Will banks become obsolete in the crypto future?

[Finestream]

The government needs the bank so unless the government falls Banks would remain. And crypto isn't challenging Bank especially with the birthing of scam coins by the day. Their major challenge is Bitcoin because it makes you a Bank and a banker bypassing the need for a traditional bank. Banks would loss some share of the market but they would have to adapt which can be seen now.

Of course that is right, I don't think the government will even want to negotiate anything for them to give in crypto because, they don't want anything that will stand as an obstruction to them or deny them of having their own percentage or depriving them of being in control, and that's why they are not in support of people to use Bitcoin, as it is build on a decentralized blockchain. Which has become their major challenge and since they are unable to handle it, they don't want to do anything with it. But, with the looks of things they might reconsider their decision, especially as people are easily adapting or accepting Bitcoin.

If you can't beat it, then join it. There's a possibility that banks will just integrate crypto or bitcoin transactions, if there will be rapid increase of bitcoin supporters in the society. But this is still too far from reality, as banks will definitely do everything just to get rid of bitcoin and encourage the people not to get attached with bitcoin.

Of course, those innocent people will agree without doubts. But for those who are well inclined on the usage and advantages of bitcoin, they will stick to bitcoin, but that does not also mean that they won't be using banks for good. Banks will be useful even in the future.

[Joy- maker]

I can agree with you that traditional banking is still dominating the world till today, and the reason for that is because people have not really buy the idea of cryptocurrency, they still find traditional banking system more convenience and reliable than cryptocurrency. Before now a lot of person's believe that cryptocurrency is suppose to be dominating the world right, but it can't work that way, because cryptocurrency was never created to dominate or eliminate the traditional banking system, rather it was created to act as alternative currency to the Fiat currency.

although  it might seem to us that cryptocurrency is growing every year, but that's not true because if we go into statistics we are going to discover that cryptocurrency adoption is still very slow, and the last time I checked only less than 4 percent of the world population owns Bitcoin, which is not impressing at all, because with the level Bitcoin have reached now I  expected to see some reasonable figure of the world population own Bitcoin, but only 4 percent owns it, talk of more other cryptocurrencies, how many percent of the world population do you think owns shitcoins? If 4 only percent owns Bitcoin.

[CryptoBuds]

We need to realize banking is quite needed in the human society at the moment, we are talking about something that is very crucial for us to keep going. It is not just about moving money from one person to another, we are talking about credit system all together.

Those who think bitcoin could threaten banks and make them obsolete...bla...bla...Most of them have a narrow mindset that banks are just financial instruments used to transfer money from one person to another or for savings. They think that since they only use banks for saving and making payments, others also use banks only for that purpose, and banks do not provide any other services. But they do not know that banks are the largest financial institutions, and are at the heart of the entire credit and financial system of the national and global economy.

The harsh truth is that our world would be fine without bitcoin but it would be a serious problem if banks disappeared without a similar institution to replace them.

With the increasingly rapid development of the crypto world, some people consider this to be the biggest threat to banking banks, but that is a wrong idea, because the crypto world also needs banking banks that we often use nowadays, especially since banking banks have many uses, not only for transactions but also for many other programs that they carry out to meet the needs of the community, for example, loan problems and so on, so the crypto world will not kill banking banks, but they will complement each other for the future.

Lending is just one small service among many that banks provide. Banks have a more important job that cryptocurrency will never be able to do no matter how much it develops. That is to maintain and stabilize the economy, they help the economy avoid chaos through monetary policy and liquidity intervention. If the economy goes into chaos and collapses, cryptocurrencies will even disappear, let alone replace banks.

Banks are powerful financial institutions and the thing they have the most of is money and money. So what I'm thinking is, if they feel crypto is a threat or a necessity, they might even buy it and make it part of themselves. So forget the idea that banks will become obsolete because of crypto, or this technology or that.

