It's starting, the dreamed future is playing out

[tbct_mt2]

It is impossible for crypto to take over all transactions to the point of eliminating banks, because not all will use bitcoin, banks will still be protected by the government until when because they have control.

Not all people will want to use Bitcoin and governments will not allow it to happen too. There are governments, there are centralized power and there are central banks which have fiat curencies in cash or CBDCs in the future, which will request business companies and citizens to use their governmental currencies mandatory in some services related to the government system.

Governments will not allow it to happen while even it is allowed, the bigger barrier belong to citizens. Not all citizens are ready to use Bitcoin, and it is like all things in life and societies, there are people like Bitcoin and the other dislike Bitcoin.

Bitcoin adoption in the community is not a thing that can be done by command from governments or any entity. It's freedom for everyone to use or refuse to use Bitcoin.

[Findingnemo]

This is not the dream of bitcoin, please don't exaggerate from the reality.

It is just people use paypal which is nothing but a central entity so banks will be replaced by PayPal in this kind of adoption but the real purpose of bitcoin will be peer to peer transaction with no middlemen.

Even if everyone using crypto p2p still banks will be there because the economy is running on debts and banks are trhe one who is giving out all those loans.

[Ishicryptic]

Let's talk, if everyone starts paying with crypto and buying and selling with crypto takes over, what will be the jobs of banks then? Any helpful thought on this?

Will this help Fiat in anyway? Will people not see need to still use Fiat? Will banks start having less customers?

It will never come to that because not everyone will use crypto.

Some persons are not tech savvy. They don't know how to operate a mobile phone, tablet, laptop, etc. Not to talk of how to keep their seed phrase safe or to send or receive transactions with their crypto wallet. So no matter the widespread adoption of crypto, traditional banking will never be extinct. It will always be there, at least to provide financial services for this set of individuals.

Cryptocurrency cannot replace fiat because it wasn't meant to replace fiat, cryptocurrency are alternative to fiat and that is the way it is going to be, cryptocurrency like Bitcoin represents privacy for people who need it. No country will allow their traditional currencies to go extinct because of cryptocurrency, fiat and banks will always be there because it's not everybody that will care for cryptocurrency. Self custody is a very big responsibility and not everybody that will like to own a wallet, besides cryptocurrencies are volatile which will discourage people who are not investors to hold it. There is nothing stopping anybody from holding cryptocurrency and at the same time holding fiat, we now have more choices with cryptocurrency, they won't displace traditional currencies.

[BABY SHOES]

It is impossible for crypto to take over all transactions to the point of eliminating banks, because not all will use bitcoin, banks will still be protected by the government until when because they have control.

Not all people will want to use Bitcoin and governments will not allow it to happen too. There are governments, there are centralized power and there are central banks which have fiat curencies in cash or CBDCs in the future, which will request business companies and citizens to use their governmental currencies mandatory in some services related to the government system.

Governments will not allow it to happen while even it is allowed, the bigger barrier belong to citizens. Not all citizens are ready to use Bitcoin, and it is like all things in life and societies, there are people like Bitcoin and the other dislike Bitcoin.

Bitcoin adoption in the community is not a thing that can be done by command from governments or any entity. It's freedom for everyone to use or refuse to use Bitcoin.

Like my government does not allow any transactions using bitcoin and crypto ... there is also investing or being made into commodity assets the government allows, even provides a sense of comfort and friendliness to its users.

So the government will still maintain the central bank as their financial control.
Behind that the government still receives taxes from crypto including trading etc.
$47 million in taxes generated from crypto. https://x.com/Cointelegraph/status/2014360146386845910

There are still many people who reject bitcoin because of its high volatility, so those who avoid big risks... also avoid bitcoin.

[macson]

While that might seem like a good headline, let's take a closer look:

"The survey, which polled 619 payment decision-makers across retail, e-commerce, hospitality, luxury goods, and digital gaming sectors, highlights customer demand as the primary driver of adoption.

So, it's just a survey, and the participants don't represent all US merchants.

However, I support the implementation of crypto-based payments, but I think banks will always make them the primary players and make crypto payments merely an alternative.

[john_egbert]

While that might seem like a good headline, let's take a closer look:

"The survey, which polled 619 payment decision-makers across retail, e-commerce, hospitality, luxury goods, and digital gaming sectors, highlights customer demand as the primary driver of adoption.

So, it's just a survey, and the participants don't represent all US merchants.

However, I support the implementation of crypto-based payments, but I think banks will always make them the primary players and make crypto payments merely an alternative.

In the long run, this should change, but as of now.. It's a good start, imo.

Banks will support what's best for them, not for the people.

[aylabadia05]

Let's talk, if everyone starts paying with crypto and buying and selling with crypto takes over, what will be the jobs of banks then? Any helpful thought on this?

Will this help Fiat in anyway? Will people not see need to still use Fiat? Will banks start having less customers?

This will be a change that I strongly support because, from what I've gathered from every discussion, almost no one is concerned about privacy anymore. I mean, if this applies in my country too, I might buy something with Bitcoin.

