It's starting, the dreamed future is playing out

[nakamura12]

There will be always fiat involved since not all knows how to operate devices like phones and computers which is why some people are scammed. It may be a good news but there will always be an entity that wants to take full control of something especially in financial but because bitcoin isn't one of it where they can take full control so they will find a way to make use of it like coexisting with one another. In that way, they have fiat to take full control and also have profit from cryptocurrency.

[Yorubek]

The main purpose of creating Bitcoin is not to destroy the currency of any country. Bitcoin will basically work alongside fiat. The common people can easily exchange his money and can independently control his own money. The trust and confidence of most people around the world about Crypto is not yet fully developed, it needs time to happen, it is not possible quickly, because the common people needs to gain knowledge about Crypto and be more aware, otherwise the possibility of losing money will increase. Banking activities will never stop completely all over the world, it will continue continuously.

[Hamza2424]

That percentage sounds good, but I’d like to ask if there’s actual data showing how much of that 40% was real Bitcoin transaction volume.

It’s easy for businesses to say they accept Bitcoin just for announcement or marketing purposes, but that doesn’t always mean there’s meaningful activity behind it. What really matters is how much BTC is actually being used in real transactions, not just listed as an option on paper.

I guess we don't need real numbers, because for these reporters they can't confirm them ever, they outsource these things from other and they from other, it is a chain, but what we can do is confirm this from our common sense that, the current adoption of bitcoin as payment is increasing more than ever.

For example the steak and shake are accepting payments in bitcoin, giving cash backs to those who will pays in btc, also giving extra btc to their employee who agrees to get their salaries in bitcoins. They are motivating everyone to deal in bitcoin, so if all of their branches are doing it, imagine on a bigger scale how many people must be using bitcoin for day to day uses. I am sure the number must be higher than 40%

[serjent05]

THE FUTURE IS NEAR

The future is just a second away, don't you think too?

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

Paypal adoption?  I wish the adoption were the P2P feature, not some centralized platform, because this greatly contradicts what stated below

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....

When the transaction goes through a centralized platform, it does not promote decentralization and privacy because first, the transaction  went through a centralized system, and when it is in the centralized system, KYC is implemented, thus voiding privacy.

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?

Job of banks stays because fiat transaction will always exist, besides there are other services banks offers not only saving money or loaning them.

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

Anything that conflicts a thing won't help it so I think adoption of cryptocurrency won't help the fiat system but the people.  About the usage of fiat, yes people will still use fiat, it is the one government recognized after all.

While bank will retain their customer and probabl will get more because bank system will be flexible adopting cryptocurrency services into its system.

[batang_bitcoin]

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?

Just think of it that they have adopted as well, and they'll still continue to do their services offered but they have added another currency which are the limited cryptos that they're going to adopt.

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

Well, we'll still use fiat anyway for that reason. Even with so much adoption, the cryptocurrencies that we have, it's not going to phase out the usage of fiat.

[aoluain]

I think for the majority of people who get paid in FIAT, the idea of exchanging that for Bitcoin
in order to buy a coffee is kind of nonsensical.

I've said before that FIAT is perfect for daily transactions, fuel, food etc. Bitcoin is perfect for
peer-to-peer payments for other goods, services and savings, wealth transfers.

Ending banks? is a very long way away if at all.

Investments, pensions, personal loans, mortgages, financing are currently handled by banks,
its a very long way away from those services being handled by the Bitcoin network.

 

[Miles2006]

Fiat always has a way to survive always not minding the low value, fiat is not a means of profit instead business owners who accept bitcoin knows what and how to handle investing. I think bitcoin acceptance is as a result of knowledge most commonly awareness, it’s rare to see anyone who accepts bitcoin as a means of payment not because they don’t like bitcoin but the mindset of digital currency associated with scam give them the fear, I’m pointing out this example because not minding the popularity and acceptance many people will not accept bitcoin so it right to say fiat and bank system will function properly.

[jossiel]

I think for the majority of people who get paid in FIAT, the idea of exchanging that for Bitcoin
in order to buy a coffee is kind of nonsensical.

I've said before that FIAT is perfect for daily transactions, fuel, food etc. Bitcoin is perfect for
peer-to-peer payments for other goods, services and savings, wealth transfers.

Ending banks? is a very long way away if at all.

Investments, pensions, personal loans, mortgages, financing are currently handled by banks,
its a very long way away from those services being handled by the Bitcoin network.

Many probably thought of seeing the end of fiat and banks during the early days of Bitcoin. We're so amused with this technology and the disruption that it has brought globally.

But as time passes and more adoptions happening to it, it's becoming more clear that we'll see its co-existence with fiat.

People should no longer bothered by the existence of both Bitcoin and fiat.

[Jegileman]

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?

Despite how Bitcoin has come far, not half of the world population has embraced bitcoin. Even for those that Bitcoin has reached their places, not up to 50% of the people living in those regions have embraced bitcoin, so that makes the bank or the fiat system not going to die even after Bitcoin is being used as legal tender and used to accept payment by all. Bitcoin is to be used as an alternative to the fiat currency and not as a replacement to it.

The banking system will never cease to exist because not everyone will embrace decentralization and for the many people that accepts it, that doesn’t mean they’ll not use banks again, they’ll continue to use them both in different translation to which fits more what they want to use it for. The government will never give full autonomy to bitcoin as long as it remains a decentralized currency.

