I almost feel like people have forgotten that banks and digital currencies are intrinsically linked. After all, banks are an integral part of the global economy, and they are a primary way we transfer value. Unfortunately, many people have been led to believe that bitcoin and similar cryptocurrencies are somehow “un-bankable”, which is both untrue and a bit shortsighted.
Banks won’t exist in ten years unless they change their business model. That’s according to Martin Tillier, the CEO of French banking system Société Générale. Tillier’s claim is based in the fact that the majority of banks globally are increasingly finding themselves disrupted by technology and new customers. The reason for this is because traditional banks are not able to adapt to the new technological changes that have been happening in the banking field. According to Tillier, banks aren’t able to adapt to technology and this is why they will cease to exist in the future.
It is an exciting time to be alive, especially if you are in the FinTech industry. The number of new FinTech startups is exploding and the market is worth billions. However, since the industry is in its early days, most financial institutions are still struggling to adapt. Fintech exists to disrupt the financial system by creating new products and services that are more efficient, cheaper, and safer than anything that has come before it. For some, this model might not be good for the financial industry, but it is here to stay. The more diverse and modern banking channels it creates are what will make it possible to keep up with global citizens, and banks won’t exist in ten years unless they change their business model.. Read more about how banking will evolve in the future with the change in technology and let us know what you think.All problems in finance – whether centralized finance, insurance, credit or other assets – come down to the human factor. For example, why can’t the pharmacy put money in the bank? Because of poor human judgment. These rules and regulations make no practical sense. The blockchain ecosystem removes the human element from the equation. Today, technology dominates because Satoshi Nakamoto was smart enough to understand that someone had to exclude people from the decision-making process. With decentralized funding, I don’t need approval from a bank to borrow or lend money. I just have to meet some automatic criteria. There is no bias. No one is judged here based on age or a made up point system. It doesn’t matter what race, gender or sexual orientation you are. If you meet the DeFi criteria, the transaction is completed. Otherwise, it won’t be. Satoshi was smart enough to understand the need to remove people from the equation. The big banks either reject your account application outright or wait until their compliance department rejects you, in which case your money is placed in a reserve, which is the beginning of the long process of getting your money back. People have become wiser. They realized they needed to take people out of the equation because they tend to make ridiculous decisions. Decentralised funding is the future. Unless these banks change their business models very dramatically in a short period of time, they will cease to exist. Chase Bank. Bank of America. Wells Fargo. I don’t care how big they are. These banks will not exist in ten years if they do not solve the problems that cryptocurrencies solve. Decentralized funding will drive innovation that will change the world. Why should I put my money in the bank and get a tenth or a quarter of a percent, when I can put a million dollars into a gambling system or a profitable farming system and get up to 15 percent. There is no reason to put money in a bank so it can make 6% on your money for a mortgage and 8% on a car loan, which benefits no one but the bank itself. This is the main thing that will change in the next few years: Fewer and fewer people will invest their money in banks, but rather in these decentralized financial ecosystems. They get smart and say: Not only will I deposit that money and make money, but I will borrow money on this DeFi platform in the form of a loan, and instead of paying capital gains tax on my profits because I had a taxable event when I sold, I will never sell. I will take out a loan against my reserve and pay a small amount of interest, which will probably be offset by an increase in my betting income. This way you can borrow tax-free. It eliminates almost all of the traditional financial problems that people face: They put money in the bank and get nothing in return, and then pay huge taxes when they make a profitable investment.
Guest note by Branden Hampton of Grow.House
Brenden is not only the CEO of Grow.House, but he is also known as one of the largest independent social media publishers in the world. He has over 31 million followers on all the social media platforms he manages and owns: Twitter, Instagram and Facebook. Some of its most monetized brands include. : @marijuana (Twitter and Instagram), @Fitness (Instagram) @FLTNESS (Twitter), @BeautifulSkin (Twitter) and @noteboook (Twitter and Instagram). Hampton is followed by celebrities, sports stars, musicians and some of the biggest names in the entertainment industry, including Kim Kardashian, Jennifer Lopez, Rihanna, Chris Brown and many more. His clients include professional poker player Phil Ivey, Playmate of the Year Sarah Jean Underwood, rapper/producer Mally Moll and many others whose privacy is protected. Read more → read
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The banking incumbents are well aware of the threat that Bitcoin and other blockchain technologies pose, and are working hard to make it difficult for their customers to access financial services that are not controlled by the big banks. This is despite the fact that (a) the fees charged by these banks are too high for the 24 million unbanked households in the U.S., and (b) the banks are making record profits. The banking incumbents are also aware of the fact that their customers are flocking to Bitcoin, and are worried that if customers hit the Bitcoin network, they will lose control of their data and money.. Read more about future of banking technology 2020 and let us know what you think.
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