[Abiky]

I’ve been thinking about how the financial world is changing.
Traditional banks still dominate global payments, but crypto keeps growing every year.

Some people believe banks will eventually become irrelevant as decentralized finance expands.
Others argue banks will adapt and become even stronger by integrating blockchain.

What do you think?

✔ Will banks slowly lose their power?
✔ Or will they evolve and stay essential in the future?

Curious to hear different perspectives from the community

This has already been discussed before. And the answer is NO. Banks will stay relevant even with crypto in play. We can see it now with the introduction of CBDCs (which are government-backed digital currencies). This will allow banks to stay in power for the foreseeable future. They will harness crypto's core Blockchain tech for their own benefit.

Hate to break it to you, but nobody cares about decentralization these days. Most people are only into crypto to make a lot of money (governments and banks included). As much as "disrupting" "De-Fi" may be, it won't be going anywhere soon. It will remain an alternative to the existing financial system for those who need it the most. I'm fine with that as long as we have a choice. Better something than nothing, right?

[ultrloa]

I’ve been thinking about how the financial world is changing.
Traditional banks still dominate global payments, but crypto keeps growing every year.

Some people believe banks will eventually become irrelevant as decentralized finance expands.
Others argue banks will adapt and become even stronger by integrating blockchain.

What do you think?

✔ Will banks slowly lose their power?
✔ Or will they evolve and stay essential in the future?

Curious to hear different perspectives from the community

This has already been discussed before. And the answer is NO. Banks will stay relevant even with crypto in play. We can see it now with the introduction of CBDCs (which are government-backed digital currencies). This will allow banks to stay in power for the foreseeable future. They will harness crypto's core Blockchain tech for their own benefit.

Hate to break it to you, but nobody cares about decentralization these days. Most people are only into crypto to make a lot of money (governments and banks included). As much as "disrupting" "De-Fi" may be, it won't be going anywhere soon. It will remain an alternative to the existing financial system for those who need it the most. I'm fine with that as long as we have a choice. Better something than nothing, right?

What can you expect towards that situation if he just do a research about this discussion for sure he will find out that its hard to see those situation he look forward to happen in future.

If you check on GPTzero OP always used Ai to generate some text to post. So its really irrelevant to answer his question because there's provably nothing to learn and OP provably won't reply to those opinions given by people.

People have long experience on crypto provably know that this coins will just remain an alternative and for sure it will not came on point that this could replace the fiat of certain countries.

[retreat]

People need to understand is that even if Bitcoin or other cryptos offer transaction speeds, security, or various other features that make banks outdated or less efficient, they still cannot fully replace the existing financial system, since banking is already integrated into the global monetary system and going against it is like going against the established order - something that is actually quite impossible, perhaps for now.

That's why I believe that even though Bitcoin may disrupt how value is stored and transferred, it will remain an alternative for people. Meanwhile, banks will adapt and integrate blockchain technology, offering custody of digital assets and other features that will keep them up-to-date.

[fuguebtc]

If you can't beat it, then join it. There's a possibility that banks will just integrate crypto or bitcoin transactions, if there will be rapid increase of bitcoin supporters in the society. But this is still too far from reality, as banks will definitely do everything just to get rid of bitcoin and encourage the people not to get attached with bitcoin.

Of course, those innocent people will agree without doubts. But for those who are well inclined on the usage and advantages of bitcoin, they will stick to bitcoin, but that does not also mean that they won't be using banks for good. Banks will be useful even in the future.

I believe the days of governments and banks opposing bitcoin are over. Instead, most banks now accept bitcoin and many have also started integrating bitcoin into their systems and allowing people to invest in it through their services.


What you say probably only happens in countries that still have a complete ban like China. But China does not represent the entire global banking industry, so we should also stop spreading the misleading claim that banks are still trying to get rid of Bitcoin. That is no longer true.

