Will banks become obsolete in the crypto future?

[JaredIbrahim]

Nah, banks won't go extinct, but they're getting a major forced upgrade.

Here's the real tea: crypto isn't here to delete banks—it's here to force them to finally evolve. Banks right now are like old, slow taxis, and crypto is the ride-share app that just showed up.

They won't become obsolete because most people still want the custodial service. Not everyone wants to be their own bank with 24/7 security stress. Banks will morph into "crypto service providers"—offering custody, on-ramps, and yield products, just built on new rails.

Their old monopoly on moving money? That's dead. Their role as a trusted (and heavily regulated) vault for both digital and traditional assets? That's their new business model. They're not becoming obsolete; they're being forced to actually compete and provide real value for the first time in decades. The future is banks adapting to crypto, not the other way around.

[Iranus]

Banks have no role they play when it comes to the future of bitcoin, because the entire system in the commercial banking system is what the people go against, which is corrupt and does not have the privilege of being in control of what belongs to us, this freedom which is what the people want to have and achieve in their financial economy, it's better the banks becomes so obsolete in the nearest future than bitcoin users becoming more frustrated when they are more relevant to use in it adoption.

I know banks have drawbacks and many of us don't like them, which is why we chose bitcoin as an alternative. But the truth is that most people are still happy with the bank, only a few are looking for ways to fight against it.

Furthermore, it must be acknowledged that banks play a more crucial role in the economy than Bitcoin or any other decentralized system. The economy would remain the same without bitcoin, but would descend into chaos without banks.

Therefore, whether we like it or not, we must acknowledge that banks will not become obsolete and their role will be more important than any decentralized financial system.

[Olatundespo]

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

Traditional banks are expanding their reach to make it easier for their customers. We have been adopting online banking services for a few years now, but it has been further enhanced and developed and developing countries have already introduced cashless services. The multifaceted application of blockchain technology is being expanded. Although the Bitcoin financial system is not integrated with the banking system, it is strengthening its position as an alternative financial system.

Banks are centrally managed by the government of a country so the financial system of a country is controlled by the central bank. Fiat is a relevant issue because there is an all-out effort to strengthen the centrally managed financial system. Although citizens of countries are adopting alternative systems to protect their money from depreciation, this alternative financial effort will only increase.

[ndutndut]

Banks have no role they play when it comes to the future of bitcoin, because the entire system in the commercial banking system is what the people go against, which is corrupt and does not have the privilege of being in control of what belongs to us, this freedom which is what the people want to have and achieve in their financial economy, it's better the banks becomes so obsolete in the nearest future than bitcoin users becoming more frustrated when they are more relevant to use in it adoption.

As Bitcoin enthusiasts we would certainly say so. However achieving this is not easy. Every country certainly doesn't want its fiat currency to become obsolete and replaced by Bitcoin. That's also why many countries have consistently criticized Bitcoin but they have failed and slowly accepted and adopted it.

However fiat currency will always play a role because it is part of the state. Even though as you said, the banking system is very bad even corrupt, and so on which makes people increasingly disgusted with it replacing fiat with Bitcoin is difficult. Bitcoin will remain an alternative to fiat currency, both for investment and as a hedge.

[Furious 7]

It's hard to take this as a leap of faith because even if bitcoin is adopted by many including some countries but the banks will still stand tall because the economic system that has been created by the government or the more powerful people will not be able to abandon fiat and banks in the end so they might just work around that fiat is still running but look for another momentum for a little profit from bitcoin.

We now know how much the government regulates to create a little bit of pressure for them to know what we as ordinary people are doing in the crypto that they have in the exchanges that are definitely centralized and the tax rules that have been set in the last few years.
Maybe for now the intensity or dependency of some of us on fiat is lessening and not as dependent as before but that is only a small part of the vast majority who are still stuck with the centralized system that exists now.

[barbara44]

Banks have no role they play when it comes to the future of bitcoin, because the entire system in the commercial banking system is what the people go against, which is corrupt and does not have the privilege of being in control of what belongs to us, this freedom which is what the people want to have and achieve in their financial economy, it's better the banks becomes so obsolete in the nearest future than bitcoin users becoming more frustrated when they are more relevant to use in it adoption.

Banks are not going anywhere, and the sooner we Bitcoin and cryptocurrency users get this, the better it will be for us, because despite all their shortcomings, we can't go completely against the banking system and the banks because we need them, Bitcoin or any cryptocurrency are not going to replace the current financial system, but they are only always going to be alternative ways of making payments or keeping money, and no one can change that as long as governments and democratic systems exist.

Do you think that the governments are going to allow losing complete control over the financial system of their country by allowing the banks to go extinct and letting Bitcoin or cryptocurrencies take over? If a government is being a little friendly and allowing the use of cryptocurrencies within the country and making them legal, that is much better than them being completely against them and banning their usage completely.

[Z_MBFM]

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.

