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

[im posible]

Banks will die in 5-10 years because crypto is a wild fantasy which I highly doubt. Banks have both financial and human resources who are experts in their fields so that they will adapt to existing technological developments.
For example, in the past, banks only issued money in physical form for transactions in the market, but money circulation technology is increasingly moving away from physical currency, starting from ATMs, e-wallets, and so on until now to crypto.
I am not a banker and a layman, but if I were in a position as a policy owner at a bank I would consider crypto as a great challenge and opportunity to collaborate with the Bank.

[nullama]

I don't think traditional banks will die, at all. Definitely not in the next decade.

If you think of society in general, you'll see that a lot of people still go to a physical bank to pay their bills, make deposits, withdrawals, etc. All of those things can be done online, yet a lot of people choose to go in person. You need a bank for that.

Think about cash for example. When credit/debit cards became popular many people started thinking that cash will be obsolete in a decade or so. You can still see cash being used everywhere, and we'll still use it for a long time.

Same with banks. If anything, more banks will start to pop up now, allowing you to pay with crypto through their card. At the end of the day you'll have to call a number when your card is blocked, even though you're using crypto in theory.

[Abiky]

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 in a lifetime. Crypto may be good, but it's still far from replacing banks anytime soon. As long as governments rely on central banks to print money, these financial institutions won't be going anywhere. They will eventually adapt themselves to the latest trends in the "Fintech" space by launching digital currencies (CBDCs) of their own. Crypto will simply live alongside Fiat for generations.

Of course, government control will increase like never before as every transaction performed by a CBDC will be highly visible on a centralized, digital ledger. It'll be the end of an era for privacy as we speak. Most probably, governments will force the use of CBDCs effectively harming crypto's mainstream adoption. We should be prepared for the worst, as slowly but surely our freedom gets "stripped" away from powerful entities. Who knows what'll happen 5-10 years from now? Just my thoughts

[shogun47]

In my own opinion, banks will not die to be taken over by crypto soon, this because banks are very important because some banks are really ready to work together with cryptocurrency and government will never make that happen.

Banks does have that crucial role on an economy and we know on how it do functions and just like been said that it is really impossible for it to be something to be replaced and be covered up with crypto? Do we really think that government would let that thing to happen? For sure it wont.
Even lets just say that it would happen in 20 years the it  cant really be possible or simply an impossible thing to happen.
Its not bad to optimistic but we should be at least realistic on thing so that it wont frustrate you.

Ok you may have a point here, but it is not like banks are only doing good things for society. We all know that major financial crises often exist because of banks behaving and acting irresponsibly. I also doubt that all banks will disappear, but we could see a trend soon to significant consolidation. There infrastructure is expensive and I believe their product line for potential investors will either have a very hard time soon because less and less people (especially those involved with crypto) go and buy their products. The one option they have is to change their business model and also provide access to digital assets. You just don't need banks as much anymore. One or two generations ago customers went to banks to receive some advisory for financial investing, but who is still doing that today with all these new apps like Robinhood and now the crypto wave?

[jaberwock]

If you think of society in general, you'll see that a lot of people still go to a physical bank to pay their bills, make deposits, withdrawals, etc. All of those things can be done online, yet a lot of people choose to go in person. You need a bank for that.

Think about cash for example. When credit/debit cards became popular many people started thinking that cash will be obsolete in a decade or so. You can still see cash being used everywhere, and we'll still use it for a long time.

Same with banks. If anything, more banks will start to pop up now, allowing you to pay with crypto through their card. At the end of the day you'll have to call a number when your card is blocked, even though you're using crypto in theory.

This is quite funny, but you have made a really good point and it is just the truth. Even with the roll out of Internet banking, we still continued to make use of cash and it's widely being used these days, So what makes people think that banks or cash will stop to exist in next 5 to 10 years? It won’t stop existing, rather it is going to coexist with all these other methods of transaction.

Even right now there have been a lot of countries their governments has been fighting cryptocurrency in one way or the other, either by trying to stop cryptocurrency mining or they’re trying to ban it completely as a method of transaction. Though there have also been the good ones that have allowed the use of cryptocurrency and for their citizens to buy and hold it as assets. We still continue to hope for the best for the community.

