Although cryptocurrencies awareness has increased ever since this term first was out and I do

think that there could be a reduction of depository institutions, slightly, I do not think these will
be completely eliminated and even though I do think they will be reduced it will not be any time
in the near future. To maintain a certain level of efficiency and competition in the banking
industry, financial institutions such as banks are constantly changing to adapt to the new market
conditions. To succeed in a competitive market, adaptability is key. We can also attribute the
misunderstanding, ignorance, or lack of awareness of cryptocurrencies to a big chunk of our
population to the fact that there is a long way before cryptocurrencies can reduce the need for
depository institutions. There is a lot of people then do not know about cryptocurrencies or what
they are, there are some that are aware something called cryptocurrency exist but do not
understand what it stands for or what its use is, and finally there is people that know what it is
and its use but simply do not bother to get involved in it.
One of the biggest factors or characteristics of cryptocurrencies when they first came out was
their lack of regulation, although this poses as an obstacle for banks and their capability to
adapt to this new trend, it also increases the risk for consumers to invest in it, as their volatility
makes its value fluctuate constantly, and with little to no regulation. I think with time awareness
for cryptocurrency will increase, however paper money will still exist, even if it is to a reduce
rate. Banks will still have control over the standard currency market, while working to create the
necessary changes to create a competitive advantage in the cryptocurrency world. As much as
we go into a digital world, cash is king, and even if cryptocurrency gets to control the industry,
depository institutions and paper money will not be eliminated.