{"id":4179,"date":"2021-06-19T10:56:55","date_gmt":"2021-06-19T08:56:55","guid":{"rendered":"https:\/\/walloftraders.com\/blog\/?p=4179"},"modified":"2023-08-02T14:29:28","modified_gmt":"2023-08-02T13:29:28","slug":"blockchain-industry-risks-existence-of-banks","status":"publish","type":"post","link":"https:\/\/walloftraders.com\/blog\/en\/blockchain-industry-risks-existence-of-banks\/","title":{"rendered":"Blockchain industry, Banks Risk existence"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"450\" height=\"253\" src=\"https:\/\/walloftraders.com\/blog\/wp-content\/uploads\/2021\/06\/kanghj103180300362.jpg\" alt=\"Blockchain industry : Blockchain industry, Banks Risk existence\" class=\"wp-image-4180\" srcset=\"https:\/\/walloftraders.com\/blog\/wp-content\/uploads\/2021\/06\/kanghj103180300362.jpg 450w, https:\/\/walloftraders.com\/blog\/wp-content\/uploads\/2021\/06\/kanghj103180300362-300x169.jpg 300w\" sizes=\"(max-width: 450px) 100vw, 450px\" \/><\/figure>\n\n\n\n<p>The Blockchain industry is here and doesn\u2019t joke about what it does. <a href=\"https:\/\/walloftraders.com\/blog\/en\/who-is-satoshi-nakamoto\/\">Satoshi Nakamoto<\/a> is a genius about how they put together an accurate system that puts third parties aside in transaction confirmation. Blockchain came to eliminate the long processes in transactions and the huge fees that are required to move money from one point to another. Bitcoin has simplified the process by taking the fees to up to a few cents for a cross-border transaction.<\/p>\n\n\n\n<p>Banks and traditional financial institutions are known for having long procedures for opening an account and the approval depends on the bank. The bank looks at factors that favour it rather than what favours the user. Bank require a person to give all the information about themselves even that which may be irrelevant.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_75 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/walloftraders.com\/blog\/en\/blockchain-industry-risks-existence-of-banks\/#Removing_humans_from_making_decisions\" >Removing humans from making decisions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/walloftraders.com\/blog\/en\/blockchain-industry-risks-existence-of-banks\/#A_lot_of_changes_to_be_relevant_in_the_financial_world\" >A lot of changes to be relevant in the financial world<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/walloftraders.com\/blog\/en\/blockchain-industry-risks-existence-of-banks\/#Organisations_are_making_changes_in_the_adoption_of_cryptocurrencies\" >Organisations are making changes in the adoption of cryptocurrencies<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Removing_humans_from_making_decisions\"><\/span>Removing humans from making decisions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"450\" height=\"300\" src=\"https:\/\/walloftraders.com\/blog\/wp-content\/uploads\/2021\/06\/oocoskun180300022.jpg\" alt=\"Blockchain industry : Removing humans from making decisions\" class=\"wp-image-4181\" srcset=\"https:\/\/walloftraders.com\/blog\/wp-content\/uploads\/2021\/06\/oocoskun180300022.jpg 450w, https:\/\/walloftraders.com\/blog\/wp-content\/uploads\/2021\/06\/oocoskun180300022-300x200.jpg 300w\" sizes=\"(max-width: 450px) 100vw, 450px\" \/><\/figure>\n\n\n\n<p>What the blockchain industry ecosystem does is, removing humans from making decisions. <a href=\"https:\/\/walloftraders.com\/blog\/en\/what-is-defi-the-decentralized-finance\/\">Decentralised Finance<\/a> will not need approval from a bank for anyone to borrow or lend money. All requirements are automated, if the person meets them, then they can carry out the required transaction. If they don\u2019t meet them then the transaction won\u2019t happen. Decentralised Finance will not discriminate against a person because it doesn\u2019t use faces to approve transactions.<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/en.wikipedia.org\/wiki\/Satoshi_Nakamoto\" target=\"_blank\" rel=\"noreferrer noopener\">Satoshi Nakamoto<\/a><\/strong> in his writings came up with the idea of decentralised finance during the 2007 House Bubble Burst. He points out how Central Banks breaches contracts in loan processing and money transfer. He talked about how people have to trust banks with their credentials and in return, the bank will lend the account holder a fraction of their reserve. Bitcoin first goal is to remove bank and intermediaries in the transfer of value.