[Cafex]

It is really doubtful whether banks will maintain their existence in the digital currency era. To maintain it, banks will need to transform into something different I think. They need to merge with cryptocurrencies completely not to vanish. When it comes to the time prediction, 5-10 years may not be enough for this transformation. Maybe at least a 15-year time is what we need.

[noormcs5]

I don't think traditional banks will die, at all. Definitely not in the next decade.

If you think of society in general, you'll see that a lot of people still go to a physical bank to pay their bills, make deposits, withdrawals, etc. All of those things can be done online, yet a lot of people choose to go in person. You need a bank for that.

Think about cash for example. When credit/debit cards became popular many people started thinking that cash will be obsolete in a decade or so. You can still see cash being used everywhere, and we'll still use it for a long time.

Same with banks. If anything, more banks will start to pop up now, allowing you to pay with crypto through their card. At the end of the day you'll have to call a number when your card is blocked, even though you're using crypto in theory.

There are some aspects of traditional banking that just cannot be replaced by crypto. Banks provide services that crypto cannot, such as lending and investment. Banks also provide more complex services than crypto, for instance in the form of insurance protection. And let's not forget about wire transfers, which are not possible with cryptocurrency. Due to this reason we may see that crypto may take some more time to take over the banking.

[shogun47]

I don't think traditional banks will die, at all. Definitely not in the next decade.

If you think of society in general, you'll see that a lot of people still go to a physical bank to pay their bills, make deposits, withdrawals, etc. All of those things can be done online, yet a lot of people choose to go in person. You need a bank for that.

Think about cash for example. When credit/debit cards became popular many people started thinking that cash will be obsolete in a decade or so. You can still see cash being used everywhere, and we'll still use it for a long time.

Same with banks. If anything, more banks will start to pop up now, allowing you to pay with crypto through their card. At the end of the day you'll have to call a number when your card is blocked, even though you're using crypto in theory.

There are some aspects of traditional banking that just cannot be replaced by crypto. Banks provide services that crypto cannot, such as lending and investment. Banks also provide more complex services than crypto, for instance in the form of insurance protection. And let's not forget about wire transfers, which are not possible with cryptocurrency. Due to this reason we may see that crypto may take some more time to take over the banking.

What if we can one day manage to establish a blockchain based reputation score for people such that they can participate in smart-contract based lending? I think what we are seeing now with decentralized finance is by far not the endgame. It is correct that banks have an advantage when it comes to the screening process for their customers and I am also not sure whether that can ever be solved in a purely digital and even anonymous way, but who would have thought that a currency like Bitcoin is even possible? Who would have thought that it will never break and get attacked successfully for such a long time? Getting reputation scores onto the blockchain for individuals could be possible one day. That would be a major precondition for many services to be tied into that system.

[Lanatsa]

I don't think traditional banks will die, at all. Definitely not in the next decade.

If you think of society in general, you'll see that a lot of people still go to a physical bank to pay their bills, make deposits, withdrawals, etc. All of those things can be done online, yet a lot of people choose to go in person. You need a bank for that.

Think about cash for example. When credit/debit cards became popular many people started thinking that cash will be obsolete in a decade or so. You can still see cash being used everywhere, and we'll still use it for a long time.

Same with banks. If anything, more banks will start to pop up now, allowing you to pay with crypto through their card. At the end of the day you'll have to call a number when your card is blocked, even though you're using crypto in theory.

There are some aspects of traditional banking that just cannot be replaced by crypto. Banks provide services that crypto cannot, such as lending and investment. Banks also provide more complex services than crypto, for instance in the form of insurance protection. And let's not forget about wire transfers, which are not possible with cryptocurrency. Due to this reason we may see that crypto may take some more time to take over the banking.

This is actually true on which theres no way that it could really be replaced by crypto even though we are really bit optimistic when it comes to its real use case on which we do really believe that we do still need up these services for our benefit and convenience.

