is not a problem for a global country. Crypto's biggest threat is not banks, but regulation.
After all, what percentage of the world's human population will care about crypto in the next 10 years? By the way, if you take the vaccine, it shows that you are dependent on the government.

[Lotus]

Banks won't go away in a decade, but if crypto (or similar digital forms) take over, their market weight will diminish.

[Wexnident]

I highly doubt it. Banks do take control of our funds however we technically allow them to do so when we give it to them for safe keeping. Plus, banks being gone is like removing the core of a working centralized system that the majority of the users, institutions, and companies use. Not to mention that banks offer convenience, something that most people would gladly take even if it means that their funds are being temporarily controlled by banks. Not anyone has the time, nor the expertise to become their own bank after all.

[iv4n]

To many things happened in 2 decades :
Terrorists attacks / Wars on Terror / Arab spring  / SARS / Climate Change / Covid / Global trade problems  and so on ...

Before 2001 life was normal ...does how are older remember ... now they are not even hidding it / no longer in the shadows what they are trying to do ...

Yeah everything was fine before 2001
- Two world wars, Vietnam, Korea
- IRA, ETA, Black September, Ulster VForce
- AIDS, Hong Kong Flu, A/H2N2, Typhus , Polio
- Warsaw Pact, Cold War, Cuban crisis
- 1973 Oil crisis, Black Monday of 87, 97 Asian crisis

Yeah, if you're complete ignorant then everything was just fine before 2000, not a single thing to worry

As for banks going away....I'm willing to bet 90% of the poeple who bought and sold crypto have used a bank to do so.

Before life was normal... what a joke! Add Balkan to that list!

I am in that 10%, I am not using banks for selling crypto! But I have to use it anyway, for salary and credit cards!

Well, I believe that crypto will take over, eventually... the number of crypto users will continue to grow, as well as the number of "only crypto" users! So it's logical to believe that crypto will become a real threat for banks all over the world one day!

[AicecreaME]

Banks will die crypto will take over in 5-10 years

Why ? They are starting to ask to many personal questions and monitoring people like they are criminals / terrorists etc ...even if they are not ...
Govs want to much control on people...the world is becoming very strange and it all started with 9/11 attacks ...  to many coincidences

To many things happened in 2 decades :
Terrorists attacks / Wars on Terror / Arab spring  / SARS / Climate Change / Covid / Global trade problems  and so on ...

Before 2001 life was normal ...does how are older remember ... now they are not even hidding it / no longer in the shadows what they are trying to do ...

Is it just to take peoples freedom for the "greater good" ?  Will people allow their freedom to be taken ?

This is just pure assumptions without backed up evidences. A mere opinion that won't really matter and happen anytime soon at the very least.

The things you are stating are really impossible to happen. By just looking back at the history and economics, banks did exist long before, up until today, and definitely it would still exist in the future. It won't be eliminated that easily by the crypto community. No matter how crypto will be widely known and used, banks will continue to exist. I think what's more fitting to say would be banks and crypto would coexist as an alternative for each other during the next few years. It's possible that in the future, the population of cryptocurrency users will grow big and it will be adopted by numerous establishments and could possibly be adopted by a central organization as well.

Banks are just doing what it was supposed to do. If you are not fond of KYC, then don't make a bank account and just patronize a decentralized platform. KYC is done in order to verify the background information as well as the activities of the clients to ensure a safe and healthy ecosystem for both banks and customers.

The problems and challenges you have mentioned have been overcame and definitely we will overcome. Nice set of leaders are needed in order to maintain peace and harmony as well as to combat the pandemic situation we are in right now. You see, not every government is corrupt. There are still clean politicians sitting on their positions and we just have to find and elect them to make a change.

[sunsilk]

Banks will die crypto will take over in 5-10 years

Why ? They are starting to ask to many personal questions and monitoring people like they are criminals / terrorists etc ...even if they are not ...
Govs want to much control on people...the world is becoming very strange and it all started with 9/11 attacks ...  to many coincidences

To many things happened in 2 decades :
Terrorists attacks / Wars on Terror / Arab spring  / SARS / Climate Change / Covid / Global trade problems  and so on ...

Before 2001 life was normal ...does how are older remember ... now they are not even hidding it / no longer in the shadows what they are trying to do ...

Is it just to take peoples freedom for the "greater good" ?  Will people allow their freedom to be taken ?

Not to be pessimitic about taking over and will make the banks die. I think they'll just simply adopt what's with the trend and it's very inevitable for them join the crypto adoption since it's also related to their service, financial services.

We have freedom and we're also free to use them for the purposes that we need from them.

Although as someone that's in the crypto community, I've thought about that too but adoption is inevitable and the banks have to adapt the changes and crypto revolution.

[Ucy]

In a societal setting where people strongly stick to good principles and rule of law ,  they could adapt to something more acceptable, probably the True Crypto model. In settings with evil banks where people are asleep or decieved, their rights could continue to be trampled upon probably in different guises.

