Bitcoin is the banks’ biggest competitor today. More and more people are shifting their mindset towards using  cryptocurrency. They could store a huge amount of money in their digital wallets without being traced. Another thing, they could get taxed! Transactions and exchanges are also very fast. These cryptocurrency features are making banks less relevant as more people are joining in. This will give them the urge to cope up with the ongoing revolutions of the digital world or else they will be wiped out.