Banks have always been panicked, as if they don't want Bitcoin to exist, because it feels like Bitcoin could shut the door on their profits.
No matter how great fiat currency is, it is printed every year to solve the government's economic problems, but there is no positive impact on the larger community, namely the people.

[Fivestar4everMVP]

THE FUTURE IS NEAR

I don't know about you but this is what I have been rooting out for.


I am patiently waiting for the day where crypto payments is just become so norm that every business owners won't have any reason not to make the options available for their customers.

Somehow I feel this will promote privacy and decentralisation even more, no need for the banks but then again....


Let's talk, if everyone starts paying with crypto and buying and selling with crypto takes over, what will be the jobs of banks then? Any helpful thought on this?

Will this help Fiat in anyway? Will people not see need to still use Fiat? Will banks start having less customers?

Banks may start having less customers, but that does not mean there still won't be a lot of people using fiat.
This whole idea of dream of crypto reaching a level where every one will start using it is a myth bro, believe it or not, if this will ever happen, it's going to be in a very very long time in the future if crypto will exist for that long.

I am always of the opinion that bitcoin is not here to replace fiat, it here to serve as a reliable alternative for those who are well educated enough to not only understand it, but to invest and make use of it, around the world, there are alot of people who are not well educated enough to invest and manage bitcoin without losing it to scammers, there are also our old men and women who have become so used to tradition that they can never touch bitcoin no matter what you preach to them, and there are also a lot of little things/stuffs in the world that will be more expensive to pay for using bitcoin, and very cheaper to pay for using fiat, this are some of the reasons why fiat will remain relevant even as bitcoin and crypto adoption grows.

[hero_the_bossman]

Let's talk, if everyone starts paying with crypto and buying and selling with crypto takes over, what will be the jobs of banks then? Any helpful thought on this?

Will this help Fiat in anyway? Will people not see need to still use Fiat? Will banks start having less customers?

This will be a change that I strongly support because, from what I've gathered from every discussion, almost no one is concerned about privacy anymore. I mean, if this applies in my country too, I might buy something with Bitcoin.

Banks have always been panicked, as if they don't want Bitcoin to exist, because it feels like Bitcoin could shut the door on their profits.
No matter how great fiat currency is, it is printed every year to solve the government's economic problems, but there is no positive impact on the larger community, namely the people.

Fiat is obsolete to BTC, true, very so much true.

And Banks.. I don't see them panicked - rather, just interested in another opportunity for themselves and the users of said banks

[Felicity_Tide]

I am patiently waiting for the day where crypto payments is just become so norm that every business owners won't have any reason not to make the options available for their customers.

Even though I doubt the stat, I think places like the US are likely to give us higher numbers of merchants that are opening up to the idea of payment flexibility. For anyone that wants to experience a massive business continuity, you just don't want get caught up while accepting few payments options. Customers do need flexibility, and crypto as payment option is one of the few flexibilities that they can get from a merchant that understands the game.

Somehow I feel this will promote privacy and decentralisation even more, no need for the banks but then again....
Let's talk, if everyone starts paying with crypto and buying and selling with crypto takes over, what will be the jobs of banks then? Any helpful thought on this?

I honestly doubt that. Privacy and Decentralization is not really a thing in this scenario.
I think the more adoption we find in this area, the more we might see government wanting to make new regulations. And as for the banks, trust me, they're still very much around.

[shinratensei_]

Don't get too happy first because if the merchant accept bitcoin as a payment and do automatic conversion that means more bitcoin is being sold to the market and the merchant just want a hard cash with extra steps.
We will wait until lightning network become the norm that every merchants accept it and they don't convert it automatically but instead using it and holding it just like any other currency the way it should be.

Still a good progress, nevertheless. Hopeful that it could spark the adoption, after all everything start from these little steps and if bitcoin become mainstream for payment, surely small portion of the merchant will find a way to retain their BTC and cut fee by accepting bitcoin directly which gonna be a lot more beneficial for bitcoin in the long run.
Full adoption of cryptocurrency and for it to become global currency is always the ultimate goal because only then bitcoin price could rise multiple fold.

[Achalugo BTC]

It will never come to that because not everyone will use crypto.

Some persons are not tech savvy. They don't know how to operate a mobile phone, tablet, laptop, etc. Not to talk of how to keep their seed phrase safe or to send or receive transactions with their crypto wallet. So no matter the widespread adoption of crypto, traditional banking will never be extinct. It will always be there, at least to provide financial services for this set of individuals.

Totally on point, traditional banking will never go into extinction, no matter how good valuable crypto will be, because there are some persons that doesn't want to involve themselves in anything that concern them, though some people have the perspective that crypto is a scam, which scammers uses to lure money from them, while some people don't have the mental capacity to be  a part of crypto. So, there are many reasons why traditional banking will still be in existence and in use by people.

[davis196]

This sounds more like fake news to me, although it comes from Cointelegraph, which is supposed to be a legit source for crypto news.
What do they mean by "crypto"? If stablecoins are considered crypto, then this news kinda makes sense, but I don't think that stablecoins are actual crypto. They are just fiat disguised as crypto. Tether could freeze your USDT at any given moment. What kind of "be your own bank" is this? There are no news about millions of US customers paying for goods and services with Bitcoin(and I do believe that paying for goods and services with BTC, is very stupid). I'm sorry to say this, but the retail sector won't be adopting any crypto payments anytime soon.

