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

[Gozie51]

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!

No if they adopt it then they won't fall. The adoption of cryptocurrency into banks will be as a need to satisfy the customers full financial services so it will go by the side with fiat currency too for maximum service. If banks adopt cryptocurrency they already know that it is not controlled as blockchain is there for everybody. If talking about control that can happen with coins that are centralised but not bitcoin.

[Sirait]

banks will not die, they will just adopt crypto and become fiat & crypto banks. when adoption happens, fighting crypto is against the world, they definitely don't want to be outdated, keeping up with changes is the best way for banks to survive.

[DrBeer]

And how do you think a crypt will "kill banks" if the state regulates the work of banks, banks reciprocate, and access to the market allows cryptocurrencies, also the state financial system? Until salaries start to be paid in crypto, and all prices for goods and services do not have an indicative price in dollars, only for conversion to bitcoin or alts, there will be no "victories". The banking / financial sector is supported by fiat, the economy is local and global , and so far no cryptocurrency is visible there. It is not seen as a means of calculation, but as a technology - yes, banks and other institutions are beginning to use them ... But this is not a replacement for banks

[Abiky]

And how do you think a crypt will "kill banks" if the state regulates the work of banks, banks reciprocate, and access to the market allows cryptocurrencies, also the state financial system? Until salaries start to be paid in crypto, and all prices for goods and services do not have an indicative price in dollars, only for conversion to bitcoin or alts, there will be no "victories". The banking / financial sector is supported by fiat, the economy is local and global , and so far no cryptocurrency is visible there. It is not seen as a means of calculation, but as a technology - yes, banks and other institutions are beginning to use them ... But this is not a replacement for banks

Exactly. The odds of crypto replacing banks in the future are very slim right now. Governments and central banks control the economy, so they won't allow decentralization to prevail. Banks' intention of launching digital Fiat currencies (CBDCs) shows us that crypto isn't going anywhere soon. It'll remain as an alternative financial system for the unbanked. Instead of focusing on replacing banks, we should focus on making crypto/Blockchain land a better place. Only then, crypto will become a strong competitor against Fiat. The crypto economy is growing at a fast pace, so it should only be a matter of time before adoption grows in par with Fiat. Just my opinion

[goku19]

Banks will not disappear. Banks represent the government. The government may launch its own country's digital currency, but cryptocurrency cannot replace banks. Many people still don't believe in cryptocurrencies. They believe in banks and store their money in the bank, even if they cannot make additional profits.

[herurist]

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.

regulation is still a major issue today in global adoption but even so I feel there is no reason to leave this because indeed as long as the government is still in a neutral situation and neither supports nor prohibits crypto then there is no strong reason to leave the technology of the future this.
On the other hand, global adoption is actually going to happen sooner or later, all we can do now is just wait for that moment to come

[ShowOff]

Exactly. The odds of crypto replacing banks in the future are very slim right now. Governments and central banks control the economy, so they won't allow decentralization to prevail. Banks' intention of launching digital Fiat currencies (CBDCs) shows us that crypto isn't going anywhere soon. It'll remain as an alternative financial system for the unbanked. Instead of focusing on replacing banks, we should focus on making crypto/Blockchain land a better place. Only then, crypto will become a strong competitor against Fiat. The crypto economy is growing at a fast pace, so it should only be a matter of time before adoption grows in par with Fiat. Just my opinion

Fiat and Crypto will compete to be the financial system of the future, I think it will be much better than shutting down one of the two. I don't expect crypto to take over the function of banks and replace them, but crypto will always exist if CBDC is actually realized.

Adoption growth is highly expected for crypto as I think it will affect future price volatility. The higher the adoption, the lower the volatility as people have turned crypto into currency. Governments will not allow the financial system to become decentralized, so without banning crypto they can also engage in the same space as CBDC plans.

[Smitty Werben Man Jensen]

Banks will not disappear. Banks represent the government. The government may launch its own country's digital currency, but cryptocurrency cannot replace banks. Many people still don't believe in cryptocurrencies. They believe in banks and store their money in the bank, even if they cannot make additional profits.

In this case it seems that it is difficult to see cryptocurrencies replace Banks,
Moreover, traditional banks have existed for a long time so that people can be said to have full trust in them.
but we'll see in the future because technology is growing and it's a shame if it's not used

[DrBeer]

And how do you think a crypt will "kill banks" if the state regulates the work of banks, banks reciprocate, and access to the market allows cryptocurrencies, also the state financial system? Until salaries start to be paid in crypto, and all prices for goods and services do not have an indicative price in dollars, only for conversion to bitcoin or alts, there will be no "victories". The banking / financial sector is supported by fiat, the economy is local and global , and so far no cryptocurrency is visible there. It is not seen as a means of calculation, but as a technology - yes, banks and other institutions are beginning to use them ... But this is not a replacement for banks

Exactly. The odds of crypto replacing banks in the future are very slim right now. Governments and central banks control the economy, so they won't allow decentralization to prevail. Banks' intention of launching digital Fiat currencies (CBDCs) shows us that crypto isn't going anywhere soon. It'll remain as an alternative financial system for the unbanked. Instead of focusing on replacing banks, we should focus on making crypto/Blockchain land a better place. Only then, crypto will become a strong competitor against Fiat. The crypto economy is growing at a fast pace, so it should only be a matter of time before adoption grows in par with Fiat. Just my opinion

To be honest, quite recently I also "dreamed" of cryptocurrency as a replacement for fiat. Then I probably grew wiser
Why I don’t want cryptocurrency in its current form to replace fiat. Because the crypt is not suitable for mass use, it has a lot of drawbacks (try to return the crypt if there is an error in the recipient's address), and many others. But I want fiat improved blockchain technologies - fast transactions, low commissions, and much more. How do I see the crypt? A kind of cyber-crypto asset that can be used somewhere as a means of payment, somewhere as a means of investment, somewhere as a means of accumulation. This is my opinion

[pinggoki]

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.

