The fate of banks in the present world of Bitcoin

[Tribalchief]

Time has proven to be a major source of evolution that has transformed the world into the modern life we see today. It has left us with a true reality: Nothing lasts forever, no matter how popular and essential it becomes. The evolution of technology has made life experiences more simplified. We've seen a great reflection in the finance sector, where the common means of exchange (money) has advanced to an unimaginable item it is now. From the barter system to the current paper note, I think we can all attest to the fact that the changes are true.

Digital forms of money have begun to surface, and they're already showing a threat factor to the paper form of money we use today. The banking sector, which happens to be the housing arena of a nation's currency, is already looking for alternatives that would put them in business for the next 10 years and beyond. Interestingly, a reasonable number of people are already fed up with the unjust and biased actions of the banking sector. The inability to give a citizen his/her funds at the needed time, and also using citizens' money for various reasons that concern the government without taking permission from the owners of the money is a technique that sounds awesome to them.

I am not in opposition to the banking system, but considering the fact that I was once a victim of poor banking services which resulted in me going through unnecessary stress that didn't worth it.

I think around sometime in May last year, I had to go to the bank to rectify some issues and also get my bank statement. Trust me when I say that it took me over 8 hours to gain access into the bank. The crowd was something else, of which I happened to be no. 253 who was also waiting patiently to get someone that could help me rectify and identify my issue. I also came across another customer who came to the bank with violence, demanding that he wants all his money.

This terrible attitude of banks getting hold of people's money without even passing proper information is a clear reason that could result in their exit soon enough.

I have also witnessed a situation where a lady's account was closed because she received a huge amount. Sadly, the bank couldn't even give her a good reason why her account was closed, but they insisted that the government did. It left me thinking, what has a common citizen got to do with the government?

Alternative
 It's best to address Bitcoin and altcoins as digital currency in this scenario. Digital currency has begun to gain the trust of those who need better banking service. Nothing tastes better when you see your personal funds, initiate your transactions without a middleman, and also have an asset that appreciates with time (though it can also happen the other way). The legitimacy of digital currency is something that is already sounding as a threat.

Aside from cryptocurrency, other forms of digital currency have also evolved, which can offer similar services to a national bank. They offer you the same currency that is being used in the nation and perform other transactions behind the scenes. This has clearly become the local option for me, as I have already distanced myself from using a bank service.

In conclusion, the law of karma has always caught up with people for their actions, which also means that nothing lasts forever. The banking system is visibly under threat by the new digital age. The possibility of them remaining in power is still a doubt to me, or maybe they might just end up being a weaker sector in the future. Digital currency is here to stay, which also gives cryptocurrency that same chance.

Do you think banks might fold up due to their poor service in the coming future?

[electronicash]

you sound like you sugarcoat everything.

the digital age also pushes the banks to adopt which is why as of now they also have the digital banking. you may never realize it but the ones we use like Paypal is exactly the same as the digital currency they are promoting.  cryptocurrency provides freedom but the banking system is likely not.

the government have developed CBDC and most of these banks will be involved in developing this surveillance system. if they ever have success then we fell.
this digital currency will only be good if the currency is backed by gold. if they are not backed by any commodity then cryptocurrency will be more appropriate to use.

[Tribalchief]

you sound like you sugarcoat everything.

never knew written document have different sounds 

the digital age also pushes the banks to adopt which is why as of now they also have the digital banking. you may never realize it but the ones we use like Paypal is exactly the same as the digital currency they are promoting.  cryptocurrency provides freedom but the banking system is likely not.

It's not clear of where you are pointing the whole context to. Is Paypal managed by the government or a private entity?. They offer services that gives opportunity to those who chooses to make transactions online. There is literally a behind the scene procedures that takes place between PayPal and the bank we intend to debit from or credit to.

the government have developed CBDC and most of these banks will be involved in developing this surveillance system. if they ever have success then we fell.
this digital currency will only be good if the currency is backed by gold. if they are not backed by any commodity then cryptocurrency will be more appropriate to use.