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"A_lot_of_changes_to_be_relevant_in_the_financial_world\"><\/span>A lot of changes to be relevant in the financial world<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Soon, banks will have to make a lot of changes to be relevant in the financial world. Unless these banks and traditional financial institutions make changes people will shift from banks to cryptocurrencies. The reasons are clear;<\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\">\n<li>Putting money in a bank will earn someone 1% or even less. On the other hand, one can put a million-dollar into a yield farming or staking account and make up to 15% in profit great deal, isn\u2019t it? Banks will make a profit off people money through car loans and mortgages and the account holder doesn\u2019t make anything while the bank makes up to 8%. If people understand this, they will in the end move from bank deposits to staking accounts and Yield farming accounts.<\/li>\n\n\n\n<li>Banks need a lot of information and trust before they lend money. Bank loans come with huge interests and underlying transaction fees that make the process expensive. Decentralised Finance will lend a user money and charge lower fees compared to what banks charge. Furthermore, the lending process on the DeFi ecosystem doesn\u2019t require a lot of credentials. Also, DeFi will not have any hidden charges in the processing of loans.<\/li>\n\n\n\n<li> For a loan, payment banks will not use your reserve unless you default payment. A user will borrow against their stack on the DeFi ecosystem and since they are required to pay a small interest rate, they can comfortably raise the interest and even more as the staking amount earns a profit.&nbsp; &nbsp;<\/li>\n\n\n\n<li>To keep off capital gain taxes, people will borrow against their stack, and not sell. This will keep deposits profitable. Traditional financial institutions will charge a user bill for having money in the bank and they will still charge huge taxes if one makes a big investment.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Organisations_are_making_changes_in_the_adoption_of_cryptocurrencies\"><\/span>Organisations are making changes in the adoption of cryptocurrencies<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/walloftraders.com\/blog\/buying-tesla-with-bitcoin-is-it-a-good-idea\/\">Tesla started accepting Bitcoin<\/a> as a form of payment for its vehicles. Although they discontinued it due to environmental concerns that come with Bitcoin mining, they have confirmed they will embark on it if there is clean and renewable energy in the mining process.<\/p>\n\n\n\n<p>General Motors came in not confirming the adoption of any coin. However, they said if a client happens to want to pay with Bitcoin they will accept.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"450\" height=\"158\" src=\"https:\/\/walloftraders.com\/blog\/wp-content\/uploads\/2021\/06\/kurhan160700309.jpg\" alt=\"\" class=\"wp-image-4182\" srcset=\"https:\/\/walloftraders.com\/blog\/wp-content\/uploads\/2021\/06\/kurhan160700309.jpg 450w, https:\/\/walloftraders.com\/blog\/wp-content\/uploads\/2021\/06\/kurhan160700309-300x105.jpg 300w\" sizes=\"(max-width: 450px) 100vw, 450px\" \/><\/figure>\n\n\n\n<p><a href=\"https:\/\/walloftraders.com\/blog\/en\/bitcoin-is-a-legal-tender-in-el-salvador\/\">El Salvador has passed the bill to make Bitcoin a legal tender<\/a>. This move will solve the 70% of Salvadorians who do not have bank accounts. Bitcoin will reduce fees charged in making remittances which is a major source of money in the country.&nbsp;&nbsp;<\/p>\n\n\n\n<p>In conclusion, if most countries adopt Blockchain technology then the banks will be irrelevant in the next decade. If not banks will then have to work like the Blockchain industry.