The future is unfolding before us

THE FUTURE IS CLOSE Not sure about you guys, but I've been waiting for this moment. I can’t wait for the day when using crypto for payments is just a regular thing, and every business feels the need to offer it to their customers. I really think this will push privacy and decentralization further. Who needs banks, right? But then again... Let's discuss this. If everyone switches to crypto for payments and trading, what happens to banks? What do you think? Will this benefit fiat currencies at all? Will people still see the point in using fiat? Are banks gonna lose customers?

That percentage sounds good, but I’d like to ask if there’s actual data showing how much of that 40% was real Bitcoin transaction volume. It’s easy for businesses to say they accept Bitcoin just for announcement or marketing purposes, but that doesn’t always mean there’s meaningful activity behind it. What really matters is how much BTC is actually being used in real transactions, not just listed as an option on paper.

It's good in theory but in actual such a thing will never happen. There'll always be cash out there and banks will always have jobs, if the traditional banking system finds crypto currencies as threat then they'll shift to CBDCs and that will still be a profitable venture for them. No matter what but the banks will always be there, and there's chance that majority will use crypto currencies for payments and buying of goods but there will still be people who'll rely on fiat and thus fiat system will survive anyway.

It will never come to that because not everyone will use crypto. Some persons are not tech savvy. They don't know how to operate a mobile phone, tablet, laptop, etc. Not to talk of how to keep their seed phrase safe or to send or receive transactions with their crypto wallet. So no matter the widespread adoption of crypto, traditional banking will never be extinct. It will always be there, at least to provide financial services for this set of individuals.

I feel that it would be a long wait. Saying that the banks would become obsolete as a result of all forms of payment being done in crypto is a very impossible occurrence because that would mean that the government would have agreed to finally relinquish control and let these digital coins be the new thing. Doesn't that scream impossible to you? I'm sure you even find it to be difficult because let's be honest, there are still those people who very much prefer the use of banks for their transactions than any other means. Personally, I'd still need fiat because there are times when I'd need to pay for my cab fare and the network is either misbehaving and the driver is in a hurry to leave, so instead of rely solely on Bitcoin just because I want to go full-on digital, there's still a use for fiat.

Fiat currency will remain and stand on it own, with bitcoin being unaffected by adoption for any reason, the two may exist both together, while in the nearest future, we can have people n more inclined to the use of bitcoin than the fiat currency they have been used to before now. It is left for us to decide on what we want, which is going to be the future of finance, because we are the ones involved in the use and has the right to choose from which we one we consider more suitable for our uses, that is why the world is moving towards the massive adoption of bitcoin.

Crypto won't overtake finances and all the transactions, bro. It should be an alternative, not something overwriting status QUO entirely.

If it's possible that crypto payment is taking too much attention away from the banks the governments will have to suppress it one way or the other, banks isn't going anywhere. I guess banks want to start crypto services too? I read that on online news some months ago, they noticed the attention that's been given to crypto but let's be honest, crypto remains volatile, that's a weak point vs using fiat as means of payments. It will remain a alternative but banks will always lead in payment sector.

Everyone will not start paying with Crypto nor will they only buy and sell their with crypto. But let’s talk assuming everyone start only using crypto what is your interest with what will happen to the banks, assuming every country stop to make use of atomic weapons what will happen to the atomic weapons that already exist they should be thrown away. Although banks aren’t as bad as atomic weapons and I don’t believe that the bank will have to value anytime.

The reality is simple not everyone will actually be using bitcoin or crypto at large so as I have continuously be saying is that banks can be redundant or go away. Rather the full dependence on banks will reduce and that’s actually starting without even crypto been the cause since the beginning of cash less policy and digitalization and this is not actually rendering banks too useless. We have repeatedly said that the scalability problem with crypto will definitely still make banks as an alternative most especially to large businesses like huge companies. I can tell you that no matter how the government supports bitcoin or cryptocurrency at larger they would never support it to the extent that they will abandon fiat currencies because it is where they focus on the centralization they wants so most government policies will be through banks Also let’s not forget that even with the inflow or adoption rate growing in crypto there is high raise of ETF institutions, what’s the difference between that and banks?