Crypto can provide a digital economic system but the role of banks in every country will never end. Maybe now banks transact cash but in the future every country will create their own digital currency and people will use them but banks will regulate those currencies. For example China has launched their digital coin and people all over the country use that digital currency to complete various payments. But that does not mean that the introduction of banks in China has ended rather the banks are getting stronger. So Bitcoin can play an important role in the whole world but it cannot stop the introduction of banks.

[Mehmet69]

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

In my opinion, banks and crypto are particularly related to each other. No matter how much the demand for crypto increases in the future, banks will remain as normal as they are now.

It is true that the demand for crypto will increase more in the future. But, crypto is still very unstable. Stable currency is a good option for general use. It is possible to control the market. A stable currency is needed to maintain transactions, people's needs and unity. Stable currency can be considered as fiat currency. Which is easy and convenient to use.

In the future, the demand for crypto will increase more as a new source of income for people. As a result, it can be assumed that banks will strengthen the bond between crypto and fiat.

So, I think fiat or banks will never suffer for crypto. It will become stronger.

[LGD2Business]

Banks will not lose their power. At least in our lifetime, this will not be possible. I can't predict what will happen in 3-4 generations. The fact is that the economy is evolving along with Bitcoin. Banks are adapting to this. They are finding ways to profit from it. In fact, thanks to Bitcoin, anyone who wants to can protect their money from inflation like their own bank, but many people find this complicated. Banks still inspire trust in people. They say, "Entrust your money to us, we'll manage it and we'll give you a small amount of interest". People trust this and leave their money with them. I don't think this system will change anytime soon.

[pliego]

Banks will not lose their power. At least in our lifetime, this will not be possible. I can't predict what will happen in 3-4 generations. The fact is that the economy is evolving along with Bitcoin. Banks are adapting to this. They are finding ways to profit from it. In fact, thanks to Bitcoin, anyone who wants to can protect their money from inflation like their own bank, but many people find this complicated. Banks still inspire trust in people. They say, "Entrust your money to us, we'll manage it and we'll give you a small amount of interest". People trust this and leave their money with them. I don't think this system will change anytime soon.

seen a lot of banks failing lately though, if the "safety" they promise keeps disappearing, even the "lazy" people will be forced to learn how to use a ledger

[HONDACD125]

Banks will not lose their power. At least in our lifetime, this will not be possible. I can't predict what will happen in 3-4 generations. The fact is that the economy is evolving along with Bitcoin. Banks are adapting to this. They are finding ways to profit from it. In fact, thanks to Bitcoin, anyone who wants to can protect their money from inflation like their own bank, but many people find this complicated. Banks still inspire trust in people. They say, "Entrust your money to us, we'll manage it and we'll give you a small amount of interest". People trust this and leave their money with them. I don't think this system will change anytime soon.

It's not only about banks adapting, but it's also about those who are in control, because they are not just going to let Bitcoin and other cryptocurrencies replace the current financial systems; they will let them stay as long as they feel they are in no way going to harm their authority over the financial sector, and if they feel threatened, like they did in the initial stage when Bitcoin first started getting traction, they will make sure that they take Bitcoin and all other cryptocurrencies as far from us as possible, so in essence, it is generally not going to happen regardless how the banks themselves see the situation.

So, banks will absolutely not go extinct, and those of us who have the slightest wish for it to happen, we should ease our expectations, and accept the fact that Bitcoin and cryptocurrencies are obviously here to stay, but they are not here to replace the current financial system of the world, they will only go side-by-side and we should treat them that way as well. We shouldn't have very high expectations for something that has almost zero chances of happening, because those in control won't let it happen, ever.

[coolcoinz]

They will evolve.

Now, there are 2 kinds of banks: private and central. IMO private banks have their use and many people would never chose cryptocurrency just because it makes them feel unsafe or whatever. Central banks on the other hand are nothing but scam institutions. They steal from you by printing money, adjusting rates, making rules for other banks to follow. Central banks are above the law or we could say the laws are made for them. People should stand up against the FED and similar institutions around the world.

[Findingnemo]

✔ 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 already evolved and launched their CBDC in most countries so they are trying to stay relevant with the blockchain technology but bitcoin or crypto is different when it comes to decentralization which people can adapt if they think it is the future but so far bitcoin is not seen as currency but only as an asset so we trade more often and hold rather than using it to purchase anything.

Will that change and people use bitcoin to purchase, hopefully that is the whole point.

[Vaculin]

Clearly speaking, they will continue to evolve with crypto in the future. The government won't let the banks fail on the process, so they will do everything to keep the banks stay essential to the people, even to the extent of integrating crypto in its bank services so that these crypto fanatics will continue to trust banks too.

And realistically, even if cashless payment becomes the trend, the people will still be needing the banks assistance, so its as good to say that banks will probably for good, and will never be obsolete in the near future.

[Churchillvv]

Currently there is a platform that just posted that they are going to put in a bitcoin or crypto option in their payment platform, the has been a controversial argument about that on X. Just because of this announcement I have discovered that banks are going to be stronger soon since the government are involved in bitcoin, it’s not obvious but it’s become very obvious and will be clear soon.