The government, banks and the crypto industry are looking for common ground to help each other grow and survive, and we should support that instead of continuing to cause unnecessary misunderstandings.


https://www.thestreet.com/crypto/investing/worlds-second-largest-bank-urges-clients-to-add-1-4-crypto-exposure

[Patikno]

✔ Will banks slowly lose their power?
✔ Or will they evolve and stay essential in the future?

No, banks always have a way to save this very profitable business for them, Banks are one of the businesses that can reap profits, and that is why many banks can survive for a long time, some even survive for more than a hundred years, other businesses besides banks probably won't be able to survive for that long. So, I think banks are reliable money printers, whether directly, or indirectly (if you know what I mean), and the integration that banks do with crypto is their way of surviving in terms of power, or their existence, and I think this is the evolve that the OP meant.

Honestly, I don't like the way banks integrate crypto, or especially to Bitcoin. Essentially, I don't like it when Bitcoin is integrated into anything centralized. I think it is too contrary to the concept of decentralization, which has the characteristics of freedom and privacy, without any third party that can interrupt.

[Nahl]

Obsolete or not people will always be use bank as their payment system that because this is their habit for years and it's not easy to changing the habit from fiat users to crypto users that's why until whenever crypto will never able to replace bank as payment system because basically the people didn't let it happend besides that the government who support bank will always encourage their citizen to used bank for the transaction because the government were benefited by this activities

But the government in this world cannot stopped the development of crypto even they should be support that and i believe in the future crypto and bank will walking together with bank as traditional payment system and crypto as the alternative and to make bank system better probably bank will evolve and the government will adopt blockchain technology into the bank although the process might be very complicated but some expert says this technology can make bank more stronger from security system

[Muba20]

✔ Or will they evolve and stay essential in the future?

Curious to hear different perspectives from the community

Many organizations may be afraid of using new technologies in the financial sector at the beginning, but over time, those fears disappear. Although there were various obstacles among people in accepting Bitcoin at the beginning, people's ideas about Bitcoin are gradually becoming clearer. Various companies have now come forward to invest in Bitcoin. Banks are also now understanding the benefits of using Bitcoin.

Bitcoin will now also be used in the banking sector for fast payments and secure transactions using lower fees. The governments of all countries have not yet allowed the use of Bitcoin, the reason why banks are not able to use Bitcoin despite their requests. Considering the advantages and disadvantages, we will see the use of Bitcoin in the banking sector in the future. Generally, banks will be able to survive by providing whatever service people want.

[Danica22]

Obsolete or not people will always be use bank as their payment system that because this is their habit for years and it's not easy to changing the habit from fiat users to crypto users that's why until whenever crypto will never able to replace bank as payment system because basically the people didn't let it happend besides that the government who support bank will always encourage their citizen to used bank for the transaction because the government were benefited by this activities

Using banks and fiat money is not only a habit but also a constraint and coercion from the government on us. Because in the end it is the government that controls this world, not us, the ordinary people. We are following their rules, but they are not serving us as they say.

But the government in this world cannot stopped the development of crypto

You think they can't stop crypto? I bet if the US issues a complete ban and other countries do the same, cryptocurrencies will soon be a thing of the past and no one will dare to mention it anymore, let alone use it. The government has the power to block cryptocurrencies if they wants, but the problem is it doesn't benefit them. Instead, they legalize them and enact regulations, and they collect a huge amount of tax.

[arzuo]

Bank never like crypto currency because Crytp BTC will destroy Bank soon.
If USA start to completed Ban crypto BTC then others country and big holder will get more opportunity to grab more
like Japan / Aus/ China/ Russia and whole of the world big rich and wheals grab more.

Noboy able to bank btc totally only then can avoid it, But if the do it they will lose always because btc already become public power and real public wealth and store of value where whole world public and internet with this blockchain decentralized system.

[Minor Miner]

Honestly, I don't like the way banks integrate crypto, or especially to Bitcoin. Essentially, I don't like it when Bitcoin is integrated into anything centralized. I think it is too contrary to the concept of decentralization, which has the characteristics of freedom and privacy, without any third party that can interrupt.

