what will happen to banks?

[richmcrich]

what happens to the bank? they do like us, they take advantage of bitcoin and speculate with a lot of means and get even more in their pockets

Actually, Digital currencies are a very big threat to the banking system. The features that these currencies some what oppose the way of banks and are more preferable. For instance, bank keeps track of our all transactions whereas bitcoin transactions are anonymous.

Bank can seal our capital any time if we break some rule, but nobody can control digital assets. Above all, keeping money in the bank does not give any real profit but bitcoin does.

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[redsun114]

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 Bitcoin will only lessen the users or investors of the banks. However, it will not affect the profit of the bank hardly.
Even there are many people patronizing cryptocurrency there are still people who are not believing or not using It fully. They are more strategic in their move, they might devide their money to several places like banks or through blockchain.

Those who are not believing in bitcoin will regret soon because prices will go high soon and they will see it amazement and those who are in crypto are on right side because banks will expire soon and the cash we are using now will be of no use, and this will be compulsory in future so those who are not getting into it now will buy bitcoin in future at really higher prices and then they will regret and but that time will be late.

[AjithBtc]

what happens to the bank? they do like us, they take advantage of bitcoin and speculate with a lot of means and get even more in their pockets

Actually, Digital currencies are a very big threat to the banking system. The features that these currencies some what oppose the way of banks and are more preferable. For instance, bank keeps track of our all transactions whereas bitcoin transactions are anonymous.

Bank can seal our capital any time if we break some rule, but nobody can control digital assets. Above all, keeping money in the bank does not give any real profit but bitcoin does.

As in the quote, digital currencies were a threat to the banking system. But being centralized makes people believe in the banking system. Keeping money in the bank does not give real profit, but bitcoin does. Same time the risk with bitcoin is big, banking does not have it.

[Pasaway2701]

in the future people are not going to use fiat currency they will addict to use crypto basic currency to use day today activity.

Not totally. Fiat still give convenience to people especially under developed countries so I think they will be the only reason for  banks to strive and stay alive.

Even cryptocurrency exist it does not mean that banks will lost their use. For me it is more safe to save money in the banks. There are still many people who will choose to make their fund and savings more secure. After trading I save to banks some of money and some are on online wallet that can be use for investment. Banks are one of the company that contribute for the growth of economy through paying their tax.

[mahilchii]

Either banks will be lost or banks will migrate their paper currency to crypto but this will take some more years. Banks and crypto is two different dimensions and cannot merge together with their difference in concepts but in future banks should and will adapt crypto currency technology of block chain to process their transactions since block chain is the x10 times advanced one than what bank technology.

[Hooda_64]

If Bitcoin legalize than it will affect banking system because it is peer to peer currency there is no third party involved. In future the banks will also implement the block chain technology which is running behind the Bitcoin.

[justspare]

in the future people are not going to use fiat currency they will addict to use crypto basic currency to use day today activity.

Not totally. Fiat still give convenience to people especially under developed countries so I think they will be the only reason for  banks to strive and stay alive.

Some people just make sick comments. So you think that Bitcoin is able to make banks fall or what? Don’t you know that banks is always involved in everything that has to do with money? When you invest into cryptocurrencies the companies don’t just swallow the money and make it disappear in thin air, the money goes straight to the company’s bank account.

[Neerajkumar]

Nothing !!!!Banks plays a major role in everyone's life,all the money related transactions are only made through banks no other party is involved in transaction and it's the bank who plays the major role or we can say that the middle man between the payee and the payer.
If we invest in cryptos than the money goes to the companie's bank account and same happens with us.

[abayan]

I think nothing would happen to the bank at all. It wouldn't be greatly affected by the booming industry of bitcoin.

Banks will not actually going through nothing. Meaning, I think, there will also be changes that will happen in banks. Though it is quite impossible that these may disappear, I think it will also adjust for the digital currencies. I can visualize that they will open systems or accounts that may be a storage or wallet for bitcoins and other ico.

[queenlaurel]

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!

This is true, banks won't be affected by bitcoin or blockchain. Money in hand and money on air are two different things. Banks deal with money on hand and bitcoin deal d other way. All these still comes back to you either investing more or saving and saving involves banks.

[Jupeter]

I think nothing would happen to the bank at all. It wouldn't be greatly affected by the booming industry of bitcoin.

I think the banks is we will remain this world and i think banks is we will not disappear in this world and i am confident that even the bitcoin is we will be more popular it can not beat or it can not makes the banks disappear because in this world banks is help a lot of people to save there money really well.

[Konthol Ngaceng]

The presence of bitcoin poses a serious threat to the banks, now all worry that bitcoin can make banks disappear, I think this is true because if it is not limited one day bitcoin will make banks go bankrupt and disappear.

[supermam]

Banks are use in savings and checking accounts as well it is also used by people with business to pay their transactions and also to pay salary of their employees through ATM'S and that make banks stable.

[budz0425]

Banks are use in savings and checking accounts as well it is also used by people with business to pay their transactions and also to pay salary of their employees through ATM'S and that make banks stable.

Of course we all know what bank is? The OP wanting to ask what will happen to banks now that cryptocurrency is rapidly spreading all over the world, and with that happen since Central banks cannot have the control over the people and the only thing they can control is for bank to not accept any bitcoin related concerns. So some countries did was to stop the bitcoin related transaction and some countries asks their government to banned bitcoin.

[YzzyGo]

Banks don't just profit from fees. They profit from interests from loans and credit cards. They also invest in some projects using your money to profit and give you next to nothing per annums. But they do provide security for your money.  The blockchain cannot kill banks since they are already part of the economy of a country. That's why they are now embracing the blockchain technology since it is a driving force in our economy nowadays.

[krassy]

Because the topic is very relevant, I also want to share my opinion on this issue. In my opinion, blockchain is very useful for banks, first of all it gives them the opportunity to transfer their transactions to the blockchain that will increase the degree of customer confidence; secondly, I know that many banks are already developing blockchain issues and are ready to join the process of new digital technologies, in third, of course now it is difficult for banks to accept the decentralization of the blockchain because they are  financial regulators and anyone who contradicts the enemy for them.
Sooner or later all banks will understand the attractiveness of the blockchain and will take an active part in this process.

[btctube]

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.

[Faxmate]

Banks are use in savings and checking accounts as well it is also used by people with business to pay their transactions and also to pay salary of their employees through ATM'S and that make banks stable.

Of course we all know what bank is? The OP wanting to ask what will happen to banks now that cryptocurrency is rapidly spreading all over the world, and with that happen since Central banks cannot have the control over the people and the only thing they can control is for bank to not accept any bitcoin related concerns. So some countries did was to stop the bitcoin related transaction and some countries asks their government to banned bitcoin.

Yeah banks are accepting money only while money is different from bitcoin, bitcoin use to grow and increase price so but banks are not that much able to give us huge profit or increase in money. People are feeling financially save with bitcoin than putting money uselessly in banks, they can buy things with bitcoin they can invest with bitcoin so what they use money for so banks are doing down these days because of bitcoin investment.

[Hooda_64]

The services of the bank are very different from Bitcoin and bank are also very easy to be approached and the services which are offered are also very different. There would not be a very big impact on banks.

[mmhaimhai]

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 plays a big role in any society when it comes to financial aspects. People are availing bank services not just for safe keeping their hard earned money but also other modernized service available like transfer, investment and even complex insurance. As long as fiat money is existing and people continue to use fiats in daily financial transactions bank won't gone.