what will happen to banks?

[Blondy12]

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!

Yes, banks has their ways of milking the public such as loans, mortgages, unnecessary bank charges and so on.
Bitcoin will not entirely remove banks out of the way because Governments and majority of the people are still using bank for their financial saving.

absolutely right that majority of the people as of now are still using banks for their savings but what if the time comes that bitcoins will be known to everybody? i am talking about in my country, there are lots of incident here that banks got bankrupt without us knowing what is behind that bankrupcy to think that only few of us here are using bitcoins. there is a big possibility that banks will be eliminated as soon as bitcoins will known here.

[tobs]

As there is no official world's cryptocurrency yet, and it's still some time before countries and banks start fully using blockchain and cryptos. Blockchain technology and the idea of digital currency is very good and they in fact like it. What my worry banks and governments is the decentralization and anonimity that cryptocurrencies guarantee now, but this can change. Banks can simply adopt blockchain, by developing their own cryptocurrency with fees, government taxes and everything. It can be just something like a better digital version of fiat money.

[gantez]

Banks will still be around no matter what. They will be involved in other businesses like in mortgage especially etc

[Manchumichael]

Banks will still be around no matter what. They will be involved in other businesses like in mortgage especially etc

I think nothing will happen to banks because not everyone in this world is using this bitcoin and in future also people not use only bitcoins. yes they may involve in other business.

[SkyFlakes]

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!

Probably , but for me if bitcoin was running with the Fia banks were start to conduct development in their system to acquire a competitive system who will also be beneficiaries of bitcoin's potential which is supposed to be happening nowadays cause maybe sooner bitcoin will be legalized worldwide.

[jakoylantern]

I think banks are okay with bitcoin, they are not threatened into bitcoin. Even they have some similarities banks are most well-known and most trusted in the economy. But I think that in the future, some banks will adapt the bitcoin if bitcoin become much famous and much expensive.

[grumpylittlepoodle]

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 will more or less have to adapt to cryptocurrency if the bitcoins and other cryptocurrencies continues to increase in value in the market and more investors comes for it.

[ronremsey25]

I think banks will also participate in the cryptocurrency in the near future, they will also take part on the blockchain.

[Sanugarid]

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. Banks will stay remain what they are. And if you think that bitcoin might be a reason of bank may closes or the destrucion of banks, you are wrong. Many people have this mentality yet they didn't knwo that bitcoin and bank actually helpign each other today and I think in the future too.

[decoder88]

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.

Nope. I don't think so. Bank actually may have it's progress because now banks are become more usable eventhough people doesn't have any cards. Even cardless transactions will likely to happen. People nowadays are very wise in making some steps so I think bank and bitcoin will somehow have a better and more progressive relationship in the future.

[wxa7115]

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.

True the banks of today are going to change the same way they have always done, the banks of some centuries ago are very different from the banks of today, so it is important to know that banks are not going to give up their position without a fight and in case they fail to destroy bitcoin they are just going to integrate it in their operations somehow.

[mrcash02]

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.

True the banks of today are going to change the same way they have always done, the banks of some centuries ago are very different from the banks of today, so it is important to know that banks are not going to give up their position without a fight and in case they fail to destroy bitcoin they are just going to integrate it in their operations somehow.

The best would be if these banks turned into exchanges. They could be complete exchanges, accepting investments, offering insurance as guarantee for people who keep the money on their systems. They could operate with Bitcoins and AltCoins, allowing people to trade on their platforms. This way everyone would be happy, the "bank" owners and the customers. Surely the profit of the banks would decrease, but that is what should happen anyway...

[Ejanend]

Bank has nothing to do with bitcoin, bitcoin activities and banking activities are two different thing their activities doesn't interfere with each others so bitcoin should not be view ass a traits to the existence of bank.

Yes both of them are different and they are having the different properties so I like to say that the bitcoin is the safe way to keep your money while the bitcoin is the other way to keep the money it si the time to buy the bitcoin and then hold for the long time by keeping in the bitcoin wallet, it is the safe way to hold your bitcoin while a lot of the banks are being robe in and the money will get lost.

[ask]

Nothing will change. They will profit less then current gains. But generally nothing will happen to banks.
They give credits and secures deposit thats their biggest business.

[soul-impact]

I am sure that banks won't disappear. This is just a form of financial services, just like blockchain. There will always be customers for one and for the other forms.
banks rather will provide crypto services - exchanges, for example, or credit lines, loyalty cards..so on

I think it's a good idea, banks and bitcoin work together to provide good service to users, but I think bitcoin will be hard to accept because the use of bitcoin will automatically reduce fiat money so the state will ban bitcoin.

But applying bitcoin can also cause big losses to banks, because bitcoin is an unstable currency in value, which can go up or down at any time. It will become a possible cause of bank collapse if applied.

[bitllionaire]

Bank has nothing to do with bitcoin, bitcoin activities and banking activities are two different thing their activities doesn't interfere with each others so bitcoin should not be view ass a traits to the existence of bank.

Yes both of them are different and they are having the different properties so I like to say that the bitcoin is the safe way to keep your money while the bitcoin is the other way to keep the money it si the time to buy the bitcoin and then hold for the long time by keeping in the bitcoin wallet, it is the safe way to hold your bitcoin while a lot of the banks are being robe in and the money will get lost.

In fact banks have to follow the government polities, therefore unless government will turn bitcoin as legal currency tell banks will remain as passive, but if government will consider bitcoin as legal currency then we can expect that even banks will also start accepting bitcoin for depositing and withdrawal. but i think banks will create wallet for depositing and withdrawal of bitcoin, trough which it will become very easy to transfer fund from bitcoin to fiat or from fiat to bitcoin, without involving exchanges.

[Shenzou]

I think banks will also participate in the cryptocurrency in the near future, they will also take part on the blockchain.

I am not sure that is waht is going to happen, banks can't use the cryptocurrency because it is an unstable asset wich could cahnge at any moment and thus could make them lose a lot of money, however they may make like wallets which will allow poeple to convert their money into bitcoin but as far as the other things like lonas it is quit unlikly they will do so, and if we say that we want need the banks anymore then that is not true, because the goverment is not using bitcoin and they won't use it because they have no controll over it, and we need the goverment and banks are a part of it, and besides not 100% of people will chose to use bitcoin over the real money that they are used to using it.

[nethan1btc]

I think banks will also participate in the cryptocurrency in the near future, they will also take part on the blockchain.

I am not sure that is waht is going to happen, banks can't use the cryptocurrency because it is an unstable asset wich could cahnge at any moment and thus could make them lose a lot of money, however they may make like wallets which will allow poeple to convert their money into bitcoin but as far as the other things like lonas it is quit unlikly they will do so, and if we say that we want need the banks anymore then that is not true, because the goverment is not using bitcoin and they won't use it because they have no controll over it, and we need the goverment and banks are a part of it, and besides not 100% of people will chose to use bitcoin over the real money that they are used to using it.

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. Banks will be vary of cryptocurrencies especially if it becomes widely used by people. It goes against everything they stand for.

[BUK2016]

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 since banks will still remain in existence despite the fact that Bitcoin or blockchian technology came up with something different in relation to the way currency is been used contrary to the traditional ways of currency, it will definitely not affecting banks that much.

[mega_carnation]

Banks are awesome for those people that are investing through their different services that will give them small interest per annum. Whales can't only be found in crypto's they are also in fiat money that are supporting the stock market and other type of investments that aren't applying crypto's. Banks will be affected in the future but they'll stay.