what will happen to banks?

[FomoATH]

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.

perhaps some banks in various countries will cooperate with bitcoin in order for the bank to be productive and conducive, otherwise it will be impossible to destroy and lose compete with digital currencies such as bitcoin.

Banks will never cooperate with Bitcoin. The government will not allow banks to cease to exist. Many banks are the property of top government officials, so they will live very long

[Don Pedro Dinero]

Banks will die as we know them. They are already in a transformation process because every day we do more online transactions and we need less our local branch. Banking system will survive though, but transformed. This transformation is not only affecting banks, digital era has come and will stay here for a little while.

I don’t think blockchain is a treat to them. I recently saw in local news that Spanish banks have joined “Enterprise Ethereum Alliance” using Ethereum technology (http://www.expansion.com/empresas/banca/2017/02/28/58b5c923468aeb3d7d8b466b.html). That alliance was created Intel, JPMorgan, Microsoft and others, and many other banks and companies have joined. So, blockchain, instead of posing a threat, will make banks re-invent themselves.

[z38630610]

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 believe that banks have already existed until last person having internet connection. Then it is going to be a little bit bad for bank. They will have to keep in step with bitcoins new bank system. You said some banks are informed by bitcoin. These banks are going to continue their existences but there will be bad situations for banks which are not interested in bitcoins world.

[boyptc]

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.

No, the banks are just going to adopt the blockchain technology. The banks will remain and will keep it's operation just like the normal times and if there will be innovation like this that's going to be a threat to them, they'll just simply do something to overcome it or if they can't compete it they'll surely adopt it so they are not worrying about this either as not all people can take to use such technologies.

[wxa7115]

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 people are too optimistic when they think banks are going to disappear anytime soon, banks are going to adapt and sooner or later they are going to try to find a way to manipulate the market and benefit with it, that is what they did with gold, that is what they did with fiat as well and I’m sure they are going to try to do it with bitcoin too they just need time to figure out a way.

[Lpim01]

As crypto currencies soars worldwide it give a huge impact to the banks as it decrease their banking transactions and together with the money coming in. But it is not big enough to consider that banks businesses will vanish in the coming days. Because their is still more people are using fiat currency, so therefore they still need banks and it services to their clients.

[liseff3]

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! The banks always benefit , while blockchain will kill the cost.
Actually blockchain didn`t kill the cost, but blockchain has paid either transaction fees that occur or will occur, in accordance with the system of contract agreement that they make, so the transaction costs incurred aren`t charged to the customer blockchain.
"Blockchain and bank have professional nature and surely they have made several statements that benefits for both parties".
The above includes one of the best services of blockchain.

[deloreswest]

Can you please give examples were banks are already stepping into the blockchain world? In the country I live I have never heard anything in regards to this and I have to fully use their fiat robbery system.

While I personally don't care what will happen with banks, they usually offer several things like credits for interest rates, insurances and there are meanwhile some countries where customers have to pay an interest rate for having money on bank accounts!

i dont think bank would want step into blockchain especially in developing country. and in my opinion block chain will threaten the bank in the future. how this become a threat? because of there is so many project about lending money with block chain technology that is cheaper, more fair and more faster. this is the threat we talking about threat bank most profit area (lending). if this kind of ico success i think all bank will close cause all think that bank provide for society are avaliable on blockchain technology and ico

[hawkins]

well, i think banks and bitcoin will run on their own, they do not drop each other. because basically, bitcoin itself is an investment tool, and few people use it as a transaction tool. well, but it may affect the bank, whether it is harmful or not.

[michellee]

well, i think banks and bitcoin will run on their own, they do not drop each other. because basically, bitcoin itself is an investment tool, and few people use it as a transaction tool. well, but it may affect the bank, whether it is harmful or not.

unless the banks want to learn about blockchain technology and trying to integrate with the system, I think it will bring some new innovation for the banks itself. and who knows, by doing this, the banks can reach more people without having any border between the country. but it is need time for the banks to realize that crypto currency can brought new changes to them and they need to learn more about bitcoin. but for now, I think the bank will remain like this and until there is any statement from the government about bitcoin legal or not.

[Osarman]

As crypto currencies soars worldwide it give a huge impact to the banks as it decrease their banking transactions and together with the money coming in. But it is not big enough to consider that banks businesses will vanish in the coming days. Because their is still more people are using fiat currency, so therefore they still need banks and it services to their clients.

Yes you are right that it will affect banks definitely but up to some extent due to the low rates of transactions by banks but I do agree with you that this impact will never vanish the body of banks and I think that the existing of banks are the basic need for regularization of all trades regarding money.

[mobilestrike]

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.

perhaps some banks in various countries will cooperate with bitcoin in order for the bank to be productive and conducive, otherwise it will be impossible to destroy and lose compete with digital currencies such as bitcoin.

Nothing will happen to banks they will simply upgrade their system and will start accepting bitcoin because bakers are the sharp people and they know how to synchronize themselves with the time and user trends and that will make more to banks progress and there are a lot of banks at his time they start accepting bitcoin because they know that future will be all about this.

[shield132]

Money sending fees don't play so much important role, main idea is usually loan. Banks are giving away loans and get high percent, well where I live banks offer 12% loans + sometimes people forgot to pay everything on time or they don't have enough money and pay later, these all is added to final payment and bank gets more profit.
Also blockchain won't kill fees and nothing will be against banks, don't have fake hope.

