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[KingsDen]

I'm also not sure that people are abandoning banks at all.  Most people are still tied to the banking system in one way or another, and it's very hard for most people to see that there's even a problem with the system, much less look for an alternative to it.

From observations, people are not abandoning banks at all. And there is no how majority of people will abandone the banks(government). What I think will happen is that crypto will become formidable and government will have no other option than to allow banks and crypto augment each other.
Below are my reasons I said people are not abandoning banks;
Before now, two group of people are identified with the banks:
Namely;
1. The Rich
2. The Poor.
I have to add another category of people;
3. The crypto people.

I want to explain how and why these sets of people approach the banks and the reason their marriage is not terminating untimely.

1. The Rich:
The Rich visits the bank mainly to take loan. I mean huge and frightening loan. This loan is the money of the poor people deposited in the bank. So, a smart rich man cannot make bank who enriches him the more his enemy.
2. The Poor:
The poor sees his money as his greatest treasure and will do anything to safeguard same. He believes the only person that can give him that security is the bank. Yes, if anything goes wrong, the government will reimburse or recompense him. This set of people doesn't care if there is any value attached to the fiat that is depreciating.
3. The crypto people:
These are the set of people that are privileged to know about crypto. Among them are people who earns in crypto and convert same to fiat.
Also are people who has no money in banks but still holds fiat debit cards. When fiat is needed, they will convert from one coin to fiat.
Among the three categories, no one is able to do without the banks.

I don't see banks bowing for crypto. But I see a coexistence if the government realises that they cannot win the battle against crypto.

[syedakhlaque]

The banks are not afraid of bitcoin but they are seeking the proper legal framework that can apply to run their business. They are seeking a secure system free from all kinds of complications. Some banks have already done this and some seeking a good working relationship with bitcoin. Master cards and ATMs are also being used to cash cryptocurrency.

[ultrloa]

We cannot say yes on this since Union bank is crypto friendly bank which I know far, Maybe others didn't adopt yet on technology or didn't want to risk something since they are avoiding the money laundering events happening since crypto is somehow used by criminals to transact their dirty money. So I guess once this out look towards crypto will be erased and will replaced by its usage then maybe we can see more bank like what Union bank to became a crypto friendly also.

[DU18]

Afraid? Not necessarily. Well, maybe some, but I guess there a handful reasons why certain banks show strong disapproval of crypto. Perhaps many of these banks have yet to really explore the basics of crypto and its potential. Or perhaps the highly unregulated characteristic of crypto truly bothers them. Or since banks, being financial institutions, are rather stringent, they seem to have a distaste of the anarchist, irreversible, pseudo-anonymous nature of crypto. But, make no mistake, many of them are already joining the community.

In fact, banks might be better off adopting blockchain in their performance, but the obstacles to regulation from the government have caused some banks to choose to be anti-bitcoin all this time, besides that I think the implementation of blockchain will certainly make bank owners or investors certainly get a little profit from the income earned by the bank, because we know so far the cost of each transaction that occurs on the blockchain is very fast and also at a low cost, and this is very different from what has happened to conventional banks so far.

[davis196]

I don't get the point of asking such rhetorical question.
Of course that the bankers are afraid of the cryptocurrency expansion.
By the way,you have to distinguish the central banks(ruled by the government) from the ordinary banks.
The central banks were created to protect the fiat system.They will do everything possible to smash every alternative to fiat money,even by creating digital fiat (like the CBDCs) also known as "fake crypto".
The ordinary banks simply want more customers.If crypto adoption could bring them new customers,they would adopt crypto right away.The problem is that the central banks won't allow any bank to adopt cryptocurrency payments and investments.

[Xampeuu]

Afraid? Not necessarily. Well, maybe some, but I guess there a handful reasons why certain banks show strong disapproval of crypto. Perhaps many of these banks have yet to really explore the basics of crypto and its potential. Or perhaps the highly unregulated characteristic of crypto truly bothers them. Or since banks, being financial institutions, are rather stringent, they seem to have a distaste of the anarchist, irreversible, pseudo-anonymous nature of crypto. But, make no mistake, many of them are already joining the community.

In fact, banks might be better off adopting blockchain in their performance, but the obstacles to regulation from the government have caused some banks to choose to be anti-bitcoin all this time, besides that I think the implementation of blockchain will certainly make bank owners or investors certainly get a little profit from the income earned by the bank, because we know so far the cost of each transaction that occurs on the blockchain is very fast and also at a low cost, and this is very different from what has happened to conventional banks so far.

the main thing is the key holder is the government, I don't think banks can do it alone even though the blockchain system has advantages in terms of transactions. if blockchain alone cannot be accepted by the government, let alone bitcoin which will make it a single currency throughout the world

[michellee]

The banks are not afraid of crypto adoption but they are following the government regulations so they depend on government orders if they need to integrate their system. Once the government asks them to learn about crypto for more, they will use their resources to know what crypto is and integrate it into their system. Maybe the banks are now trying to integrate their system but they do not tell the public about that because they wait for the government's instruction.

