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

[awik p]

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.

in my country, there are no signs that the government will enforce bank regulations in cooperation with cryptocurrencies. what is currently happening is that the government only allows its citizens to have cryptocurrencies to trade, but is prohibited as a means of payment. Therefore, I think crypto legalization will take a long time to be realized, let alone cooperate with banks

[molsewid]

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.

Banks were operated under the law and regulations of government which is cryptocurrency is a total opposite that's why many countries are not open for adoption of bitcoin because they can't control it. Going back to OP's statement that banks will die and crypto will take over in 5-10years I think this would be impossible for now (I can't also figured out if in the future banks will disappear) because banks are a centralise platform that government has a control over it, I believe that crypto will become one of the circulating currency all over the world working together with banks.

[Davidvictorson]

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.

Banks were operated under the law and regulations of government which is cryptocurrency is a total opposite that's why many countries are not open for adoption of bitcoin because they can't control it. Going back to OP's statement that banks will die and crypto will take over in 5-10years I think this would be impossible for now (I can't also figured out if in the future banks will disappear) because banks are a centralise platform that government has a control over it, I believe that crypto will become one of the circulating currency all over the world working together with banks.

If the central banks really want to retain their purpose of managing headline inflation through monetary policies, they should revamp some existing liberties for upcoming digital payments providers.

[Ebede]

Bank is the place were serving money starts and comparisons of banks and cryptocurrency is not good in my sight because the comparison should be the fiat and cryptocurrencies because can not use bank to achieve anything is a place money is stored why wallet is a place bitcoin is stored, bank can die another means of serving money will come but fiat can not die.

[ivankoh]

I think the current structure - central banking system will have to be in a state of "change". Most likely in the next 10 years the bigger competition will be crypto-based decentralized banking and something more intense when government CBDCs are adopted. I think El Salvador is on this path, in fact the economic significance of El Salvador is showing it. I think the bank is still "weak" and in the last recession zone before it is broken.

[skarais]

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.

Nothing is impossible if the government encounters a major failure of the fiat currency and banking system in the future. But if it's about the next 5-10 years then I wouldn't think it would either. Banks are currently working well for most people even for investors who believe in their system, so while there is hope for a replacement it shouldn't happen in a matter of years from now.

I use banks to do transactions with people who don't use crypto, so I think it will still be used long term by most people. Even though the bank is a centralized financial system, they can guarantee your investment 100% to earn annual interest. That's the advantage.

[V-t.Ester]

It’s too early to talk about the death of banks. Nothing foreshadows this now. Moreover banks won’t give crypto any chance to take over fiat. However I think that during several next years all banks will get rid of cash. All people will use only that money they will receive on cards. It’s quite easier in such way to control people and to monitor their spending’s.

[D-law]

So far as the government still exists,there will be people who still go with bank's.
Since they're are regulated by the rules and regulations of the government, although bitcoin and Crypto Currency is doing good,but banks won't die,they will only do well to merge with crypto currencies.

[ReiMomo]

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.

Since we started to use smart phones, our data became transperant. We started seeking comforts from where we are. So online transactions have become a prior and wanted payment method which reduced people stand in queue in banks.

So the bank's turnover has become bit shaky since Gpay and other top payment apps hit huge traffic than what used to happen with bank transaction via their own apps.

So yes, we have become a open book to all. In order to stop this, we need to follow what we were doing before 2001 as you said.

[sumant]

It is not easy that crypto will take places of banks because controlling crypto is not in hand of anybody. Crypto might take place of payment mode in some category. Government can not take control of crypto or crypto transactions. All over community involving in crypto businesses so there will some guidelines comes but talking place of country economic system it has to be seen. Very venerable crypto will change anything in short times.

[19Nov16]

The role of crypto is getting more massive and many millionaires in the world are investing in crypto, especially after NTFS and Defi, which makes crypto adoption even more massive, but I'm sure this will never turn off the role of banks, maybe it will only reduce the marketcap of banks, this is because banks will always get protection. and full support from the government.

[bengsabeng]

So far as the government still exists,there will be people who still go with bank's.
Since they're are regulated by the rules and regulations of the government, although bitcoin and Crypto Currency is doing good,but banks won't die,they will only do well to merge with crypto currencies.

if it wants, governments can actually merge banks with crypto, by working with banks to create their own crypto. but maybe government research in each country has not yet reached this stage because there may be many things that are far more important than this problem, for example about pandemics or public welfare. but even so I still believe in the future both (banks and crypto) will complement each other not kill each other.

