what will happen to banks?

[andthereyou]

Banks will need to find another way for their income. Banks mainly living on fees while crypto's are mainly living on miners.

I think banks will find a way to earn through bitcoin. Maybe someday we can deposit our bitcoin in the banks something like they become a banks of bitcoins similar to wallet. Just my two cents 

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[rjbtc2017]

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.

Bank will be there even if there will be a global acceptance of bitcoin, it's the same as Fiat money will stay whether bitcoin dominates the world of currency. Banks will be still there since it is regulated and controlled by the Government, So i don't think Banks will disappear because of the dominance of bitcoin on the near future. As long as Government is existing, Banks will also continue on functioning and growing.

[gabmen]

Well of course banks will be wary of cryptocurrencies especially if it becomes widely used by people. It goes against everything they stand for. Though they have governments backing them up so i think it will be quite difficult for cryptocurrencies to overtake these institutions

[gyu22]

Banks are trying to adapt to societal changes. They lost a great deal of reputation after 2008 crisis and now depend to much on central banks. Bitcoin can replace some services and they know. That's why they take stepts to continue in the business of money. For instance, in Japan they are mining as a new form of reveneu, although they operate mine pools in other countries where the electricity bill is cheaper.

More info: https://news.bitcoin.com/japans-finance-industry-embraces-bitcoin-mining/

[yamortsac]

I think in the continous progress of bitcoins, banks will still remain in the industry because banks are already stable in giving services in terms of savings and investment. As we can see a lot of banks are continously establishing all over the place. Too, many large companies entrust their money in banks since they offer insurance to the deposited amount if anything happen. But i think bitcoin can offer much better income in terms of investing your money.

[Naughty Princess]

Nothing will happen to banks even if Bitcoin becomes more dominant in the future because to tell you the truth transactions fees are only the secondary income of Banks, what their main income comes from interest being paid by people who are borrowing money from them and these involves people and large corporations. Aside from that they are the ones who also handle the IPOs of several companies who wants to enter the stock market. As you can see banks will still have a good future. Banks can quickly adapt to any threats that they detect.

Right. Banks cannot be affected a lot because of bitcoin and they will become adaptable on the changes that going to happen because of the exixt of crytocurrency that is use for fast, more convenient and less transaction fees. Many people will still choose banks to save their money because it is safe even less profit to get not like bitcoin that can be double the profit in investment.

[kelseydustin]

Fee from bank is kindly lower than bitcoin. However, if some other coins that can cover this fee, it will be very great. Bitcoin fee right now is high and I believe we need to wait for a few more years before bitcoin or other cryptocurrency can be used as a real currency

[arseaboy]

Nothing will happen to banks even if Bitcoin becomes more dominant in the future because to tell you the truth transactions fees are only the secondary income of Banks, what their main income comes from interest being paid by people who are borrowing money from them and these involves people and large corporations. Aside from that they are the ones who also handle the IPOs of several companies who wants to enter the stock market. As you can see banks will still have a good future. Banks can quickly adapt to any threats that they detect.

Right. Banks cannot be affected a lot because of bitcoin and they will become adaptable on the changes that going to happen because of the exixt of crytocurrency that is use for fast, more convenient and less transaction fees. Many people will still choose banks to save their money because it is safe even less profit to get not like bitcoin that can be double the profit in investment.

most people still haven't got a chance learning how crypto currency works so that's the reason they will still use banks fro saving their money but who knows maybe after several years this concept will be gather enough attentions and people will start thinking to take advantage of this investment so instead of just saving money inside your bank better to try saving it with bitcoin.

[SvenBomvolen]

Banks have showen their negative position to Blockchain and crypto-currencies, in the long perspective they really destroy all banking net. But that's for good I think, cause of how much fees the bank takes for loans and how much they give for storage? The reply is big and little. I doubt that banks will totally disappear, cause of it's just impossible to move all people on crypto-currencies and Blockchsin today, so I suppose banks will have to short their activity and will finelly suggest to their clines some better terms.

[Vatimins]

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 in the future would probably still be banks. Lol.

But seriously though, crypto currencies really are a big nuisance for the banks. Even with the government. Because they cannot control it, they cannot forbid any illegal transaction because they are blind when it comes to cryptos. And most of all, they cannot tax people as much as they can when crypto currencies were still nowhere to be found.

