I think that's the major focus why they brought Blockchain into a existence, but there's alot of contention in the banking system because of cryptocurrency.For the first time I hear that banks created blockchain technology. Bitcoin on blockchain technology appeared in January 2009, and the ripple, which banks use, only in 2012.
I think cryptocurrency can easily replace banks. Because cryptocurrency has more opportunities and advantages. And banks understand this well and are afraid that this could really happen.It is foolish to even dream that cryptocurrency can someday replace the traditional banking system. Cryptocurrency is simply not capable of this. In addition, the functions of banks are much wider and more diverse than cryptocurrencies. Banks are financial institutions, and cryptocurrency is only a tool for any users, including banks. Banks will not disappear anywhere, they will use blockchain technology and become even stronger.
It's right. Nothing will happen to banks. They are under the reliable protection of the state. In addition, cryptocurrency does not even pose any danger to the banking system. This was even recognized by the bankers themselves. Moreover, they concluded that cryptocurrency does not pose any threat to global financial stability. Therefore, in fact, banks are not afraid of cryptocurrency. Bankers in many ways do not understand it, since cryptocurrency works in a completely different way than traditional payment systems.I think cryptocurrency can easily replace banks. Because cryptocurrency has more opportunities and advantages. And banks understand this well and are afraid that this could really happen.It is foolish to even dream that cryptocurrency can someday replace the traditional banking system. Cryptocurrency is simply not capable of this. In addition, the functions of banks are much wider and more diverse than cryptocurrencies. Banks are financial institutions, and cryptocurrency is only a tool for any users, including banks. Banks will not disappear anywhere, they will use blockchain technology and become even stronger.
slowly, traditional banks will be replaced by cryptocurrency. At least people don't have to go to the bank if they want to make a transaction. Transaction costs between banks and the length of transactions between countries are a weakness for traditional banks. obviously, cryptocurrency makes things easy.
I don't think it will happen soon, cryptocurrency is here as an alternative technology driv'n option the traditional banking industry are here to stay since the cryptocurrency adoption in the mainstream industries was still in slow pace. in my opinion it takes time before cryptocurrency will be able to dominate the traditional banking industry and if that happen im sure that using cryptocurrency is not complicated anymore like it was today.(https://cdn-images-1.medium.com/max/800/1*2Wamm8_6AdJkiSBqx-14jA.jpeg)Since the inception of cryptocurrency and blockchain technology, several traditional banks have felt intimidated due to their presence. The reason for this intimidation is because banks mostly centralize and control the flow of money, and cryptocurrencies offer a less controllable, decentralized way of monetary exchange. A question that arises in people's mind is whether the cryptocurrencies will replace traditional banks in the future. In this article, we will discuss how cryptocurrencies can replace the traditional banking industry.
Sources>>http://www.craftstylish.com/item/261343/are-cryptocurrencies-prepared-to-replace-the-traditional-banking-industry
(https://cdn-images-1.medium.com/max/800/1*2Wamm8_6AdJkiSBqx-14jA.jpeg)Since the inception of cryptocurrency and blockchain technology, several traditional banks have felt intimidated due to their presence. The reason for this intimidation is because banks mostly centralize and control the flow of money, and cryptocurrencies offer a less controllable, decentralized way of monetary exchange. A question that arises in people's mind is whether the cryptocurrencies will replace traditional banks in the future. In this article, we will discuss how cryptocurrencies can replace the traditional banking industry.
Sources>>http://www.craftstylish.com/item/261343/are-cryptocurrencies-prepared-to-replace-the-traditional-banking-industry
Not replacing but updating the system into a blockchain of the usual system used by Conventional Banks.
For example, HSBC Bank uses transaction data that is not known to the public and then if it uses blokchain, all transactions from HSBC Bank Customers can be seen by the public. IMO
This good opportunity for decreasing money laundry on goverment if wich country have peopple with corruptions .
Over time, fiat money inflation will become an increasingly serious problem, which will cause many to doubt their reliability, I think this will create a high demand for alternative currencies. We all know that sooner or later a period of high inflation will come.I agree, in the end Cryptocurrency will actually replace paper money and Banking will be replaced by Cryptocurrency. But this is not now, it still takes time for all that.
How can cryptocurrency replace banking? This is absolutely unrealistic. On the one hand, cryptocurrency is completely unable to replace banks, and on the other hand, banks are protected by the state. No state will ever allow the destruction of the traditional banking system. The state will destroy any obstacle that will stand in the way of their banks.Over time, fiat money inflation will become an increasingly serious problem, which will cause many to doubt their reliability, I think this will create a high demand for alternative currencies. We all know that sooner or later a period of high inflation will come.I agree, in the end Cryptocurrency will actually replace paper money and Banking will be replaced by Cryptocurrency. But this is not now, it still takes time for all that.
Banks will make a way.This is only the time of four thousand years, which we can track the work of banks with documents. Therefore, no cryptocurrency in this regard will change anything. Banks will switch to using blockchain technology and this will only strengthen them. In addition, cryptocurrency, neither technically nor organizationally, can replace the banking system. Banks perform much more specific functions than cryptocurrency.
They are not just born to diminish. Along time ago since 2000 B.C banking system started even until now 2020 A.D. The adoption of banks system to fresh trends in financial matters aren't late. Actually, they are the number one in terms of popularity to influence people to embrace whatever they advertise.
People look the bank as their bases in terms of Trust, confidence, and trends to adopt.
Banks will make a way.This is only the time of four thousand years, which we can track the work of banks with documents. Therefore, no cryptocurrency in this regard will change anything. Banks will switch to using blockchain technology and this will only strengthen them. In addition, cryptocurrency, neither technically nor organizationally, can replace the banking system. Banks perform much more specific functions than cryptocurrency.
They are not just born to diminish. Along time ago since 2000 B.C banking system started even until now 2020 A.D. The adoption of banks system to fresh trends in financial matters aren't late. Actually, they are the number one in terms of popularity to influence people to embrace whatever they advertise.
People look the bank as their bases in terms of Trust, confidence, and trends to adopt.
No, they are not ready. this is because the crypto industry is not regulated. filled with scams and short project with little or nothing to offer. on the other hand, the banks are cashing in big time from it. most exchanges support or allow the usage of fiat to buy and sell cryptocurrencies in their platform.Under any circumstances, cryptocurrency cannot replace the banking system. She is simply not capable of this. The functions of banks as a system of well-functioning financial institutions are much wider. Cryptocurrency does not have so many functions. The banking system is primarily a financial management system, and the cryptocurrency itself needs to be managed.