Do you want the government to continue banning bitcoin or legalizing it? Do you think bitcoin can achieve global popularity, and institutions and businesses will pour billions of dollars into it and push the price to $100k if the government bans it?

Likewise, banks integrating cryptocurrencies or bitcoins has both pros and cons. Everything has its price. Furthermore, while this goes against the philosophy of bitcoin, it does not affect the decentralized nature of bitcoin. So I see this as a welcome step, as bitcoin will definitely become more popular if banks integrate it and encourage people to use it.

[Gentle_Soul]

I’ve been thinking about how the financial world is changing.
Traditional banks still dominate global payments, but crypto keeps growing every year.

Some people believe banks will eventually become irrelevant as decentralized finance expands.
Others argue banks will adapt and become even stronger by integrating blockchain.

What do you think?

✔ Will banks slowly lose their power?
✔ Or will they evolve and stay essential in the future?

Curious to hear different perspectives from the community

If banks will become obsolete in the nearest future when crypto becomes domincile in the society?  This is a very critical and sensitive question to ask because looking at the place of the banks in the society it is very difficult to rule it out completely, don't forget that it is being controlled by the government who makes dicission on how this banks are managed and maintained so there are slim chances that the government will want to solely adopt crypto even if they are given the power to control crypto currency which is not posible . If traditional banks keep the ground with crypto holders they may still remain relevant

[Johnlomape]

The government needs the bank so unless the government falls Banks would remain. And crypto isn't challenging Bank especially with the birthing of scam coins by the day. Their major challenge is Bitcoin because it makes you a Bank and a banker bypassing the need for a traditional bank. Banks would loss some share of the market but they would have to adapt which can be seen now.

Of course that is right, I don't think the government will even want to negotiate anything for them to give in crypto because, they don't want anything that will stand as an obstruction to them or deny them of having their own percentage or depriving them of being in control, and that's why they are not in support of people to use Bitcoin, as it is build on a decentralized blockchain. Which has become their major challenge and since they are unable to handle it, they don't want to do anything with it. But, with the looks of things they might reconsider their decision, especially as people are easily adapting or accepting Bitcoin.

The government needs the bank to controls how money flows. The bank operates without Bitcoin and we have new seeing how the government will look for ways to make sure we use our Bitcoin in a way they can track our transfers. Can you stop that if that happens in the future? No, the government has the man power and the juridiction to move in any way that will help and protect civilians from external threats. The bank can advanced their system and relate everything to blockchain to bring transparency to the public.

[Bushdark]

People need to understand is that even if Bitcoin or other cryptos offer transaction speeds, security, or various other features that make banks outdated or less efficient, they still cannot fully replace the existing financial system, since banking is already integrated into the global monetary system and going against it is like going against the established order - something that is actually quite impossible, perhaps for now.

That's why I believe that even though Bitcoin may disrupt how value is stored and transferred, it will remain an alternative for people. Meanwhile, banks will adapt and integrate blockchain technology, offering custody of digital assets and other features that will keep them up-to-date.

The banking system is been operated by the government and there is no way the government is going to allow Bitcoin or other cryptocurrency to take away the banking system. If we have the power to do that, we must have looked for ways to ensure that the banking system is not as strong as the way they operate. If bank is not available or finally go aging, how will the government controls financial frauds like money laundering and other crimes? The bank will continue to operate and the government can only add crypto to the number of assets it can trade and allowed by customers to make deposit with so everything can be interwovened.

[Fiasem20]

Despite the rise of crypto in these digital age,banks cannot become obsolete completely.Even those enthusiasts that strongly believe that crypto will become the dominant currency in the future still promote the traditional banking system in one way or the other by registering an account with them and transacting money from their bank account.Inasmuch as the rise of crypto happens to be the talk of the day doesn't completely overshadow the traditional banking system because banks also play crucial roles in the economy by enabling payments, offering loans to individuals and businesses and lastly they provide insurance.Anyways, crypto primary goal isn't to replace the traditional banking system irrespective of the fact that it is outdated.