There will be and already are centralized services to use crypto.. and yeah.. they would be government-related, or business-related, anyways, it won't be your coins.

If governments don't disappear, they will try to maintain their central banks and bank systems that are centralized controlled and very helpful for governments doing their works. We have already witnessed strategic and regulatory changes from governments globally to give better legality and adoption on Bitcoin and cryptocurrency. It opens chances and gates for Bitcoin and cryptocurrencies to enter traditional markets, collaborate with bank systems in order to have more diversifying products from cryptocurency companies and banks. It will give people mix of many options from traditional to blockchain-based with many companies can provide multiple products for their customers.

Probably not much. The news says that merchants accept “crypto” at checkout, and holders of so-called digital gold will not be as inclined to spend it as those who have shitcoins, and especially those who have stablecoins. It makes no sense to spend what you expect to increase in value in the future and save what is going to depreciate.

I believe that part of the reason why countries want to regulate Bitcoin and cryptocurrency use in their region, is so that banks could also allow it to be traded international or on the exchange market for more profit and revenue. The banks also stand to benefit from the innovation of cryptocurrency and Bitcoin, just as they have been benefiting from gold and precious metals.

This is very dubious.  I can not remember the last time I entered the website of an United States shop big or small and saw the Bitcoin or other Cryptocurrencies option at checkout or in the payment methods.  To be honest it feels like before 2020 I was noticing this on way more websites than today.  Something does not feel right about the numbers.

If you think Bitcoin can overrule banks and fiat, then fine, we may not be together in the same future. All legal financial transactions carried out by the government go through the banking system, I still have my denial that someday, Bitcoin will take over day to day transactions. Indulgence in Bitcoin has to do more with the incentive of making profits compared to daily transactions.

I think it would be easy for governments and banks to allow people to use Bitcoin as a medium of exchange. If that were the case, people would be free from a controlled financial system. They would be able to manage their money as they see fit, meaning that no one else would be in control of their money. But I don't think it would be that easy because before the widespread use of cryptocurrencies, people would need to be educated about cryptocurrencies and become skilled in how they work and how to manage them, otherwise they would be at risk even in a decentralized economy.

Well a complete adoption of crypto or take over will not be possible in the future. Crypto is just another form of the financial system, while the banks are like the origin. You just might not be able to do without the banks. The crypto system gives us some kind of freedom(though not all)outside the regular financial banking system,but it won't be able to completely take over. We need the banks for many reasons that includes local transactions. Besides if it comes to a scenario where crypto halts the business of banks, the government might be two options and the first would be to regulate or restrict crypto completely, the second would be for banks to adopt cryptocurrency payments into their system. Think of it like two sides of a coin.

The war between the land and the see was a movie but I feel we are going to have war between the government and crypto if you want that so desperately. The government can play around with other things but you see banking, they don't play around. Every policy set aside by central banks, is for them to make sure they monitor the affairs of the banks so they can monitor the economy properly. An economy without banks is like you telling the government are not longer relevant, you are stripping them of their status because there is absolutely nothing they can do again if banks is of no value to the people. The question you should be asking is "are people using crypto like it is expected for us to cancel banks", this question so a rhetoric question but I believe you have the answers to your questions. Alot of people hold coins than they spend every day, they value coin to be spend like they spend money. Why should I spend Bitcoin when I can look back tomorrow and see that I once used $10k today to buy a phone I no longer use again at $1k at that time in the past. It's going to be painful and more people wouldn't spend there Bitcoin. Volatility can kill business, fiat are not better solution because of inflation and reduce purchasing power but no business person will allow volatility to kill their business because they restock on short periods of time, not yearly that they have to wait for Bitcoin to regain it's trend for another bull run to be able to sell, that will kill business.

Bitcoin blockchain cannot process millions of transactions per second,  it will be difficult to use it globally for everyday payments. It is true that Bitcoin adoption is increasing, but many use Bitcoin off-chain, either through centralized services or decentralized bridges, and none of these are real Bitcoin. cryptocurrency payments percentage by merchants that that already accept crypto is approximately 26%.