Will banks become obsolete in the crypto future?

[PrivacyG]

Banks will never 'lose' their power in the face of Bitcoin.  Or at least not a significant part of it.  The general population is educated to like Banks, to serve, to give their hard earned Money to the Banks, to listen to every thing the Government says.  I have yet to hear about a public school that educates its pupils to like self governance and Decentralization.

They will not 'evolve' either.  The only thing they are evolving is a way to pull all the rights from us slowly under the name of Safety, Security et cetera.  The Banks combined with Digital Fiat will become full surveillance ledgers.  If you call this evolution then do you, to me it is regression.

If they will ever use Blockchain for any thing, it will most likely be internally OR it will be a Centralized Blockchain under their control.  I would be really surprised if a Bank allowed its customers to use a Decentralized Blockchain instead, it would not serve the scopes of a Bank.  They will 'adapt' as in, they will do any thing to stay relevant and to make them selves look better, more convenient, more attractive than a Decentralized Blockchain like Bitcoin.

In my opinion.  Not much will change, Banks will continue to have this strong hunger for greed and power while a handful of people will choose Bitcoin and run away.  Percentage wise, I doubt it will ever be a permanent significant change.

[henry_of_skalitz]

They will use the new tech like a new toy in their playground, to maximize the profits and the control of those that rely on their services, I don't see nothing more to it and that they will become less relevant from where they are now.

[GeorgeJohn]

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

It's obvious that bitcoin has gotten enough popularity, and I believe with It's massive adoption that'ss why bitcoin will continue to gain more traffic in future.

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

Banks can't be irrelevant, because in our daily activities people makes use of traditional currency for buying and selling of goods and services, so it's in the bank that traditional currency is been given out to reach the masses....secondly people are still having the doubts that decentralized methods of currency is fake, especially those who are aged

[Uhwuchukwu53]

No not possible but more collaboration is possible where bank can trade on crypto more if the policy and laws of many nations permit through regular adoption. Besides not everyone can get access to crypto mostly those who lack the computer age understanding except such generation has passed out where people are fully educated towards crypto and more technical and technological know how is developed to fit in both literate and illiterate. But I for see more of bank having option of selling crypto asset to investor in future, either through direct investment or indirect, futuristically it can be possible that one can take load on bank using an already holding crypto asset as collateral that's my view.

[Ayers]

Despite having decentralized finance, do people care about it? nah.

Most people are using decentralized asset in centralized way, decentralization isn't important because they like to trust their money to a central authority. Banks high likely will keep exist even Bitcoin have been accepted in everywhere.

There is a harsh truth that many people dare not admit. They will always talk about decentralized finance, privacy and say that bitcoin is revolutionary. But in reality, not many people actually use bitcoin for that purpose, most are only interested in the profits it brings. Most people just use it as a speculative asset with the sole purpose of making a lot of money and becoming rich.

Maybe not 99% but I would guess that number is no less than 90% of investors are using centralized exchanges, centralized services to store, buy and sell their bitcoins. Or at the end of the day, when they reach their profit target they will also convert it all into fiat.

So banks becoming obsolete or decentralized finance becoming dominant will never happen. That scenario will never come true.

[Mpamaegbu]

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

I'm of the opinion that banks aren't going away. Cryptos can't replace banks. It's never going to happen. I've my reasons for holding that view. Chiefest among my reasons is that as long as successful Bitcoin transactions still rely on the internet to happen, eradicating banks won't be possible. There are forever going to be people who won't have internet. The world is still struggling to ensure the global space is lite with electricity first, let alone the Internet. Again, banks aren't going to fold their hands without innovating too as the world grows wiser. I see banks evolving too to meet modern demand in alignment with Blockchain tech. The worse that can happen is that both banks and cryptos exist side by side like it's now.

[PrivacyG]

among my reasons is that as long as successful Bitcoin transactions still rely on the internet to happen, eradicating banks won't be possible. There are forever going to be people who won't have internet.

