what will happen to banks?

[Honest Tim]

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 banks will going to destroy if the bitcoin become more popular to all but for now i can say that 70% of all people didnt know about cryptocurrency so maybe 5 years or 10 years bitcoin can replace the bank surely 100%.

I
Transactions via bitcoin are largely untraceable and lots of people can use bitcoin for money laundering and other illegal activities. Authorities lacks the requisite know how to investigate transactions using Bitcoin. Monies laundered through Bitcoin are difficult to trace and hence it aids and abet corruption unless there is some checks and balances this will limit the profits banks got by the transaction fees, but because of bitcoin they won't get it.  This will cause them in great loss and this can reduce the banks and will be the reason for bitcoins success and banks failure.

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[ricardobs]

the bank it just a service that you can save and loan on money and  have credit card and saving account what will happen to the bank someday the bank will going down sometimes the bank is not safe to save your money but not affected to the bitcoin or bockchain technology.

Wrong– who the heck even said that there is no fees in making use of Bitcoin? There are lots of fees involved in using bitcoin for any transaction, and these fees becomes way more bigger when you swap to making use of a Bitcoin exchanger wallet. So, Bitcoin relies on fees and same thing applies to bank. And one thing you should know is that banks works hand in hand with the government, so it can never go down like that ( will not). When the governments decides to start offering their own Centralized cryptocurrencies, it will be issued out by banks.

[barbara44]

the issue to banks is that bitcoin makes them completely unnecessary we do not need a bank to exchange our coins and even if they created their own exchanges to get a piece of the action decentralized exchanges are already here, right now decentralized exchanges are not very popular but I think that is going to change in the next decade and when that happens banks are not going to have the option of becoming an exchange anymore.

Well, we may not need banks anymore at some point, but you should not forget that not all of us. There are still so many people who still believe in the traditional system of doing things and also those who may not have the technological infrastructure like internet to even access the cashless society, so we cannot rule those set of people out.

Yet, the activities would reduce and once the government starts getting involved in creating their own currency using the blockchain technology, is when it would even get more interesting.

Yeah may be you are right that after sometime we will not be needing any banking systems to look after our money because all things will be taken over by bitcoins and people will be preferring crypts more than banks as they don’t have to pay extra charges and taxes on transactions because of decentralized economic system. Pus only transactions will be super-fast and furious in upcoming years.

[m1c0]

I think banks will end up in consulting and places to save money as storage when crypto revolution kicks in

[Blackwalker]

Banks could be erased from all life because bitcoin is getting more popular for people and people rather invest in bitcoin and also keep their money into their online wallets than give it to a bank and not know what they do with it.

[katiecbell]

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.

They say that bitcoin threaten banks but I don't think that bank will disappear in the future. Many investors are still prefer to put their money in the banks because it is not risky than put it in cryptocurrency.

Banks are going to disappear in near future because now people are shifting to bitcoin now with high speed. The bitcoin is increasing day by day, at the same peace the worth of banks is decreasing. Bitcoin is a big threat to banks just because of its value. I am pretty sure that all big investors are going to keep their big investments in the form of bitcoin just because bitcoin is easy to use.

[Nylelyn]

The birth of this digital currency called bitcoin and the latest technology of network underlying bitcoin will make online transactions direct,  meaning there is no need for a third party to process everything which takes time and collects additional charges that you have to pay. This is one way on how banks do their business. The decentralization which is the principle behind the blockchain  will alllow the owner to have control of their.money, do all payments and transfer in just one tap and at the all transactions are always updated.Meaning, this will lessen the work of the bankers if not eliminate banks becauase I still think that there are still a lot of investors who trust the traditional banking since they believe that money os more safe in the bank though interest are really low.

[yulionoo]

actually, bank still get money. money that you get from bitcoin will store in bank (like me)
or bank, can make some thought like join or take part with cryptocurrent, so they can earn more profit.
but in some country they rejected and say that bitcoin is not valid payment. and make sure that bank still ruling

[AjithBtc]

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.

They say that bitcoin threaten banks but I don't think that bank will disappear in the future. Many investors are still prefer to put their money in the banks because it is not risky than put it in cryptocurrency.

Banks are going to disappear in near future because now people are shifting to bitcoin now with high speed. The bitcoin is increasing day by day, at the same peace the worth of banks is decreasing. Bitcoin is a big threat to banks just because of its value. I am pretty sure that all big investors are going to keep their big investments in the form of bitcoin just because bitcoin is easy to use.

That's not true, people are not shifting to bitcoin completely, they have banking accounts and additional to it people give consideration to bitcoin. Bitcoin has been seen as a threat by lot of banking networks, whereas few try to adopt the technology and grow through the same.