[Abiky]

The banking system is been operated by the government and there is no way the government is going to allow Bitcoin or other cryptocurrency to take away the banking system. If we have the power to do that, we must have looked for ways to ensure that the banking system is not as strong as the way they operate. If bank is not available or finally go aging, how will the government controls financial frauds like money laundering and other crimes? The bank will continue to operate and the government can only add crypto to the number of assets it can trade and allowed by customers to make deposit with so everything can be interwovened.

Banks and governments are powerful forces that simply can't be beat. They are the ones who have the final say in the state of the global economy. Not Bitcoin, nor any other decentralized cryptocurrency. Don't get me wrong. Bitcoin is great and all. But it will only serve as an alternative to the traditional monetary system. Not a replacement. Otherwise, governments will lose control over the economy giving a huge advantage to the people.

What governments are only interested into is the taxation benefits Bitcoin provides. Not the decentralized and censorship-resistant properties of the core Blockchain network. Eventually, banks and governments will launch their own digital currencies (aka CBDCs) declaring BTC and other cryptos "illegal" for mainstream use. At least, most countries will do this. We can never predict the future, so I'd hope for the best.

[Pi-network314159]

Some people believe banks will eventually become irrelevant as decentralized finance expands.
Others argue banks will adapt and become even stronger by integrating blockchain.

Bank will not completely become irrelevant but would work alongside with crypto currency. As the main aim of creating Bitcoin was not to dominate or replace fiat but to function as an alternative, But will work together

What do you think?

✔ Will banks slowly lose their power?
✔ Or will they evolve and stay essential in the future?

1. With the look things, it looks like bank will lose it relivance due to their slow transaction, depreciation of fiat due to infuation and stress in making borderless transaction. But despite everything it will still work effectively because it is a centralized, government will always use it for their selfish interest as a way of deducting tax fee  from sms charge an all that. But in blade centralized they can't do that. Government have the right to freeze your account at any given time in the centralized system but in Blockchain technology you can not just freeze anyone account.

2. It's a matter of probability yet uncovered.

[impulse709]

The banking system is been operated by the government and there is no way the government is going to allow Bitcoin or other cryptocurrency to take away the banking system. If we have the power to do that, we must have looked for ways to ensure that the banking system is not as strong as the way they operate. If bank is not available or finally go aging, how will the government controls financial frauds like money laundering and other crimes? The bank will continue to operate and the government can only add crypto to the number of assets it can trade and allowed by customers to make deposit with so everything can be interwovened.

Banks and governments are powerful forces that simply can't be beat. They are the ones who have the final say in the state of the global economy. Not Bitcoin, nor any other decentralized cryptocurrency. Don't get me wrong. Bitcoin is great and all. But it will only serve as an alternative to the traditional monetary system. Not a replacement. Otherwise, governments will lose control over the economy giving a huge advantage to the people.

What governments are only interested into is the taxation benefits Bitcoin provides. Not the decentralized and censorship-resistant properties of the core Blockchain network. Eventually, banks and governments will launch their own digital currencies (aka CBDCs) declaring BTC and other cryptos "illegal" for mainstream use. At least, most countries will do this. We can never predict the future, so I'd hope for the best.

I concur with your argument that even in the near future, banks and governments cannot be fully substituted with Bitcoin or other cryptocurrencies. The traditional financial institutions are extensively part of the economy and the governments use them to regulate, tax and curb the financial offenses. The use of cryptocurrencies is unlikely to replace the current system; therefore, it will become an alternative or complementary system. Cryptos cripple banks and governments to get creative, however, and this is why we already have interest in CBDCs. Although BTC and other decentralized assets have such unique benefits as censorship resistance, they will probably not completely substitute traditional banking but will co-exist with it.