Frankly speaking on as long government do exist then theres no way you could really able to take place fiat into its position.

They could both co-exist to each other with having specific functions and doesn't really need of on replacing one just because we do
have it in mind.

[kapalmabur]

I don't think traditional banks will die, at all. Definitely not in the next decade.

If you think of society in general, you'll see that a lot of people still go to a physical bank to pay their bills, make deposits, withdrawals, etc. All of those things can be done online, yet a lot of people choose to go in person. You need a bank for that.

Think about cash for example. When credit/debit cards became popular many people started thinking that cash will be obsolete in a decade or so. You can still see cash being used everywhere, and we'll still use it for a long time.

Same with banks. If anything, more banks will start to pop up now, allowing you to pay with crypto through their card. At the end of the day you'll have to call a number when your card is blocked, even though you're using crypto in theory.

There are some aspects of traditional banking that just cannot be replaced by crypto. Banks provide services that crypto cannot, such as lending and investment. Banks also provide more complex services than crypto, for instance in the form of insurance protection. And let's not forget about wire transfers, which are not possible with cryptocurrency. Due to this reason we may see that crypto may take some more time to take over the banking.

With the various services owned by the Bank, I think the Bank will continue to survive even though at this time along with the development of crypto,
even so we need to see in the future because we don't know what technological developments will appear

[savetheFORUM]

If anything, more banks will start to pop up now, allowing you to pay with crypto through their card. At the end of the day you'll have to call a number when your card is blocked, even though you're using crypto in theory.

You did make a point here, that it might get to a time-frame where people will have to be relying on banks to make use of their cryptocurrency, but I wouldn’t wish for such to happen, because cryptocurrency was created for us to have total control over our assets or money, so having a bank do that for you kills off that idea of freedom through decentralization.

At least for next 100 or 200 years, both banks and crypto will exist and provide services to human but after that which is better may will survive and other other may exist in very less number in terms of userbase and in all other related aspects.

[ShowOff]

With the various services owned by the Bank, I think the Bank will continue to survive even though at this time along with the development of crypto,
even so we need to see in the future because we don't know what technological developments will appear

Banks offer a more secure service though not risk free, maybe that's true if we compare it to cryptocurrencies. In addition, banks are still needed by 99% more world's population to carry out daily financial transaction so it is impossible to expect crypto to replace the existence of bank. Although in future every country can have its own cryptocurrency but I think people still need bank especially those who don't agree with crypto.

I honestly think the existence of cryptocurrencies today will not kill bank either in the short or long term but will only disrupt the banking system. If 1% of the world's population had used cryptocurrencies today simply because they wanted to gain complete control over their money, then I wouldn't think it could kill banks. I'm not sure about 1% of the world's population has used cryptocurrencies even though the crypto civilization is developing.

[diderdrogba]

I don't know about the time period you have given. It might be quite early before we are entering a new era of cryptocurrencies only. And when it comes to the "banks will die" part, I'm not sure of it either. Because they can maintain as long as they don't go the opposite way of cryptocurrencies. There are already some banks which started integrating their system with cryptos.

[horrifiedx1]

With the various services owned by the Bank, I think the Bank will continue to survive even though at this time along with the development of crypto,
even so we need to see in the future because we don't know what technological developments will appear

Banks offer a more secure service though not risk free, maybe that's true if we compare it to cryptocurrencies. In addition, banks are still needed by 99% more world's population to carry out daily financial transaction so it is impossible to expect crypto to replace the existence of bank. Although in future every country can have its own cryptocurrency but I think people still need bank especially those who don't agree with crypto.

I honestly think the existence of cryptocurrencies today will not kill bank either in the short or long term but will only disrupt the banking system. If 1% of the world's population had used cryptocurrencies today simply because they wanted to gain complete control over their money, then I wouldn't think it could kill banks. I'm not sure about 1% of the world's population has used cryptocurrencies even though the crypto civilization is developing.

