Will banks go on extinction if they do not adopt cryptocurrencies?

[Felicity_Tide]

However, did Satoshi in the first place want to replace banking system? no all he desire is transparency, decentralisation and freedom which is the core tenants of bitcoin. even with the new bill signed by the US president it wouldn't even still make using crypto as easy to replace banking system.

The government itself won't even allow that to happen.
In as much as Bitcoin offers the things you've stated, the government are not actually a fan of a fully transparent system. Certain things still has to go on behind the scenes, but it doesn't stop Bitcoin from doing what it was intended for, though we've seen the same government and banking institutes joining the train in recent times.

And, a lot of people are only familiar with the fiat system, so a full transition which is not even possible might affect them.

[harapan]

People would wake up if, for one fortnight there is no more electricity. None.
No Internet just air.

Certain things will remain unchanged no matter the circumstances so regardless of crypto existence and adoption it's definitely will be an impossibility for banks to go on extinction. For instance we need light and thus since the use of the internet isn't adopted, we expect electricity to go on extinction?? Hell now it's never gonna happen. I think alot of patience is needed so the banks can see the advantage and benefits of cryptocurrency and enhance it's adoption.

[skarais]

~~~

Certain things will remain unchanged no matter the circumstances so regardless of crypto existence and adoption it's definitely will be an impossibility for banks to go on extinction. For instance we need light and thus since the use of the internet isn't adopted, we expect electricity to go on extinction?? Hell now it's never gonna happen. I think alot of patience is needed so the banks can see the advantage and benefits of cryptocurrency and enhance it's adoption.

Bitcoin was created as a native solution that could be used as a means of payment, instead of relying solely on fiat and other payment systems. Bitcoin wasn't created to threaten the existing financial system; in fact, I never imagined it could threaten the very existence of banks, which handle millions of financial transactions every day.

Bank will still exist, even if governments adopt and legalize crypto. Each has its own target market, and this depends on the needs. Not everyone understands crypto, so they will still choose banks, while others who are dissatisfied with banking services will turn to crypto for a better experience. Banks and crypto will coexist, that's what the future holds.

[Abiky]

Bitcoin was created as a native solution that could be used as a means of payment, instead of relying solely on fiat and other payment systems. Bitcoin wasn't created to threaten the existing financial system; in fact, I never imagined it could threaten the very existence of banks, which handle millions of financial transactions every day.

Bank will still exist, even if governments adopt and legalize crypto. Each has its own target market, and this depends on the needs. Not everyone understands crypto, so they will still choose banks, while others who are dissatisfied with banking services will turn to crypto for a better experience. Banks and crypto will coexist, that's what the future holds.

Didn't Satoshi himself say that Bitcoin can "scale larger than the VISA network"? And didn't he create Bitcoin as a result of banks' failures (Great Financial Crisis of 2008)? This shows us Bitcoin WAS created to threaten the existing financial system. It's just that people are now using it as a store of value instead of a currency. We can blame mainstream media with its propaganda for this.

Now that "Wall Street" is in the game, it's too late to change people's perception of Bitcoin. To top it all off, institutions, centralized exchanges, and governments hold most of the circulating supply. The traditional financial system has been deeply integrated into Bitcoin. How will the pioneer cryptocurrency by able to overcome banks this way? I'm afraid Satoshi's dreams will never be fulfilled. Banks will only get bigger and stronger than ever. You have been warned.

[Mate2237]

This statement by Trump's son is a figure of speech that he used in conveying a message because with the rate at which crypto currency is on the rise it's definitely going to affect the banking sector but I don't think that banks will go extinct simply because they didn't not adopt crypto currency we all know the role of the banking sector so it will not be possible for banks to go extinct.




I think that Bitcoin is reshaping the financial world this is the reason why calls like this is coming so that banks can incorporate crypto into the banking systems will will be more effective for users this could be seen as adopting to the changing environment that the financial sector is gradually experiencing

[Cookdata]

Certain things will remain unchanged no matter the circumstances so regardless of crypto existence and adoption it's definitely will be an impossibility for banks to go on extinction. For instance we need light and thus since the use of the internet isn't adopted, we expect electricity to go on extinction?? Hell now it's never gonna happen. I think alot of patience is needed so the banks can see the advantage and benefits of cryptocurrency and enhance it's adoption.

Half of the banks worldwide at operated by government which means if Banks goes into extinction, that means the government doesn't exist again which is not possible. The government might decide to give crypt some leverage and path to adoption but it will not completely eliminate Bitcoin, that's not happening in their eyes. Crypto might looks too good but there is limitations to what each of them can do, Bitcoin can't do sustain the economy alone, it wouldn't be stable.

