what will happen to banks?

[sheilasekarbumi]

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.

The basic rule in this world, if you're not trying to become better, you will be removed. It's the same with banks, at this moments, the facts are banks was a little backward and what they need the most for now is improving it. So they will apply the blockchain technology into their system .

[Razerglass]

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.

The basic rule in this world, if you're not trying to become better, you will be removed. It's the same with banks, at this moments, the facts are banks was a little backward and what they need the most for now is improving it. So they will apply the blockchain technology into their system .

This is the first rule of capitalism: Competition.. Banks will adopt their system to blockchain with ripple but this can take several years. Current market supply of coins is not enough to replace whole banking system.

[pealr12]

Banks will still exist  even though  bitcoin will gonna rule the world someday. For some who do not know bitcoin ,banks is still the best place  were they can save thier money in the most secured way. The best thing that can happen is banks and bitcoin will gonna partnered in operating payments and remitances

[LennyKo]

The banking system is open to manipulation while bitcoin is pretty much tamper proof and allows the control of no one individual or corporation.
The chances are the adoption of bitcoin or other decentralized currencies will increase due to its ease of use and being tamper proof. bitcoin has the potential to change commerce, and the financial system as we know it. Both systems have their advantages and disadvantages which have been discussed. Both will co-exist for the foreseeable future for the time being, although the world of finances and commerce has the potential for a revolution in how it operates due to the invention of bitcoin and other currencies derived from it and the blockchain has other uses, such as smart contracts, as used in the Ethereum platform.

[zmkriel]

bank will remain as bank because it was used for how many decades already and government controls the bank. whatever happens and even if cryptocurrency will take over being chosen by the majority of people. the goverment will not allow and always finds a way not to eliminate banks.

[AC_DC_son]

Well, banks would still take from people as much as they can. They will force governments to regulate btc, this would make the currency just another asset they can control. End of story.

[2hot2handle]

I think bank will still be around and with cryptocurrencies dominating specially bitcoin banks will try to compete with crypto, as we all know they are now trying to implement block chain so I don't think banks will ever disappear.

[thet]

I think bank will probably follow the change in technology when it comes to digital currency. If not, i think it will be the indication that in the future banks will totally disappear because people are more convenient in using btc rather that fiat in which banks are offering.

[haroldtee]

Well, banks would still take from people as much as they can. They will force governments to regulate btc, this would make the currency just another asset they can control. End of story.

There is a difference between controlling the usage of a currency and then controlling the currency itself, so your story will not play out. Bitcoin remains a decentralized currency until otherwise, and then the highest the government can do is to regulate the exchanges. This does not give them control over the currency, nor does it give them control of P2P exchanges as there is no way they can ever do that. Worst that would also happen is for them to create their own cryptocurrency which they can control, but they cannot impose it on the citizens.

[hachiman13]

Banks will just be the same before and now as many still doesn't know the existence of blockchain. For that reason, implying banks traditional method would  be 'killed' just because we are slowly adopting blockchain technology is nonsense sine banks will tend to the majority of users who are used to the way of their service before.

[semarmesem195]

I think Bank will get profit. Althought bitcoin free tax, if we want to sell bitcoin to local currency then automatically must through banks account, if we don't have a account must register to banks first. The more bitcoin users the more people use the banks,  from here banks get advantage.

[worle1bm]

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 can make predictions about coming blockchain technology and they have plans to change their working regulations and moreover there is also fees while digital transactions which we have to pay.Meanwhile banks posses various source of income and bitcoin can make banks less important as fiat will be used less but it cannot make banks disappear

[thebosskid]

Maybe in the future when everyone is using bitcoin as a payment the banks will disappear and maybe the money too but that would not happen do you really think that the banks will let that happen? no they will not.

[xYakult]

In the banking industry in our country, they do not accept any opening of accounts if the source of income is from bitcoin or any altcoin. The idea of bitcoin is very conservative. They are not yet open to the idea of it even if there are a lot of us earning from bitcoin. Bottomline, as long as 3rd world countries are close minded, the traditional banks will still be in power.

[Lomberjack]

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 agree. Even though there are already lots of blockchain technology users such as bitcoin cryptocurrency, banks will remain to stand along adapting the innovative progress of our fiat system in terms of using blockchain technology to obtain different benefits offered in using blockchain services. Banks do not just have a one way service of putting up money into storage just like many of us know. It do also have its own services to offer just like what you have stated such as insurance, mortgages and so on and so for. So even thr usage of bitcoin will be preferably dominant in mankind, there will be still some instances that banks will a special place because it offers a lot more benefits in terms of the real world.

[streazight]

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.

A possibility is that banks are not going to stay with their arms crossed and they are going to do something about it, the most likely outcome is that at some point bitcoin will be forbidden in several countries after it becomes too big and people begin to avoid paying taxes with it, however that is not going to work for long and at some point the banks are going to evolve and accept bitcoin in their operations.

Only an non-serious government would ban bitcoin when it has already grown so big rather than finding ways to control its usage.

Even the people in government are the ones evading taxes the most and finding ways to cover it up and you won't be surprised that once they find out about how some of these cryptocurrencies work asides bitcoin that does not really seem anonymous anymore, then they would start using it as a method to store up their funds and they will do everything in their power to control the masses on how they use theirs.

[Aba]

The bank must follow the developments of blockchain technologi and adapt it if the bank does not want to get out of business. Because currently  many companies or ICO projects  have implemented blockchain technology for payment transactions.

so why do we still need a bank!

[gabmen]

The bank must follow the developments of blockchain technologi and adapt it if the bank does not want to get out of business. Because currently  many companies or ICO projects  have implemented blockchain technology for payment transactions.

so why do we still need a bank!

Well i.don't know but if that were to happen, its probably not goong to be in our lifetime. Banks will always be the dominant force in the market in our generation and likely even the next.

[n691309]

Well, banks would still take from people as much as they can. They will force governments to regulate btc, this would make the currency just another asset they can control. End of story.

There is a difference between controlling the usage of a currency and then controlling the currency itself, so your story will not play out. Bitcoin remains a decentralized currency until otherwise, and then the highest the government can do is to regulate the exchanges. This does not give them control over the currency, nor does it give them control of P2P exchanges as there is no way they can ever do that. Worst that would also happen is for them to create their own cryptocurrency which they can control, but they cannot impose it on the citizens.

Banks are worried that if whole people will start using these new coins what will happen to them and answer is simple for them that this coin will surely take their place in future and better way for banks is that they must recognize bitcoin as currency and start into the bitcoin this will give them ease to survive into the future time and as times of banks are over now and bitcoin is here to give people ease and profit.

[bosede1]

Roles and functions of banks are numerous, so blockchain cannot "really" have effect on bank activity has they have may things to fall back on