Banks and Bitcoin- The needed change

[noorman0]

The government will always protect the banks no matter what, even when we hear about the severe economic crisis that the country is experiencing. As some news reports say that bitcoin is being lauded as a proven solution when Lebanon is going through a financial crisis, but local banks are still open to services.
In addition, the various comforts of people will fight against each other. Bitcoin's built-in mechanics are naturally unchangeable and not everyone likes such payment systems even if they have adapted.

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[Dhaniii]

The government will always protect the banks no matter what, even when we hear about the severe economic crisis that the country is experiencing. As some news reports say that bitcoin is being lauded as a proven solution when Lebanon is going through a financial crisis, but local banks are still open to services.
In addition, the various comforts of people will fight against each other. Bitcoin's built-in mechanics are naturally unchangeable and not everyone likes such payment systems even if they have adapted.

Not all people in the world adopt bitcoin so that banks can be eliminated. only a large proportion of people adopt bitcoin and are able to transact using bitcoin as a medium of exchange, while small communities do not use bitcoin because they cannot afford to invest in bitcoin, so the small community only uses fiat money as a form of transaction money using banks as the medium.

[noorman0]

Not all people in the world adopt bitcoin so that banks can be eliminated. only a large proportion of people adopt bitcoin and are able to transact using bitcoin as a medium of exchange, while small communities do not use bitcoin because they cannot afford to invest in bitcoin, so the small community only uses fiat money as a form of transaction money using banks as the medium.

No, that's not what I meant. It's a matter of people's interest in using it sustainably. We have faced many network issues like stuck transactions, expensive fees to prioritize. And what is most felt is those who only transact a small amount, of course it is not worth it.
When the situation is urgent, bank transfers are more appropriate to use which only takes a few seconds. People wouldn't really leave "middlemen" if they could offer something better, especially speed.

[Kasabus]

The government will always protect the banks no matter what, even when we hear about the severe economic crisis that the country is experiencing. As some news reports say that bitcoin is being lauded as a proven solution when Lebanon is going through a financial crisis, but local banks are still open to services.
In addition, the various comforts of people will fight against each other. Bitcoin's built-in mechanics are naturally unchangeable and not everyone likes such payment systems even if they have adapted.

So it’s all a matter of choice for the people in the future. Either they will go with bank transactions, or just transact online with bitcoin and with more speed and security. The needed change for bitcoin and banks is not the speculation that banks will be extinct soon as cryptos are here to replace, but the high possibility that they will co exist so the people should have more option which one to use. I think the government is also seeing it the way we see it but they seem to be denial for now.

[Oasisman]

Banks won't disappear anytime soon because people don't like change very much and it takes time to force any kind of lasting change in society.

Some people say that traditional banks will disappear due to the emergence of cryptocurrencies because it gives consumers another option when they need financial assistance; however, I think this is unfounded speculation.

Banking system is binded with every transactions and individual or a business do. So, I guess that reason alone is convincing enough to believe that banks aren't going to disappear even in the far future. Cryptocurrency still has a lot of flaws from the transaction fees and speed down to convenience.
Once you send Bitcoin it cannot be reversed nor prevent the wrong recipient from spending those. Some people are afraid in commiting a single mistake in crypto transactions and prefer to use bank intead.

[Ozero]

It should be borne in mind that the banking system is part of the state system of government and therefore is under the protection of each state. Therefore, banks will not disappear under any circumstances. In addition, cryptocurrency is not able to replace banks, since they have different functions, methods and methods of existence. We also see that banks will use blockchain technology to improve their efficiency and take steps to create their national digitalized central bank currencies and this will bring cryptocurrency and CBDC closer together. However, all types of means of payment must find their niche in the global financial system.

[naira]

The bank will be fully in existence and maintained by the government. As long as the system of government of a country is still standing and still needs income and position to remain part of a sovereign country, of course the Bank will continue to be their financial supporter. However, the existence of the Bank will determine a country regarding the financial data they hold, especially if they are tied to the IMF which must always be the responsibility before it disappears to the surface. Banks will always be bound to continuously monitor every incoming financial entity and citizen transactions. So cryptocurrency does not replace Bank, in future Bank may affiliate with crypto to stay afloat.