Instead of trying to have Bitcoin or crypto completely eliminate bank activities. Why not instead make the both to work together. If we want crypto adoption and the aim is to push Banks out of the way, there is going to be a serious challenges because the banks wouldn't allow it. Even the central banks wouldn't allow such to happen as it's designed to lead other commercial banks, they have to exist for central bank to have a successful execution and not goes to extinction.

[Franctoshi]

The son of Donald Trump, Eric Trump, also the executive vice of the Trump Organization said banks can extinct in 10 years if they do not watch what is coming. I think what he meant is that if banks do not support cryptocurrencies.

He said modern financial system is broken. It is slow. It is expensive. There is nothing on the blockchain that can't be done better than the current financial institutions is working. Banks not working during weekends also not working more than 8am to 4pm which can be a disadvantage to those that is not able to pay money early before 4pm on Friday.

https://youtu.be/cLnNedcVgcU?si=wS2MAylU7I2LFfhC

What is your opinion about this.

Obviously, sometimes lf you have encountered a problem with transactions over the weekend that needs you go to the bank to get the issue resolved, especially on Saturdays, you will most likely go crazy seeing that you cannot do anything about it as the banks are closed on weekends, especially in such a scenario like when I was using just operating with only one bank and haven't been exposed to Bitcoin and cryptos, the issue occurred where I went to the market to get some food stuff, I made a transactions with my card and was debited without being paid, and the reversal of transaction isn't working.

[Abiky]

This statement by Trump's son is a figure of speech that he used in conveying a message because with the rate at which crypto currency is on the rise it's definitely going to affect the banking sector but I don't think that banks will go extinct simply because they didn't not adopt crypto currency we all know the role of the banking sector so it will not be possible for banks to go extinct.




I think that Bitcoin is reshaping the financial world this is the reason why calls like this is coming so that banks can incorporate crypto into the banking systems will will be more effective for users this could be seen as adopting to the changing environment that the financial sector is gradually experiencing

Banks will ultimately adapt themselves to stay ahead in the game. As long as governments exist, don't expect banks to go anywhere soon. Why replace banks, though? Bitcoin and other cryptocurrencies can live alongside banks for generations. Thanks to Satoshi's invention, people can now enjoy true financial freedom. I mean, that's the whole purpose of crypto. Not to enrich ourselves and remain a "slave" to the Fiat monetary system.

Considering that centralized exchanges and institutional firms dominate the space, banks and governments will only get bigger and stronger over time. We might as well as forget about Satoshi's original vision for Bitcoin. At least, it was "fun" while it lasted.

[reagansimms]

Banks “probably” won’t completely disappear even if they don’t adopt cryptocurrencies because they still have several advantages that can help them continue to exist and operate as usual. Just as crypto assets have trust and reputation, banks also have it from consumers so that banks can retain their customers. Moreover, banks are governed by strict regulations and always receive support from the government, so they can offer financial services that make consumers feel safe and comfortable.

However, on the other hand, banks also need to adapt to changes in the financial system and consider adopting cryptocurrencies and blockchain technology to remain competitive in the financial market. Banks also need to learn from the case of Nokia, which lost its position as the global mobile phone market leader due to its failure to adapt to changes in technology and consumer preferences. In my opinion, banks should collaborate with cryptocurrencies to maintain their existence and increase trust. If this assumption is true, then both parties will benefit.

[Abiky]

Banks “probably” won’t completely disappear even if they don’t adopt cryptocurrencies because they still have several advantages that can help them continue to exist and operate as usual. Just as crypto assets have trust and reputation, banks also have it from consumers so that banks can retain their customers. Moreover, banks are governed by strict regulations and always receive support from the government, so they can offer financial services that make consumers feel safe and comfortable.

However, on the other hand, banks also need to adapt to changes in the financial system and consider adopting cryptocurrencies and blockchain technology to remain competitive in the financial market. Banks also need to learn from the case of Nokia, which lost its position as the global mobile phone market leader due to its failure to adapt to changes in technology and consumer preferences. In my opinion, banks should collaborate with cryptocurrencies to maintain their existence and increase trust. If this assumption is true, then both parties will benefit.

It's in governments' best interests to keep the banking system alive. Otherwise, power will shift back to the people. You can see why Bitcoin is often called "The People's Currency". It's decentralized, censorship-resistant, scarce, and cannot be debased by anyone. Even though banks will still be relevant in the future, crypto's impact will be such that will force banks to change their ways. This is already happening before our very eyes, as banks move quickly towards launching CBDCs of their own. If it wasn't for crypto/Blockchain tech, banks would've been stuck with legacy financial systems (physical cash, SWIFT, etc).

