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Author Topic: What will happen to the banks if people uses cryptocurrencies more than fiat?  (Read 906 times)
JTEN18
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January 04, 2018, 04:48:34 PM
 #21

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.
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January 04, 2018, 05:50:53 PM
 #22


This question has been asked many times in the forum and my answer to it seems to be intact .
Bitcoin will not halt the banks of the world . Bitcoin is still a virtual object and  there is still need to convert it into our own fiat for its use for us . No country is ever going to dump their fiat and accept bitcoin in its place . Both the currencies will work simultaneously and so the banks will never be affected by it . There will be some level of updates in the functioning of banks due to introduction of bitcoin , but that would not totally change their systems .             
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January 05, 2018, 02:02:50 PM
 #23

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.
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January 05, 2018, 02:44:53 PM
 #24

If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?
If people, merchants, businesses, and everyone uses more cryptocurrency than fiat currency in the future then banks will be useless since keeping or transacting cryptocurrencies doesn't require any bank account. What will happen for banks to survive is to adopt it and use or issue its own cryptocurrency for their banking system, if not there's no reason for them to operate because no one wants to put their money on banks anymore. But this is still impossible to happen right now, majority of people still prefer to use fiat for payment method and there are still few establishments that accepts cryptocurrency.
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January 05, 2018, 02:52:51 PM
 #25

Cryptocurrency has the potential to overtake ordinary money, because cryptocurrency is easier to use for transactions and not hard to carry.

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January 05, 2018, 02:57:19 PM
 #26

If crypto currencies will become the main currencies that will be use in the market possibilities that banks can disappear because of the technology present in online wallets which actually provide services more than a banks can do, people can access their money like an online banking method while having the chance of increasing their wealth because of value appreciation in cryptos.

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January 05, 2018, 03:54:26 PM
 #27

Banks will never be as popular as it is now. Because of the upgraded technology we have now,probably, crypto currencies can replace banks. But since there are people who's not aware of crypto currenices like in our country,they'll still go to banks and let their money rest in there.

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January 05, 2018, 04:04:28 PM
 #28

If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?
May be you dont know Ripple Cryptocurrency network is created by banks to transfer the funds ,Banks are the still safe , educated people use Crypto and other people store hard cash in banks and they can withdraw at any time.

Cryptocurrency has the potential to overtake ordinary money, because cryptocurrency is easier to use for transactions and not hard to carry.

What if there is no internet connection and you need money in emergency
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January 05, 2018, 04:12:07 PM
 #29

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

It then means that an opportunity have been created for the banks to make more money. The whole of the banking system is ruled by the highest of the capitalist who have the money to get what they want and even pay as much as possible to hire the best to deliver milestone achievement which means all they do is to get a very sound developer, either they hire him or they fund him then give him a stake to create a portion for them in new world order and I tell you there will always be a way they will feature.
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January 05, 2018, 04:56:10 PM
 #30

Banks are always banks nothing will effect to banks because every country in the world run by government they are  the government's trasuary to earn and to save for the sake of country's development, infrastructure plans etc,  then even banks too have to update their systems to involve the businesses in to start all the transactions in cryptocurrencies as like the banks usual correspondence with their customer, beside this banks will not let down their fiat business.

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January 05, 2018, 04:59:04 PM
 #31

Banks are really threathen about the idea of crypto currencies and I'm sure they are now working to have a tool that can use so that cryptos will not able to kill them permanently. If time comes that digital currencies such as bitcoin will become a main currency I'm sure banks will adopt this and possible create their own on line wallet so that they can still penetrate their market

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January 05, 2018, 05:39:06 PM
 #32

Sudden (yet expected) surge in the ripple shows that Banks are fascinated with this technology and they are eager to use it to optimize their current time consuming traditional infrastructure. However, there is no reason to worry as decentralisation is not going anywhere and still we will see the fiat currencies on the blockchain. There will be the people who will still use the fiat currencies irrespective of the technological advancements.
Banks will not be able to deceive the system to make profits at the expense of other banks or the public. If some of the major banks back up Bitcoin in the future, it can help confidence in financial institutions be restored
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January 05, 2018, 06:15:41 PM
 #33

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

Banks will start to worry a bit as they are well aware that the world cannot run without the use of fiat in some form or the other. They might approach the government to tackle the problem, as they can't directly influence their customers to nit invest into cryptos.

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January 05, 2018, 07:24:27 PM
 #34

Does anyone know what banks make money at?  I mean real money, the part of their business that brings in the billions?

Loans.

What is Bitcoin and crypto really, really bad for?  Loans.

People in cryptoland seem obsessed that banks will be threatened by a peer to peer payments, when paypal and a dozen other services have been eating that business for years.  In Europe personal bank transfers are free, I've never paid a fee to my banks in 20 years except when I accidentally went overdrawn once. I know transactions are charged elsewhere, but the general direction of change was towards lower and no fees before Bitcoin appeared.
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January 05, 2018, 07:37:17 PM
 #35

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 on the news that Venezuelan government will launch their official coin called "Petro" it would be use for buying petroleum in the crude oil market. As time goes on you'll see number of countries launching their virtual currencies.      

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darkangel11
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January 05, 2018, 07:53:56 PM
 #36

Cryptocurrencies still don't resolve the issue of taking loans. Sure, banks won't be getting as much income from people who decide to hold money on their savings accounts, but the amount of loans taken won't change. People will still need to get credit from somewhere and using cryptocurrency to buy stuff online won't change that.
So, my answer is: nothing. They will eventually incorporate cryptocurrencies and will allow you to convert fiat to cryptos, paying a certain fee, just like you do with foreign currencies.
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January 05, 2018, 09:11:46 PM
 #37

this can happen in the far future because as of now still business are really depending on banks to process their transactions its the most suited technology to provide for small and medium enterprise and business but later on this could really alarm the banks because with the rise of bitcoin to the market people might now get or convert to fiat because and this will really affect them the banks because they will lessen its users at first and second it your family if your switch to crypto you can earn whill doing something
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January 05, 2018, 09:41:00 PM
 #38

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

It's possible that banks will start to dissapear -- they're rooted in centralized currency anyway. However, it would make more sense that the banks adapt and change their policies in order to have some support for currencies. What I could see happening is banks starting to act like exchanges. They'll be there to keep your bitcoin, but not many people will support the banks because of certain bad practices. If we're to see forks in the future, it's very likely that the banks make their big money off of those forks by not supporting the forks for individuals and keeping the coins for themselves.

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January 05, 2018, 10:29:21 PM
 #39

Banks will have small market and people will tend to transfer their wealth on crypto currency investment and because of this banks will incurred big market drop that if they can sustain the adjustment in market they might be lost in the circulation. Online wallets are offering such services like banks can do so banking institition must try adopting it

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January 05, 2018, 10:37:37 PM
 #40

Cryptocurrencies still don't resolve the issue of taking loans.

It's not an issue at all. Taking out loans does stimulate the economy, but at the same time it's an aspect of this system and economy that's all based on debt. What happens if you take out a fiat loan and you default on that loan for whatever reason? Right, you'll get marked for life as someone not having fulfilled your duty, which as per this system, will only work against you. In severe cases you can't sign up for a bank account, can't gain access to certain beneficial support that others in problems can get access to, etc. Bitcoin is the exact opposite of that. Regardless of who you are, you'll always be able to make and take payments, and no one can stop you.
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