[hyudien]

Banks have personal reasons why adoption is impossible and one of them may be because of their desire to own a fully centralized cryptocurrency. The adoption of crypto, especially bitcoin, will only make them lose their income in the form of investing in customer funds that they have been using, people prefer bitcoin which is very easy to make transaction and many other things.

Sounds like a financial hero who wants to save customers from the temptation to profit from crypto, but can customers resist the temptation of cryptocurrencies? besides the risk that it cannot guarantee 100% security, crypto traders will not stop before trying it to eliminate curiosity. Only then can they judge which ones are good for their finances and which ones are bad for their future.

[oHnK]

The banks are not afraid of crypto adoption but they are following the government regulations so they depend on government orders if they need to integrate their system. Once the government asks them to learn about crypto for more, they will use their resources to know what crypto is and integrate it into their system. Maybe the banks are now trying to integrate their system but they do not tell the public about that because they wait for the government's instruction.

Yes, after all, the bank's orientation is business and profit.  If Crypto is legalized for the public, the Bank's position can be as an intermediary for Crypto against Fiat while Crypto will actually have difficulty in approval as a legal medium of exchange because stability in Crypto is difficult to obtain but it can be an investment asset and this is a business opportunity.

[RealMalatesta]

But how do you counter the fuds that's been published in various media? Market manipulation, rug pull, scam, and exploits became very common in crypto and media made big coverage about this news. Those people who don't know much about crypto will be afraid to invest in crypto by concerning about their investment security. People still have negative sentiments about crypto and they want a guarantee before risking their money. So there are still lots of places to improve before mass adoption.

Ignoring it? I mean surely there will be a lot of people who will not ignore it and sell but as long as you do, then you are going to be fine. I personally ignore all the FUD because I am a long term holder and I can do that, if you are a day trader or you do leverage trading then you are going to end up with not such a great return for it and it will be a big loss for you if you are on the wrong direction, whereas when you are a long term holder even if they drop the price with a huge FUD all going around the big media, then it will recover eventually and you will not feel it.

If I could wait during the 2017 to 2020 era where the price did not recover back to 20k, then I can wait out all those FUDs and other stuff they can throw at me in the future as well. Trust bitcoin and do not forget to keep buying more to profit bigger in the future.

[arallmuus]

I mean giving up the bank as a custodian of savings (deposit), as well as using the bank as a money transfer, for example.

The bolded part is probably not going to happen anytime soon though. Most people are bad in keeping their money save and banks always provide the 'illusion' that they will keep your money safe for you so people are probably not going to move away from this illusion. As for money transfer, as long as people still keeps their money in banks then people are still going to transfer their money through banks as well

[michellee]

The banks are not afraid of crypto adoption but they are following the government regulations so they depend on government orders if they need to integrate their system. Once the government asks them to learn about crypto for more, they will use their resources to know what crypto is and integrate it into their system. Maybe the banks are now trying to integrate their system but they do not tell the public about that because they wait for the government's instruction.

Yes, after all, the bank's orientation is business and profit.  If Crypto is legalized for the public, the Bank's position can be as an intermediary for Crypto against Fiat while Crypto will actually have difficulty in approval as a legal medium of exchange because stability in Crypto is difficult to obtain but it can be an investment asset and this is a business opportunity.

Yes, I would like to see crypto and banks collaborate in the finances section and give a free choice to people whether they want to save their funds in the banks or the crypto forms. Maybe crypto does not need to be a legal tender but still uses fiat as a legal tender. People are free to convert their crypto into fiat and there are no complicated regulations from the government to abide by. It will give more chances to help people have better finances because people can invest in crypto forms.

[Hydrogen]

Crypto remains incapable of entering loan markets. There is zero penetration of student loan, home loan and car loan markets for cryptocurrencies. A trend which is likely to remain constant heading into the future. There is also not much cryptocurrency support for pensions, healthcare and other big dollar markets where banks and established financial institutions dominate.

There are definitely areas where crypto has advantages over banks. But can anyone imagine a scenario where student loans, home loans or car loans become crypto supported industries? Banks can have no fear of crypto seeping into those markets. Conflict between the two could be ideological. Banks favor centralization, crypto leans towards the opposite. Banks favor fractional reserve inflation. Crypto has enjoyed success with deflationary models.

It may be fair to say fear is an obstacle to progress and science. No one need fear cryptocurrencies, as they carry a potential to make life better for everyone, bankers included.

[arwin100]

The banks are not afraid of crypto adoption but they are following the government regulations so they depend on government orders if they need to integrate their system. Once the government asks them to learn about crypto for more, they will use their resources to know what crypto is and integrate it into their system. Maybe the banks are now trying to integrate their system but they do not tell the public about that because they wait for the government's instruction.

