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RE: News: The Biggest Online-Only Bank In Norway Will Allow Users To Link Their Coinbase Cryptocurrency Account To Their Banking App To Look At Their Holdings
The banks cannot stop the inevitable... they must adopt or they will lose their value much like what happened to technologies like floppy disks, film cameras, etc..
I think banks will go less and less in significance and people direct financial access will grow more and more but this will not happen in 5 years yet. Looking forward to a less controlled financial environment...
I think this idea to replace the banking system, that seems so popular in the crypto community, is quite unrealistic. Bitcoin does a good job at keeping your money secure and giving you the possibility to send it anywhere quickly and cheaply. However, as @whatageek mentioned, banks are the places where you can get mortgages and loans. This concentration of capital, so it can later be invested, is crucial for economic growth, which is why banks are still so important. Disclaimer: I'm quite new to the community and very excited about this technology but still trying to understand how everything works . I'd grateful for any educational responses that could convince me otherwise.
I agree, the economy is highly tied to banking. Though cryptocurrency does give you the option to bypass banks if you choose to and send money directly to people. But you need a lot of capital to avoid needed credit. Welcome to steemit, if have any questions, please le me know.
I think for now, that's why i say it will not happen immediately. It will be a process, my estimate is that it will 5 years in the making.
Now it is payment centers that are being resolved or proposed to be done through block chain, I see one ICO that exchanges should be done through blockchain. I am predicting (just my opinion) soon loans , mortgages and even your credit score will be done through blockchain or smart contracts.
This way no influence peddling is necessary but immutable public ledger to show how loan worthy you are and money will come from people who own digital currencies not from a centralized corporation like banks and others.
Yeah blockchain is definitely here to stay. The question is where are the coins going to be. I would actually guess 3 years, things are starting to really pick up this year in the cryptocurrency field and I think it is going to turn a lot of heads.