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

[Rengga Jati]

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

Exactly, NO
5-10years later seem too fast to judge, moreover right now, we still understand how many countries still don't legalize crypto as a legal tender or currency in their country. Moreover, my government also  has said  that cryptocurrency will not be legal as a currency or legal tender in my country even in 10 years later.
So, doubtful, really doubtful if this will happen only in 5-10 years later.
Moreover banks are complicated, you know, the world bank will never let it be, world bank has very great power. How we don't like banks, but we have no that big power to make banks die.
It may happen probably in the future, but not really what will happen.

[Bollexz1]

Bank is no more a safe Haven to me. I can not imagine keeping funds with bank for a whole year and start facing a lot difficulties and answering impromptu questions when the time elapse for me to withdraw my savings, not to even mention the part of all the charges that had been removed from the account. So annoying

[istiak2277]

I strongly doubt that the banking system will go away. Maybe their system of work will change and they may adopt blockchain technology but a fully decentralized economy is not always a good idea.

Just think elon musk invested more in BTC and he holds a large portion of BTC amounts. Now he could easily manipulate the markets by creating panic among the investors. Similar things we saw in BTC sometimes when whales manipulate the market and crash it. In this process, small investors like you and me lose money. In a fully decentralized economy no one will give any security to your funds. That's not a good idea in my opinion.

[Dragonfund]

Bank is no more a safe Haven to me. I can not imagine keeping funds with bank for a whole year and start facing a lot difficulties and answering impromptu questions when the time elapse for me to withdraw my savings, not to even mention the part of all the charges that had been removed from the account. So annoying

No one win against the government except rare cases where official of the government failed to do the necessary or carried out his/her obligation. The government own and controls the banks and the same government rule and set them in a way that it will favor them and the revenue generation, they also regulate crypto the way they fit and it's your duties to accept them or go to jail.
Banks will and cannot stop you from accessing your fund accept when you have violate their rules and regulations, you have the right to sue them for damages F you know you are on your right.

[StLucifer]

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 ?

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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.

5-10 years is really short duration for this your prediction. However, I completely understand your school of thought and i'd rather say the that the banking systems will evolve rather than completely disappear. Things are changing quickly and in 5-10years time if we are still alive, we will have witnessed massive changes, improvements and development in all systems, the banking industry will not be left out.

[Abiky]

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.

That's certainly true, mate. Given that states still exist, it's highly unlikely crypto will replace banks within 5-10 years from now. Something that's decentralized and outside the control of central banks and governments will be considered as a threat to the global economy. CBDCs (Central Bank Digital Currencies) will be launching soon, greatly solidifying banks' position in the mainstream world. With how thing's been progressing lately, it seems to me that crypto and Fiat will co-exist for many generations. I'm fine with that as long as people have financial freedom through the use of decentralized cryptocurrencies like Bitcoin and Ethereum. Just my thoughts

[LUCKMCFLY]

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.

I agree with their position, in fact I believe that many governments will begin to highlight BTC from now on, taking it into account for our digital economy, I do not believe that they will replace banks, rather I believe that banks will adapt to the world crypto and it is not a bad thing, because they would continue to maintain all security but offer a service that at given times can give much more than expected, in fact BBVA already considered it and I think that at least in Spain some series of banks already receive cryptocurrencies .

[Dump3er]

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.

I agree with their position, in fact I believe that many governments will begin to highlight BTC from now on, taking it into account for our digital economy, I do not believe that they will replace banks, rather I believe that banks will adapt to the world crypto and it is not a bad thing, because they would continue to maintain all security but offer a service that at given times can give much more than expected, in fact BBVA already considered it and I think that at least in Spain some series of banks already receive cryptocurrencies .

That's a good point of view, but if banks become an integral part of the digital economy where Bitcoin might play an important role in the future, there is also a possibility that banks somehow implement extra fees for facilitating transactions or providing other financial services relating to Bitcoin. It remains to be seen if they contribute to Bitcoin becoming a real option for people or whether they create additional cost that further exacerbate the tx fees dilemma of Bitcoin.

[so98nn]

The world was fine before 2001, it was find up to the COVID period and it is also good after the pandemic! The financial system was best before 2001 and it’s added advantage after we got crypto currency world evaluated. However, I don’t think that banks will get disturbed because of crypto. Not everyone is having extra marital affairs and hundred gfs and kids besides the first marriage. Lolz. So I don’t think everyone is having problems with the banking system that currently exists.

Peeps are so used to it now that they rely on it with their lives. In fact in country like India they invested so much money in developing Unified Payment System which makes transaction in trillions of dollars in “real time”.  The world wants it so badly!

So there are developments in the traditional banking system all the time which means crypto currency is going to be secondary for time being. Nothing is going to change in next 5-10 years.

[Xampeuu]

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.

I agree with their position, in fact I believe that many governments will begin to highlight BTC from now on, taking it into account for our digital economy, I do not believe that they will replace banks, rather I believe that banks will adapt to the world crypto and it is not a bad thing, because they would continue to maintain all security but offer a service that at given times can give much more than expected, in fact BBVA already considered it and I think that at least in Spain some series of banks already receive cryptocurrencies .

That's a good point of view, but if banks become an integral part of the digital economy where Bitcoin might play an important role in the future, there is also a possibility that banks somehow implement extra fees for facilitating transactions or providing other financial services relating to Bitcoin. It remains to be seen if they contribute to Bitcoin becoming a real option for people or whether they create additional cost that further exacerbate the tx fees dilemma of Bitcoin.