[kryptqnick]

Banks won't disappear anytime soon because people don't like change very much and it takes time to force any kind of lasting change in society.

Some people say that traditional banks will disappear due to the emergence of cryptocurrencies because it gives consumers another option when they need financial assistance; however, I think this is unfounded speculation.

Honestly, I agree with you. So far, it's not even a competition. It's hard to find precise data, somehow, but at least 1.2 billion (in reality, it's probably around 3 billion) have bank accounts, whereas only 300 million people use cryptos. Also, it's not like the vast majority of crypto users don't have bank accounts, so even this discrepancy doesn't show the real difference, as people can easily combine using banks for money and treating cryptos simply as a way to profit. I also agree that people don't like change, and people also don't like it when there's nobody in charge, nobody to guarantee the safety of your funds. So cryptos aren't likely to replace banks, not any time soon.

[Hidrofor]

I agree. I also think that banks will never disappear some time in the future. On the contrary, banks will start fully integrating with digital currencies to survive in the future also. And they have to do this as they will have no choice left. Fiat money will not stay in our life forever. Maybe in 10-15 years, this change will complete and we will start using only digital currencies.

[carrigan]

I think that Banks and Bitcoin are undergoing a process of change with a better development towards a new era. However, regardless of the changes, there will still be people who hate both or one of them. So people's thoughts should also be changed so that their mindset can be directed so that the country will also accept it. The community is expected to take part in the development of banks and crypto.

[wajik-tempe]

Banks won't disappear anytime soon because people don't like change very much and it takes time to force any kind of lasting change in society.

Some people say that traditional banks will disappear due to the emergence of cryptocurrencies because it gives consumers another option when they need financial assistance; however, I think this is unfounded speculation.

It won't dissappear at least in 50 years what ever someone did it to the banks because it's already there for hundred years and the banks owners and their top level managements are people who have big powers.
Crypto owners is just a little percentage compared to people who use banks, we need more crypto adoption and also need more developments before we could erase bank and replace it with crypto, and it will need some people who have a great power also.

[stompix]

Honestly, I agree with you. So far, it's not even a competition. It's hard to find precise data, somehow, but at least 1.2 billion (in reality, it's probably around 3 billion) have bank accounts, whereas only 300 million people use cryptos. .

Hahaha, another one of that news about millions of crypto users, but this one is hilarious.
Let's just do a bit of math on this:


283 million, good...no problem yet

36% have an annual income over US$100k
82% have a Bachelor’s degree or higher

Now, counting in the fact that only 38% of American households make over 100k, I wonder how that number goes globally! It would need about 50 million Indians and Nigerians and Kenyans with a wage of over $100k a year. And this considering that even the rest of the world would be capable of holding that 36% number, and not even Europe comes close to it.
82% have a Bachelor's degree would imply that either the entire rest of the world has one or India and Nigeria owners have a degree in about 66% of cases, do you see that possible?

[Questat]

The bank will be fully in existence and maintained by the government. As long as the system of government of a country is still standing and still needs income and position to remain part of a sovereign country, of course the Bank will continue to be their financial supporter. However, the existence of the Bank will determine a country regarding the financial data they hold, especially if they are tied to the IMF which must always be the responsibility before it disappears to the surface. Banks will always be bound to continuously monitor every incoming financial entity and citizen transactions. So cryptocurrency does not replace Bank, in future Bank may affiliate with crypto to stay afloat.

The government will surely protect them as this will give them the benefits as well. Perhaps, Banks have been back-up by the government which gives the assurance that they won't stop because of crypto. No, they will still exist even the majority are using crypto and as long as not all want to adopt Bitcoin, there is still a reason why banks continue giving their services as there are people who need it.

[Jasad]

it is very difficult to eliminate something that has become a necessity, especially a bank that has been used by all circles, to make changes is very difficult, replacing a bank with bitcoin is not an easy job, according to my analysis if you make changes like that most people will definitely not accept it. .Everything needs a process..

