what will happen to banks?

[balakang00]

Banks will stays as they were. Paper money will never be abolished. Bitcoin will never be a substitute or alter to real money so banks will stay where they were.

[Sled]

Banks will stays as they were. Paper money will never be abolished. Bitcoin will never be a substitute or alter to real money so banks will stay where they were.

I agree to that, the banks will never vanished because it has a strong supporters from all over the world and the governments are the main supporter for the banks so it is impossible for the banks to be vanished. Bitcoin and the banks will stay as it is used to be and either of those two will adjust to cope the change that will happen in the future.

[Rahar02]

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".

Yes, People are being forced to pay fees to bank due to their salary distributed through bank accounts, in some cases it's good, but for people who can receive their salary directly from their office, it's ridiculous to pay bank fees. It seems that Government always support bank by issues some regulations about money and salary.

There are few banks which want to o already implemented blockchain technology, but I doubt there is no any fees involved, even in bitcoin blockchain still has fees which we pay to the miners. And just like mentioned above, Banks has many different services that allows them to extract fees from their customers.

[ldah94]

Blockchain could represent the next wave of innovation in the financial sector but because it is a new technology, it is still adopted and expounded to determine its best uses. although there are now banks like JPMorgan Chase and Goldman Sachs, along with stock exchanges like NASDAQ, which are investigating their potential

[jaysabi]

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.

Blockchain has the potential to kill fees, but it's not going to accomplish anything significant until volatility is solved. Right now, I see crypto as a legitimate threat to some businesses like Western Union, or wire transfer services, which is a revenue generator for banks. Anything that can be accomplished with a quick sending of a significant amount of money and that can be quickly and cheaply converted back to fiat (so as to to serve as an advantage over sending through a bank), but for regular commerce, bitcoin is fairly useless and will remain so until volatility ends, if that's even possible, and I have serious reservations it ever will be.

Banks are just a centralization mechanism, and their main utility is lending in a crypto world (if we ever get there). From that perspective, I don't see banks being ruled out. We already accept as necssary various points of centralization in the crypto world, two major ones being mining pools and exchanges, with exchanges being the most important of the the centralized authorities necessary to make bitcoin work. As an individual, you don't have much ability to loan your crypto out and have any recourse if someone defaults on the loan. You will still be dependent on a centralized point to achieve any confidence there, like an exchange or a bank. That's why I don't see banks disappearing. What they will end up becoming is an interesting though experiment, but you have to believe that crypto can first stabilize and then mostly replace fiat in the economy for those to even be worth thinking about, and currently, I don't see it as likely.

[Harlot]

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.

Blockchain has the potential to kill fees, but it's not going to accomplish anything significant until volatility is solved. Right now, I see crypto as a legitimate threat to some businesses like Western Union, or wire transfer services, which is a revenue generator for banks. Anything that can be accomplished with a quick sending of a significant amount of money and that can be quickly and cheaply converted back to fiat (so as to to serve as an advantage over sending through a bank), but for regular commerce, bitcoin is fairly useless and will remain so until volatility ends, if that's even possible, and I have serious reservations it ever will be.

Banks are just a centralization mechanism, and their main utility is lending in a crypto world (if we ever get there). From that perspective, I don't see banks being ruled out. We already accept as necssary various points of centralization in the crypto world, two major ones being mining pools and exchanges, with exchanges being the most important of the the centralized authorities necessary to make bitcoin work. As an individual, you don't have much ability to loan your crypto out and have any recourse if someone defaults on the loan. You will still be dependent on a centralized point to achieve any confidence there, like an exchange or a bank. That's why I don't see banks disappearing. What they will end up becoming is an interesting though experiment, but you have to believe that crypto can first stabilize and then mostly replace fiat in the economy for those to even be worth thinking about, and currently, I don't see it as likely.

Yup transfer fees are something what we can consider in the future as a threat to remittance type of businesses but in no way can it make banks out of business in the future. The biggest factor here is if the price of Bitcoin goes up then the fees will also go up since transfer fees are also charge with Bitcoin, one way to avoid fees are same kind of wallets in which some that I know of have zero fees since the transfer is instant and free.

[UzumakiSakuragi]

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 think what you are saying is true, banks are for paper money and coins and should not be affected by bitcoin. Now if bitcoin will be used by people around the world, of course they need money to buy bitcoin, I just have a question, where will they put the money that is being used to buy bitcoins?

[raven.tiu17]

what will happen to banks? maybe right now it safe to save your money there. but in our long term plan Central banks are emerging to blockchain. Governments bank will tell to their clients that we have technical problem about the database which will occur to bankruptcy, because people withdraw their money right after the glitch. i think bitcoin is the safe haven asset. no need go to banks to deposit your money there.