Far ahead into the future, Bitcoin and most other cryptocurrencies will become much bigger and stronger than ever. Only truly-decentralized cryptocurrencies, though. Centralized ones will have the same single-points of failure as Fiat. Money is what moves the crypto industry these days, this wouldn't be much of a concern to the average person. I'm fine with that, as long as crypto fulfills its promise of bringing "banking to the unbanked". Just my opinion.

[free-bit.co.in]

Obviously, sometimes lf you have encountered a problem with transactions over the weekend that needs you go to the bank to get the issue resolved, especially on Saturdays, you will most likely go crazy seeing that you cannot do anything about it as the banks are closed on weekends, especially in such a scenario like when I was using just operating with only one bank and haven't been exposed to Bitcoin and cryptos, the issue occurred where I went to the market to get some food stuff, I made a transactions with my card and was debited without being paid, and the reversal of transaction isn't working.

But such incidents are rare, do not happen often and I believe they will not cause too much inconvenience or seriously affect our lives.
Similarly, you may also run into issues when using bitcoin and cryptocurrencies. How will you complete your payment if the internet suddenly goes down? Or what would you do if Bitcoin network congestion caused transactions to get stuck for hours or even days?

You see, bitcoin and cryptocurrencies are not perfect either, they have their own problems. So it is best if they coexist and support each other, we do not need to eliminate either one.

[Abiky]

But such incidents are rare, do not happen often and I believe they will not cause too much inconvenience or seriously affect our lives.
Similarly, you may also run into issues when using bitcoin and cryptocurrencies. How will you complete your payment if the internet suddenly goes down? Or what would you do if Bitcoin network congestion caused transactions to get stuck for hours or even days?

You see, bitcoin and cryptocurrencies are not perfect either, they have their own problems. So it is best if they coexist and support each other, we do not need to eliminate either one.

Nothing is perfect. But crypto is supposed to be more reliable than banks because of its 99.9% uptime. It never "sleeps", operating 24/7. Just in case, crypto can be used offline like cash. You just need to hand in a physical bearer asset like a Tangem or OpenDime to complete the transaction. Or you can load a paper wallet or metal card (cold storage) with a pre-determined amount instead. Internet connection would only be required to verify balances or make transactions final (by broadcasting it to nodes across the Blockchain).

Regardless of crypto's benefits, banks won't disappear for obvious reasons. As long as governments exist, banks will only get bigger and stronger than ever. It's why crypto and Fiat will live alongside each other for generations. Just my opinion.

[Fivestar4everMVP]

The son of Donald Trump, Eric Trump, also the executive vice of the Trump Organization said banks can extinct in 10 years if they do not watch what is coming. I think what he meant is that if banks do not support cryptocurrencies.

He said modern financial system is broken. It is slow. It is expensive. There is nothing on the blockchain that can't be done better than the current financial institutions is working. Banks not working during weekends also not working more than 8am to 4pm which can be a disadvantage to those that is not able to pay money early before 4pm on Friday.

https://youtu.be/cLnNedcVgcU?si=wS2MAylU7I2LFfhC

What is your opinion about this.

To a great extent, he is absolutely right, but we all know that banks only deal in fiat for now, and as long as fiat continues to exist, banks will continue to exist too, and if you ask me, I don't think fiat is going away any time soon as 10 years from now..

To be honest, I personally have always believed that both fiat and bitcoin, as well cryptocurrencies in general can peacefully co-exist, because whether we like it or not, or believe it or not, not everyone will be in crypto and hold crypto, why? Because they are not learned enough and lack the basic IQ required to successfully operate in crypto, a good example is our old folks, our old men and women, many of them lack basic education and can't even read and or write, for such people, even though they might want to get into crypto, they can't because not knowing how to read and write is already a disability which means they can't operate crypto flawlessly, so fiat remains their best bet.

[Ishicryptic]

He said modern financial system is broken. It is slow. It is expensive. There is nothing on the blockchain that can't be done better than the current financial institutions is working. Banks not working during weekends also not working more than 8am to 4pm which can be a disadvantage to those that is not able to pay money early before 4pm on Friday.

If he is basing his argument on what you quote above it means that he doesn't have a strong argument because banks operate for 24 hours and you don't need to visit one to do your financial transactions. Cryptocurrency were not created to eliminate traditional currencies so banks have their functions which cryptocurrency cannot eliminate, likewise crypto cannot go extinct because people are using traditional banks. They can complement each other which means that people are presented with more choices on how to hold their money. It is true that Bitcoin is a hedge against inflation but that alone cannot make people not to use fiat again.

[free-bit.co.in]

Nothing is perfect. But crypto is supposed to be more reliable than banks because of its 99.9% uptime. It never "sleeps", operating 24/7. Just in case, crypto can be used offline like cash. You just need to hand in a physical bearer asset like a Tangem or OpenDime to complete the transaction. Or you can load a paper wallet or metal card (cold storage) with a pre-determined amount instead. Internet connection would only be required to verify balances or make transactions final (by broadcasting it to nodes across the Blockchain).

