I believe that as long as a country will maintain a central bank to regulate and monitor existing banks within their country, banks are here to stay.
Moreover, banks may still continue to co-exist with cryptocurrencies as long as the traditional banking needs of the people aren't totally replaced by other options instead.
Coincidentally, unless the country itself would declare that they won't be needing a central bank anymore, I don't actually see that it's possible yet to live without banks, in the traditional sense of what a bank is currently defined.
Moreover, banks may still continue to co-exist with cryptocurrencies as long as the traditional banking needs of the people aren't totally replaced by other options instead.
Coincidentally, unless the country itself would declare that they won't be needing a central bank anymore, I don't actually see that it's possible yet to live without banks, in the traditional sense of what a bank is currently defined.
Completely agree with you. By the looks of it, banks won't be going anywhere. Governments still rely on central banks in order to maintain their economies. Which means that Fiat as a centralized type of currency, will reign supreme for a very long time. Crypto is just an alternative to the existing monetary system and nothing else. As long as it remains decentralized, there should be nothing to worry about. We have to face the fact that without banks, our economy would never be the same.
For a long time, people have trusted Fiat as a medium of exchange because it's backed by the government. In the case of cryptocurrencies like Bitcoin and Ethereum, it's a "free for all" scenario where you are solely responsible of your funds. The average person will find it quite hard to use crypto over Fiat because of the steep learning curve and higher responsibilities involved when using it. Since Fiat is stable (unlike crypto) it has gathered the likes of mainstream businesses and merchants alike. Because of this reason, living without banks seems to be a dream than anything else. Just my thoughts