[LastKiss]

~snip~

Let's talk, if everyone starts paying with crypto and buying and selling with crypto takes over, what will be the jobs of banks then? Any helpful thought on this?

In my country, Bitcoin is still banned as a payment method tho. However, I don’t think accepting Bitcoin as an alternative payment option is a bad idea. It can serve as an alternative to fiat currency rather than replacing it entirely. Although I understand the concern that it could put extra pressure on fiat currency, allowing Bitcoin as an additional payment option could give people more flexibility especially for online services and digital businesses. Governments and banks often don’t want their fiat currency to have competitors and in the end, they choose to make Bitcoin illegal for payments.

[hero_the_bossman]

This sounds more like fake news to me, although it comes from Cointelegraph, which is supposed to be a legit source for crypto news.
What do they mean by "crypto"? If stablecoins are considered crypto, then this news kinda makes sense, but I don't think that stablecoins are actual crypto. They are just fiat disguised as crypto. Tether could freeze your USDT at any given moment. What kind of "be your own bank" is this? There are no news about millions of US customers paying for goods and services with Bitcoin(and I do believe that paying for goods and services with BTC, is very stupid). I'm sorry to say this, but the retail sector won't be adopting any crypto payments anytime soon.

CBDCs or coins tied to dollar is their bread and butter and they would never encourage you to use something like BTC or, for that matter, more secure or privacy-related coin especially.

It would be the retailers job to see through this mess and implement (if regulated properly) a BTC option..

[AbuBhakar]

Online payments with crypto might be possible, but in physical stores, it remains uncertain if vendors will prefer fixed currencies. This is because they may struggle to determine if they've made a profit when the value of their payments can fluctuate, risking losses if the market drops suddenly. For me, it seems enough that crypto can be used for online purchases, but not for everyday needs like markets. At this point, it doesn't seem possible for widespread daily in-store use.

[r_victory]

This has been expected for some time, and it's normal for it to start gaining more traction at a time when economic uncertainties are beginning to affect the credibility of traditional finance. However, participation is still small, and the big question isn't whether merchants accept cryptocurrencies, but whether customers use them to pay. For example, I can advertise that I accept Bitcoin, but how many people in my area will actually use it to pay for the product/service? Where I live, at least from what I observe, people still prefer cards and physical cash. I believe this depends much more on the environment in which the business operates than on the simple fact of accepting cryptocurrencies.

[YOSHIE]

Will this help Fiat in anyway? Will people not see need to still use Fiat? Will banks start having less customers?

Actually, you misunderstand and interpret Crypto/Bitcoin and Banks, even though Crypto is referred to as digital currency, anonymous, decentralized and so on, You need to understand that Bitcoin is still dependent on banks and fiat, there are no banks and fiat, crypto/Bitcoin can't do anything.

You need to understand that at this time and this moment there is no Bitcoin that is valued in Bitcoin, on the contrary, Bitcoin is still valued in fiat wherever you are, you pay for food with Bitcoin but it is still measured by the fiat price of the food.
Example: you buy food with a total price of $100, even though you only pay 0.00120B for the current price, it is still measured in fiat.

Remember, Bitcoin/crypto digital currency is still valued in fiat and still depends on banks, there is no fiat and Bitcoin banks have no value.
One Bitcoin coin, what do you value if there is no fiat, do you want to value a rivet of Bitcoin a ton of clay, logic dude.

[Faisal2202]

I am patiently waiting for the day where crypto payments is just become so norm that every business owners won't have any reason not to make the options available for their customers.

Somehow I feel this will promote privacy and decentralisation even more, no need for the banks but then again....

Let's talk, if everyone starts paying with crypto and buying and selling with crypto takes over, what will be the jobs of banks then? Any helpful thought on this?

Will this help Fiat in anyway? Will people not see need to still use Fiat? Will banks start having less customers?

First of all, Bitcoin can't be used for payments, because the transaction fee can get high in times when the network is congested.

Secondly, the customers can enjoy the privacy and decentralization, but banks and governments won't allow it; they are going to approve a legal framework for the buyers and sellers, so whenever they sell or purchase using crypto, the tx will be recorded on their databases as well, so they can tax.

Now the second point also answers the third point, of which banks will do, they are doing everything now to regulate things in a controlled way so they could earn money as well. It will help fiat, as already helping, and due to BTC ETF, banks are getting more clients and money.

[Dr.Bitcoin_Strange]

Gradually we are getting there, this gen z who wants to go into business already knows that Bitcoin is a priority for them to adopt as a payment options and if Bitcoin public use is not hindered in their country, they will freely put the displays of Bitcoin ads that tells customers tjey accept Bitcoin as means of payment. It's not so popular in every city of my country but in some cities you can pay for some services in Bitcoin. Gradually everyone will start to use it but I fear that the government will put more regulation to it just to control the users.