What will happen to the banks if people uses cryptocurrencies more than fiat?

[Xclusive5]

Since the inception of bitcoin in 2009 all the banks knew that the arrival of cryptocurrency is an impending doom for the bank. Cryptocurrency is an enemy of the banks.

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[rickadone]

Banks will still exist even though in the future cryptocurrencies will be use more than fiat. First, when that happens bitcoin was surely adapted by most countries and banks were already accepting bitcoin just like international currencies. Second, it will take decade before that happens.

So far, commercial banks are not very enthusiastic about existing digital currencies. Electronic payments are already displace cash and banks are aware of the danger of losing business if their clients decide to switch to cryptocurrency.

Banks are so much aware of that and I am sure this is one reason a lot of them see it as a threat and are trying as much as possible to see how they can let people keep seeing the bad side of it than the good side. Nevertheless, even if this is meant to happen at all, it would take some years and some wars to even be able to see this in play and I am sure banks will still try as much as possible to see how they can stay relevant.

[richardsNY]

Since the inception of bitcoin in 2009 all the banks knew that the arrival of cryptocurrency is an impending doom for the bank. Cryptocurrency is an enemy of the banks.

It potentially could be, but it doesn't have to be. If banks are smart, and they are getting there with Bitcoin, they will end up offering all kinds of services related to Bitcoin and other cryptos in the future. It's all about how much money they can end up generating with this market, and in a soon to become trillion dollar market, the possibilities are endless. Especially so because of how undeveloped this market still is, and how small it is, which directly shows how much potential growth we can obtain in the future. It's all up to the banks themselves, but looking at how certain wall street banks are showing their interest, it for me is a sign that more banks will follow in the coming years.

[aardvark15]

If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?

Banks will always be around as long as fiat currencies are around. But there will be changes as Bitcoin becomes more mainstream. I think banks will need to change how they do business to adapt to this new technology.

Some banks will fail while new banks will pop up that cater to the needs of cryptocurrency investors. Banking as we know it is going to have to evolve.

[Kevin77]

Banks will still exist even though in the future cryptocurrencies will be use more than fiat. First, when that happens bitcoin was surely adapted by most countries and banks were already accepting bitcoin just like international currencies. Second, it will take decade before that happens.

Yes, there is absolutely nothing that is going to happen to the banks and they are still going to be there one way or the other. We are talking about people using cryptocurrency and not everyone on earth using cryptocurrency which we all know it is impossible for that to happen, most especially in some places and just like you said seeing a very high level of adaptation will take some number of years.

In a decade or two, this will be definitely happening and what happened to traditional mailing system when email was introduced, same will happen to fiats. Yes, fiats will vanish themselves.

[yamortsac]

I think if people use crypto currencies more than fiat, banks will still exist offering other services and they will also use and accept bitcoins. Banks will think of ways how to adapt with the current situation in order to survive in the business. Maybe banks will offer loans using bitcoin and other crypto currencies.

[Hy1085]

Bank will not exist if crypto does its job. it might take a long while, letting crypto replace fiat currency.

[Chyton]

Well easy, the banks will either suspend all accounts related to the cryptocurrencies or the bank will try to accumulate as much crypto as possible and manipulate the price to gain profit. Bank is greedy.

[Greenkarki]

Banks will still exist even though in the future cryptocurrencies will be use more than fiat. First, when that happens bitcoin was surely adapted by most countries and banks were already accepting bitcoin just like international currencies. Second, it will take decade before that happens.

So far, commercial banks are not very enthusiastic about existing digital currencies. Electronic payments are already displace cash and banks are aware of the danger of losing business if their clients decide to switch to cryptocurrency.

Banks are so much aware of that and I am sure this is one reason a lot of them see it as a threat and are trying as much as possible to see how they can let people keep seeing the bad side of it than the good side. Nevertheless, even if this is meant to happen at all, it would take some years and some wars to even be able to see this in play and I am sure banks will still try as much as possible to see how they can stay relevant.

Yes. Banks as well as the govements see cryto currencies may take over fiat's enconomy. This is the reason governments bans bitcoin in their countries are announces as bitcoin is illegal in their respective countires. We can see few private banks creating its own crypto currencies recently trying to capturing its market here in this forum. Indirectly, government is encouraging even a private limited to create a new crypto currencies.

