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

[Anonylz]

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 ?

If this are your reasons then i highly doubt it will happen, are you just realizing the way banks work or what! banks always ask personal questions before you can own an account afaik, so what is new?
how is the bank responsible for what is happening since 2 decades ago? what makes you to think that even with only crypto existing that this things will not still happen or happen after banks demise?
before 2001 banks were already in existence how come they were not a threat back then?     too much freedom will come with a price, careful what you wish for.

[famososMuertos]

Well ... wait, if you open with that apocalyptic context of the XXI century, we fall into a matrix that is not so real if we compare it with other periods or centuries. For example, without going too far, we had two world wars, atomic bombs, and a great many more in the 20th century.

I do not believe that banks will disappear in five or ten years and even less that crypto take control, it is not that I am against this idea, we all want and believe that things are not fair with traditional banking in fact we live it to daily and that there must be a change.

Now, although I am attached to the ideals of bitcoin in what it represents as a revolutionary technology, that does not imply that we should destroy or that it is used with those purposes.

In fact, if such a thing has not emerged in these 10 years, I do not think that such a thing will arise in another 10, now well and a progressive change is already happening in the advance of bitcoin in many areas, then the banks far from being "eliminated" are part of that process, regrettable but for now there is no other way.

[LogitechMouse]

Most of the people out there are using banks to save their money and because they trust the banks because it is the place where they store their money, they aren't afraid to share their personal information to them. Its almost the same as Binance users sharing their personal information to them just to have access to their services. Banks need your information if you want to access their services as well.

Now with regards to banks dying in 5-10 years, I don't think that it will happen but I think what they will do is just they will adopt to what is happening to the financial industry. If crypto will change the financial industry then the banks must adopt if they want to stay or else, they will end up useless (at least for some). Overall, I think that banks will adopt if something will change especially if crypto will change how we are right now. They will not die because its their business and they need to adopt or they will lose their money.

[geegaw]

I haven't heard that crypto can dominate transactions in the country even though it has been legalized like El Salvador, of course I don't want to see changes that are too fast because changes that are too fast will cause a lot of losses such as unemployment because banks are closed, let everything pass slowly so it's easier to adapt .

As EI Salvador is at the forefront of crypto adoption combined with crypto's rise this year, doubts about the bank's opportunities and future become negative, more precisely, the bank's mission is being criticized and downgraded by many public opinion, creating more space for crypto but as you have seen, internet dominance can be very high for crypto but the presence of banks and utility payments with banks is not less. Adapting to crypto is a story sooner or later but adaptation here tends to be a profitable investment industry, not the meaning of adapting to replace and destroy banks, banks are indispensable.

[RealMalatesta]

For sure those things what in your mind will not happen since for sure government is just making an audit to see if this is safe to be used by their citizens since knowing that bitcoin is been tag as currency used by criminals, but even if those things came first before this good things happening on this coin still we don't see any of them completely ban its usage to their respective country. And there's no freedom taken on this since anyone could use bitcoin after all.

I just love it when people are into crypto that much. I do not care how wrong they are, instead of people saying "bitcoin will die eventually", I like to see people saying "bitcoin will take over the world!!!!".

We know that both of them are wrong, we know that it will neither die nor take over the world, we know that it will grow in a good manner and be a good alternative to use as an option for whoever prefers it and that's it, we know that people may continue to make a profit from it, doubtful to make profit like the people who bought bitcoin for few cents, but still could make a decent profit. However, I still prefer these type of wrong people, at least they are hyping bitcoin like crazy.

[jostorres]

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

Even banks are not showing interest in cryptocurrency. I don’t really think banks are going to die off just like that, there will also be people who are still interested in making use of banks, maybe people who find it very difficult to navigate through the use of crypto currency. But, for those of us who would be able to manage their finances by themselves, it wouldn't be bad if we do that by choosing crypto.