[Stalker22]

The dream of a "bankless" world started this whole movement, but banks wont just disappear; they will change.  Its similar to what happened to post offices when email came along.  I think some banks will likely turn into "Crypto Custodians."  Most people fear losing their private keys, so they will pay banks to keep their crypto safe.

Does this help Fiat?  Honestly, not really.  If everyone uses crypto, the demand for Fiat declines.  Fiat might stick around because the government will insist on it, but it would become the "secondary" currency for daily transactions.

[Ivystar5]

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

I think this where you got it all wrong, in my opinion there is no way such kind of thing will exist and the government will let decentralisation work for it instead it's a step closer than you can imagine to centralised system because for crypto be in such a stage then regulations which are already begining to be fought against are going to be signed into bill and that will bring privacy to end.

[mcdouglasx]

If cryptocurrencies were to become globally widespread, banks would simply use them as currency and provide cards to convert your crypto to your local currency. I don't believe crypto will kill the banking world as we know it, but it might eventually lead banks to adapt to using crypto as a means of providing fiat currency. They would operate in a similarly centralized manner and would control most assets, since ordinary people prefer convenience. Instead of risking their money, they would continue to trust the banks to some extent.

[Perfectbaby]

Of course we are heading to that place where everyone would have to accept to crypto or bitcoin as their alternative means of payment,
and yes it has started happening in the 1st world country where things are very made easier for them.
For instance, I believe this could be pretty common in the USA were lot of business has started accepting bitcoin and other crypto coin out there.
With time all this would get to our country as the President we have is not digitally oriented.

[DeeppRockk]

The dream of a "bankless" world started this whole movement, but banks wont just disappear; they will change.  Its similar to what happened to post offices when email came along.  I think some banks will likely turn into "Crypto Custodians."  Most people fear losing their private keys, so they will pay banks to keep their crypto safe. Does this help Fiat?  Honestly, not really.  If everyone uses crypto, the demand for Fiat declines.  Fiat might stick around because the government will insist on it, but it would become the "secondary" currency for daily transactions.

it's all about one thing: yield. nobody's going to pay a bank a fee just to hold their bitcoin, that's a negative trade. people are lazy, i get it, but they're not dumb with their money.

they'll only hand over their coins if the custodian gives them a return, and that's where the whole thing falls apart. the banks will take your bitcoin, lend it out to leverage traders, and maybe give you a 2% cut. we saw exactly how this ends in 2022 with Celsius and BlockFi.

it always works until it doesn't

a 'safe crypto custodian' is just a fancy name for an unregulated fractional reserve bank. they will get overleveraged, they will get hacked, and they will absolutely freeze withdrawals.
it's guaranteed. why would i choose to take on all that counterparty risk for a tiny yield when i can just hold the asset myself for free? the only people using these services will be chasing pennies in front of a steamroller...

fiat isn't going anywhere, i agree with that. it's just going to compete with bank-issued stablecoins and CBDCs. for me, the only real play is to buy bitcoin, get it off the exchange, and wait.
everything else is just noise designed to take your money.

[Byebyebtc]

Well before this could happen Bitcoin price has to be more stable than this, the volatility of Bitcoin presently will make business see losses because price can change at any moment so fast

And as a matter of fact Bitcoin still has a long way to go, it has to be accepted world wide by more countries, banks etc

[TastyChillySauce00]

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?

The bank of fiat will simply become the bank of fiat and bitcoin. They are offering service for custody, what they need to overcome it is just accepting the new asset for custody.
It's not really a problem for bank, but it potentially can become a problem for fiat where fiat isn't sought after anymore. However government will put some protection for fiat when that time come.

Honestly, I think both thing can coexist. Some people can use fiat some can use crypto. It's not the white and black scenario that you think it is. More option the better.

[DubemIfedigbo001]

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's good in theory but in actual such a thing will never happen. There'll always be cash out there and banks will always have jobs, if the traditional banking system finds crypto currencies as threat then they'll shift to CBDCs and that will still be a profitable venture for them.

CBDC can be a very stupid project in some countries, I don't see the need since there is already an e-version of the currency and we've stablecoins. The government of my country embarked on this CBDC project last year and it turned out to be a total mess. The use cases might not work and it may not even be recognized by the citizens.

Check this article out and see More countries that have abandoned their CBDC projects

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

It's not possible to achieve privacy on chain as your transactions are public, what can be achieved is Pseudo-anonymity.
There would not be a time that banks would not be needed. The government must always implement policies for fiat to remain relevant. Bitcoin is not designed to replace fiat, it is only an alternative.

[john_egbert]

Well before this could happen Bitcoin price has to be more stable than this, the volatility of Bitcoin presently will make business see losses because price can change at any moment so fast

And as a matter of fact Bitcoin still has a long way to go, it has to be accepted world wide by more countries, banks etc

It's already on that way, and I think looking at it decade later or so, we would see the big changes we envision now regarding the adoption.

Crypto is much faster to change the status quo than the traditional finance-world; every day is like a breath of fresh air sometimes. Even with BTC.

[Webetcoins]

It is not technically "accepting crypto" more like just accepting paypal or other similar payments which buyer can use crypto but the shop is still taking fiat instead.

This would be great if it gets bigger of course and I love it, but the reality is that we are seeing something that is getting a bit different and for that reason I think it is not that easy to get shop owners to start accepting crypto instead, that is not going to happen anytime soon and we will not see it reach 40% at all.

[BABY SHOES]

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?

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.

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

I am now not overthinking anything where bitcoin will be more important than fiat... honestly now fiat is used more for daily transactions, that's why there are still many bank customers.