Are cryptocurrencies prepared to replace the traditional banking industry?

[hellenjones260]

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

[Delgboke]

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.

[pelana vreo]

High transaction costs and bank account maintenance fees, made me switch to using crypto in 2017.
Interbank money transfers are also subject to high fees from different countries, but banks seem to see the rapid progress possessed by cryptocurrency, eventually they will adopt cryptocurrency, because transparency on blockchain technology is a good thing for payment systems and security

[alstevenson]

Not totally, we cannot replace the traditional banking industry that easily. Only very few of the population knew about cryptocurrency, do you think they will use it without knowing it. What we need right now is massive adoption in every part of the world first then if we are successful with that then Mainstream will surely come.

[Uina]

I think one of the primary reasons why there is cryptocurrency is to replace the traditional banking industry but since the can't fully replace fiat with crypto it will be impossible too to replace the banking industry. They might be able to exist hand and hand but replacing one with the other is impossible as of the moment. Crypto has a lot of things to do and hindrances to face before it can fully replace fiat or the banking industry.

[Noverteno]

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.
However, cryptocurrency can never replace the banking system. Cryptocurrency is simply not capable of this. Banks perform a variety of functions to which cryptocurrency has nothing to do. In addition, banks are under the strict protection of the state, since, in fact, they are part of the state system.

[Altcoin1998$]

Obviously possible because maximum people are very much interested to work with disital currencies. They don't carry fiat papers money in the business system hence day by day banking system forcing to threat. As a result bank is fully opposite to Bitcoin and altcoins.

[tonymillions84]

with the current situation, i doubt if such thing will happen. Many people has been scammed of their hard earn money and also as long as we use our fiat in exchange to get crypto. i don't think they will in any way replace the banking industry. crypto needs regulations and smart contract can make a huge difference in that.

[Cutter Cute]

Traditional banks will always be there, they will adopt blockchain technology and develop it with the developers they already have, good cryptocurrency is used for payments, but what I see now is, there are many new projects that develop crypto banks and put some ATM machines in place they specify

[Andruha1993]

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.

[Senin]

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.

[Fenix]

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.

[Luckyperson21]

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.

[Zemytha]

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.

still needs time. Not everyone agrees with the change, even though it makes it easy. There are people who always go to the bank. There are also those who do not understand the use of ATM machines, and he prefers transactions at the cashier. That way, it's still difficult to implement cryptocurrency now.

[masterrex]

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

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.