It is all about choice, if you think it would be best for you to put all your money in cryptocurrency and you’re ready to take the risk, then you can go ahead and do that. But if you still look at things the other way round, you would see that in a way you still need the services of banks in some areas, why cryptocurrency especially Bitcoin continues to play its own part in the areas that it would fit in best.

[Oilacris]

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

Even banks are not showing interest in cryptocurrency. I don’t really think banks are going to die off just like that, there will also be people who are still interested in making use of banks, maybe people who find it very difficult to navigate through the use of crypto currency. But, for those of us who would be able to manage their finances by themselves, it wouldn't be bad if we do that by choosing crypto.

It is all about choice, if you think it would be best for you to put all your money in cryptocurrency and you’re ready to take the risk, then you can go ahead and do that. But if you still look at things the other way round, you would see that in a way you still need the services of banks in some areas, why cryptocurrency especially Bitcoin continues to play its own part in the areas that it would fit in best.

Dont know on why some people do really think off for banks to cease to exist and been completely replaced by decentralized fiat? Havent they realized on what are the things we are really that benefiting out of these centralized aspect or thing?

Im not against with decentralization but we should accept the fact that current system we are taking and been using through ages
does really give out that convenience.

Why not thinking off on having both on upcoming or near future? The more the better right?

[Shasha80]

For sure those things what in your mind will not happen since for sure government is just making an audit to see if this is safe to be used by their citizens since knowing that bitcoin is been tag as currency used by criminals, but even if those things came first before this good things happening on this coin still we don't see any of them completely ban its usage to their respective country. And there's no freedom taken on this since anyone could use bitcoin after all.

I just love it when people are into crypto that much. I do not care how wrong they are, instead of people saying "bitcoin will die eventually", I like to see people saying "bitcoin will take over the world!!!!".

We know that both of them are wrong, we know that it will neither die nor take over the world, we know that it will grow in a good manner and be a good alternative to use as an option for whoever prefers it and that's it, we know that people may continue to make a profit from it, doubtful to make profit like the people who bought bitcoin for few cents, but still could make a decent profit. However, I still prefer these type of wrong people, at least they are hyping bitcoin like crazy.

Because you are a crypto fan, you definitely want to hear something positive about crypto instead of having to hear something negative. Although
as you said sometimes the positive things we hear are not true and are difficult to realize, but we are happy to hear them. That's a natural thing,
it happens to anyone, because most humans really want to hear what they really want to hear. I also think like you, would prefer people who spread
the word Bitcoin will take over the world and will make banks die. Because this will make people more motivated to invest in Bitcoin and eventually
make the Bitcoin price go up. Although I admit it's wrong, but maybe my selfishness arises and I really want to see Bitcoin become the best currency
in the world.

[Distinctin]

It's not necessary for me to read your reason because it will never happen.

When you say that the bank will die in 5-10 years, that means our government will also die, don't forget that our government creates a central bank to monitor the banking system and they issue fiat, so where would fiat go? do you think bitcoin will replace fiat? if you answer is no, then no doubt that banks will stay.

[adzino]

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 ?

Why do you want banks to die? It doesn't have to die. Bank, fiat and crypto currencies can be used side by side, concurrently. We are not in war with banks or fiat currency. Even if crypto currencies to replace fiat or the bank, it won't be happening anytime soon. Maybe after decades, but not now. And you are saying that terrorism financing is the reason why crypto will replace banks? I mean wouldn't the exact opposite be happening?

[Japinat]

One of the greatest financial advisers once said that what is old will survive, gold and silver are old and it will survive, so basically since Banks are older than bitcoin or crypto, then it will survive, while on the other hand, crypto is relatively new as bitcoin is not even 15 years old yet, so there's a chance that it will not survive while the bank will remain.

Actually, we can't compare apple to orange because both have a different purpose, banks do centralized transactions while bitcoin or blockchain do decentralized transaction, but what's more powerful are the regulators and that will favor the banks since they can declare bitcoin to be illegal while keep the banking system legal.