[mx667]

If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?

Banks and governments have no choice but to borrow and implement the blockchain technology because there is a shift in the world of technology today. Very soon governments and banks are going to start creating their virtual currencies and assets. I recently read the news that Venezuelan government will launch their official coin called "Petro" it would be used for buying petroleum in the crude oil market. As time goes on you'll see the number of countries launching their virtual currencies.

People will rarely pay taxes. Because if we trade using Bitcoin and cryptocurrency, we will not have to pay taxes to buy a good. We can still pay taxes, but we have to pay them directly to the government in certain countries. We know that if the money transfer from the bank, there are various limitations contained in the system. For example, like the transfer limit on the amount of money, the transfer limit done at certain hours, and if we do transactions in large amounts of money, we will surely be suspected and questioned. In contrast to Bitcoin and cryptocurrency who have no restrictions whatsoever.

[abdmuiz]

in fact the kiripto money has a pretty good potential so all authority should look at it

[MoonsGravity]

I don't see that happening, having tried to get so many people into Bitcoin, they refuse, even when I've made them money, they don't think it's real.

[Nhobita]

If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?

We are still not that sure of what will be happening in the future because we are still relying into the present scenario and we are all still just making assumptions and wild guess of what will happen in the future. But I think, as the situation continues of the rise in cryptocurrency usage, I think banks will still the same as it is since people are still needing to have their physical money for much more assurance since Bitcoin and altcoins are built online so there will be still risks associated on it and having a partition in having physical money and virtual money will be a best way to secure your money.

[Freddyclose]

Many banks would go bankrupt, the smaller ones, and it would diminish their roles in our society, it would be a nice victory for the people

[greatfariola]

I think the majority of bank earnings are from loans, so while people not saving money in banks could hurt them a bit, banks will still profit as long as people make loans.

[setupbounds]

Well if people uses cryptocurrencies, I think bank will make way how to adapt in the situation. But I also think that there are still people that will use fiat so banks will still exist and will continue to operate but not as many as what we have today.

Use of crypto currencies especially bitcoin will bring revolution in the world and I think bitcoin has gained so high level that its currency mode will be activated soon and in short banks will meet their end soon because as the bitcoin currency system get started no one will go for the banks and people will invest all the flat into bitcoin and that time will be very awesome and bitcoin profit will increase at that time as well.

[adiksau0414]

It will still exist. Maybe the cryptocurrencies today are having a big break and a new trend in the market, but not all people are comfortable in saving their money online ( maybe because they are aware of online hacking). Some people would withdraw their money (come from their cryptos) and save it to their prefer bank. I, myself is doing it, even tbough i am using bitcoins in some transaction, but most of my saving should be hidden in a safer place like banks.

[Wintersoldier]

If that ends up happening, it won’t happen overnight, so they will make some changes to try to adapt to the new situation but whether they will succeed is another story. They are already implementing changes, with fewer branches, fewer employees and more features for clients to make their operations online.

I think in the future, bitcoin and some other cryptos will co-exist with fiat currencies, so banks will have a place but I think their importance will be reduced.

No one really knows what will happen if cryptocurrecies over power the normal currency, But what is most probably true, banks will find ways to stay in the market, They are considered as powerful institutions, so they can manage to adopt if drastic changes in the market scene happens. Who knows, they are now starting to make research and studies on bitcoin adoption for the future.

[vegethegreat]

I dont think that bank will let this thing to happen. They are credible institutions that its not easy abolished. They will find ways to stay in market and its possible that they might adopt cryptocurrecncy as well.

[0t3p0t]

If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?

The same as usual because we all know that cryptocurrency are unstable so to fill that gap we need fiat money which is stable. Majority of the people living on earth knows nothing about cryptocurrency and I don't think if they can adopt that easily since they were afraid of cryptos as well. FUD in the social media and in some communities makes these people out of the system so they prefer to use fiat currency. Central banks don't want that to happen that is why they are making ways to let people stay away from cryptocurrency or they might use their power to lift a ban on crypto's in a specific country. But if ever that will happen I think it will stay the same since not all transactions can be dealt with crypto's that's why fiat money will still in use.