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Although most Bitcoin enthusiast believe that the legacy banking system will cease to exist sometime in the near future, I think we should pause from the excitement and consider a few things first. Let me first say in full disclosure that I work for a bank in the US and have been doing so for over 20 years. I am in the technology space and have an "OK" understanding of Blockchain technology from the University of YouTube. I am also invested in Bitcoin, Ethereum, Dash, Litecoin, Siacoin, Bitbay, Digibyte and Burst. I have bought and sold others at various times. With that said, I would like to point out that I am also cheering for Cryptocurrency to change the world even more than it already has. I am loyal only to my profits not a bank or any particular currency. I consider myself somewhat in a position to be neutral on this topic because I have stake in both spaces.
The first thing I would like us to consider is cryptocurrency's difficulty with mass adoption particularly with respect to how most people have an unhealthy belief of their government. I can only speak for the US as that is my only personal experience. In the US most of us have an unhealthy belief in our government's ability to take govern our money. That couple with how much influence the banks have over the Federal Reserve we can should consider that any laws that allow cryptocurrency to continue to exists in the US will lean toward whatever way it can be successfully leverageed by the banks. Currently Bank of America are partnering with Microsoft on several Blockchain projects that I believe will be successful provided they get the rest of the international banks to buy in on the idea. While we the consumer are hoping against all hope for cryptocurrency mass adoption, the banks are hoping against all hope for the international network of banks (Central Banks) to come to an agreement or consensus on future direction as it pertains to Blockchain technology. Once the network of banks all agree it doesn't necessarily mean that it is game over for Bitcoin or other altcoins but it does make a steep hill to climb even steeper.
Another thing I would like us to consider is what does a successful mass adoption of cryptocurrencies by consumers worldwide actually mean to Banks. I personally think it means that the legacy banking system as we know it today will cease to exist. However, that does not mean that banks will cease to exist. I the legacy banking system will drastically change it's way of doing business as a direct result of cryptocurrencies ability to send trustless and borderless payments. Today Large banks have a global footprint but they are still subject to national currency laws which limits their ability to have consistency. I think the Central Banks will adapt in a way that changes that. I may be wrong but I guess only time will tell.
Because I have to back to my traditional/legacy banking job I need to close this one out with a summary of my thoughts. Again I am cheering on Crytocurrencies and all the things will are doing and will be able to do with Blockchain technology in the future. I think without Bitcoin the Banks would not have been challenged to innovate and improve. The fact is the legacy banking system hasn't done any real innovation since the ATM. There has only been a wash, rinse, repeat mentality. I hope to add more blogs like this in the future so please upvote and follow me.