I intend not to mention names of private companies that have brought their financial backup services to the citizens. It's true that the government introduced CBDC, but major/popular banks in the country have also failed to capitalize on such opportunities. In my country, we have a popular brand like OPAY, which is not managed by any bank in my country, but has proven to be a good service to the people. The digital services offered by various banks are still poor.

[DaNNy001]

you sound like you sugarcoat everything.

the digital age also pushes the banks to adopt which is why as of now they also have the digital banking. you may never realize it but the ones we use like Paypal is exactly the same as the digital currency they are promoting.  cryptocurrency provides freedom but the banking system is likely not.

Well  for me I think it's an evolutionary process just like you said even the banks themselves don't want to be left behind and that's why they too have evolved by innovating CBDC which is almost same thing as crypto or digital money if you ask me though it's acceptance and adoption is not that as same but it's because of the centralize nature of the bank that's why it's adoption is a bit slow but am very certain the bank to themselves are doing all they can to join the moving train and like they say "if you can't beat them you join them".

[KingsDen]

Co-existence has been the goal of Satoshi. Bitcoin is not a threat to banks or to fiat. Bitcoin was designed to be an alternative to fiat. But if Bitcoin eventually develops into what the creator didn't intend, we call it the versatility of technology.

[Sokani]

This subject has been discussed several times, and I think cryptocurrency is not going to replace traditional banking in the future. Traditional banking has been part of our lives since civilization and it's still going to be around. The government will not let go of one of its precious tools through which it exerts control over the people and of course, traditional banking has been evolving. The birth of cryptocurrency has promoted the government to begin to consider the possibility of adopting CBDCs.

[Sim_card]

Fiat must still be in existence because that is the currency that the government created for their countries, and there is no way that the banks will pack up because there are some people who cannot keep their wealth themselves but prefer to  keep it in the bank for safety. Another thing that you should know is that, it is not everyone that will accept cryptocurrency because they just don't like it since they are used to the traditional banking system. If you look at it from this point, as long as it is a currency either digital or fiat, banks will always involve themselves in it because that is their field. We have seen how some banks are accepting crypto transactions, where you can buy and sell crypto in banks. So I don't think that bank will go into extinction but rather they will follow the latest trend and operate in that manner. Don't forget the banks are also operated by people that already know what is happening currently.

[rachael9385]

Crypto currency are not in existence because of fiat currency or to take over fiat bank but here to help them stand firm. Most fiat fanks have troubles when it comes to networking, most time when you make a transaction it can last for more than 24 hours for the transaction to confirm and you know people will always want to use something that have no network issues like that of most banks networks so the Bitcoin is not like that, because ones the transaction fees is accurate your transaction will not have anything to do with network holding or pending. So the bank should improve their network standards, however I am saying based on my IMO.

[Yamane_Keto]

We cannot generalize the bad experience of banks to all banks in the world, as commercial, investment and service banks all follow the Central Bank in policies, and the bank can force those banks to provide better features, as customer services will not cause banks to collapse compared to poor capital management.
The unrealistic investments of these banks, which make the bank keep 99% of customers’ money, and accelerate the accumulation of assets and reduce liquidity, are what may cause one of the banks to collapse, including the collapse of all banks.

[KingsDen]

We cannot generalize the bad experience of banks to all banks in the world, as commercial, investment and service banks all follow the Central Bank in policies, and the bank can force those banks to provide better features, as customer services will not cause banks to collapse compared to poor capital management.
The unrealistic investments of these banks, which make the bank keep 99% of customers’ money, and accelerate the accumulation of assets and reduce liquidity, are what may cause one of the banks to collapse, including the collapse of all banks.

As you have noted, the success of banks is not only in their ability to be customer friendly. They could be very friendly but doing some shitty things behind the scene.
The most important thing is to have an alternative which bitcoin has offered us, so it is in our hands to choose bitcoin or to continue with the traditional banking system

[electronicash]

you sound like you sugarcoat everything.

the digital age also pushes the banks to adopt which is why as of now they also have the digital banking. you may never realize it but the ones we use like Paypal is exactly the same as the digital currency they are promoting.  cryptocurrency provides freedom but the banking system is likely not.