[kramchers]

Banks will be banks.. nothing can change on that and they are good in the industry so bank will remain but if want banks to be updated and cope up in the market they cant do anything but to accept that cryptocurrencies are now in the world .. and they will just accept and  get into the circulation

[jalato.143]

Banks will be banks.. nothing can change on that and they are good in the industry so bank will remain but if want banks to be updated and cope up in the market they cant do anything but to accept that cryptocurrencies are now in the world .. and they will just accept and  get into the circulation

According to me banks will be in the future but their will be a great impact of bitcoin on banks due to its high value and easy way of the transfer over all world and the cheap rate for the transfer in the world. also the value of the bitcoin is very high in the market which create a good environment for it to attract new people and they will make investment as a result banks will be impacted in the future.

[aoihs00]

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 don't think banks are taking everything into the blockchain and they will leave everything behind for example swift code technology which is resemblance to blockchain but it is more or less centralised as compared to blockchain and I think more safer place for the banks.
These institutions will never get their asses into blockchain because they know if they do then they will put the whole thing at risk of public interest and that will be ain't good.

So yeah as you said this will kill the profitability because there won't be proper handling of the assets within the bank as it would do in the traditional ways. See there are two things that will always keep the banks alive, first the control of their own prices and second the continuous inflow of the money and redistribution of the interest on the deposits. Anyway things are pretty complex so I think banks want be down that easily.

[karnwillbit]

Bank will reduce. Everyone will use bitcoin then there will be reduced bank of course.

No not at all Banks have its own importance in each country all the salary are paid by these banks further all the money of a country is utilized by these banks so I think that banks will not lose it importance ever

[diegz]

Bank will reduce. Everyone will use bitcoin then there will be reduced bank of course.

No not at all Banks have its own importance in each country all the salary are paid by these banks further all the money of a country is utilized by these banks so I think that banks will not lose it importance ever

In short they are not there just for business, banks are there with purpose and government is one of those who benefit from this institution. With that said, banks have the full support of the government and therefore it is hard to push them down the grave.

I do believe that banks are there to stay and nothing can bring them down except the government. Besides, I don't see banks losing their purpose.

[aencarnaci]

I think banks will end up in consulting and places to save money as storage when crypto revolution kicks in

Yes, There are maximum chances for banks to get eradicated from the face of earth because now people are highly attracted towards bitcoin because bitcoin is the one which is not offering them a method of saving their money but also a way of earning money without a lot of hard work. Banks are not giving them the respective profit they deserve over their money stored in banks.

[TheGreatPython]

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.

They say that bitcoin threaten banks but I don't think that bank will disappear in the future. Many investors are still prefer to put their money in the banks because it is not risky than put it in cryptocurrency.

Banks are going to disappear in near future because now people are shifting to bitcoin now with high speed. The bitcoin is increasing day by day, at the same peace the worth of banks is decreasing. Bitcoin is a big threat to banks just because of its value. I am pretty sure that all big investors are going to keep their big investments in the form of bitcoin just because bitcoin is easy to use.

That's not true, people are not shifting to bitcoin completely, they have banking accounts and additional to it people give consideration to bitcoin. Bitcoin has been seen as a threat by lot of banking networks, whereas few try to adopt the technology and grow through the same.

Even if it is not true, there are maximum chances that people will simply switch to bitcoin and leave banks with the passage of time because bitcoin is offering better services than banks.

Banks are all the time looking to put some interest or useless tax on your money but this is not the case with bitcoin. You don’t need to answer anyone about your money, bitcoin offers you complete freedom with latest services.

[guxu219]

According to who? 
Banks of course will still  exist but they may sound very  irrelevant in  the next few years specially when one day they most of the government department are already integrating with  Blockchain technology.   Bank will be there still  and will still  exist  the only  difference  is that they  will soon be using blocckchain too just to  get along.

Bank system is the strongest system throughout the whole world and without bank system more business can’t exists. Now adays some people can think that bitcoin will disappear bank system but It is not possible yes it will reduce customers of bank.

[Howie1400]

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.

the presence of cryptocurrency does have an influence in all areas, especially the world of banking and finance. many of the negative effects that affect the banking world, ranging from reduced investment in the banking world, reduced exchange rates between countries and currency market movements that move rather slowly than before. for every bank that has joined cryptocurrency it's time they think of investment services in the form of coin and think about how the bank gets the profit, so the minimum activity of the bank can survive.

[wxa7115]

I guess, there will not be bad thing for the banks,  the banks will start to use Blockchain technology in the future and we will be able to open an account for digital money. Banks will also be trading faster and with lower fees. win-win situation   

Banks are going to become bitcoin banks as well, there is nothing stopping them from doing that the issue is if the people are going to be dumb enough to trust in the banks once again when they are most of the time the ones that are guilty of all the economic crisis around the world and if I look at history I think that the answer to that is yes, people are dumb enough and are going to let banks get away with yet another scam.

[cryptonomics.global]

Banks indeed get their fees from services but it doesn't really matter for them with which currency to operate.

People will always need loans, mortgages and financial services, the only difference will be that banks will provide them not in euros or dollars but in bitcoins and take their fees in bitcoins as well.