what will happen to banks?

[supermam]

Banks will still operate as it is because banks plays an important role in the life of people around the world especially those who have businesses where mostly they use banks in their daily transactions and also for the salary of their employees through ATM'S.

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[w33man]

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 so as well. If the banks won't learn to adapt on how the world of cryptocurrencies work, then they would most likely fail. Still, I believe that they have the capability to innovate their facilities and work on adapting the cryptocurrencies. Afterall, they are one of the wealthiest form of business all over the world.

[zander09]

The services of the bank are very different from Bitcoin and bank are also very easy to be approached and the services which are offered are also very different. There would not be a very big impact on banks.

There are many people who doesn't know about bitcoin so for now it is not affect all banks but if many people use bitcoin and invest on it i think many people rather to save their money in bitcoin that can get a big profit than bank.

[Katerina]

if we talk about the future then it does not matter how much profit the bank will receive. Bank is in the role of intermediary, which is responsible for the safety of our depositors. The smooth running of systems is more important

[carlisle1]

Activities of Bitcoin or the cryptocurrencies will not make banks disappear completely. It will expectedly render the banks less important just like what email did to the postal services. It is important to point out here that it is not true that blockchain transactions are free of fees as argued by the OP. There isn't any free lunch anywhere. We do pay a certain fee (just like we do with banks) to enable crypto transactions go through.

bright full answer mate,though email is there against postal,yet postal is there because not every people hasn email.and specialy to the 3rd world countries that wasn't believed in crypto,they still relying their money into the banks,this effect only the banks costumer but wont totally end them

[Noctis Connor]

Bank is still bank. Bitcoin will not affect any bank section or any branch of it. It will remain as it is. Bank serve as the keeper if you wanted to keep your money from there. It is just like a piggy bank wherein you can store your big amount of money.

[kpcian]

I think a bank will face a lot of trouble in the future, Day by day crypto world is becoming a popular platform for a transaction of money and payment purpose. Already they are afraid of the growth rate of this crypto world and people are getting involved in this platform.
Basically, when you get an opportunity for tax less transaction then you certainly go with this system for transaction and payment purpose. So those people also become interested in this platform.

[Lowryy]

I highly doubt banks would completely disappear.

Just like digitalization didn't completely kill newspaper industry.

Internet gave us an option to read the news in digital or paper format. The same way you will have an option to store/secure digital money ourselves or to have a "bank" or equivalent to secure/store it for us. You can choose to live without using bank-like services if you wish but you don't have to.

[Wonder_woman]

I think banks will get bad effect because right now some functions of banks can be done on bitcoin now. For example, bitcoin can be used now to store your money, what I mean is that, you can convert your money to bitcoin and then save it or store it on a bitcoin wallet, also using bitcoin you can pay bills now online, you can also transfer money from wallet to wallet now. So I think bitcoin and cryptos can cause negative effect to banks.

[outsider99]

many banks have begun to adopt blockckchain technology. The activity of cryptocurrencies will not make the bank disappear altogether, because the bank has benefits such as from Interest or Profit Sharing, From Cash Assets, Revenue Per Service, From Investment, and From Safe Deposit Box Service.

[--DarkSecrets--]

Banks will still operate as it is because banks plays an important role in the life of people around the world especially those who have businesses where mostly they use banks in their daily transactions and also for the salary of their employees through ATM'S.

Pretty much possible, since there are still lots of people who use cash currency as medium of exchange. As long as money exists, banks will continue to exist as well. Besides, it's a business so i think, if there is a possibility for them to make use of bitcoin to earn more, they will create some strategies to get bitcoin users and make them clients.

[Smack 1]

I think banks will get bad effect because right now some functions of banks can be done on bitcoin now. For example, bitcoin can be used now to store your money, what I mean is that, you can convert your money to bitcoin and then save it or store it on a bitcoin wallet, also using bitcoin you can pay bills now online, you can also transfer money from wallet to wallet now. So I think bitcoin and cryptos can cause negative effect to banks.

I think the bank is still operating as usual because banks still play an important role in people's lives around the world, especially those who own businesses where most of them use banks in their daily transactions and also for their employees' salaries through ATMs. there are still many people who use the cash currency as a medium of exchange. As long as there is money, the bank will also continue to operate.

[rokas]

More and more banks try to earn on fees. Even with cryptocurrencies they can make their profit on the exchange services - from fiat to crypto. So , banks will not disappear!

[Haterstestbtc]

I think banks will get bad effect because right now some functions of banks can be done on bitcoin now. For example, bitcoin can be used now to store your money, what I mean is that, you can convert your money to bitcoin and then save it or store it on a bitcoin wallet, also using bitcoin you can pay bills now online, you can also transfer money from wallet to wallet now. So I think bitcoin and cryptos can cause negative effect to banks.

I don't think there is a bad effect of bank if you have money in your wallet because in the first place upon withdrawing your money still using a bank account needed to cash out your money. And In fact the bank are the one to serve of people request making transfer, depositing and withdrawing. It can not make a negative effect to the bank if transaction bitcoin is concern.

[FullMooon]

Banks is an institution where in people places or saves their money. These banks are trusted by people, big trusts where in they get their profits. Since banks profit from fees and blockchain will kill fees, my guess is banks will somehow be affected. And actually this banks are good in investing. In order for them to stay and remain their place in the economy. They should keep the trust of people to them. Cause if they dont, bitcoins is on their way to get the spotlight.

[clarky]

Activities about Bitcoin or the cryptocurrencies desire no longer redact banks die completely. It desire expectedly render the banks much less vital just like what email did in conformity with the postal services. It is necessary in accordance with factor out right here to that amount it is no longer proper so blockchain transactions are free on expenses namely argued with the aid of the OP. There isn't any broad lunch anywhere. We work pay a sure fee (just like we functionate along banks) according to enable crypto transactions run through.

[will777]

banks will still their no matter what not unless they will not adopt new system. Well a lot of banks now are using blockchain technology with the system of ripple i think and this is a good strategy to use for a better system. I believe all banks will use technology in the comings years.

[BlinkLifeHippo]

That's a clean shit. The banks are never gonna die. Truth and Simple things always win their places in world. Btcs are shortlived

[Craigjohnstone]

The banks will eventually use blockchain technology. They will use their own version of the technology and still find ways to charge fees in other areas etc.

[Noelbetty12]

I think banks will not be directly affected as they are focusing on money or the fiat currency and if coins are sold from the blockchain going to real world, there is no other means but convert your coins back to fiat currency again. Because of the movements of money, banks will will still be in operation and generally unaffected.