Well  for me I think it's an evolutionary process just like you said even the banks themselves don't want to be left behind and that's why they too have evolved by innovating CBDC which is almost same thing as crypto or digital money if you ask me though it's acceptance and adoption is not that as same but it's because of the centralize nature of the bank that's why it's adoption is a bit slow but am very certain the bank to themselves are doing all they can to join the moving train and like they say "if you can't beat them you join them".

the government and the banks are just in one boat. they always join together as they are the ones on the other side of the fence. government has always been doing the shady stuff and most of the time deceives the smartest people alive.

so i wouldn't be surprised if they have already joined in the form of institutions getting into crypto.  it will sound very conspiracy theory for some of us but it always does when its the government that does it. but when criminals band together and do similar thing, its called organized crime.

[DaNNy001]

you sound like you sugarcoat everything.

the digital age also pushes the banks to adopt which is why as of now they also have the digital banking. you may never realize it but the ones we use like Paypal is exactly the same as the digital currency they are promoting.  cryptocurrency provides freedom but the banking system is likely not.

Well  for me I think it's an evolutionary process just like you said even the banks themselves don't want to be left behind and that's why they too have evolved by innovating CBDC which is almost same thing as crypto or digital money if you ask me though it's acceptance and adoption is not that as same but it's because of the centralize nature of the bank that's why it's adoption is a bit slow but am very certain the bank to themselves are doing all they can to join the moving train and like they say "if you can't beat them you join them".

the government and the banks are just in one boat. they always join together as they are the ones on the other side of the fence. government has always been doing the shady stuff and most of the time deceives the smartest people alive.

so i wouldn't be surprised if they have already joined in the form of institutions getting into crypto.  it will sound very conspiracy theory for some of us but it always does when its the government that does it. but when criminals band together and do similar thing, its called organized crime.

If they actually find their way in by buying huge chunk of Bitcoin then it will be good for them and also for Bitcoin it's almost like a win-win situation and am sure like you that most of these government officials have their piece of finance on Bitcoin too.

My countries government is a perfect example of such hypocrisy, I know of many governors and government officials that have Bitcoin in their wallet and know about the benefits and yet they still hold a big NO stands to it, that's not until this new administration had a different view towards the benefits and potential money they can make through its taxing.

[electronicash]

you sound like you sugarcoat everything.

the digital age also pushes the banks to adopt which is why as of now they also have the digital banking. you may never realize it but the ones we use like Paypal is exactly the same as the digital currency they are promoting.  cryptocurrency provides freedom but the banking system is likely not.

Well  for me I think it's an evolutionary process just like you said even the banks themselves don't want to be left behind and that's why they too have evolved by innovating CBDC which is almost same thing as crypto or digital money if you ask me though it's acceptance and adoption is not that as same but it's because of the centralize nature of the bank that's why it's adoption is a bit slow but am very certain the bank to themselves are doing all they can to join the moving train and like they say "if you can't beat them you join them".

the government and the banks are just in one boat. they always join together as they are the ones on the other side of the fence. government has always been doing the shady stuff and most of the time deceives the smartest people alive.

so i wouldn't be surprised if they have already joined in the form of institutions getting into crypto.  it will sound very conspiracy theory for some of us but it always does when its the government that does it. but when criminals band together and do similar thing, its called organized crime.

If they actually find their way in by buying huge chunk of Bitcoin then it will be good for them and also for Bitcoin it's almost like a win-win situation and am sure like you that most of these government officials have their piece of finance on Bitcoin too.

My countries government is a perfect example of such hypocrisy, I know of many governors and government officials that have Bitcoin in their wallet and know about the benefits and yet they still hold a big NO stands to it, that's not until this new administration had a different view towards the benefits and potential money they can make through its taxing.

government officials who owns BTC are same as Bitcoiners.  its what the government and banks would do to have the grip over the people using crypto. if they are buying the stock market of the BTC mining farms that means they can decide what miners would do. and this is why there were reports recently that miners are starting to censor transactions.

if your BTC address happen to be linked to one BTC address they are monitoring, your transactions could be the next that will not push through because they censored them already. if you happen to be reading those thread in the other forum, this is just one example they were telling.