what will happen to banks?

[Kakawate]

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!

I see your point there, banks are for paper money and coins while bitcoin and altcoins are cryptocurrencies. So they should never be a harm to each other, but I think that banks will be greatly affected by bitcoin, in a negative way. Knowing that banks has lots of fees and bitcoins purpose is to send and receive money without any fees, then most of the people, if not all, would rather choose bitcoin than banks. In that way, there will be lesser and lesser people that will use banks, then eventually it will die.

[Wishcoin.IO]

Banks generate a lot of their income through their investment arms, investing our money as they see fit, manipulating marketing and eventually, if not already, this will include bitcoin. I don't believe bitcoin will result in a meteoric shift in the profitability of banks or how they operate their businesses, they can sleep safe 

[Sasuke102001]

Real money is totally a different form of Currency and bitcoin is also another form of Currency. Bank helps manage real money and as real money is also very important Banks will exist. Banks also provide many other services which Bitcoin or blockchain can not provide. Some of them are loans, mortgage, savings account, debit accounts and many other things even i don't properly knoe xD. Therfore banks will exist for days to come.

[Md Saad]

i believe that when ICO and other crypto currency will get more popular than today then Bank will face a difficulties of their existence. although Bitcoin and other ICO provides much more profit in comparison to the conventional banks so people are becoming dependent on this sector. so Bank will take initiate entering into ICO platform. so bank will exist and in the future they will be merged in the ICO platform.

[bravehearth0319]

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!

Since bitcoin or cryptocurrency is getting popular some of the banks now are little by little adapting the system of crytpocurrency or digital. Where there's a rumor that Banking future in digital currency.

[Harlot]

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.

[Persiville]

Since banks profit from fees and blockchain will kill fees, my guess is banks will be negatively impacted.

No, they won't. What do you think how many people are actually using bitcoins?

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!

I don't know how it is in other countries but in my country you need bank account to receive salary. I would like to receive my salary directly to my hands and this is not possible because of stupid law. We are actually forced to pay every month few bucks for bank account.
So I wouldn't call that "just a service".

Sad to say but for some other countries these kind of laws also existed, and i don't even know why. I am also a bit curious why it has to be paid and has to be transmitted via banks, since you can issue payment directly, but i think is that they prefer it because its hassle free and besides the government can also benefit from those transaction, much more than the companies. That is only my own point of view though.

[bitblackred]

Dude , let me make you understand that Bitcoin is not treated as a currency , but as an investment . And what according to you are banks. It's just a place to deposit or withdraw money and they will give you a certain interest on it. Bitcoin is a very bad currency , its prices fluctuate alot and people will obviously choose their countries currency over Bitcoin and so banks will always be in use no Matter what

money banks will be destroyed due to the more usage of bitcoins no more people will keep their money in banks thats why banks will be finished and then there will be the only kingdom of bitcoins on economy and than bitcoins will be known as king of economics.

[Lykslyks]

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!

I see your point there, banks are for paper money and coins while bitcoin and altcoins are cryptocurrencies. So they should never be a harm to each other, but I think that banks will be greatly affected by bitcoin, in a negative way. Knowing that banks has lots of fees and bitcoins purpose is to send and receive money without any fees, then most of the people, if not all, would rather choose bitcoin than banks. In that way, there will be lesser and lesser people that will use banks, then eventually it will die.

Point well taken, but there are countries that does not legalize bitoin yet. Government won't allow the banks to be affected by bitcoin because they work for each other. Aside from that there are people who doesn't even know that bitcoin exist, what bitcoin is and so on. There is no bitcoin bank yet so  i think banks won't be affected at all.

[Walked_by]

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!

Since bitcoin or cryptocurrency is getting popular some of the banks now are little by little adapting the system of crytpocurrency or digital. Where there's a rumor that Banking future in digital currency.

in seeing bad future of banks because as all the people will be using bitcoins than there will be no use of banks so if there will no use of it than obviously banks will be finished and than there will be kingdom of bitcoins as bitcoins will be known as kind of economy.

[rayneh]

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 would still able to make money even though they would use blockchain technology since they can impose or required to pay such fees.Thinking off that if those banks start to make use on digital payments they can still able to make some fees just like what they are doing when they are still doing it manually.

Banks I don’t think will be closed completely. Mostly banks will get a huge loss but that will be recovered. Banks will try their best to stop crypto to be famous but they are being failed almost every time.  So we can say that the working of bank will come to earth and crypto will go to sky.

[adzino]

or banks can adapt and accept bitcoin and altcoins

Don't think they will ever accept bitcoin. And if they do accept bitcoin, what will be the use? Will  you store your coins on the bank? If you do so then you no longer have your financial freedom, which was on of the main aim of bitcoin.
Banks might make their own digital currency, which will be regulated and centralized.

[Tenderino]

I think the fees banks charge for their service are only a small part of their total revenue stream as they lend money they create digitally for interest. And they are usually also involved in other businesses like property or trading.

Even if they would somehow suffer by the new crypto currency technology, you can be rest assured that governments will give them financial help as they are the real governance.

[batang_bitcoin]

Since banks profit from fees and blockchain will kill fees, my guess is banks will be negatively impacted.

Even if they will adopt blockchain technology fees will still stay on their service, they won't operate just to give the people free service. And if they'll do this for the sake of charity they'll file bankruptcy soon.

Some banks are already stepping into the blockchain world.

Yes they are because they are seeing a good potential to help their business.

But blockchain will not bring back the profits as otherwise.

How did you know about this?

[Jaycee99]

Nothing will happen to bank why? Well its world wide money may be affect us because of the currency change.

[Michaelsch]

I'm sure cryptocurrencies will never displace paper money so banks will work as before. There will be reduction of personnel working with real money, but it  will be a smooth process in which people will be retrained and transferred to related more demanded industries

[tmaleha]

Nothing is going to happen to bank. It is necessary to bank to upgrade themselves to the technology according to the future and they will.

This will happen because of digital money based on that banks will react there Bitcoin will role is big.

[entrepmind23]

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.

If banks are only earning on fees alone then I think no bank will survive. The banks are not only earning on fees because the moment the depositors put their money there, they will let other people borrow it for a higher interest and then they would deposit some money to other investment vehicles. They would also trade in foreign exchanges which I believe is where the true money is. With just a little movement in the market and with a higher capital, for sure they would have more profit from that and they wouldn't be affected if ever they plan to adopt blockchain.

[Immakillya]

Why would they adopt this technology if they don't get benefits from it? That doesn't make sense to me. It's gonna improve their service that's why they are adopting blockchain. When it come fees. Of course it's a loss for them since it will cut down the fees that they normally gets. But banks surviving not just for fees, but also from the investments they get from their investors. They are financial institutions where investors and borrowers go. And that's how the banks still alive. They don't mind the fees. If they use blockchain technology. The possibility is, they may attract more people to invest and deposit on their bank. The more investors, of course the more money they will receive. And they are going to grow it. That's how they get profits.

[ChinkyEyes]

I have been wondering this myself what will they do. But then again I am also wondering what the big oil companies are going to do in the future. Personally I don't think we can predict what they will do.