The Future of Banks - Will they Adapt to the Bitcoin Revolution?

[cryptocamacho]

Banks as we know it will go away. But banks in general are not going anywhere. It would be foolish to think that a multi-trillion dollar industry would evaporate overnight (after such a long history). They will put of a fight... a strong fight at that. Bitcoin may disapear too - but blockchain isn't going anywhere. That is key.

In the end banks will need to adapt to the new disruptive tech or be gobbled up.

My guess is that they will remain around for a long time to come, but their function and utility will signifcantly evolve as they try to figure out new ways to scam people for money (think about how wells fargo, chase, and all the other major banks do this today with hidden fees, etc.).

Governments are already in panic trying to create a new bubble economy through 'carbon taxes' and the 'green revolution'... which is all utter nonsense and really a ploy to keep the dollar (and other fiat currencies) bubble inflated...

You see, they need something to keep the house of cards from collapsing, in order to keep the current economic system afloat (e.g. mortgage bubble, tech bubble, etc.). That is how derivatives, equity swaps, mortgage default swaps work.... they create artifical economies that are virtually backed by nothing. They do this by 'cutting' up monetary value into smaller packets of 'value' and and then selling and reselling it... This in-turn creates something very vast out of essentially nothing. It is an engine that propels the world economy.

It is really quite ingenious of the banks to have done this, but also very irresponsible...

...and it is not sustainable.

Bitcoin is.

Bitcoin doesn't work like derivatives. It doesn't inflate. You can't create something from nothing with it. You can't use it to prop up a fake economy.

Do you think the banks would ever use Bitcoin and try to cut it up into derivatives?

Well that would be an interesting day....

[flag39]

Central Banks and private banks are already working on adapting blockchain technology as discussed on this thread:
 https://bitcointalk.org/index.php?topic=2146734.msg21478327#msg21478327

[bassong]

The banks are adapting, while there are still several hurdles to overcome before blockchain transforms finance and banking as we know it, the potential cost and labor savings it could create for the global financial market are so appealing that many major financial institutions are investing millions in resources to research how best to implement it.

[0930AM]

i though some of the major national banks and investment banks have started to looking about this
setting some funds and pools to monitor and even invests in

for technical wise, block chain is the future
it is just when the government wants to accept this trend

[MMysterious]

I think some banks are starting to adapt Bitcoin already and they have started to recognize bitcoin, though it is not that out yet but they are slowly trying to instill bitcoin in the banks. There are still a lot for them to learn about bitcoin and surely in a few years time bitcoin will be considered as a currency accepted by the banks.

[The Alchemlst]

possibly yes, just like gold if ever bitcoin maintain its high value and somewhat most services in each country accepts it then I think banks will have to adapt to it , then if that happens , I hope they will make a system for bitcoin users which will benefit both the users and the banks.

[soham]

Probably that can happen in future, but not anytime soon for sure! Because banks and organized financial sectors are seeing bitcoin or blockchain as a threat to their business at this moment. Imagine, we don't have bitcoin, so the entire market cap of around 70 billion USD would have flown in to their channel. Which didn't happen because of bitcoin.

However, in the long run, when the world will move towards the cashless and digital economy, when printed money will only exist in the bank's coffer, then blockchain will probably make some sense to them and they will be interested in adopting that. But it's a distant dream right away.

[coolstory]

Probably that can happen in future, but not anytime soon for sure! Because banks and organized financial sectors are seeing bitcoin or blockchain as a threat to their business at this moment. Imagine, we don't have bitcoin, so the entire market cap of around 70 billion USD would have flown in to their channel. Which didn't happen because of bitcoin.

However, in the long run, when the world will move towards the cashless and digital economy, when printed money will only exist in the bank's coffer, then blockchain will probably make some sense to them and they will be interested in adopting that. But it's a distant dream right away.

That can happen in the future, but this won't be in a way that decentralized systems will be the fundamentals of that possible adoption. Central banks will probably limit the features of decentralized projects and bitcoin.