So i think the banks will either build a crypto currency that they can manipulate(which won’t be famous) or adapt and do something to get at least something which is better than nothing out of the crypto world. Because obviously, they cannot stop it let alone kill it.

[Surrapatt]

Banks exist more than bitcoin. Because banks, atleast have income from every transaction that occurs on bitcoin to fiat. Maybe, in the future bitcoin will evolve better, so intensity of our interaction with banks maybe reduced.

[Naughty Princess]

Banks exist more than bitcoin. Because banks, atleast have income from every transaction that occurs on bitcoin to fiat. Maybe, in the future bitcoin will evolve better, so intensity of our interaction with banks maybe reduced.

I agree that time will come that less people will save in banks and choose to save more in bitcoin because of the opportunity that it will be.more profitable. Bitcoin has less transaction fees than banks, and more secure , faster, and convenient to used. Banks will still a bank but less people will invest despite of being safe to save it there.

[Skyshark]

From what I have seen banks are trying to avoid any contact with bitcoin because bitcoin was created to work against banks. In my country a few persons had problems when on their bank account transactions appear the word Bitcoin. Their accounts were banned without any reason.
It would be nice for banks to somehow add bitcoin in they system as a good thing so we can all profit from this.

Yeah, I guess if banks would just accept the up coming trend and way of money transfer then I think it would be easier for them. For us to buy bitcoins we still need fiat right?. Some mine bitcoins, some trade using other alternate coins, but some people also uses fiat to exchange it to bitcoin, the easiest way and safest would be our banks if they would just accept bitcoins. Bitcoin is made to remove third parties from transactions, that is the original plan, but maybe, bitcoin will be at its best together with our banks.

[arpon11]

The fees we are paying now is enough to sustain banking business and since blockchain technology is decentralised and fast it will reduced the cost of operations bank is currently having. Banks is easily going to push blockchain technology to mainstream and many people will become aware of the importance of blockchain and bitcoin. Bank will be the greatest beneficiaries to this new innovation.

[March21]

the bank will still be used by many people, because bitcoin has not been accepted by many countries and not everyone knows bitcoin, so many still use bank services as the safest storage they know. and places that can attract money easily

[Barbut]

the bank will still be used by many people, because bitcoin has not been accepted by many countries and not everyone knows bitcoin, so many still use bank services as the safest storage they know. and places that can attract money easily

It`s like that now, but what will happen in the future? I would like banks to disappear, but they are to rich, they accumulated so much wealth that we can`t imagine that. They will just make some transformation, who stops them to buy servers and make some new alt-coin? Maybe some of them already did it, do we even know what are they doing behind closed doors. They are filthy rich, and they can do what ever they wish. Sadly we can`t do nothing about it, they are organized, and as people are divided. Any attempt to make people to work together is failed or destroyed in beginning, that`s why banks rule the world, it`s cause all the money is controlled by them.

[Fireblade]

I think in the continous progress of bitcoins, banks will still remain in the industry because banks are already stable in giving services in terms of savings and investment. As we can see a lot of banks are continously establishing all over the place. Too, many large companies entrust their money in banks since they offer insurance to the deposited amount if anything happen. But i think bitcoin can offer much better income in terms of investing your money.

in fact there is nothing to happen to bitcoin in near future, banks will remain there for a long time. because all the people even those people who are using bitcoin are also depending on bitcoin. i think that for a very very long time bitcoin and banks will work side by side, they will support each other and will really both will be the facilitating tools for the people.

[StreakW]

i dont know let see what happan in future with bank
and i think bank will adapt with this

[Hamphser]

i dont know let see what happan in future with bank
and i think bank will adapt with this

They wont adopt such decentralized thing and they would rather create their own e-currency than on accepting bitcoin itself to be included on their service. We do know banks are backed by government and we know not all of government would decide to accept or adopt bitcoin and thinking off that bitcoin do acts as a bank since we do have all the control of our own money,Banks would still remain and i cant see a thing that bitcoin would replace them soon or either being accepted by them.

[Ljanesanti]

Nothing. I think nothing would happen to the bank at all. It wouldn't be greatly affected by the booming industry of bitcoin. I mean we dont have to choose between the two and eliminate the other one. I think they can exist together though we see much freedom in using bitcoin i still do believe that banks still have important thing to offer.