Only if people own their wallets and transactions happen on-chain. We're far from that point, both for technical and social reasons. I like having my money in a bank and using my Visa card because I feel safe doing it. If I lose my card or get a bogus transaction? Just use your insurance. Beyond that, if you want additional services not provided by a blockchain such as getting a loan, I'm sure banks will ask you to put your money into one of their accounts so that they can do... banking. I love it when a cryptocurrency enthusiasts replies to "bitcoin is useless in the real world" with "well actually my Coinbase-issued off-chain-settled Visa card works really well thank you". Congrats, you've got yourself a bank.
If your wallet is actually owned by a bank then chances are your actual purchases will be obfuscated. Banks will only settle transactions with other trusted establishments "in bulk" to speed things up and reduce fees.
Don't drink the overenthusiastic cryptofanatic kool-aid, banks are going nowhere. Those who say that cryptocurrencies can replace them either don't understand banks or they don't understand cryptocurrency. Probably both.
Theoretically crypto will never replace government backed currency if the world economy and politics is stable.
Look at Turkey. Venezuela. Argentina. China. North Korea. People are already not trusting government backed currency. I don’t mean to over generalize. I just want to say it’s not just a dream. It’s possible.
Crypto is only working in places like Venezuela because other states ARE stable (America). If the whole worlds situation goes to shit then it's just as worthless as fiat.
If your wallet is actually owned by a bank then chances are your actual purchases will be obfuscated. Banks will only settle transactions with other trusted establishments "in bulk" to speed things up and reduce fees.
Don't drink the overenthusiastic cryptofanatic kool-aid, banks are going nowhere. Those who say that cryptocurrencies can replace them either don't understand banks or they don't understand cryptocurrency. Probably both.