They are intentionally/unintentionally following a program designed for the Matrix or evil System which sole purpose is to fully delivers those that are slave to the system to hell. It's programmed to behave in certain way if this or that happens or doesn't happen. Better still, If this happens or doesn't then do this or that, and humans will react this way or that way. What it gets people or other things to do could include launching terrorists attacks.

[NeuroticFish]

Banks will die crypto will take over in 5-10 years

Um.. nope.

Why ? They are starting to ask to many personal questions and monitoring people like they are criminals / terrorists etc ...even if they are not ...
Govs want to much control on people...the world is becoming very strange and it all started with 9/11 attacks ...  to many coincidences

Actually all financial services need to do that because of the laws. So while you're right about govs, you're wrong about banks.

Before 2001 life was normal

It wasn't. The only difference is that the information didn't go this fast and news were not built to only be shocking.

Is it just to take peoples freedom for the "greater good" ?  Will people allow their freedom to be taken ?

You'd be surprised. Just read between the lines and look how many people will tell that govt actions are OK, and they "have nothing to hide" hence giving all those details is rather normal and so on.
I hope that people will wake up at some point, but I fear that I may hope for too much.

OP, you had some ideas and could have been better to discuss them separately, since some are rather wrong.
And the conclusion is also wrong. The banks will most probably prevail. Yes, they will have to evolve and some will be dying in the process, but most of them will most probably prevail.

[dothebeats]

Banks won't go down without a fight, and sure enough governments wouldn't just let their pals sink without extending a helping hand. It'll take a lot from crypto to take down banks, and even then I don't think crypto will ultimately replace banks as a financial institution. There's so much reliance on banks from this society that I don't think people are ready for a world without them. Also, the convenience banks provide to people is something else, even if it means their money are being held hostage until they complied with the banks terms.

[Koro-Sensei]

Banks won't go down without a fight, and sure enough governments wouldn't just let their pals sink without extending a helping hand. It'll take a lot from crypto to take down banks, and even then I don't think crypto will ultimately replace banks as a financial institution. There's so much reliance on banks from this society that I don't think people are ready for a world without them. Also, the convenience banks provide to people is something else, even if it means their money are being held hostage until they complied with the banks terms.

I think so too. They are now adopting and even offering the trading in their system. But, in the long run when everything is digitally transacted and when the mainstream cryptocurrency replace fiat, I think DeFi can replace banks. It is really happening now specially in El Salvador where Sovryn - The DeFi for bitcoin is having a collaboration with El Salvadors national bank to provide world class platform for El Salvadorians.

[fiulpro]

I do think that Banks are honestly essential for the normal functioning economy and cryptocurrencies as well. At the end of the day crypto to crypto trading exists but there are many limitations as well. Therefore I do think that Banks would not die. Cryptocurrencies are not really against banks, they are not really competing against banks, therefore I do think that, the only way for both of them to survive is to have a mutualistic relationship, hands down.

Cryptocurrencies replacing banks as a whole financial institution is something that is impossible. Banks are essential, might be not for the upper class, who knows how to use mobile phones and who have access to most of the things that one might consider a necessity for some, but are impossible to achieve in the most cases, the road side vendors, the poor people, they can't afford all of this for sure, therefore for them fiat might be the most affordable method of exchange.

Banks are much needed.
What we should look for is a healthy relationship with them, not domination.

[kryptqnick]

The harsh truth is that most people don't care about privacy. They are okay with giving various kinds of data to the government, banks, and even private companies, as long as they get what they are used to in return. People also don't like responsibility and change. If you store your money in a bank account, you feel like it's their responsibility to keep it safe for you (although of course they don't literally have it there, but that's a different problem). Also, people are used to fiat with its very slow-changing value. Cryptos require you to be responsible for your money's safety, and the volatility can be very high. Banks aren't going away. Some will keep focusing on fiat, others try to offer crypto services as well. Adoption is nowhere near the level required for such a prediction to be reasonable.

[Fortify]

Banks will die crypto will take over in 5-10 years

Why ? They are starting to ask to many personal questions and monitoring people like they are criminals / terrorists etc ...even if they are not ...
Govs want to much control on people...the world is becoming very strange and it all started with 9/11 attacks ...  to many coincidences

To many things happened in 2 decades :
Terrorists attacks / Wars on Terror / Arab spring  / SARS / Climate Change / Covid / Global trade problems  and so on ...

Before 2001 life was normal ...does how are older remember ... now they are not even hidding it / no longer in the shadows what they are trying to do ...

Is it just to take peoples freedom for the "greater good" ?  Will people allow their freedom to be taken ?

To me it seems like you don't understand why banks are required, by governments, to monitor activity between bank accounts and it seems quite naive. It is legal requirements forced on them by politicians and the judiciary. Criminals and terrorists are always trying to hide, so obviously they need to use some pretty advanced techniques to find the real sources of funds. I think the opposite of your conclusion, retail banks now are just starting to wake up to the huge potential revenue source that cryptocurrency offers and they are all going to try to copy the Paypal method - where Bitcoin purchases are funded by customers but kept within an enclosed eco-system where they can charge their own fees.