To control money is to control the population so you will understand why they want to control the money and it's circulation because to control it is to maintain the status quo. To be honest, I think that crypto will not be able to defeat the banks because as time goes by, crypto innovators are starting to look alike the conventional financial institutions as they want to curry favor from the government.

[Japinat]

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.

To control money is to control the population so you will understand why they want to control the money and it's circulation because to control it is to maintain the status quo. To be honest, I think that crypto will not be able to defeat the banks because as time goes by, crypto innovators are starting to look alike the conventional financial institutions as they want to curry favor from the government.

If crypto innovators need the support of the government to grow their business, then there's no way a government institution like the banking industry will be abolished just to give way to crypto. We have to understand that the fiat system is very powerful, it's the resemblance of the economic status of a country and the government has their own fiat which they can't do with bitcoin and crypto that are decentralized.

[TelolettOm]

Are you kidding me?
Even I hate bank system, but I èxactly think that
Banks will not die in 5-10 years. Too high to daydreaming about it.
Banks are strong governance, power, and complicated. They will never let banks to die whatever happen. It is not only about one country but all countries around the world. Although crypto is very possible to be dominant, it doesn't mean to replace banks and make banks die in that period.

[carlfebz2]

Are you kidding me?
Even I hate bank system, but I èxactly think that
Banks will not die in 5-10 years. Too high to daydreaming about it.
Banks are strong governance, power, and complicated. They will never let banks to die whatever happen. It is not only about one country but all countries around the world. Although crypto is very possible to be dominant, it doesn't mean to replace banks and make banks die in that period.

And people should really be thinking and realizing about that and not just overthinking and having high hopes that crypto would taking over because this is something that wouldnt happen.Government couldnt really just

let these things to happen since they do know that crypto is decentralized and come to think that there are things which do only works and organized with centralized aspects thats why its really crucial to have it

no matter how some people do really hate up the current banking system which i do have the same input and views too but its not bad for both to co-exist.

[pinggoki]

~

If crypto innovators need the support of the government to grow their business, then there's no way a government institution like the banking industry will be abolished just to give way to crypto. We have to understand that the fiat system is very powerful, it's the resemblance of the economic status of a country and the government has their own fiat which they can't do with bitcoin and crypto that are decentralized.

What you're saying is in exactly the same realm as what I just said, that financial system is a powerful enemy and I don't think that we will be able to abolish that institution because of their power. I don't get what you're talking about in the last part though can you elaborate on that?

[shasan]

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

Bank is still safer than crypto. Those funds which has been hacked is impossible to recover and it is almost untraceable but now a days funds on bank is safe. It cant be hacked and also bank have a liability if funds lost for any unfair way. At the same time for crypto no one will be responsible or no one will take the liability for lost fund.

[Dr.Osh]

Bank is still safer than crypto. Those funds which has been hacked is impossible to recover and it is almost untraceable but now a days funds on bank is safe. It cant be hacked and also bank have a liability if funds lost for any unfair way. At the same time for crypto no one will be responsible or no one will take the liability for lost fund.

yeah, that's the reality. after all, in general people are also more likely to choose banks over crypto nowadays. so, the vote for the bank may still be much bigger, and difficult to dissipate.
besides, rather than die, I think that banks will adapt to this crypto system. if one day people tend to use crypto, the government will not stand still for it. most likely the steps that will be taken are, take advantage of this technology, or ban this.

[BitKongy]

Saying banks will die is just like saying government will seize to exists which is impossible, government will make centralised entities and powers to live on till the end of time because that's they can maintain their power, decentralized is striping off government power 100% and that's why gov don't like decentralized entities, it's giving real power to the people

[Japinat]

Saying banks will die is just like saying government will seize to exists which is impossible, government will make centralised entities and powers to live on till the end of time because that's they can maintain their power, decentralized is striping off government power 100% and that's why gov don't like decentralized entities, it's giving real power to the people

Decentralized system promise to fulfill banking without a bank, which in real life is not possible due to the fact hat majority of what we need can only be bought by fiat, and with that said, without bank fiat would not exist, I hope everyone understands that simple logic.

[Shagnasty]

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.

[Vaskiy]

Saying banks will die is just like saying government will seize to exists which is impossible, government will make centralised entities and powers to live on till the end of time because that's they can maintain their power, decentralized is striping off government power 100% and that's why gov don't like decentralized entities, it's giving real power to the people

Decentralized system promise to fulfill banking without a bank, which in real life is not possible due to the fact hat majority of what we need can only be bought by fiat, and with that said, without bank fiat would not exist, I hope everyone understands that simple logic.

The middle man gets removed, but how far this happens in real-time is clearly described. As of now the cryptocurrency usage around the globe have increased, but the same hasn't happened in terms of direct usage similar to fiat. The usage of bitcoin as a form of investment, trading asset have increased, but as a legal tender isn't much preferred. If such thing happens we can think of crypto taking the role of banking.