I think it's a very fast time to make a total change around the world. things that seem difficult to happen considering that even now most countries in the world have not taken steps to legalize bitcoin. cryptocurrency is just a trading tool. Moreover, banks are the economic buffer of a world, what will happen if they are completely replaced with a decentralized system

[Natalim]

Though I invest and support crypto this scenario has never come into my mind.  The simple reason is that banks are the leaders of banking and it's backed by a central bank that our government creates to supervise and regulate financial institutions. Bitcoin although decentralized will not survive without government regulation, so it will still likely be regulated based on the standard of banking, and KYC is just one of the proof that crypto will never beat the banking system.

[bengsabeng]

In my own opinion, banks will not die to be taken over by crypto soon, this because banks are very important because some banks are really ready to work together with cryptocurrency and government will never make that happen.

Banks will certainly follow government rules and regulations, so I think the government has an important role in this issue. banks can coexist with crypto if the government is serious about this and cooperates with banks to create their own crypto. to make this happen is indeed very complicated because it has to do research and trials first, but if this can be realized it will certainly be something extraordinary.

[Dump3er]

In my own opinion, banks will not die to be taken over by crypto soon, this because banks are very important because some banks are really ready to work together with cryptocurrency and government will never make that happen.

Banks will certainly follow government rules and regulations, so I think the government has an important role in this issue. banks can coexist with crypto if the government is serious about this and cooperates with banks to create their own crypto. to make this happen is indeed very complicated because it has to do research and trials first, but if this can be realized it will certainly be something extraordinary.

Banks have no choice but comply for sure, there is no way around that. But as you put it, if the banks integrate cryptocurrencies more and more it all comes down to the regulation they have to comply with. If it is a crypto-friendly government, I think that synergy could still be fruitful between banks and crypto, even with decentralized cryptocurrencies. But they will have technology in place that will be able to track down any transaction people do with any bank account.

[Dragonfund]

In my own opinion, banks will not die to be taken over by crypto soon, this because banks are very important because some banks are really ready to work together with cryptocurrency and government will never make that happen.

Where did you read that the government is working with banks to make crypto easier for people, the government has never line with crypto, they are just trying to regulate it since they have to ban of several timea but people has refused to stay away from it. The adoption is growing at rapid rate and it fear them that they may not be able to control the atmosphere, hence the need for regulations is essential to them.

[TheGreatPython]

Banks offer a more secure service though not risk free, maybe that's true if we compare it to cryptocurrencies. In addition, banks are still needed by 99% more world's population to carry out daily financial transaction so it is impossible to expect crypto to replace the existence of bank. Although in future every country can have its own cryptocurrency but I think people still need bank especially those who don't agree with crypto.

They do not really "need" it, everything you could do in a bank could be done with crypto as well. Banks needs to go back to what they were all about, savings accounts and lending out money from their savings account holdings, and not multiple amounts neither, whatever they have, they should lend but that's it.

If you keep on thinking banks are the way we exchange money then you have not been watching too much of what's going on with crypto, we can exchange money from one side of the world to another for a few cents in a few seconds. Sure bitcoin is not like that right now, but there are other coins like SOL or TRX that you could use to move millions of dollars to another nation. So, 99% of the world doesn't "need" it, they just don't know what else they could do and crypto is not accepted in many places just yet so they still "prefer" fiat.

[Lanatsa]

In my own opinion, banks will not die to be taken over by crypto soon, this because banks are very important because some banks are really ready to work together with cryptocurrency and government will never make that happen.

Where did you read that the government is working with banks to make crypto easier for people, the government has never line with crypto, they are just trying to regulate it since they have to ban of several timea but people has refused to stay away from it. The adoption is growing at rapid rate and it fear them that they may not be able to control the atmosphere, hence the need for regulations is essential to them.

Banks are the ones who do need to work with government  since they would need to have some permission whether they would accept or deal with crypto but most of the time they would really be against it and only a few would really be approved out whenever a bank will deal about cryptocurrency.

Actually its not really surprising that they would go against it because decentralized aspect is never been an ideal thing for  them to adopt.

Crypto could never able to replaced banks and government wouldn't allow for that thing to happen which you shouldn't really be that
hopeful for this thing to happen.