I believe the government has started taking cryptocurrency into account, because of its unstoppable development. hopefully this is true, so that with the rules made by the government banks can run so that crypto has a place in the bank. I don't know what the rules will be like, at least a big change will start

[dimox]

Bank is no more a safe Haven to me. I can not imagine keeping funds with bank for a whole year and start facing a lot difficulties and answering impromptu questions when the time elapse for me to withdraw my savings, not to even mention the part of all the charges that had been removed from the account. So annoying

actually, people still use bank as saver their money, and im use that thing to keep and do other thing. bank give me convenience to do online thing, i really appreciate with their service.
what i wanna say is how good you are to use that provider, use that service, as good as possible, and minimize the harm.

[Kelvinid]

Bank is no more a safe Haven to me. I can not imagine keeping funds with bank for a whole year and start facing a lot difficulties and answering impromptu questions when the time elapse for me to withdraw my savings, not to even mention the part of all the charges that had been removed from the account. So annoying

actually, people still use bank as saver their money, and im use that thing to keep and do other thing. bank give me convenience to do online thing, i really appreciate with their service.
what i wanna say is how good you are to use that provider, use that service, as good as possible, and minimize the harm.

Exactly, and I was still using banks to keep my money safety than just putting it on online wallets. I know we are aiming to have crypto that is widely adopted and a store of assets but can't disclose the risk is also high, people seem to look for a place where they can assure the safety of their money and to say that banks could give it more than what these online wallets have or even hardware wallets.

And since crypto isn't widely accepted in our country, it leaves no choice but to convert it into our local currency then put it on the bank.

[bengsabeng]

Bank is no more a safe Haven to me. I can not imagine keeping funds with bank for a whole year and start facing a lot difficulties and answering impromptu questions when the time elapse for me to withdraw my savings, not to even mention the part of all the charges that had been removed from the account. So annoying

the bank is the safest place to store money and your personal data as a customer will be protected, for no apparent reason anyone cannot know your personal data. Saving in the bank does cost money but the costs we spend are very comparable to the security we will get. On the other hand the costs you have to spend when saving in the bank are very small and will not interfere with your finances in the slightest 

[TheNineClub]

Bold claims, but I doubt it. Firstly, crypto is deceiving in a way that people in it think everyone has gotten to it, and that's really not the case. A 5 to 10 year period is far too small to have everyone transition to crypto. Every individual, all business transactions, mortgages...everything just disappearing in such a small period? Only if there is a worldwide cataclysm, but then crypto would also be worthless.  And as there being troubles around the world...banks have survived 2 world wars plus a bunch of other shit, so there will be no effect there.

[syedzakir]

Surely as the crypto currency is becoming famous in the coming world so it is expected that the banks will die soon and the banking system would be leading to a great failure

[Sanitough]

Bold claims, but I doubt it. Firstly, crypto is deceiving in a way that people in it think everyone has gotten to it, and that's really not the case. A 5 to 10 year period is far too small to have everyone transition to crypto. Every individual, all business transactions, mortgages...everything just disappearing in such a small period? Only if there is a worldwide cataclysm, but then crypto would also be worthless.  And as there being troubles around the world...banks have survived 2 world wars plus a bunch of other shit, so there will be no effect there.

Even if it will take a lifetime, as long as there's still order in the world, Crypto or any digital currency would not replace banks. It's been already the biggest financial system in the world, the banking system will always remain as the government will never allow it to be replaced, no way a decentralized market will surpass the centralized market, I'm just trying to be realistic here.

[Bollexz1]

And since crypto isn't widely accepted in our country, it leaves no choice but to convert it into our local currency then put it on the bank.

I strongly agree with you. Even though too many unusual charges occur, we just have to bend to their rules as crypto isn't yet accepted globally.

[OpaMunze]

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

I say more like 10-25 years.. the banks will adapt and allow crypto.. but they will fail as they will try to control it.

[Emitdama]

Bold claims, but I doubt it. Firstly, crypto is deceiving in a way that people in it think everyone has gotten to it, and that's really not the case. A 5 to 10 year period is far too small to have everyone transition to crypto. Every individual, all business transactions, mortgages...everything just disappearing in such a small period? Only if there is a worldwide cataclysm, but then crypto would also be worthless.  And as there being troubles around the world...banks have survived 2 world wars plus a bunch of other shit, so there will be no effect there.

I also have this same thought and I wonder why some people would be of the opinion that banks are going to be  removed from the chapter. I know there are so many of us who like bitcoin and they are like die-hard fans now, but still they have to understand this – banks are not leaving, neither is bitcoin, rather what I believe would happen is that both would stay.

So, it’s now going to be a matter what you prefer to use, you can go for that. Moreover most people wouldn’t like to be using bitcoin as their main savings account, because it is not a stable currency, and they know that anytime the price can go down and they would be left with something less than what they have invested before.

[iv4n]

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

I say more like 10-25 years.. the banks will adapt and allow crypto.. but they will fail as they will try to control it.

OpaMunze is right, 10-25 years sounds more like a reasonable expectation, and I must say I like the conclusion, they will fail because they will try to control it, but of course, they will not be able to do it, so they will not be able to adapt! I believe this will happen with many banks, there will be just rare examples of banks ready to adopt new technologies, banks ready to change the way they do business will have more chances for survival!