Banks and Bitcoin- The needed change

[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.

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.

They'll only reconcile if crypto will be regulated like banks, I mean, in order for banks to accept crypto, they need to be regulated based on the standing banking regulation so they will comply with the standard banking system, with that said, crypto anonymity will not be enjoyed since banking system requires transparency on clients where they promise to keep that private information of us confidential.

[Natalim]

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..

The majority had thought it won't, traditional banks remains as it was and continue to give services for the people who are still using them. Actually, big companies are one of them. Even they thought about accepting Bitcoin but for them to secure their funds, banks are their choice, not crypto wallets.

I believe we can see huge changes that Bitcoin brought to us but this doesn't mean we have to change everything and this is one best example.

[Russlenat]

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.

There's no such thing as financial assistance in crypto, in fact, investing in crypto is risky, so that's a false statement from whoever said and think of that. Crypto, in order to replace banks, should be an effective payment system, but it's not the case now as it's viewed more as an investment than a payment system.

[BlackHatCoiner]

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.

But, there's no intense of enforcement. I believe that the better money will distinguish and that's all I'm saying as a Bitcoiner. Neither that the current monetary system will be replaced, neither that the banks won't be needed. No, no, no. Far from that. The only think I'm demanding is to make it accessible, to spread its adoption. I may not live in a society that there's only bitcoin, but I want to have it as an option.

I'm convinced the average Joe won't use it. What I want is from every human on Earth, to have it as an alternative. 'Cause I consider it in favor of human rights.

[Hypnosis00]

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.

There's no such thing as financial assistance in crypto, in fact, investing in crypto is risky, so that's a false statement from whoever said and think of that. Crypto, in order to replace banks, should be an effective payment system, but it's not the case now as it's viewed more as an investment than a payment system.

From what we can see and the real status of Bitcoin, it was just mostly considered as a form of investment, not a currency which is less likely it forces the banks to think their closure and replace by Bitcoin. There is nothing to argue about the said "bank disappear" as it can't happen as for sure that not all will adopt and use Bitcoin, as still fiat money exists and the government will continue to print paper money.

Having to see Bitcoin as an effective payment system? As long the volatility of the market remains where people still doubted, that will be uncertain.

[Finestream]

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.

There's no such thing as financial assistance in crypto, in fact, investing in crypto is risky, so that's a false statement from whoever said and think of that. Crypto, in order to replace banks, should be an effective payment system, but it's not the case now as it's viewed more as an investment than a payment system.

From what we can see and the real status of Bitcoin, it was just mostly considered as a form of investment, not a currency which is less likely it forces the banks to think their closure and replace by Bitcoin. There is nothing to argue about the said "bank disappear" as it can't happen as for sure that not all will adopt and use Bitcoin, as still fiat money exists and the government will continue to print paper money.

Having to see Bitcoin as an effective payment system? As long the volatility of the market remains where people still doubted, that will be uncertain.

I also believe that this volatility thing for bitcoin will be a big barrier for people to adopt bitcoin in the long run because it may create doubt and confusion to its users. So even if there is global adoption for bitcoin, it will be unlikely that all of them will start to ignore banks as banks will never be eliminated because that will always be the first choice of people, and bitcoin will only be their second option. And as long as banks are centralized, it will never be easily extinct because that will also mean a big loss for the government.

[deadmousehat]

Banks will not disappear and may evolve as technology advances. Don't we still need banks to process FIAT. whether those who want to fight the Bank really don't use FIAT in their life. I think Banks and Bitcoin are two things that have a bond because we still need FIAT and Bitcoin.

[Wawa2013]

Banks will not disappear and may evolve as technology advances. Don't we still need banks to process FIAT. whether those who want to fight the Bank really don't use FIAT in their life. I think Banks and Bitcoin are two things that have a bond because we still need FIAT and Bitcoin.

I believe even Bitcoin supporters still need a bank in their lives. Because the majority of countries in the world forbid Bitcoin to be used as
a means of payment. Then it is impossible for banks to disappear, after all the government will not allow Bitcoin to replace banks. Moreover,
Bitcoin still has several drawbacks that are a barrier to being used as a means of payment. I think Bank and Bitcoin are better co-exist,
so we can benefit from both.

[Ozero]

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.

Banks will not disappear, not only for these reasons. Cryptocurrency has practically no influence on them. People also have different opinions about both banks and cryptocurrencies. But the most important thing is the attitude of states and their governments towards banks. Banks are actually part of the state system of power, since they implement the financial policy of the state and serve the economy of each country. Therefore, it becomes obvious that states will not even tolerate threats to the existence of the banking system. Banks will exist as long as the states themselves exist.

[jostorres]

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.

Well that has been said so many times by a lot of people, but it’s really hard for me to believe that right now. Banks are still going to be around, may looking at the way things are going, because we know that that’s what the government wants. First they have introduced their own central banks digital currencies (CBDC) which the banks are actually going to be in control of.

A few countries have rolled out this CBDC: China has released their own cryptocurrency which we all know as the Digital Yuan, and Nigeria followed with their digital Naira or E-Naira. It’s possible that more and more countries would still be releasing their own digital fiats as there has been so many talking about it. And it’s also quite possible that there would those that would declare Bitcoin a legal tender as we have seen El Salvador do, but that didn’t make them replace the banks with cryptocurrency.

[freedomgo]

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.

