I'm really looking forward to not needing my bank at all. Just the other day, I tried to send that they call a "Quick Pay" to someone. It's a feature they offer that allows you to send money to someone instantly. Except it's not so instantly. As soon as I pressed "submit," I received a message saying it required additional review. On the 4th of July. In person. When banks were closed. So dumb. Today, I had to go into the bank and show two forms of ID and they had to call someone by phone from within the bank who then asked to speak to me. They asked me if I knew the person I was sending the money to. (He is a friend, so yes.) I was like, "no, I don't know the person I'm sending money to, I'm just feeling generous." Then they asked me if I planned on sending money to this person again. At this point, I was like, "listen, I've been banking with you for 30 years, I'm sitting in your branch, the teller has known me for 10 years...do I really need to ask your permission to send someone MY money and do I need to tell if I'm going to send them money again???!! No."
How do you think cryptocurrency will change banks in the short-term and how long before some of them go out of business?
Banks will never become obsolete not now not in the future. The worse that would happen is reliance on them will become so low that a lot of transactions that they today would be taken over if crypto currency is allowed to flourish to the fullest. Even if the crypto is legalised as a legal tender, people would still need an organisation to help them keep their wealth, they want to have someone who will pay them interest on their savings, others would want to borrow to finance their businesses, governments would want some to act as intermediary in keeping revenue generated, international trades would still need to be facilitated etc put all this together, any organisation or business licensed to do all this, is technically a bank.