what will happen to banks?

[Razmirraz]

banks will continue to operate, even the presence bitcoin in financial world will make transactions toward banks increase.

[frowsiter]

Most of the time we think bank as entity which works independently and almost in private way. But the reality is banks are just skeleton and public interest firm which will never die because of loss. They will never ever let themselves die like that. The fees, interest rates on loans, transaction charges, debit/credit card services, and much more everything is so expensive that they will always get the profits out of it. Don't forget they use your money and still charge you for keeping and using your own money. So I believe even they take up the blockchain it won't matter for sure.

[ngesotcoy]

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.

It's true. The biggest challenge for banks are cryptocurrency for the reason if people start investing in Bitcoins, banks would starv for funds needed for lending and operation.

[qwertyup23]

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.

It's true. The biggest challenge for banks are cryptocurrency for the reason if people start investing in Bitcoins, banks would starv for funds needed for lending and operation.

It may be a challenge to banks in the future but you must consider that compared to the whole population who uses banks, people who generally use bitcoin are only like 1-2% of the total population. Banks will not see bitcoin as a threat right now due to the absence of knowledge and internet connection to those people. They will still cater to the general public, thus their revenue would not deteriorate anytime soon. The number of people who uses banks vis-a-vis investors on cryptocurrencies are so large that the difference cannot encompass it.

[fiulpro]

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 completely agree...with his thoughts ...
Well banks are at the end of the day more for investing taking loans... Transactions and payment from the bank account charge very less.. Already..thus they are.. Definitely not dependent on it for sure ... Also... Banks... Usually charge more for their... message services than.. for a transaction.
People will always.. be attracted towards banks because bank account = stability ; many companies send.. payment in bank thus.. Their use.. Will never decrease...even.. when you convert bitcoins to fiat.. it goes..into your bank account only... Because you will always need fiat for one way or the other.. its not gonna get eradicated... Thus.
Nor will banks..

[jonatuzc]

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

If we see it in profit perspective, then surely that will not be possible and nothing would be profitable at all. But what if bitcoin banks are formed and then they form all the policies according to bitcoin. There will be no scam exchanges and all problems related in selling, buying, converting. Bitcoin banks will be suitable but not for everyone.

[Aamir1]

Right now in the world, there are more believers of banks than there are for Bitcoins. So the thought of what might happen to banks once bitcoin makes the fees disappear needs to be postponed a bit, because i don't see the whole wide world leaving banks and using bitcoin by tomorrow. We are still very far away from that state. And we should raise such things in our mind only when we see that bitcoin has reached almost everywhere, but that is not the case right now.

[Lipe490]

I remember a long time ago that bitcoin had a purpose that was to facilitate sending instant money to anywhere in the world by paying very low rates.
The exchanges and banks that work with bitcoin do not have this same purpose and with each passing day rates are increasing and making it difficult to send
small amounts of currency.  It is too soon to believe that people will stop using bank to withdrawl their fiat currency, but I bet that if banks do not facilitate the sending
of money worldwide the bitcoin has everything to be able to replace them.

[salihno71]

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.

In 80's main way to communicate in long distance was a phone landline. It was pretty much the standard. In 90's first mobile phones appeared and decade later everyone has it. Now much smaller number of people use regular landilne. If cryptocurrencies live to see similar adoption rate as mobile phones -  banks, governments, services, etc, etc will have to adapt or they will stay behind.

[Thymoty]

I read there is a post that discusses the prediction that in the future the Banks will use Blockchain technology,
because they may realize that they can not fight the development of the era ..

[Ayiranorea]

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

If we see it in profit perspective, then surely that will not be possible and nothing would be profitable at all. But what if bitcoin banks are formed and then they form all the policies according to bitcoin. There will be no scam exchanges and all problems related in selling, buying, converting. Bitcoin banks will be suitable but not for everyone.

We can't say that such banks will completely function based on the policies of bitcoin, because when it comes to banking it needs to fulfill the needs of the common people who stick to traditional banking and not aware of bitcoin. So bitcoin banks will not be that successful, it might help in the spreading about the existence of bitcoin.

[PizzaBTC]

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.

Banks are now having alarming situation because world is going to switch into the digital currency and this may effects the business of banks and if money will be digitalized banks will upgrade themselves and will start accepting crypto. A lot of bankers are thinking to upgrade their system so that they may survive in coming era and continue their businesses,

[KEPLER99]

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

You never know what will happen in the future as future is uncertain. Anything is possible. We can see bitcoin banks in the future. As far as local banks are concerned, then they will remain at their very own places and bitcoin will have no effect on the reputation of banks. Banks are meant for paper money and they will keep on doing their job in the future as well.

[patrickj]

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 always be bank. Even if bank is already in blockchain this will not affect how banks work because it is needed by many people for transfering money to withdraw some fiat's. Maybe there just making some profits that makes business flow. Besides, not all of us know about bitcoins maybe a little percentage does and if the economy of bitcoins or altcoins becomes more popular this may come to truth.

[pisston]

I read there is a post that discusses the prediction that in the future the Banks will use Blockchain technology,
because they may realize that they can not fight the development of the era ..

not only in the future, but even today the testing of this technology in the banking system begins. I think that they are such a distant future for this news. I think that banks can quickly navigate with new trends.

[Coffee135]

I read there is a post that discusses the prediction that in the future the Banks will use Blockchain technology,
because they may realize that they can not fight the development of the era ..

not only in the future, but even today the testing of this technology in the banking system begins. I think that they are such a distant future for this news. I think that banks can quickly navigate with new trends.

Technology is not the point. Technology is only a mechanism. Any mechanism created to bring the idea to life. Who can tell the idea that banks can realize by using a cryptocurrency? It's not real. You need to completely change the principle of the banking system. For banks need currency stability. And that's just one reason.

[billysunday2000]

When countries print fiat to infinity - the banks will fail.  I do believe the block chain is the future of banking but most cypto adventures will also fail.  Look at the recent eXXX air drops.  I signed up for a few of the free air drops.  I was able to sell one coin from an airdrop for 0.1 ether.  I think I was one of the first people to get that air drop.  But now It would cost me more to the send 3,000 eLTC2 to EtherDelta than what I could sell it for - so if the coin is worth less than the transaction fee - it is dead...  same will happen to banks.  It will cost more to transact in inflated currency than what it costs to send the transaction, so the banks will fail.

[negancoin]

traditional banks will disappear in one case, if the fiat money like dollar disappeared.

[HarleyQuinn9876]

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.

Currently banks in my country are not affected by bitcoin. The development of blockchain adversely affects the banks. Banks will lose transaction fees. The banks will interrupt the bitcoin to no loss of interest

[xoguar]

Banks will become blockchains. States will become blockchains. Give more time for this.