what will happen to banks?

[vinz7229]

I think banks are too important to the world presently and their reputation will enable them to survive even in the current climate where they are facing competition from the cryptocurrency market. The general public will remain skeptical of cryptocurrencies for some time and thus will continue to use banks.

yeah, banks is bank, whatever happen in crypto world it will not eliminate banks, because people would still prefer to save their money in the bank. Aside from the that banks to supported by the government so you have the assurance that your money is in good hands. .

[rphk]

you may be talking about normal bank which operates normal currencies , in my country banks does not operate with bitcoins , only normal or foreign currencies, few countries may be operating on bitcoin i am not sure. But for bitcoins there so many online popular sites exchanging , trading bitcoins  and keeping wallets . normal banks may not be operating on block chain for normal currencies . for bitcoin online sites like coinbase etc are following block chain technology.

[Agetan]

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.

How blockchain will kill fee? I think it will affect to bank because more people will prefer to use blockchain.
Bank already try to accept blockchain but not for tranfer money. Most likely blockchain is used for back office only.

[bluefly]

I think the will accept BTC finally, or other cryptocurrency.

[KingdomHearts]

Banks will not disappear from the financial world. People will take loans in them, trust their money and material values for safekeeping. Bitcoin will not destroy banks, as not all people will use cryptocurrency.

Banks will definitely not disappear from the world on permanent basis rather they will decrease in number and importance. People will not sue banks more often like they use them today. From the developed countries, they will definitely disappear soon but in underdeveloped they will stay for quite long time. The uses of bitcoin and other digital currencies will increase with the passage of time.

[cryptokitty]

what is a bank?

it is just a service that is offered on money. these services are so many different things. such as loans, credit cards, savings account, Checking accounts, other types of account i don't know the name of in English , Insurance stuff, Mortgages, Safty Deposit boxes, ...

banks doesn't have to be affected by bitcoin or bockchain technology. it is just a different form of money!

Bitcoin will greatly affected by any transaction because they prefer to invest in btc rather than investment with banks.

[bitgolden]

Actually the crypto currencies aren't really affecting the banking systems and banks around the world, because still the majority of people worldwide use their services and also deal with fiat currencies. Banks also are supported by governments a lot more than crypto currencies.

Banks are mandatory for the society. They have their own role and importance for the people, while bitcoin is something different. It is not all about making money. Banks provide many other services which are very necessary while bitcoin cannot do the same.

Bitcoin is only a currency and the place where we can earn money. Banks are more reliable than bitcoin. Withdrawal from the banks is easier than bitcoin wallets, because banks are available in every street.

[Isaak Bitcoin]

With banks nothing will happen. They both worked and will work. It is not necessary to think that bitcoin or other cryptocurrency will make banks unnecessary. National currencies will not disappear, as long as there are no prerequisites for bitcoin to replace the fiat.

[fasdorcas]

Nothing bad happens to the bank because until whenever the bank will still be required to conduct transactions directly such as to make deposits and withdrawals of funds. or the bank can work with a commodity exchange company to gain more profit through the cooperation.

Yeah I agree because the banks have different role in society. They do many things for their clients apart from holding money and give profit on it. The importance of banks cannot be push in aside because there are many services which bitcoin cannot do for people and banks are mandatory for those services like bank drafts, transfer, exchange and many more. You can also get loans from the banks to overcome your financial problems and will pay back in installments. Although you will have pay more money than the borrowed one but only the bank can help you in hard times.

[bitbunnny]

Nothing will happen to banks, at least nothing bad.
They are still the financial pillars in society and that will not change so soon. They are financing governments and big world companies so their existance is secure. Cryptocurrencies will not replace them and believing such thing is illusion.
Of course so far they have realised the advantages of blockchain technology and they are willing to implement it. I'm sure they are also considering other options for cryptocurrencies.

[chrmn27]

Banks are still not affected by Bitcoin. The effect, if there is, is still too tiny like a speck for the banks to be threatened. Banks are still banks. Even bitcoin can not completely replace nor remove banks in the society.

[MCVXYZ]

Banks in my country have already started buying and keeping Bitcoins,Ethereum,Litecoin,Bitcoincash and they've created new exchanges,Wich I think is prohibited by law,because this is an nonprofit income .They were not interested in this sphere but Now All were convinced of its profitability and  I think they will do everything to not backward market economy.They still trying to create centralized coins,because they don't want something wich will be decentralized,That's why people should start to use decentralized coins,In this situation they cann't control eveything and they cann't manipulate with people's money...

[hynext]

Banks still a bank always intact with people, it will not vanished because government regulate banks. They will do same like bitcoin or they were going to produce their own coins but for sure it's centralized.

[cherrymobile]

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 will never affect and its different from bitcoin when it comes to the money we earned .Since bitcoin make more familiar to others and some people used it  we live in technological world maybe soon bitcoin will replace bank soon .

[Agaton]

Bank's are always there even bitcoin is more popular, there is a lot of cryptocurrencies today almost 100 kinds of cryptocurrencies being made and organize by different people but banks are still operating day by day. The popularity of bitcoin in different countries does not affect banks transactions, although there are also banks accepted bitcoin transaction by changing into cash money.

[acener]

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 will just have to adapt to the changes brought by the cryptocurrencies. I think the banks all over the world are rich enough to be able to handle innovation. In addition, the technology is evolving every year, so innovation and adaptation to the changes is bound to happen for establishments such as banks.

[thecoder2017]

Bank will operate as usual since it has already its role in business industry because there are so many people who are using banks as their partners in their daily transactions so no time to worry for banks managers.

[emezh10]

what is a bank?

it is just a service that is offered on money. these services are so many different things. such as loans, credit cards, savings account, Checking accounts, other types of account i don't know the name of in English , Insurance stuff, Mortgages, Safty Deposit boxes, ...

banks doesn't have to be affected by bitcoin or bockchain technology. it is just a different form of money!

Banks are being use by individuals to help manage their personal financial transactions, including saving and profit brought by its interest rate the banks offers. As well as for companies, they use banks to handle their business transactions. They find it more secure to transact through banks rather than personal transactions which is too risky for robbers. But through the development of digital currency, like bitcoin, perhaps time will come that banks will acknowledge bitcoin and make adjustment for the adoption of digital fiat in banking.

[pogiparin]

I think banks will not be negatively affected. Your assumption is correct but it is just a piece of a bigger puzzle. Banks mostly profit from money lending (e.g. loans). Add that to tons of transaction costs, investments, etc. and you will see that banks generate profit from a lot of avenues. Moreover, banks themselves have a safety money reserve that they can tap in order to influence the flow and price of money (purchasing power).

[wireless1889]

Bank is a financial institution or organization that is offering to keep your money and do their job to regulate it and soon they will have profit on it to bring interest on your deposited money. Whether bitcoin is abundant now and many people are using it, the use of fiat currency will never be extinct and will be needing in the future because it is a necessary and portray the gold deposit in the country.