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div class=\"wp-block-social-warfare-social-warfare\"><div class=\"swp_social_panel swp_horizontal_panel swp_flat_fresh  swp_default_full_color swp_individual_full_color swp_other_full_color scale-100  scale-\" data-min-width=\"1100\" data-float-color=\"#ffffff\" data-float=\"none\" data-float-mobile=\"none\" data-transition=\"slide\" data-post-id=\"4179\" ><div class=\"nc_tweetContainer swp_share_button swp_twitter\" data-network=\"twitter\"><a class=\"nc_tweet swp_share_link\" rel=\"nofollow noreferrer noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/intent\/tweet?text=Blockchain+industry%2C+Banks+Risk+existence&url=https%3A%2F%2Fwalloftraders.com%2Fblog%2Fen%2Fblockchain-industry-risks-existence-of-banks%2F&via=WallOfTraders\" data-link=\"https:\/\/twitter.com\/intent\/tweet?text=Blockchain+industry%2C+Banks+Risk+existence&url=https%3A%2F%2Fwalloftraders.com%2Fblog%2Fen%2Fblockchain-industry-risks-existence-of-banks%2F&via=WallOfTraders\"><span class=\"swp_count swp_hide\"><span class=\"iconFiller\"><span class=\"spaceManWilly\"><i class=\"sw swp_twitter_icon\"><\/i><span class=\"swp_share\">Tweet<\/span><\/span><\/span><\/span><\/a><\/div><div class=\"nc_tweetContainer swp_share_button swp_facebook\" data-network=\"facebook\"><a class=\"nc_tweet swp_share_link\" rel=\"nofollow noreferrer noopener\" target=\"_blank\" href=\"https:\/\/www.facebook.com\/share.php?u=https%3A%2F%2Fwalloftraders.com%2Fblog%2Fen%2Fblockchain-industry-risks-existence-of-banks%2F\" data-link=\"https:\/\/www.facebook.com\/share.php?u=https%3A%2F%2Fwalloftraders.com%2Fblog%2Fen%2Fblockchain-industry-risks-existence-of-banks%2F\"><span class=\"swp_count swp_hide\"><span class=\"iconFiller\"><span class=\"spaceManWilly\"><i class=\"sw swp_facebook_icon\"><\/i><span class=\"swp_share\">Share<\/span><\/span><\/span><\/span><\/a><\/div><div class=\"nc_tweetContainer swp_share_button swp_linkedin\" data-network=\"linkedin\"><a class=\"nc_tweet swp_share_link\" rel=\"nofollow noreferrer noopener\" target=\"_blank\" href=\"https:\/\/www.linkedin.com\/cws\/share?url=https%3A%2F%2Fwalloftraders.com%2Fblog%2Fen%2Fblockchain-industry-risks-existence-of-banks%2F\" data-link=\"https:\/\/www.linkedin.com\/cws\/share?url=https%3A%2F%2Fwalloftraders.com%2Fblog%2Fen%2Fblockchain-industry-risks-existence-of-banks%2F\"><span class=\"swp_count swp_hide\"><span class=\"iconFiller\"><span class=\"spaceManWilly\"><i class=\"sw swp_linkedin_icon\"><\/i><span class=\"swp_share\">Share<\/span><\/span><\/span><\/span><\/a><\/div><div class=\"nc_tweetContainer swp_share_button swp_pinterest\" data-network=\"pinterest\"><a rel=\"nofollow noreferrer noopener\" class=\"nc_tweet swp_share_link noPop\" href=\"https:\/\/pinterest.com\/pin\/create\/button\/?url=https%3A%2F%2Fwalloftraders.com%2Fblog%2Fen%2Fblockchain-industry-risks-existence-of-banks%2F\" onClick=\"event.preventDefault(); \r\n\t\t\t\t\t\t\tvar e=document.createElement('script');\r\n\t\t\t\t\t\t\te.setAttribute('type','text\/javascript');\r\n\t\t\t\t\t\t\te.setAttribute('charset','UTF-8');\r\n\t\t\t\t\t\t\te.setAttribute('src','\/\/assets.pinterest.com\/js\/pinmarklet.js?r='+Math.random()*99999999);\r\n\t\t\t\t\t\t\tdocument.body.appendChild(e);\r\n\t\t\t\t\t\t\" ><span class=\"swp_count swp_hide\"><span class=\"iconFiller\"><span class=\"spaceManWilly\"><i class=\"sw swp_pinterest_icon\"><\/i><span class=\"swp_share\">Pin<\/span><\/span><\/span><\/span><\/a><\/div><\/div><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><em>This article is not investment advice. Do your own research before investing in the cryptocurrency market.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Blockchain industry is here and doesn\u2019t joke about what it does. Satoshi Nakamoto is a genius about how they put together an accurate system that puts third parties aside in transaction confirmation. Blockchain came to eliminate the long processes in transactions and the huge fees that are required to move money from one &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Blockchain industry, Banks Risk existence\" class=\"read-more button\" href=\"https:\/\/walloftraders.com\/blog\/en\/blockchain-industry-risks-existence-of-banks\/#more-4179\" aria-label=\"More on Blockchain industry, Banks Risk existence\">Read more<\/a><\/p>\n","protected":false},"author":6,"featured_media":4652,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[194],"tags":[],"class_list":["post-4179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","masonry-post","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.4 - 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