[Bohxz M4p4gm4h4l25]

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 if bitcoin has been established worldwide there's no room for them to refused conducting a way to accept bitcoin in their system they may lose the big opportunity for them to grow if they still deprived themselves from being aligned worldwide especially for this kind of system, it involves huge amount of money and who knows? It attracts so many people.

[SirLancelot]

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.

perhaps some banks in various countries will cooperate with bitcoin in order for the bank to be productive and conducive, otherwise it will be impossible to destroy and lose compete with digital currencies such as bitcoin.

Nothing will happen to banks they will simply upgrade their system and will start accepting bitcoin because bakers are the sharp people and they know how to synchronize themselves with the time and user trends and that will make more to banks progress and there are a lot of banks at his time they start accepting bitcoin because they know that future will be all about this.

I think the banks will also update themselves. I mean the owners of the commercials banks will also start dealing in bitcoin when there is only one digital currency usable all over the world. For the banks there will be no other option except starting trading and dealing in bitcoin.

But one thing is clear that the role of the banks will eliminate very much due to the worldwide use of bitcoin.

[v0rtecxz]

I do not think there will be any disadvantage from it all, the bank will only update and evolve according to the changing times, and bitcoin runs as usual, but in my opinion not everyone uses bitcoin for a small transaction, and they use it more as a place to invest or trade, and I think the bank is quickly adjusting itself to modern times by adopting blockchain technology, so as not to lag behind the latest developments and seek some information to make use of it

[bitcad4u]

I do not think there will be any disadvantage from it all, the bank will only update and evolve according to the changing times, and bitcoin runs as usual, but in my opinion not everyone uses bitcoin for a small transaction, and they use it more as a place to invest or trade, and I think the bank is quickly adjusting itself to modern times by adopting blockchain technology, so as not to lag behind the latest developments and seek some information to make use of it

I think it will bring some new innovation for the banks itself. and who knows, by doing this, the banks can reach more people without having any border between the country. but it is need time for the banks to realize that crypto currency can brought new changes to them and they need to learn more about bitcoin.

[rockyram]

I do not think there will be any disadvantage from it all, the bank will only update and evolve according to the changing times, and bitcoin runs as usual, but in my opinion not everyone uses bitcoin for a small transaction, and they use it more as a place to invest or trade, and I think the bank is quickly adjusting itself to modern times by adopting blockchain technology, so as not to lag behind the latest developments and seek some information to make use of it

Happen to bitcoin are the, I think it will bring some new innovation for the banks itself. and who knows, by doing this, the banks can reach more people without having any border between the country. but it is need time for the banks to realize that crypto currency can brought new changes to them and they need to learn more about bitcoin Are happen to bitcoin.

But it is need time for the banks to realize that crypto currency can brought new changes to them and they need to learn more about bitcoin. but for now, I think the bank will remain like this and until there is any statement from the government about bitcoin.

[nidacoinlove]

I do not think there will be any disadvantage from it all, the bank will only update and evolve according to the changing times, and bitcoin runs as usual, but in my opinion not everyone uses bitcoin for a small transaction, and they use it more as a place to invest or trade, and I think the bank is quickly adjusting itself to modern times by adopting blockchain technology, so as not to lag behind the latest developments and seek some information to make use of it

Happen to bitcoin are the, I think it will bring some new innovation for the banks itself. and who knows, by doing this, the banks can reach more people without having any border between the country. but it is need time for the banks to realize that crypto currency can brought new changes to them and they need to learn more about bitcoin Are happen to bitcoin.

Happen to bitcoin are but it is need time for the banks to realize that crypto currency can brought new changes to them and they need to learn more about bitcoin. but for now, I think the bank will remain like this and until there is any statement from the government about bitcoin legal or not and this will happen to bitcoin.

Banks are no doubt learning more about the bitcoin nowadays and the cryptocurrency but they have certain policies to follow from government side. Some of the mates here in a state of excitement say that bitcoin will vanish the banks but this is not true. It is not from the perspective we are looking into it, the perspective of governments is a lot different from that of the individuals. We must keep in mind that banks are supported by the countries and countries have many institutions to work with not just the banks. So, whatever the steps government will be taking the banks have to follow them and also the cryptocurrency exchanges as they followed in China.

[gabmen]

I do not think there will be any disadvantage from it all, the bank will only update and evolve according to the changing times, and bitcoin runs as usual, but in my opinion not everyone uses bitcoin for a small transaction, and they use it more as a place to invest or trade, and I think the bank is quickly adjusting itself to modern times by adopting blockchain technology, so as not to lag behind the latest developments and seek some information to make use of it

Happen to bitcoin are the, I think it will bring some new innovation for the banks itself. and who knows, by doing this, the banks can reach more people without having any border between the country. but it is need time for the banks to realize that crypto currency can brought new changes to them and they need to learn more about bitcoin Are happen to bitcoin.

Happen to bitcoin are but it is need time for the banks to realize that crypto currency can brought new changes to them and they need to learn more about bitcoin. but for now, I think the bank will remain like this and until there is any statement from the government about bitcoin legal or not and this will happen to bitcoin.

Banks will not adjust to bitcoin that's for sure. What would probably happen is governments will try make regulations to make bitcoin fit with the current system rather than the other way around. Though bitcoin's not going to make it easy for them