what will happen to banks?

[krishnaverma]

That's a clean shit. The banks are never gonna die. Truth and Simple things always win their places in world. Btcs are shortlived

I was hearing to a minister recently in YouTube who was saying that after they ban crypto, things like bitcoins will be heard in story. These are people who have still not realized how powerful crypto has become in past few years. I think soon banks will be in those stories instead of bitcoins.

[1715655882]

1715655882

[BitcoinPaw]

Nothing gonna happen to banks because most of them are protected by governments of countries they located. Cryptocurrencies nowadays is not even 10% of world's money i think.

[yslyv]

ok i agree that currencies based on blockchain technology will have a huge affect on banks but i think banking system will stay alive for more centuries because there will be always people that prefers traditional old methods. so they will keep using banks.

[krhnrhn]

Existing people need banks but Banks will reduce. Everyone will use bitcoin then there will be reduced bank of course.

[PatronRH]

In the short term I dont think that banks will be affected with bitcoin as they can gain some profit from it but the concept itself if used worldwide will reduce critically the incomes of the banks.

[Farhan786]

Since banks profit from fees and blockchain will kill fees, my guess is banks will be negatively impacted.
Some banks are already stepping into the blockchain world.
But blockchain will not bring back the profits as otherwise.
Any thoughts?
Apologies if this is not the right place to discuss.
Thanks in advance.

I think the bank will be like the bank. Bitcoin will remain like Bitcoin.Because, like us now, Bitcoin is necessary, so the common people also need banks. We can keep the money received from Bitcoin in the bank. So I think the bank will not suffer so much.

[dev9t9ok]

Banks have resources (money, assets, real estate) and there are a lot of smart people who work in banks. I consider that they will find how to use crypto in bank activities. I think banks will not die in near the future

[Dark Sky]

Banks have resources (money, assets, real estate) and there are a lot of smart people who work in banks. I consider that they will find how to use crypto in bank activities. I think banks will not die in near the future

actually bank works for those people who have physical job or business so they save and invest their money in bank but bitcoin is most important for those people who work in online and that's why they also want to invest their way, so if government wants more improvement in their country's economy so they should legalised bitcoin because it is also very important in our life as like physical jobs.

[swallovwvile8]

We may be indulging in new world of btcs but we should be grateful to banks and let them live since they supported us for years

[BLTC]

Activities of Bitcoin or the cryptocurrencies will not make banks disappear completely. It will expectedly render the banks less important just like what email did to the postal services. It is important to point out here that it is not true that blockchain transactions are free of fees as argued by the OP. There isn't any free lunch anywhere. We do pay a certain fee (just like we do with banks) to enable crypto transactions go through.

I like the way you put it, banks and cryptocurrency comparing to postal services and emails. It did makes the postal services less usable compare before. Postal is just used now for courier and very few people is using it for sending letters.  I guess this is really going to happen in banks. Big things like loans will still continue with banks but many daily transactions like buying things using banks/atm will shift to cryptocurrency. If banks will not adopt itself to cryptocurrency, then big part of their transactions will be gone.

[Despacito]

ok i agree that currencies based on blockchain technology will have a huge affect on banks but i think banking system will stay alive for more centuries because there will be always people that prefers traditional old methods. so they will keep using banks.

Banks will be affected negatively due to crypto development but they also will save their position as well. They can't give up because they're supported by capitalist powers and share holders. They don't take risk against crypto development.

Their profit might be affected negatively as well.

[FlightyPouch]

Existing people need banks but Banks will reduce. Everyone will use bitcoin then there will be reduced bank of course.

Bitcoin is here now for almost 10 years now and the banks are not even "reduced", as you said it.

Bitcoin might have an effect on banks, that is a given but I don't see them having a problem to it since not all of the population in the country will use Bitcoin instead of fiats since this digital currency is not that really good to be used in a daily life basis. It will stay as an asset, an investment that will be saved for some years in a Bitcoin wallet and fiats will be still used as a daily currency.

[thundercrystal]

In my opinion Bank will also exist using blockchain technology. They will cut down the fees and increase the technology. Till now there are lots of things that bank offers but blockchain is working on it.

There is no doubt that banks will surely remain in this world even cryptocurrency is becaming popular, Banks has so many function in this world and i think even in the future banks will surely supported by a lot of people all over the world.

[laravuemaster]

Since banks profit from fees and blockchain will kill fees, my guess is banks will be negatively impacted.
Some banks are already stepping into the blockchain world.
But blockchain will not bring back the profits as otherwise.
Any thoughts?
Apologies if this is not the right place to discuss.
Thanks in advance.

Banks cannot catch up to cryptocurrency because they have different concept, they are getting profit from taxes while cryptocurrency does not have tax and it will just continue to grow as the time goes by depending on the investors interest.

[IMAR]

I'm sure that banks will survive if the could able to manage incorporating cyrptocurrency or the blockchain technology in their system.  They will be like a hybrid banks. But if they continue to use their current system and could not adopt to the new technology, for sure they will be less important in th coming future.

[Ozero]

Banks need the state, because through them the entire economy of the country is financed and the country's budget is being implemented. Banks also perform a monetary function, which is also important both for lending to the economic sectors, and for individual businesses and citizens. Therefore, banks will always work, they will be protected by the state and supported by them. If the crypto currency starts to conflict with banks, the state will always support the banking system. Therefore, it is necessary to take into account the crypto currency and not try to destroy the banking system, otherwise it will lose the war with banks. Everything should go in a peaceful evolutionary way. The Crypto currency will be partially taken from banks by their customers and they will incur losses. This is also inevitable. If the crypto currency is legalized by the state, the banks will have to adjust to it and provide services in the crypto currency, having their commission. In the future, banks and crypto-currencies must coexist together, there is no other way of development in them.

[Ondre]

I think Banks will still be banks. Cause it will still be a long way for fiat to extinct. And we still need paper money to convert our digital money.

[christina30]

For me In the future bank has a lot of trouble.Crypto world become popular platform for a transaction of money and payment purpose. Already they are afraid of the growth rate of this crypto world and people are getting involved in this platform.Basically, when you get an opportunity for tax less transaction then you certainly go with this system for transaction and payment purpose an people will interested in it

[TiffanyLien23]

For me, fiat will always be available, its the crypto that will be regulated as it has started like how china and some countries did. The way we buy coins an tokens today may b change drastically when all the projects leading to adoption are going to be ready for the next years. I hope to see myself buying on grocery stores with just my phone wallets. Banks will still be there I guess like the traditional way of banking bills but they may be offering coins which they may function like exchanges just to stay relevant..

[fauzan Ichsan]

For me In the future bank has a lot of trouble.Crypto world become popular platform for a transaction of money and payment purpose. Already they are afraid of the growth rate of this crypto world and people are getting involved in this platform.Basically, when you get an opportunity for tax less transaction then you certainly go with this system for transaction and payment purpose an people will interested in it

i think they have prepared from now on. we see banks starting to implement blockchain system for means of transactions. i think bank also did not shut down to face technological developments