[naira]

The bank will be fully in existence and maintained by the government. As long as the system of government of a country is still standing and still needs income and position to remain part of a sovereign country, of course the Bank will continue to be their financial supporter. However, the existence of the Bank will determine a country regarding the financial data they hold, especially if they are tied to the IMF which must always be the responsibility before it disappears to the surface. Banks will always be bound to continuously monitor every incoming financial entity and citizen transactions. So cryptocurrency does not replace Bank, in future Bank may affiliate with crypto to stay afloat.

The government will surely protect them as this will give them the benefits as well. Perhaps, Banks have been back-up by the government which gives the assurance that they won't stop because of crypto. No, they will still exist even the majority are using crypto and as long as not all want to adopt Bitcoin, there is still a reason why banks continue giving their services as there are people who need it.

Banks have always been the most powerful back-up for the government and vice versa. We live among people who like and don't like crypto. Therefore, there will be a balance that will work until the point where banks and crypto can reconcile. But is it possible in the near future? I'm not sure, considering that in the country where I live, the only crypto agency that has contributed to protecting crypto growth is now being pressured by the Bank to audit everyone in it. It's really worrying how cryptocurrency at the end of this year has become something that is often attacked by those who feel excluded. Especially in the country where I live.

[pawanjain]

Banks won't disappear anytime soon because people don't like change very much and it takes time to force any kind of lasting change in society.

Some people say that traditional banks will disappear due to the emergence of cryptocurrencies because it gives consumers another option when they need financial assistance; however, I think this is unfounded speculation.

Traditional banks won't disappear so easily. At least not any time soon. It takes decades to convert from one payment method to another.
For example from barter system to gold coins and from gold coins to fiat currencies. It tooks decades to go from one to another.
Even the credit card system took years to become well established. Cryptocurrencies have just started to go mainstream.
We cannot really say if it will disrupt the fiat currencies so that traditional banks disappear.

[hatshepsut93]

You can forget about this whole "Bitcoin will soon replace banks thing" until Bitcoin's technology is actually capable of doing this, which is not happening soon, maybe it won't ever happen. It's no secret that onchain capacity can't cover the daily need for transaction of even a small country, and even with Lightning Network, if everyone tried to open a channel, the backlog would be enormous.

[Victorik]

I don't see Bitcoin displacing the traditional bank anytime soon. They can both coexist. Let's see how the future unfolds gradually.

[amishmanish]

It would need about 50 million Indians and Nigerians and Kenyans with a wage of over $100k a year. And this considering that even the rest of the world would be capable of holding that 36% number, and not even Europe comes close to it.


82% have a Bachelor's degree would imply that either the entire rest of the world has one or India and Nigeria owners have a degree in about 66% of cases, do you see that possible?

While 50 Million Ind+Nig+Kenyans having 100K wage would be a stretch, the 66% bachelor's degree isn't that unbelievable of a figure. Bachelor's degrees aren't really that hard to come by in developing countries where there are Govt funded institutions that dole out degrees in humanities or commerce. Professional degrees maybe a little harder to come buy but almost every middle class person gets bachelor's degrees.

I mean there a billion people to choose from.. Its not that unbelievable.

To OP wondering about disappearance of traditional banks, well sure, "Traditional" banks will disappear but the owners and regulators will continue to stay the same. The wave of fintech is already changing the way banks function. But removing them is now out of the question since Bitcoin has become something different now. The P2P economy is filled with gatekeepers now. KYC on CEXs is the new norm and acceptable to most majority. Its just that Bitcoin will always give an option for those who want to exercise it. As far as the actual usage is concerned, it is clear for everyone to see.

[Ararbermas]

Banks won't disappear anytime soon because people don't like change very much and it takes time to force any kind of lasting change in society.

Some people say that traditional banks will disappear due to the emergence of cryptocurrencies because it gives consumers another option when they need financial assistance; however, I think this is unfounded speculation.

even what happened to crypto currency in the future even a lot of people used it as a legal tender for sure traditional banks will not disappear because its the most trusted one ever since before and 100 percent sure that some of the governments will not let that things to happen as they're very against when it comes to crypto as well because of some reason.  Perhaps there's a limitations maybe its possible, you know what i mean? Because i truly believe that it cannot closed those traditional banks as well even in the future , so crypto needs a crypto banks for themselves if however in future they will become a legal tender.. Not to close those traditional banks because it's very impossible to be honest..