Even if you could use Bitcoin offline it would still not eradicate Banking.  It takes a few stories such as people losing their Bitcoin and no body else being able to recover it for them and they will quickly realize Banking is 'better'.  The society is in my opinion definitely not ready for being under the control of their own Assets.  They could be if they had an interest for it, but they do not seem to have any.

[AprilioMP]

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

Banks are involved in distributing profits to the government. The government is the creator and manager of the system. Will banks slowly lose their power, no. Banks will continue to exist as long as profits can be made by the government. The Bank continues to try to evaluate and keep up with current developments. It is possible that banks are secretly trying to achieve the power of blockchain.
Banks now support digital payments and that is proof that they continue to evolve with the times.

Banks with fiat money will continue to exist in the future.

[melinoe]

Great question, OP. Sadly, I don't believe banks are going away in the near future, for one simple reason. Everything becomes increasingly subscription-based lately - Spotify, Netflix, Windows... even your car likely has subscription-based components now. Unfortunately, it feels like even in the case of total hyperbitcoinization most people will use some custodian to manage their money. Even worse if it is going to be forced upon everyone legally and bitcoin transactions between private individuals will be outlawed. ¯\(ツ)/¯

Welcome to the forum, I guess

And I agree.. But those that know their business will stay away from such services as far as they can.

[bitLeap]

What do you think?

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

Actually, bank have gradually adapted but the process will not be fast because they need a system that they can still control in order to maintain the existence of banks as the main center of finance in every country. If they don't manage to adapt, they will be destroyed and even abandoned. Every period since the emergence of banks can still survive, so in the future it is possible that they can find the right solution.

[Jegileman]

Conventional banks in my country are already becoming obsolete and irrelevant when fin tech banks took over. Their system of operation has now become very old and most of them don’t really operate properly and smartly as fin tech banks does. Maybe these banks stands at a more competition on them than the use of cryptocurrencies as a competition. Crypto has been evolving and the banks are already seeing them as another big competitor whereas it was never built to serve as a competition or to replace it but rather as an alternative to the traditional banks. Crypto replacing banks in the future is not certain but time will tell how things will become in the future.

[betswift]

What do you think?

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

Actually, bank have gradually adapted but the process will not be fast because they need a system that they can still control in order to maintain the existence of banks as the main center of finance in every country. If they don't manage to adapt, they will be destroyed and even abandoned. Every period since the emergence of banks can still survive, so in the future it is possible that they can find the right solution.

Tying everybody's KYC to the crypto assets the person will hold is the way to go for them for the initial times, imo, it's no different from CEXes.

[summonerrk]

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

Banks are an extremely powerful sector of the economy, and business in general is always very developed and competitive. In the country where I live, banks are constantly stepping up their research into trends, and they've already thoroughly explored the cryptosphere. Many of them are experimenting with blockchain.
Even banks that aren't in the top three are still strong. I've also heard that in this field, they constantly fire slackers and hire only the best of the best: bankers, programmers, and lawyers. Therefore, the best students go there, and this provides banks with an influx of qualified talent.

[fikrett]

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

Banks are an extremely powerful sector of the economy, and business in general is always very developed and competitive. In the country where I live, banks are constantly stepping up their research into trends, and they've already thoroughly explored the cryptosphere. Many of them are experimenting with blockchain.
Even banks that aren't in the top three are still strong. I've also heard that in this field, they constantly fire slackers and hire only the best of the best: bankers, programmers, and lawyers. Therefore, the best students go there, and this provides banks with an influx of qualified talent.

I too don't see this so-callled downfall of the banking because crypto is there.

They both will coexist and intertwine with one another, banks would never just let go of the people that they are tied up to.

[Mpamaegbu]

The society is in my opinion definitely not ready for being under the control of their own Assets.  They could be if they had an interest for it, but they do not seem to have any.

