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

[stomachgrowls]

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.

And taking the role of banking isnt something that crypto could take over and this is the fact which we should really be that mindful on whats the true essence of banking system existence even though

some people do really hate it when it comes to centralization but it cant really be denied that this had been always useful on some other aspects and do make our lives even more comfortable

even though it do really compromises someones privacy but the advantage and benefits could really give out that accessibility or do make things a lot more easier.

[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 .

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.

Yes, in fact if the bankers are quite skilled they can implement this system, and from there they can generate good profits, however it is only a perspective, although the plans of many banks such as BBVA and Santander are quite good, they have every hope that can offer something very good to its clients, only the fact that JP Morgan clients have demanded that they have benefits and that they impose the BTC in their banks is an indication that they have to do things as the clients want because easily anyone can create a wallet and that's your best bank.

[Issa56]

Seriously how I wish it can happen like that because am already tired with bank rules and regulation but I don't really think cryptocurrency can take over bank completely but it will definitely reduce the way inwhich people make use of it and that's why banks are scared of cryptocurrency.

[Hamphser]

Seriously how I wish it can happen like that because am already tired with bank rules and regulation but I don't really think cryptocurrency can take over bank completely but it will definitely reduce the way inwhich people make use of it and that's why banks are scared of cryptocurrency.

Even how hard you do wish of it then it could still not happen even on 1% chance.Crypto couldnt replace Banks and come to think on how industries would be working with crypto based up payment solutions or system?
No matter what angle do i look it couldnt really happen no matter what even if we do talk about 50 years of cryptocurrencies existence it wont really be giving out guarantees that it would happen and just like with other
members been saying above that they would both exist and would be both be used by the community and theres no need on replacing of each other yet we do need them
both.

[Masplanc]

This sounds funny though but I doubt if bank can just stop existing,  no I don't think so. As far as their is government there will be bank. Bank still play their own roles. I can believe because of the activities cryptocurrency it can reduce the rate of customers who are saving in the future, people may feel interested investing their money in cryptocurrency instead of saving it in the bank.

[Sanitough]

This sounds funny though but I doubt if bank can just stop existing,  no I don't think so. As far as their is government there will be bank. Bank still play their own roles. I can believe because of the activities cryptocurrency it can reduce the rate of customers who are saving in the future, people may feel interested investing their money in cryptocurrency instead of saving it in the bank.

That wouldn't be applicable to everyone, people are saving money to ensure that their money is safe, and when they save they don't think of investing while if you put your money in bitcoin, you have to bear with the risk of price volatility, so that is not saving at all.

[Quidat]

This sounds funny though but I doubt if bank can just stop existing,  no I don't think so. As far as their is government there will be bank. Bank still play their own roles. I can believe because of the activities cryptocurrency it can reduce the rate of customers who are saving in the future, people may feel interested investing their money in cryptocurrency instead of saving it in the bank.

That wouldn't be applicable to everyone, people are saving money to ensure that their money is safe, and when they save they don't think of investing while if you put your money in bitcoin, you have to bear with the risk of price volatility, so that is not saving at all.

You would really be thinking about this mainly on where you cant really be that confident or could sleep at night when you do store up your money on crypto market.
You wouldnt really be having that peace of mind since you know that volatility could really fucked you up thats why people do still trust up
fiat no matter what specially if they could save it on a bank where they do know that it could be secured.

[Distinctin]

This sounds funny though but I doubt if bank can just stop existing,  no I don't think so. As far as their is government there will be bank. Bank still play their own roles. I can believe because of the activities cryptocurrency it can reduce the rate of customers who are saving in the future, people may feel interested investing their money in cryptocurrency instead of saving it in the bank.

That wouldn't be applicable to everyone, people are saving money to ensure that their money is safe, and when they save they don't think of investing while if you put your money in bitcoin, you have to bear with the risk of price volatility, so that is not saving at all.

You would really be thinking about this mainly on where you cant really be that confident or could sleep at night when you do store up your money on crypto market.
You wouldnt really be having that peace of mind since you know that volatility could really fucked you up thats why people do still trust up
fiat no matter what specially if they could save it on a bank where they do know that it could be secured.

In most banks, your deposit is covered with insurance up to a maximum amount set by the insurer, that is not possible with bitcoin as you take the risk of volatility, and if ever your wallet gets hacked or compromised, you might also lose your bitcoin in your wallet. I think, we just need to understand and it will only happen if we educate ourselves first about bitcoin so we will understand the risk and not just the reward.

[barabarian1]

i dont think so, bank always be stand even though there is a crypto or not. but, if people will start to open mind and make a decision to choice this one, that called die too.
people will following what technology do, slowly but sure people know more that crypto is useful, and big chance to use it as their money or whatever it is.

[herurist]

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.

simple logic that can make a pretty good flick my friend.
as long as we live in a system that is in the name of government, it will not be separated from the regulations that exist in it and indeed in this case it is actually clear that even though crypto will continue to grow, it will not be able to defeat the existence of fiat and banks because they are part of the government and rationally we cannot eliminate it completely.
we are still living where we still depend on real and fiat money (in my country) so even though many say things like that that banks will die, it is still an impossibility even if it is based on data and facts

[Coyster]

Seriously how I wish it can happen like that because am already tired with bank rules and regulation but I don't really think cryptocurrency can take over bank completely but it will definitely reduce the way inwhich people make use of it and that's why banks are scared of cryptocurrency.

If you're tired of banks, then you can "be your own bank" on the Bitcoin network, I'm not advising you move all of your funds into the network cause that will be investing more than you can afford to lose, but you definitely can put a large portion of it in Bitcoin, at least you'll be rest assured that the fraction in Bitcoin isn't controlled by any third party or governing body other than yourself, all you need to do is strengthen your security and make sure your coins are protected.