[iv4n]

Nothing will happen with banks, they will just evolve into something else. They are financial institution, and for them there will always place in this world. What will happen with banks exactly is hard to tell, they will probably continue to keep money for other people, money in any form or shape, they will offer some investment options if you give them to keep your money for some time.
Probably they will change names, and offices, but they will stay the same as they are now, institution that controls the money for governments and influenced groups. With so big rise of popularity, maybe they thinking about crypto and moving their business on the chain.

[xIIImaL]

Nothing will happen with banks, they will just evolve into something else. They are financial institution, and for them there will always place in this world. What will happen with banks exactly is hard to tell, they will probably continue to keep money for other people, money in any form or shape, they will offer some investment options if you give them to keep your money for some time.
Probably they will change names, and offices, but they will stay the same as they are now, institution that controls the money for governments and influenced groups. With so big rise of popularity, maybe they thinking about crypto and moving their business on the chain.

It would be a adoption from banks with their press release information and all. In this year starting Swiss and Citi bank New York announces that they gonna create a own coin for them and It will be soon announces to pay bitcoin deposit and credit from them. Bitcoin will powers the bank and blockchain secured system will be enabled if that adopted.

[miyaka26]

Some of the banks will decline and debunk the blockchain technology for the digital currency and remain in the traditional monetary and some of the banks will conform from this new system of banking which is they will accept cyrpto currency as a form of banking and create a functional system to cater and manage this coin as this is entirely different from the traditional.

[Lykslyks]

Regulation would keep banks alive. If governments start regulating crypto currencies then banks will start accepting them on their own terms and conditions. Which will be hugely in favor with them.

I agree! It's good if the government starts regulating crypto currencies, while keeping the banks alive but what if the government bans the crypto currencies in their country because it is affecting the flow of transactions of banks? Much better to aim for cypto currencies to be legalized in all of the countries before it plans to work with banks.

[Flodemaga]

Banks will keep with their services as before, and blockchain keeps charging a fee, sure if we compare to bank fee its a very tiny fee in some situations, banks does survive with the loans they make, and their products they offer as well. Bitcoin has no way to replace or kill them, you cant get a loan of bitcoin for over 30 days, its insane take such, bitcoin price can raise a lot making almost impossible the repayment, imagine those person which took bitcoin at  when it were worthing 1000 and it went into 2000 and then 5000 dollars, its a high risk to lend such potencial coin.

[tiggytomb]

Banks will eventually have to accept the fact that bitcoin and other crypto currencies will be around and will gradually become more popular. 

They will need to adapt and welcome bitcoin and try to build their service around bitcoin in order to keep generating fees.

They could easily setup a system like coinbase and charge fees for conversion and so on, it will be tough for them but where there is money to be made there will be banks.

[Yurkov]

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.

This is a different institution than the crypto, the only loss in my mind can come if people massively begin to shift from the material money and those offered by the banks to those who is turning by the people of this forum.

[innocent93]

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.

This is a different institution than the crypto, the only loss in my mind can come if people massively begin to shift from the material money and those offered by the banks to those who is turning by the people of this forum.

Usually the banks speculates the possibility to gain profits no mather what so probably what will happen with the bank is that, they will gain profits from the cryto currencies as well. Banks never lose, except in the wild west.

[mozillaspez]

Banking industry is started to keep the savings of the people and to lend that money to others people and to charge a fixed rate of interest. Bitcoin is the currency which can withdraw from banks through cheque. My suggestion is bitcoin should start bitcoin bank.

You think bitcoin will start bitcoin bank. For me this wrong because bitcoin increased you money if bitcoin start bitcoin banks I think bitcoin lost value because somebody invest money in bank  for profit they need want a nice profit I mean bitcoin bank cannot give you a double profit simple this is impossible

[Monnt]

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.

Nothing will happen to banks and they will keep operating as they have always done in most countries. Even with the presence of bitcoin, sometimes, we still need to exchange into fiat apparently, and I don’t see how we want to achieve that without the presence of bank. And if you think any government will give up fiat for bitcoin, no matter how terrible their currency and economy may be, then it is best you think about it twice as I don't see that happening.

Fiats will still exist, even though government legalizes bitcoin for usage and as long as fiats still exists, banks will keep existing. Moreover, not everyone will understand what bitcoin is or even know how to make use of it anyway

[tmawheba]

Banks will upgrade their procedures according to the current trends to sustain. Now itself if we compare ten years back there is huge difference in the systems according to the technology. The biggest challenge for Banks are cryptocurrency which directly and indirectly affecting their revenue they taking from their customers.

[madwica]

Banks will upgrade their procedures according to the current trends to sustain. Now itself if we compare ten years back there is huge difference in the systems according to the technology. The biggest challenge for Banks are cryptocurrency which directly and indirectly affecting their revenue they taking from their customers.

Bank always adjust on the trends of the current situation on the market, their technology or system was already updated and i think some banks already thinking about decentralized currency and not longer they start to develop their own system which accepting bitcoin and will offer to the public. By the help of that bitcoin will be much stronger and the value will start to be stable since demand is continuous increasing also. But still bank will remain bank even bitcoin will be more popular in the world.