Will Banks Switch Over To Providing Crypto Services Exclusively? Many people don’t realize this at the moment, but the world is going through a major
Will Banks Switch Over To Providing Crypto Services Exclusively?
Many people don’t realize this at the moment, but the world is going through a major change. In fact, it could be the biggest change we have ever seen. This is not in reference to the coronavirus pandemic although that one is sure to change things too. It is about the evolution of our concept of money itself. As usually happens, the various aspects of human life continuously keep evolving. Our technological advancements are proof enough of that.
However, money is something that hasn’t changed for a long time. The current fiat and banking system we have were established centuries ago. And we have been following the same system despite there being so many holes in this system. Now, we finally have a much better option. We are at the cusp of a silent and powerful revolution that is poised to change how we view money.
In essence, people are going to take control of the concept of money. Just as how we did with the establishment of democracies and fall of dynasties and monarchies.
The Rise of Cryptocurrency
Since 2009, with the inception of Bitcoin, cryptocurrencies have been on the rise. One after the other, different cryptos were created to serve the different needs of a futuristic generation. They addressed the pain points of the legacy system and made money a lot more free and accessible. The old system was ruled by heavy-handed regulations. It created more restrictions than freedoms.
The current crypto revolution is about to overthrow that. It stands for freedom and free flow of money. It does away with national borders and makes money borderless. The one aspect of human life that wasn’t globalized is finally going to be. As more and more people adopt cryptos, they get aboard a system which is not manipulated by central authorities. Instead, code is king and software does all the implementation.
Banks To Transition To Crypto?
One question that keeps on coming up is what roles bank would play in the upcoming system. The answer is simple. They would either become obsolete or switch over to cryptocurrencies. If cryptos really become the de facto money, the players of the fiat system would have two choices. They could either perish or adopt the better technology.
This has already happened countless times throughout history with other technologies. Now, it will happen with cryptocurrency as well. Banks are the most significant players in the fiat system. They would have to provide crypto services exclusively to survive.
It is not far-fetched to think about banks providing crypto storage service, bitcoin exchange, cryptocurrency exchange, and other crypto-related services. In fact, some banks in the world have already started this process. These are the most future-looking banks and are definitely poised to do well. Those who are resisting the most right now would suffer. They will end up becoming an example of why not to go against the flow of technology.