This has been the target of government to be able to put bitcoin into the fiat kind of position just that it’s another form of money.

[Abiky]

Currently there is a platform that just posted that they are going to put in a bitcoin or crypto option in their payment platform, the has been a controversial argument about that on X. Just because of this announcement I have discovered that banks are going to be stronger soon since the government are involved in bitcoin, it’s not obvious but it’s become very obvious and will be clear soon.

This has been the target of government to be able to put bitcoin into the fiat kind of position just that it’s another form of money.

You mean putting Bitcoin in the same position as Fiat? That might as well be the governments' plan as they try to add BTC to their balance sheets. We're already seeing institutional investment companies amassing a large portion of the circulating supply. If they hold most of the Bitcoin, governments will be able to control who buys or sells it. In other words, you won't be able to "own" a BTC if you don't comply with KYC/AML. Trying to get BTC through a DEX or in a P2P manner will be almost impossible because most of the supply will be in the hands of the aforementioned entities.

I guess banks already won. And the situation is going to get worse with the launch of CBDCs worldwide. I'd say banks will never become obsolete as long as governments exist. It has always been their game. They will do whatever they can to prevent Bitcoin from taking over the world. Just you wait and see.

[X-ray]

From how things going so far and how much venture capital actually put money into some of the altcoin blockchain for settlement with fiat. Bank is evolving. They're laying the foundation for it bricks by bricks and they're still in early stage now.

There are always some random project founder with good venture capital backing that propose to bring in tradfi capital and companies to their blockchain. Last time I see they are trying to use fiat as a gas for their blockchain through stablecoin.

Yeah, it's evolving.

[Publictalk792]

From how things going so far and how much venture capital actually put money into some of the altcoin blockchain for settlement with fiat. Bank is evolving. They're laying the foundation for it bricks by bricks and they're still in early stage now.

There are always some random project founder with good venture capital backing that propose to bring in tradfi capital and companies to their blockchain. Last time I see they are trying to use fiat as a gas for their blockchain through stablecoin.

Yeah, it's evolving.

That is quite smart point that shows how difference between regular banks and crypto is beginning to fade. You are correct in saying that banks are no longer ignoring this technology instead, they are using venture capital to build foundations on blockchains that they can trust to send money. One of largest parts of this change is payment of transaction fees with fiat backed stablecoins, which makes process of big companies using blockchain much easier without them being needed to hold risky crypto coins. With further development of banks, we are heading to future where blockchain will work in background to allow making payments faster, even though users may not even know that they are using it. It is thrilling time to see these building blocks being put in place by project founders and large investors.

[lizarder]

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.

Why don't we consider that banks and crypto can coexist in the future without having to undermine each other? Isn't what we hope for an alternative to every problem that arises from banking? Banks are controlled by central banks, which are also controlled by governments, so they will try to maintain that system. Do we think they will try to undermine that system because some believe banks will no longer be relevant in the future, and even now they are already innovating by integrating several services to make things easier for their customers?

The steps they will definitely take will be to continue adapting because it is impossible for the banking system to collapse if the people within it still use fiat currency. I think we will continue to see banking in the future, although there will be innovations they will try to develop. I also believe this system will continue to exist as long as the government remains present in the process of a country's journey unless a major revolution occurs regarding fiat currency.

[Churchillvv]

Currently there is a platform that just posted that they are going to put in a bitcoin or crypto option in their payment platform, the has been a controversial argument about that on X. Just because of this announcement I have discovered that banks are going to be stronger soon since the government are involved in bitcoin, it’s not obvious but it’s become very obvious and will be clear soon.

This has been the target of government to be able to put bitcoin into the fiat kind of position just that it’s another form of money.

You mean putting Bitcoin in the same position as Fiat? That might as well be the governments' plan as they try to add BTC to their balance sheets. We're already seeing institutional investment companies amassing a large portion of the circulating supply. If they hold most of the Bitcoin, governments will be able to control who buys or sells it. In other words, you won't be able to "own" a BTC if you don't comply with KYC/AML. Trying to get BTC through a DEX or in a P2P manner will be almost impossible because most of the supply will be in the hands of the aforementioned entities.

I guess banks already won. And the situation is going to get worse with the launch of CBDCs worldwide. I'd say banks will never become obsolete as long as governments exist. It has always been their game. They will do whatever they can to prevent Bitcoin from taking over the world. Just you wait and see.

I will agree with you to an extent yes because obviously they are doing everything in their capabilities to put everyone to comply with KYC/AML and that has been a very serious threat to me and I have advocated this that it’s getting to a point where you will never be private and if you ever try that you will immediately get in trouble. In the recent events you can see people complaining that they are getting their coins confiscated because it’s coming from a coinjoin or anything that removes the trace to the source of coins, yet it’s becoming normal and people are sitting on it with relaxation.

But one thing is certain no matter what those who knows true privacy will always figure out how to protect themselves from government interference.