Re: Will banks go on extinction if they do not adopt cryptocurrencies?
Didn't Satoshi want Bitcoin to replace banks in the first place? I mean, he created Bitcoin as an answer to banks' mishandling of the economy (Global Financial Crisis of 2008). The fact that banks are still relevant these days is because of the looming centralization in the crypto industry. Bitcoin may be decentralized, but the market itself is NOT. If we look at the metrics/stats, we'll notice that centralized exchanges are the dominant force of the crypto market. The vast majority of BTC holders are none other than CEXs, whales, governments, and now, institutional investors. How can BTC replace banks this way? It's already too late for that.
With the media spreading propaganda that Bitcoin is the "next digital Gold", we might as well forget about banks disappearing from the face of the Earth. Besides, governments are still relevant. They need banks to help keep Fiat (national currencies) in circulation. Without central banks (nor retail banks), there won't be any Fiat, resulting in true freedom for the people. Banks' disappearance won't happen now, or in another century. At least, we can use Bitcoin as an alternative to banks. As long as it stays decentralized, nothing should be able to stop it.
With the media spreading propaganda that Bitcoin is the "next digital Gold", we might as well forget about banks disappearing from the face of the Earth. Besides, governments are still relevant. They need banks to help keep Fiat (national currencies) in circulation. Without central banks (nor retail banks), there won't be any Fiat, resulting in true freedom for the people. Banks' disappearance won't happen now, or in another century. At least, we can use Bitcoin as an alternative to banks. As long as it stays decentralized, nothing should be able to stop it.
Cryptocurrency replacing bank is something that cannot be possible I mean bank have the role they play in the world economy likewise crypto and that of the bank is a significant role. The purpose of bitcoin creation will still guide it future growth and I think bitcoin wasn’t created to replace banks.
The government would not agree the have banks replaced by bitcoin because they cannot leave the country finances in the crypto space because they cannot control the currency and remember cryptocurrencies still appreciate and depreciate at fast rates and the government cannot afford leaving their money in risk because they prioritize lesser risk than higher risk. Well even if most people accept cryptocurrencies bank cannot still be extinct, imagine even the banking system is not yet completely accepted in some African rural communities.
Do u think people that didn’t even completely trust banks can trust crypto one day?