Are cryptocurrencies prepared to replace the traditional banking industry?

[zendicator]

I think you should rephrase your question in the heading. That should be, are banking industry prepared to embrace cryptocurrency? anyway, we all know that digital payment is the future and im pretty sure that cryptocurrency will replace the fiat currency thats for sure but the question is when?

[aiviaa485]

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 .

[LogiC]

Centralization isnt bad. Imagine if youre bank account has been compromised then proves that your not lying they can pay back youre money. But in decentralized approach of crypto, when you made mistake on sending youre funds, say goodbye to it. The only advantage with crypto is they are no authority that could manipulate youre funds. Though transparency sometime is scary cause someone can be watching youre asset and planning to hit you when a chance arrive.

[OptimusPrime]

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

Cryptocurrency cannot replace the traditional banking system. Even if that will happen,  it will take decades. Even as a payment system, it will still take a very long time for this to happen.  The traditional bank can only upgrade its system they don't see cryptocurrency as a threat to replace them

[MUGNIA]

traditional banks will not be replaced by cryptocurrency, from the system also traditional banks more easily do not need technology, to register it, but for those who know technology definitely prefer cryptocurrency

[Ta.Form]

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 .

I agree. Blockchain technology must be used by banks even by the state financial system. We as customers also want to see our own cash flow (maybe occasionally). Especially if it can be used by the Central Bank, it is very easy to find out state transactions.

[Confero]

I think the banking industry will not be replaced by Cryptocurrency, but the two can work together to support each other between the Bank and Cryptocurrency. So that if that happens, then the people who can enjoy the development of payment technology with great fun.

[zilzylian]

Banks have a different system from cryptocurrency, a centralized bank system and they will manage all the funds you have, starting from lending to other customers and many other things without us knowing.

Cryptocurrency will make everything transparent, this is proven by a good system and technology, blockchain makes everything transparent, if banks want to cooperate and use crypto as a transaction option then they need permission from the government

[Vx1]

There are still many ordinary people and trades who are not familiar with Cryptocurrency, so at the moment I say that it is not ready for Cryptocurrency to replace banking.  Or rather Cryptocurrency runs in conjunction with Banking.  Because it is true, even though Cryptocurrency will become legal in use by the general public, we still need banking because after all Fiat Money will never disappear from this earth.
And Cryptocurrency will be an easy and modern payment alternative, and between Cryptocurrency and Banking will continue to function respectively.

[vaysar]

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.

[Octoalts]

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.

[WhiskeyHoney]

It seems to me that the question is not compiled correctly. Cryptocurrencies have long been ready to replace the traditional banking system.
The question is whether the people themselves are ready for this?
Therefore, it will not be possible to introduce cryptocurrencies from above (because of governments), because they themselves depend on this traditional system.
You can only change the situation if we ourselves begin to use cryptocurrency in everyday life.
And in my opinion, we don't do it so often now.
Why? Because either we are too passive or not ready for change, because not everything is so bad with the usual banking system (at the moment) 

[Alcor]

Cryptocurrency is not able to replace the banking system. Banks and cryptocurrencies will exist in parallel and complement each other with their capabilities. Cryptocurrency will only strengthen banks. Banks have already begun to use cryptocurrency and its advanced blockchain technology. This allows banks to conduct transactions faster and better and serve citizens. At the same time, cryptocurrency will be used in combination with other types of means of payment.

[Fenix]

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.

[Senin]

It is foolish to expect that the traditional banking system will disappear with the advent and development of cryptocurrency. Banks perform a much broader function than cryptocurrency, and therefore cryptocurrency simply cannot replace the banking system. For example, banks serve the financial and economic activities of business entities. At the same time, the necessary information is recorded for tax and audit purposes, such as the justification for the transfer of monetary amounts, indicating the contract number and other necessary information. Cryptocurrency, by its nature, cannot do this.