Well that has been said so many times by a lot of people, but it’s really hard for me to believe that right now. Banks are still going to be around, may looking at the way things are going, because we know that that’s what the government wants. First they have introduced their own central banks digital currencies (CBDC) which the banks are actually going to be in control of.

A few countries have rolled out this CBDC: China has released their own cryptocurrency which we all know as the Digital Yuan, and Nigeria followed with their digital Naira or E-Naira. It’s possible that more and more countries would still be releasing their own digital fiats as there has been so many talking about it. And it’s also quite possible that there would those that would declare Bitcoin a legal tender as we have seen El Salvador do, but that didn’t make them replace the banks with cryptocurrency.

Crypto is now becoming more inevitable as its adoption will certainly take place sooner. But despite all of these, banks on the other hand will never be threaten as they will stay for good no matter what. As long as the government is always at the back of banks, then banks will always operate and i still think that a lot of people are still needing banks. And with crypto, more people are now inclined to it so they are now aware on how to use it just like using fiat. But as long as crypto or bitcoin in particular is decentralized, it will always be an option for fiat.

[Gyfts]

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.

The ownership of a bank account is not synonymous with satisfaction of a bank account. What percentage of people are forced to use a bank account because they must subscribe to the traditional notions of modern banking, owned and operated by their country's government? What percentage of people would gladly switch to a decentralized system with more control and ownership of their funds oppose to relying on the government to sustain their account balance and purchasing power? A future without centralized banks is not as far off as you think -- the moment when people lose confidence in traditional currency is the moment modern banking collapses.

[michellee]

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.

Banks will not disappear, not only for these reasons. Cryptocurrency has practically no influence on them. People also have different opinions about both banks and cryptocurrencies. But the most important thing is the attitude of states and their governments towards banks. Banks are actually part of the state system of power, since they implement the financial policy of the state and serve the economy of each country. Therefore, it becomes obvious that states will not even tolerate threats to the existence of the banking system. Banks will exist as long as the states themselves exist.

The bank will exist and maybe the banks will evolve to something different and who knows, the banks will integrate blockchain systems and introduce to the public how blockchain works. The key here is how the government can adapt to the current situation and use it for their benefit and not against what happens in their country instead of searching for more info. If the government can accept the change and follow the technology and try to grow with the technology, I think their people will like them so much as the government supports the technology that can give a better way for their people lives.

[D-law]

Crypto Currency is the latest technology in the world beating all of the headline,the funny part of it is that,the cryptocurrency sphere has come to stay, it's high time the government embrace this trends,make some regulations in other to carry down efficient performance from them.

People want change but are still reluctant to fully accept and embrace it.
Bank are doing good,but the time for an upgrade has come, adapt to the crypto currency sphere is all they could do.

[stompix]

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.

The 66% would have been meant that the rest of all bitcoin owners in the whole world would have definitely a bachelor's degree. That combined with statistics that show that only 30-40% of the western world holds a bachelor's degree, if we assume an 80% when it comes to crypto owners it would push up the percentage needed for Both Nigeria and India to over 88%.
Common, let's be realistic.

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.

Statistics show only 27% of high school graduates going for a tertiary level of educations for India
So it's not like everyone is more like one quarter and this if we count young poeple, probably if we go in the 40-50 yo area this would drop to below 5%.

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.

The capacity is one problem, for now, but the other is the integration of services and a way to have this work on some blockchain, something that to me with bitcoin alone seems impossible.

People really think of banks just as cards and deposits, they ignore merchants, companies, and 99% of all businesses, for example, we have an open working capital credit line with our bank, if we somehow at the end of the month we don't get the money from our partners but we need to buy something or pay bills we have a 30 days grace period with zero interest up to 15% of our prior year revenue that we can use for emergencies.
How would that work with crypto and without a 3rd party?

[Vaskiy]

Banks are getting adopted to the cryptocurrency usage. More collaborative functioning is taking place around the globe. Largest bank of Columbia have partnered with the Gemini exchange to offer bitcoin trading. This partnering is part of the government pilot program.

Columbian government is much interested and it has started the one year pilot program to bring bitcoin to all its citizens in a straight forward manner. So, needed and expected change is slowly happening around through the banks as well.

Source : Colombia biggest bank to offer bitcoin trading

[worldofcoins]

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.

No, it won't. Cryptocurrencies cannot substitute for traditional banking, maybe in a futuristic Utopian society that could be possible, but that's quite a long shot.
Bitcoin which was the emergent cryptocurrency, was not created to replace fiat and banks, it was meant to be another option as you rightly pointed out, an alternative means of sending and receiving money which does not need third party validation. And while Bitcoin has great potential to grow and become globally adopted, a centralized system of banking would always exist.

The importance of banks cannot be denied. They are more involved in our daily routine life. People have much trust in the banks as compared to cryptocurrencies. Yes, we can say that cryptocurrencies have gained very much popularity in the current ERA but the importance of banks also cannot be ignored. As the matter of fact still, there are many people who don't trust cryptocurrencies.

[wxa7115]

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.

Which is why this idea that those people have of bitcoin eliminating banks is never going to happen, banks are not going to sit and do nothing while bitcoin takes their business away, they will adapt and when we take into account that not every person is as freedom loving as we are then banks have a bright future ahead of them.

So what we need to concentrate on is that bitcoin reaches critical mass so at some point in the future we can pay with our bitcoin at any business and we do not get strange looks when we pay with bitcoin.