Will banks become obsolete in the crypto future?

[Oluwa-btc]

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.

Banks won’t disappear but they'll be forced to upgrade or their role will shrink and change significantly in a crypto-driven future.There're ownership factors and security regulations that banks would significantly be relevant for as time goes on,like accounts recovery since they act as a bridge between the government and people.And crypto can't replace that yet.

[Antona]

Evolve and shrink  they wont disappear, but their monopoly on moving and storing value is already broken. Their future is as regulated service providers for a crypto-based system, not as the system itself Think of them like ISPs necessary for access, but not controlling the internet itself.

[ericagerb]

Agreed. Banks are unlikely to disappear, but their role will definitely evolve. Custody, recovery, compliance, and acting as an interface with regulators are areas where they’ll likely remain relevant, while crypto pushes them to modernize rather than replace them outright.

[WhoYouCantKill]

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.

Banks won’t disappear but they'll be forced to upgrade or their role will shrink and change significantly in a crypto-driven future.There're ownership factors and security regulations that banks would significantly be relevant for as time goes on,like accounts recovery since they act as a bridge between the government and people.And crypto can't replace that yet.

That’s right. Inasmuch as crypto is most likely the future of finance, the fact still remains that there are certain things it will leave unsolved. Due to the fact that crypto operates on a decentralized system and self custody, it’ll definitely leave the issue of recovery, regulatory coordination and legal identity unsolved, and until crypto is able to fill in those gaps, banks will still be relevant as long as financial services is concerned.

[FortuneFollower]

Agreed. Banks are unlikely to disappear, but their role will definitely evolve. Custody, recovery, compliance, and acting as an interface with regulators are areas where they’ll likely remain relevant, while crypto pushes them to modernize rather than replace them outright.

They have the user base and funds to back it all up.

Crypto is just a new way of making funds for them.

[Webutxo]

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.

The banks are controlled by the government, there existence will be here till when they like and I can tell you that there is nothing that can threaten the existence. You see Bitcoin, it has the power to make changes to the financial system of the government, this is what they don't like Bitcoin to do, this is why I don't really trust the symbiosis relationship the government has been forming since they see Bitcoin price is everywhere.

The central bank make amendments of policies everytime, even the way you see they have been friendly, they have never for once made an announcement that they see Bitcoin as superior to Gold. They will never do that to belittle Gold reserve, we all know what we are doing.

[yudi09]

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

My perspective, as someone who can only use fiat currency and does not have a private bank, is that fiat banks will evolve in line with increasingly sophisticated developments. The power of fiat banks still exists and will continue to rule over customers because all the rules belong to them and customers like me are required to comply with the system they have created. Control does not lie with me as a customer, but with them. They are the ones who act as masters over customers.
This is all because digital currency cannot be used in the same way as fiat currency. One area where they have evolved is digital payments.

[Ojima-ojo]

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

The world we currently live in isn't ready to become a crypto-only world where buying and selling and every other forms of transactions will all be settled in bitcoin or other types of crypto, and this is because whether we believe it or not, fiat is still very much relevant and important and will continue to exists and act as a major form of exchange for a very long time to come from now.
And the reason for this is because we still have aged people, uneducated people who may or will never understand how to use smart phones let alone how to set up and manage a bitcoin wallet, this type of people are all over the world and for their sake, I do not think bitcoin adoption can come to a level where it will act as the major means of paying for goods and services, it will always act as an alternative for a much long time from now.

[Antona]

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

The world we currently live in isn't ready to become a crypto-only world where buying and selling and every other forms of transactions will all be settled in bitcoin or other types of crypto, and this is because whether we believe it or not, fiat is still very much relevant and important and will continue to exists and act as a major form of exchange for a very long time to come from now.
And the reason for this is because we still have aged people, uneducated people who may or will never understand how to use smart phones let alone how to set up and manage a bitcoin wallet, this type of people are all over the world and for their sake, I do not think bitcoin adoption can come to a level where it will act as the major means of paying for goods and services, it will always act as an alternative for a much long time from now.