Regardless of crypto's benefits, banks won't disappear for obvious reasons. As long as governments exist, banks will only get bigger and stronger than ever. It's why crypto and Fiat will live alongside each other for generations. Just my opinion.

Only bank branches and offices have opening and closing hours, but money transfer, trading and online payment services are available 24/7 just like crypto. Additionally, many modern POS systems are offline capable and can process bank card payments without an internet connection.

To put it bluntly, banks will not go bankrupt or disappear because their role in the economy is too important, and crypto do not have the power to replace them, not because governments will not let it happen.

[Alpen]

The son of Donald Trump, Eric Trump, also the executive vice of the Trump Organization said banks can extinct in 10 years if they do not watch what is coming. I think what he meant is that if banks do not support cryptocurrencies.

He said modern financial system is broken. It is slow. It is expensive. There is nothing on the blockchain that can't be done better than the current financial institutions is working. Banks not working during weekends also not working more than 8am to 4pm which can be a disadvantage to those that is not able to pay money early before 4pm on Friday.

https://youtu.be/cLnNedcVgcU?si=wS2MAylU7I2LFfhC

What is your opinion about this.

I agree with Trump's son, but I think banks will disappear for a different reason. They are being seriously challenged by crypto payment processing services. Banks simply can't compete with their lower fees and better quality of service.

These platforms are growing their user base at an insane rate. For example, I work with Cryptomus, and they've registered thousands of new wallets in just the last six months. The crypto payment gateway market was $1.23 billion in 2023 and is projected to add over $1 billion annually, according to Market Research Future. That figure will grow 100x once they start getting full banking licenses.

[yslyv]

I agree, but unfortunately, I also observe that the blockchain ecosystem is not really evolving in this direction. In fact, public perception around blockchain is changing. We still have a long road ahead.

[bakasabo]

I agree with Trump's son, but I think banks will disappear for a different reason. They are being seriously challenged by crypto payment processing services. Banks simply can't compete with their lower fees and better quality of service.

Banks still have way more customers than people who use crypto as a payment. Still to many people are not aware and dont wish to learn about crypto. There will always be conservatives, who are for traditional value and will never switch to crypto. Imo banks will exist always. They appeared years before BCE, survived so many events in history and crises, that I doubt crypto would make it extinct.

Also an argument that crypto fees are lower and service is better is arguable. Those who have hundred thousands, paying few dollars as a card fee, have free inside country transactions and pay $10-20 for an international transaction (not sure if they even make many of them), "cost" less than bothering crypto account and buying crypto (that might lose value) that offer cheat transactions.

[icebar]

People would wake up if, for one fortnight there is no more electricity. None.
No Internet just air.

Certain things will remain unchanged no matter the circumstances so regardless of crypto existence and adoption it's definitely will be an impossibility for banks to go on extinction. For instance we need light and thus since the use of the internet isn't adopted, we expect electricity to go on extinction?? Hell now it's never gonna happen. I think alot of patience is needed so the banks can see the advantage and benefits of cryptocurrency and enhance it's adoption.

The role that banks play in financial world cannot be denied. We know how convenient the use of Bitcoin is at present, but we cannot think of replacing banks because of it. Because banks can provide some services that are never possible with Bitcoin. Instead of standing Bitcoin against banks, it should be planned how it can be adopted in the banking sector. If the banking sector is able to find a good way to use Bitcoin or they try to adopt it, then both banks and Bitcoin can run simultaneously. As long as the world exists, banks will also exist, so the idea that the banking sector will disappear is absurd.

[Wakate]

The role that banks play in financial world cannot be denied. We know how convenient the use of Bitcoin is at present, but we cannot think of replacing banks because of it. Because banks can provide some services that are never possible with Bitcoin. Instead of standing Bitcoin against banks, it should be planned how it can be adopted in the banking sector. If the banking sector is able to find a good way to use Bitcoin or they try to adopt it, then both banks and Bitcoin can run simultaneously. As long as the world exists, banks will also exist, so the idea that the banking sector will disappear is absurd.

I don't even think anything can ever replace the banking system because this is what the government use to keep accountability of how funds move from one place to another. The banking system can not be denied and we should not even have the faculty that bank is soon going to vanish due to the emergence of the blockchain.

The banking system can always incorporate blockchain to add transparency to every transaction ever carried out. The bank system is not fixed and it's always due for updates as technology keeps advancing. If we enter a generation where physical money would not be needed to carry out payment services, bank would also offers such a services to customers just like we have been seeing banks switching to digital currency payment system.