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Author Topic: What will happen to the banks if people uses cryptocurrencies more than fiat?  (Read 1008 times)
shikon_shard
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February 10, 2018, 01:26:30 PM
 #141

https://bitcointalk.org/index.php?topic=2914228.0

There's a chance banks wouldn't be completely against cryptos
The link above. Austrailan banks allowing costumers to purchase crypto.
As btc rises to fame, some banks manage to find use for it rather than criticizing it.

Note: that's how it would be if the news about australian banks are true
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February 10, 2018, 01:38:17 PM
 #142

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.

Since digital money or cryptocurrencies and physical money have some similarities in terms of usage and functions, It is easier for banks to adopt in that revolution you are talking about. Banks may introduce system that is accessible by both fiat and cryptocurrencies. Even though digital money ca not be control totally by banks because of its decentralized property. Expect further studies and regulations from government economist and financial expert because this adoption will certainly affects the economy and major market industries.
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February 10, 2018, 01:51:28 PM
 #143

I do not think that crypto currencies will ever be used more than the local fiat.
One reason is that a majority of the people will never make the step in the crypto world. To them it seems too risky. So all of their money stays out of crypto currencies.
Another thing is that even everybody who has crypto currencies won't have all his money in that form.
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February 10, 2018, 02:45:06 PM
 #144

-snip-
There's a chance banks wouldn't be completely against cryptos
The link above. Austrailan banks allowing costumers to purchase crypto.
As btc rises to fame, some banks manage to find use for it rather than criticizing it.

Note: that's how it would be if the news about australian banks are true

What a nonsense. I think you should open your eyes and actually read the articles spreading these stories. The only thing the banks there are saying is that you are allowed to buy crypto with your money. Meaning, you are allowed to wire money to an exchange, and that's really it. I don't understand why people act like this is something groundbreaking. In other words, the banks there will give you the 'freedom' to do with your money what you want. I never knew this was something worth cheering for? Roll Eyes It's another sign that as long as people let their wealth be controlled by financial institutions, that people's financial freedom will be more and more limited.

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February 10, 2018, 02:57:41 PM
 #145

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

Probably the banks will stop for a while and sooner will acquire the new system,   cause if they dont do it, they will fall down, one of the factors to make your business successful is to acquire the latest thing in the society, if the latest thing is crypto they should do it.

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February 15, 2018, 05:56:45 AM
 #146

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

What will happen?I would say... nothing.The banks will adopt blockchain technology and start using  and accepting cryptocurrencies.Unfortunately we still need banks,because we need institutions that accumulate deposits and give loans to eligible business owners and ordinary people.We still can`t automate this process.
Perhaps in the future,we could create a smart contract based system that will work as a crypto bank.

 I agree, if you cant beat them join them. I think this will be the strategy of banks. With their money most likely they will develop their own coins.
Banks come under the control of the government and till the time government will not be willing to use crypto currencies and to declare them as legal currency, it will not be possible for the banks to go for usage of crypto coins. However in case this thing happens, this will change the dynamics of the world in a very significant manner and the existence of the paper money will be at the stake.
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February 15, 2018, 08:17:06 AM
 #147

   Nothing  will happen to the Banks if people uses crypto currencies more than fiat, because hardly less than 1% of the worlds population uses cryptocurrencies and there are not much shops that accepts Bitcoin payment . If this happens the banks will seek a better options. In order to continue the Banks will adopt blockchain technology and start using and accepting cryptocurrencies. But we need Banks that accumulate deposits and give loans to eligible business owners and ordinary people. Still banks would exist, as money lending loan is the main sources of income.

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February 15, 2018, 08:33:48 AM
 #148

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

Probably the banks will stop for a while and sooner will acquire the new system,   cause if they dont do it, they will fall down, one of the factors to make your business successful is to acquire the latest thing in the society, if the latest thing is crypto they should do it.
Banks ofcourse will find a solution if people will already use cryptocurrencies than the bank. That's what I can see they will adopts the changes swift into blockchain technology. If they will not do anything they can have a big loses on this matter.