[qwertyup23]

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).

I wholeheartedly agree. Banks will remain as fiat will still continue to be the standard/medium of exchange even in the far future.

What makes cryptocurrencies impossible for standardization is the recognition they must gain from countries before they come legal tender. Imagine having a currency that is volatile in nature, which changes its value every second of the day. This would not only disrupt the market but also be prejudicial to either the vendor or the vendee depending on who controls majority of the supply of BTC.

That is also one of the reasons on why banks will continue to remain as long as fiat stays in the picture.

[Gyfts]

Banks will just switch over to crypto and act as exchanges. Doesn't seem like other currencies will die, but rather there'll be competition between currencies, and banks could serve the role of acting as an intermediary for the sake of convenience. Still, there won't be a reliance as any crypto owner will have full control over their funds. Anyone that doesn't trust themselves to handle their own coin could rely on a bank to hold their funds if they wanted to, because that's basically the traditional system we have today that most people rely on. Financial institutions are quick to adapt so I wouldn't count them out. Except centralized banks to start issuing out CBDC's out to smaller private banks first, and then when that doesn't work they'll start to dive into crypto (I don't consider CBDC to be a true crypto currency, even though people compare the two)

[Lotus]

Not all cryptos are truly decentralized!

[dbc23]

This might not be a reality it would only exist in the dream world because those in authority will always want to be in charge of their citizens funds so they can track what goes around financial sectors. This is why the regulators are trying had impose digital currencies on their citizens and forcing them to believe it's a better investment option than crypto so the can tell who owns which funds

[Joshapat]

Bitcoin and cryptocurrencies users are increasing and many have shifted their money from banks to cryptocurrencies, this is a sign that banks will die, I believe in countries that have legalized bitcoin like el savador then 10 years from now there will be no banks, everyone will control money with cryptocurrencies.

[Zanab247]

I guess bank will not die than to help people to know the difference between decentralized currency and centralized currency. Now that many countries are still use to centralized currency because they are not use to decentralized that came to eliminate economy failure and reduced unemployment in the world economy.
Crypto will continue to fulfilling the purpose it was created by making transaction faster, steady and reduce delay in the community. Bank will still remain centralized currency and Crypto will still remain decentralized currency that is contributing to the world economy. In next 5 or 10 years crypto will be the most popular currency in the world.

[michellee]

The banks will still exist in the next 5 years but I can not predict if that is about 10 years later because with the growth of the technology, that can change the bank's system and we are difficult to know what the government plan with the banks. Maybe banks will use a new system and adopt a blockchain method or the banks can use their own new system and not related to the blockchain because that will depend on each government plan. But people who do not want to use a new thing will still rely on the bank because it is hard to adapt to the situation and still prefer the old methods.

[freedomgo]

The banks will still exist in the next 5 years but I can not predict if that is about 10 years later because with the growth of the technology, that can change the bank's system and we are difficult to know what the government plan with the banks. Maybe banks will use a new system and adopt a blockchain method or the banks can use their own new system and not related to the blockchain because that will depend on each government plan. But people who do not want to use a new thing will still rely on the bank because it is hard to adapt to the situation and still prefer the old methods.

The growth of crypto users has been started to increase and it will be even more visible in  the next 5-10 years. And with this positive change for crypto, the government will always exist with its centralized banks and will continue to serve the people. And with the inevitable growth for crypto enthusiasts, i think the government will create plans for banks to start adopting crypto transactions with fiat still existing. Since there will be two groups already for crypto and fiat users, then banks should also learn to cater to them both, the reason that banks should never be extinct.

[nakamura12]

You could say that govs want to control people but the govs priorities the control of money. I don't think banks will just go away and die. I would rather believe that banks will start to use cryptocurrency and have their own exchange then they will earn profit from it. There is a wallet/exchange regulated by a central bank in my country.