It's even a lot of work trying to look over one's shoulders everytime one passes on the way, trying to make sure no one backstabs one; literally speaking, anyway. That's how I see being custodians of our assets. It bugs the mind to always think anything could go wrong once we forget our passes or someone else hacks them. If it were to be with Cexs (yeah, I know all the "not your keys, not your coins" thing), we only need to remember a registered email in case we forget our password. People don't easily forget emails, do they? My point is this – both Cexs and Dexs all have their own shortcomings.

[Bitcoin Maxi]

Banks won't loose its power. Traditional banking is a centralized system and am sure the government will always do everything to retain it.
Although we are in an evolving world, most people seem to still prefer traditional banking.
So instead for bank to be obsolete, they might partner with crypto firms or  they evolve by either adapting or tapping into new opportunities.

[Agbamoni]

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

Traditional banks are old school. People now prefer to use a crypto or microfinance bank that supports internet banking 24/7. No one wants to visit the traditional bank anymore. Gradually, they are becoming a thing of the past, unless they evolve. But the only way to evolve is if they include digital technology like blockchain tech into their system of operation. Although I heard some banks now accept crypto payments.

[davis196]

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

NO. The banks won't become obsolete. The people and the companies still need loans. The world runs on debt. Fractional reserve banking is an addiction. More and more fiat money are created out of thin air and injected in the economy, pumping the prices of everything and increasing the debt slavery. Debt is the perfect form of slavery, because it's addictive. Crypto cannot replace a system that relies on debt.
Why would the banks integrate blockchain technology? Is blockchain technology better than the current fiat payment infrastructure?
We were discussing blockchain being implemented everywhere 10 years ago. What happened in the last 10 years? Was blockchain technology adopted by any industry outside the crypto world?

[0x000369]

lol no way banks are dying anytime soon bro

people here keep dreaming about hyperbitcoinization and everyone running their own node and self custody 
reality check: 95% of humans want someone else to hold their keys so they can blame that someone when shit hits the fan 

look at coinbase right now 120+ million users most of them never moved their btc off the exchange 
same with binance same with revolut same with paypal 
people LOVE custodial shit because its easy and mommy government told them banks are safe since kindergarten 

even if bitcoin goes to 1 million tomorrow most normies will just open a bitcoin savings account at chase or deutsche bank and call it a day 
banks already buying btc by the billions (microstrategy is basically a bank at this point lmao)

at best banks lose the "store of value" game completely (nobody keeps fiat in savings account when btc gives 100% every cycle) 
but loans mortgages salary payments cross border for poor countries that will still go through banks forever 
theyll just slap blockchain on it call it innovation and keep printing euros on top of it 

so yeah banks evolve they dont die the only thing becoming obsolete is the idea that banks become obsolete 

[john_egbert]

lol no way banks are dying anytime soon bro

people here keep dreaming about hyperbitcoinization and everyone running their own node and self custody 
reality check: 95% of humans want someone else to hold their keys so they can blame that someone when shit hits the fan 

look at coinbase right now 120+ million users most of them never moved their btc off the exchange 
same with binance same with revolut same with paypal 
people LOVE custodial shit because its easy and mommy government told them banks are safe since kindergarten 

even if bitcoin goes to 1 million tomorrow most normies will just open a bitcoin savings account at chase or deutsche bank and call it a day 
banks already buying btc by the billions (microstrategy is basically a bank at this point lmao)

at best banks lose the "store of value" game completely (nobody keeps fiat in savings account when btc gives 100% every cycle) 
but loans mortgages salary payments cross border for poor countries that will still go through banks forever 
theyll just slap blockchain on it call it innovation and keep printing euros on top of it 

so yeah banks evolve they dont die the only thing becoming obsolete is the idea that banks become obsolete 

Agreed through and through.

Fiat gods won't be forgotten, they will just adapt and push their influence to the blockchain and wrap their usual services into it as you said.