[Finestream]

So far as the government still exists,there will be people who still go with bank's.
Since they're are regulated by the rules and regulations of the government, although bitcoin and Crypto Currency is doing good,but banks won't die,they will only do well to merge with crypto currencies.

if it wants, governments can actually merge banks with crypto, by working with banks to create their own crypto. but maybe government research in each country has not yet reached this stage because there may be many things that are far more important than this problem, for example about pandemics or public welfare. but even so I still believe in the future both (banks and crypto) will complement each other not kill each other.

If the government will also think that crypto will bring welfare to the people, then it will have more chances that banks will soon to accept crypto and co exist with it. But i am also seeing it in the future that government will soon to realize that crypto is not against the banks or traditional fiat and it's created to serve as an option only to fiat.

However, even if crypto will be globally adopted in the future, its not enough reason to force banks to close and stop operations. Banks won't die and its eventually staying for good as majority of the people still prefer banks over crypto since its always backed by the government.

[shasan]

I do not want to think that bank will die within 5 to 10 years even I do not think it will die within 50 years. Day by day use of bank may be decresed but it will not die. As a lot of thing which we never would be able to do virtualy, and forthat reason we have to rely on bank. Though bank may update their system by blockchain.

[Abiky]

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.

Exactly. Cash is still being used even with crypto/Blockchain tech in play. Banks will eventually adapt themselves to the latest technological trends in order to stay ahead in the game. They never lose, especially when they have governments backing them every step of the way. Crypto is only an experiment that will lead us to a cashless society in the future. It was never meant to replace Fiat anyways. Satoshi designed Bitcoin as a decentralized cryptocurrency in order to stand the test of time. No government should be able to take it down, as long as the community keeps it that way. If all cryptocurrencies prioritized decentralization, they'll be able to co-exist with Fiat for generations.

I don't foresee a future where crypto will defeat banks, unless governments adopt decentralized cryptocurrencies as their own (like El Salvador's been doing lately). Set yourself forward 5 to 10 years from now, and everything else will look the same as it is right now. Just my thoughts

[Issa56]

I believe bank will never die but from what am seeing from my country I believe with time banks will also end up adopting cryptocurrency and I believe that will be better for them and incase the refuse then there customers will reduce drastically because currently I don't really use bank I don't store my money in bank anymore my money is always in my wallet whenever I want to make use of money then I sell my coin then withdraw to my local bank.

[lalabotax]

It is not easy that crypto will take places of banks because controlling crypto is not in hand of anybody.

Do you mean decentralized finance won't happen?
I can agree that it will be difficult to replace banks, all governments rely on the banks for their financial stability. I am not sure the governments will move their money to crypto and stop bank operations. Until today, most of governments in the world still worry that the financial system in crypto is too risky because of uncontrollable. So, how can replace banks?

[geegaw]

The role of crypto is getting more massive and many millionaires in the world are investing in crypto, especially after NTFS and Defi, which makes crypto adoption even more massive, but I'm sure this will never turn off the role of banks, maybe it will only reduce the marketcap of banks, this is because banks will always get protection. and full support from the government.

The question is what are we defining the role of crypto, quite a lot of people are constantly cultivating their beliefs about the future of crypto but they don't know exactly what crypto's work is, crypto is not a bank and it also never has a full license in the country, the best description of it is a market of brainwashers and professional gamblers. While a full description of a bank is for money management and full authenticity for a customer, services make it convenient and light for people's minds but in crypto, our money is operating under self-management and claims are sometimes not compensated like a bank, no one would be foolish to replace a useful organization like a bank

[Dragonfund]

On the other hand, It's not possible to avoid banks in everyday people's life. A bank is the most trusted media by people's practical world. So everyone can't want of bank's death very early the mentioned topics. So stay with the bank for your safe life & livelihood.

Saying Banks will he replace by crypto is the delusional talk and arguments to talk about in the first place, we both need each other survive this adoption we all need. Banks will get a massive turnout investors from crypto who will want to make a deposit and in return crypto will on board millions of people including those who are very less interested in cryptocurrency.
I know the government want a regulation, it's for everyone benefits and clean money. Nobody will want to talk bad about crypto again, it will seen as a clean money and everyone will be happy when there is a bull run unlike the way India is trying to Fud everyone in the system.

[Argoo]

It is not easy to take place of banks by crypto because it's not easy to handle anybody. Obviously crypto reached the place of payment mode in some category.

On the other hand, It's not possible to avoid banks in everyday people's life. A bank is the most trusted media by people's practical world. So everyone can't want of bank's death very early the mentioned topics. So stay with the bank for your safe life & livelihood.

Banks are part of the state system of government and therefore is under the strict protection of states. For them, a threat to their existence will arise only when the states themselves are destroyed as a way of social order. But humanity does not yet know any other alternative to states. Therefore, so far nothing threatens the banks.