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February 15, 2018, 08:41:01 AM
 #149

Banks will have to adapt to new conditions. their system has not been reformed for centuries and they will either have to adopt new rules (decentralization, non-regulation, etc.) or they just dissapear.
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February 15, 2018, 08:44:42 AM
 #150

I do not think that crypto currencies will ever be used more than the local fiat.
One reason is that a majority of the people will never make the step in the crypto world. To them it seems too risky. So all of their money stays out of crypto currencies.
Another thing is that even everybody who has crypto currencies won't have all his money in that form.
I agree as long as Fiat Currency exist Banks won't be threatened to Bitcoin and other cryptocurrencies as their main business will still exist. Additionally almost everyone now knows that banks only serves us our security for our money nobody is expecting to earn from their deposits anymore, people who just want to use banks to keep their money safe will just use banks instead of storing all their fiat currency in a wallet which they themselves will handle. Banks also have other means of earning money and that is lending and offering out loans to people with interest which Bitcoin cannot offer.

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February 15, 2018, 08:53:14 AM
 #151

which is clearly the interest of people who invest into banks is reduced if it happens. But some banks have been adopted to XRP which is considered to be the currency of the bank every bank in the world will also do the same.
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February 15, 2018, 08:53:26 AM
 #152

I believe that in the future, crypto-currencies can change the banking system as a whole and the economy of the country. The government of some countries understand this and act pragmo now by regulation or bans.

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February 15, 2018, 09:10:16 AM
 #153

Another question related to banks and crypto.
Rememer that no cryptocurrency, including Bitcoin, don't have the power to replace banks, they will continue to exist.
And when you look at numbers how small percentage of overall number of people everywhere in the world uses Bitcoin and cryptocurrencies you will realize that eliminating banks is mission impossibe.
It's much more likely that in certain stage banks will accept Bitcoin.

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February 15, 2018, 09:14:37 AM
 #154

How I wish it will happen asap. But this seems not beneficial to governments, let alone banks so a possible crackdown happens. But if governments will accept decentralized currencies and will just regulate them then there has to be a good way that they can also benefit with it like the imposing of taxes.
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February 15, 2018, 09:18:36 AM
 #155

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

i think it will only have a minor impact to the banks, because the goverment will issue some policies to prevent any problems from this
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February 15, 2018, 09:37:17 AM
Merited by zhelis74 (2)
 #156

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

The most likely answer is that the bank will shift to crypto currencies banking business in which thru local paper money to digital currencies. Shifting to crypto will be favorable to them because they are already used to digital system and transactions in which the process on how crypto currencies works.

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February 15, 2018, 10:06:05 AM
 #157

If there ever is such a situation, it certainly will not be a big deal. Banks will probably adapt to the existing situation and will still find a way to earn money.

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February 15, 2018, 03:46:48 PM
 #158

Crypto currency is very popular, and almost all countries of the world pay attention to them and are concerned about the further development of events, but at the moment real money and the banking system are still under control and crypto-currencies will be hard to change.

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February 15, 2018, 03:52:24 PM
 #159

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

I think if this happens, bank will start on making their way into cryptocurrency. There's no way that bank would just close just because people are starting to use crypto instead on saving their money on banks. Banks would even think of ways to be part of the crypto currency market.

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February 15, 2018, 04:00:56 PM
 #160

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

I think if this happens, bank will start on making their way into cryptocurrency. There's no way that bank would just close just because people are starting to use crypto instead on saving their money on banks. Banks would even think of ways to be part of the crypto currency market.
I doubt that banks can become members of the crypto market. The banking system is fully established for the use of Fiat. Banks cannot exist in the crypto economy. For this reason, we see resistance on their part. I think that cryptocurrencies will always exist separately from the economy of Fiat and banks.

 
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