Fiats not going anywhere soon, agreed. But saying Bitcoin will only ever be an "alternative" might undersell it. It could become the base layer for value, like gold was, while fiat and digital systems act as the daily spending layers built on top of that standard. Different roles, not just an alternative.

[Swordsoffreedom]

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.

Banks won’t disappear but they'll be forced to upgrade or their role will shrink and change significantly in a crypto-driven future.There're ownership factors and security regulations that banks would significantly be relevant for as time goes on,like accounts recovery since they act as a bridge between the government and people.And crypto can't replace that yet.

Banks are forced to upgrade and need to change, but not because of the emergence of cryptocurrencies. They have been doing this for hundreds of years to adapt to technology, the development of the world, and social needs. Therefore, I believe that banks will not only not disappear, but their power and role will not diminish simply because of the development of cryptocurrencies.

Banks are more than just financial intermediaries. They are also closely tied to the legal system, monetary policy, and economic regulation, and these are things that cryptocurrencies can handle. Therefore, I'm thinking in a different direction, instead of saying that cryptocurrencies threaten banks. I think that crypto can be absorbed and integrated into the system, and become part of the banking system in the future.

[Pauldesaints]

Bank will evolve and stay essential to render there traditional services to the society and government.its pertinent to note that not every country accept Bitcoin as means of payment for goods and services,also our illiterate parents would always engage the services of bank for there daily transactions,so in all bank will never go obsolete in future

[laspol65]

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 finance capitalism is not obsolete, it will last for a long time, because banks will help you financially and give you loans. After giving you loans, they will set the interest themselves and they will also set the duration and take interest in return. See, as long as people survive, these banks will continue to control their domestic currency, because banks play a big role in meeting people's needs and taking risk management by taking interest in return. So banks will remain popular.

[Tinubu]

For me I think Banks will be fully functional...but they'll have to change in the way they operate...the reason I said banks will be fully functional is....
...most people are too scared to manage their crypto...(Via passwords and security)...for them it's too risky...and besides laws and the governments are still working mainly with the commercial Banks....

....also commercial Banks does what crypto can't easily do.....Banks can give loans...Banks can help out if you got scammed...and you can easily call the bank for any issue related to your account...and they'll respond..☺️


But then...the banks will have to change in the way they operate...already i think most banks have already started to offer crypto services like the (Quontic Bank and Ally bank) and many more....these banks offer crypto services.. instead of fighting against it....and they might probably offer both regular money services and crypto services together....which will make things both easier and cheaper....☺️

[Antona]

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 finance capitalism is not obsolete, it will last for a long time, because banks will help you financially and give you loans. After giving you loans, they will set the interest themselves and they will also set the duration and take interest in return. See, as long as people survive, these banks will continue to control their domestic currency, because banks play a big role in meeting people's needs and taking risk management by taking interest in return. So banks will remain popular.

True, traditional finance is entrenched but "lasting a long time" doesnt mean unchanged banks may adapt to using Bitcoin as a reserve asset, offering crypto-backed loans etc. Their popularity might remain but their power structure could evolve if people start opting out of fiat savings its not a binary switch.

[Dunamisx]

Time will tell, but for now, we may stand to watch how things unfolds with each other between how the people accept and understand the use of bitcoin to that of fiat now and in the future.

banks may also exist, but the relevance and value given may not be as before as the goes, because there is already a major shift taking place, whereby a  number of people are leaving a centralized network for a decentralized one with bitcoin.

[Swordsoffreedom]

banks may also exist, but the relevance and value given may not be as before as the goes, because there is already a major shift taking place, whereby a  number of people are leaving a centralized network for a decentralized one with bitcoin.

Conversely, I think the importance and value of the banking system will remain the same and will remain unchanged. Because the reality is that there is no indication that users are completely abandoning centralized networks and switching entirely to decentralized networks like Bitcoin.

People are simply diversifying, they still use banks for everyday needs, payments, and loans. Meanwhile, they allocate a portion of their assets to Bitcoin as a store of value or hedge against risk, similar to what they have done with gold and stocks. There is no transition from a centralized to a decentralized system as you are saying.

Have you stopped using banks and centralized services and switched entirely to using bitcoin?