Yes, after all, the bank's orientation is business and profit.  If Crypto is legalized for the public, the Bank's position can be as an intermediary for Crypto against Fiat while Crypto will actually have difficulty in approval as a legal medium of exchange because stability in Crypto is difficult to obtain but it can be an investment asset and this is a business opportunity.

Yes, I would like to see crypto and banks collaborate in the finances section and give a free choice to people whether they want to save their funds in the banks or the crypto forms. Maybe crypto does not need to be a legal tender but still uses fiat as a legal tender. People are free to convert their crypto into fiat and there are no complicated regulations from the government to abide by. It will give more chances to help people have better finances because people can invest in crypto forms.

If banks could only do it easily but certain regulation towards certain countries stop this that's why we can see it having difficulty to happen. But I believe in future we can see this to happen but we need first to see a major adoption and also many countries to make it as their legal tender but for now its hard knowing government is skeptical about this technology.

[dimox]

maybe, big percentage they afraid of this.
simple think is how great crypto can make bank drop, its not all people use crypto but they know if it lasts too long it will be bad for them. technology advance make people feel what easy is, and money will be good foundation for this things.

[Smitty Werben Man Jensen]

The banks are not afraid of crypto adoption but they are following the government regulations so they depend on government orders if they need to integrate their system. Once the government asks them to learn about crypto for more, they will use their resources to know what crypto is and integrate it into their system. Maybe the banks are now trying to integrate their system but they do not tell the public about that because they wait for the government's instruction.

Yes, after all, the bank's orientation is business and profit.  If Crypto is legalized for the public, the Bank's position can be as an intermediary for Crypto against Fiat while Crypto will actually have difficulty in approval as a legal medium of exchange because stability in Crypto is difficult to obtain but it can be an investment asset and this is a business opportunity.

Yes, I would like to see crypto and banks collaborate in the finances section and give a free choice to people whether they want to save their funds in the banks or the crypto forms. Maybe crypto does not need to be a legal tender but still uses fiat as a legal tender. People are free to convert their crypto into fiat and there are no complicated regulations from the government to abide by. It will give more chances to help people have better finances because people can invest in crypto forms.

If banks could only do it easily but certain regulation towards certain countries stop this that's why we can see it having difficulty to happen. But I believe in future we can see this to happen but we need first to see a major adoption and also many countries to make it as their legal tender but for now its hard knowing government is skeptical about this technology.

Yeah if we talk about this in the near future I guess it's hard to make it happen,
even so, there is still a chance to adopt it, especially since we can see that crypto is experiencing good development every year,
so it should be usable and we'll see later

[el kaka22]

I would say that making the loans as legal as the banking industry would make it easy enough, right? I mean let's assume that I give you a loan of 5k dollars myself, and you take it, and you do not pay it back, what can I do from the other side of the world? I would probably have to go through a lot of legal red tape just to open a lawsuit to someone in another nation. All in all banks have paperworks and laws for them that keeps people paying or even if they do not at least banks seize their things.

This is why I keep saying that there is a good case to be made about this situation with crypto, if banks do the same with crypto, make you sign bunch of paper, then legally you have to pay or if you do not pay then they come to your house and take your stuff and all that, that makes sense right? I can't really say much different about it, that seems like the only way for crypto to be used in loans.

[Lanatsa]

maybe, big percentage they afraid of this.
simple think is how great crypto can make bank drop, its not all people use crypto but they know if it lasts too long it will be bad for them. technology advance make people feel what easy is, and money will be good foundation for this things.

Banks wont really be that afraid.Why? They do play up a big role on countries economy or in overall aspect which crypto couldnt able to do.We need centralized system which do functions up on a particular aspect.

They arent afraid and could rather accept or adopt it if government permits them.They are still really relying into governments decisions when it comes
to this one.

They could really be versatile all the time they do want it.

[adzino]

The banks are not afraid of crypto adoption but they are following the government regulations so they depend on government orders if they need to integrate their system. Once the government asks them to learn about crypto for more, they will use their resources to know what crypto is and integrate it into their system. Maybe the banks are now trying to integrate their system but they do not tell the public about that because they wait for the government's instruction.

They are not waiting for the "governments" order. They just don't want to touch crypto currencies right now because of various complicated reasons. There are already few banks that has integrated crypto currencies and are in testing phase. More banks will eventually adopt crypto currencies as they are fully aware that these currencies are the future. They know if they don't accept crypto currencies, they will eventually lose their power. So embracing crypto currencies is inevitable. But do we actually want them to adopt crypto currencies? Because banks and decentralization isn't a good match. If banks take over crypto currencies, decentralization will somewhat be lost.

[Leonardo7]

My nation's diasporal remittance dropped by about 80% because the people suddenly discovered the banks are fleecing them and ths diasporal remmitance makes up part of my nation GDP so the apex bank governor is confused in a bid to trying to save his job, he makes too many mistakes with cryptocurrency traders track down. He has failed too. You can't stop a technological advancement.