Mind you that it's not just you that's somewhat fed up, quite a lot of people are as well, there's been rising inflation that continues to threaten the economy, the value of fiat money is constantly deteriorating, and then the government are in absolute control and can freeze accounts and print money as they like, these reasons and a whole lot more has led a lot of people, including institutional investors to be their own bank via the Bitcoin network, since there is as yet no way for crypto to take over from banks/government, then it's up to individuals to take their finance into their own hands.

[bonyaserg]

Yes, it is quite possible that in the near future the entire community will conduct all financial transactions through the blockchain system and there will be no ordinary banks. There will only be small regulatory bodies that will monitor the order and support of this system. But before that, more than a dozen years will pass to achieve such conditions for development financial transactions. So for now we will do what is happening at the present time and enjoy the success of our work.

[MIner1448]

Here, of course, I completely agree with you, my money, I manage as I want and send where I want. And the banks are really starting to get overwhelmed, impose restrictions on the amount of transactions, make calls, and so on. Bitcoin actually provides financial freedom.

[laredo7mm]

Why do banks need to die for mass adoption of crypto to occur? Banks will surly adapt to the new technology and situation. For p2p transactions, there has to be media that needs to be maintained and operated. These banks could play a vital role for that. As long as there is a community there will be laws and regulations for everything and which should be because if there is no central authority there will be no law. Which could cause a big instability to human life. People will behave like animals and strong will punish innocent. So for stability in our society, we need govt and govt needs a bank to maintain the economy.

[LUCKMCFLY]

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.

I think that banks will not die, if they are already looking for a way to introduce crypto so that they can have more life, if banks are reluctant to not accept BTC or crypto, it is likely that other types of movements may occur, but the bankers and Governments are not so stupid as to throw away the opportunity to continue earning money according to their debt to continue earning, because a bank, a government is in their best interest for people to go into debt so that they cannot think well about obtaining fair financial freedom.

[Abiky]

If you're tired of banks, then you can "be your own bank" on the Bitcoin network, I'm not advising you move all of your funds into the network cause that will be investing more than you can afford to lose, but you definitely can put a large portion of it in Bitcoin, at least you'll be rest assured that the fraction in Bitcoin isn't controlled by any third party or governing body other than yourself, all you need to do is strengthen your security and make sure your coins are protected.

Mind you that it's not just you that's somewhat fed up, quite a lot of people are as well, there's been rising inflation that continues to threaten the economy, the value of fiat money is constantly deteriorating, and then the government are in absolute control and can freeze accounts and print money as they like, these reasons and a whole lot more has led a lot of people, including institutional investors to be their own bank via the Bitcoin network, since there is as yet no way for crypto to take over from banks/government, then it's up to individuals to take their finance into their own hands.

Exactly. There's no need to overtake banks, when Bitcoin already does its job well. It empowers people to be their own bank, by eliminating the middleman from the system. It's up to you to secure your Bitcoins from theft and/or hacks as much as possible. With how popular Blockchain technology has become, it should only be a matter of time before banks launch digital currencies of their own. Once that happens, Fiat will be in-par with crypto in terms of speed and efficiency. Knowing that governments still patronize banks, it's likely both crypto and Fiat will live alongside each other for generations. As long as decentralization prevails, nothing else matters. Just my opinion

[Fatunad]

If you're tired of banks, then you can "be your own bank" on the Bitcoin network, I'm not advising you move all of your funds into the network cause that will be investing more than you can afford to lose, but you definitely can put a large portion of it in Bitcoin, at least you'll be rest assured that the fraction in Bitcoin isn't controlled by any third party or governing body other than yourself, all you need to do is strengthen your security and make sure your coins are protected.

Mind you that it's not just you that's somewhat fed up, quite a lot of people are as well, there's been rising inflation that continues to threaten the economy, the value of fiat money is constantly deteriorating, and then the government are in absolute control and can freeze accounts and print money as they like, these reasons and a whole lot more has led a lot of people, including institutional investors to be their own bank via the Bitcoin network, since there is as yet no way for crypto to take over from banks/government, then it's up to individuals to take their finance into their own hands.

Exactly. There's no need to overtake banks, when Bitcoin already does its job well. It empowers people to be their own bank, by eliminating the middleman from the system. It's up to you to secure your Bitcoins from theft and/or hacks as much as possible. With how popular Blockchain technology has become, it should only be a matter of time before banks launch digital currencies of their own. Once that happens, Fiat will be in-par with crypto in terms of speed and efficiency. Knowing that governments still patronize banks, it's likely both crypto and Fiat will live alongside each other for generations. As long as decentralization prevails, nothing else matters. Just my opinion

People are just getting too overhyped on things and ending up on thinking that banking system would really be overtaken with crypto without even trying to look on whats the crucial purpose or relevance of banks
existence and come to think that government is there and do you really think that they would let these things to happen? For sure they wont and they would really be
finding ways that crypto wouldnt really make out some significant effect nor stir up on the market which is something that they would definitely do.

[HUSTLER]

It would be too impossible for now because we all know that the government relies on banks. Lots of people also trust banks more than other currencies or modes of payment because it's traditional and tested. However, I believe that cryptocurrency and banks could collaborate in the future. It only needs more time and adoption.

[Ahli38]

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.

I think no. Cause at Bank Indonesia i see the bank will support crypto . i read news Bank Indonesia will create money token for rupiah . but i dont know at another place

[Tumanggor]

Crypto will really replace things that have been in the hands of banks for a long time

So far, many people are always worried about anonymous things that can't be hidden from the bank

5 to 10 years is not a long time.  I can't wait to see crypto shift the bank