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Author Topic: What will happen to the banks if people uses cryptocurrencies more than fiat?  (Read 1007 times)
SHawk
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April 03, 2018, 01:32:06 PM
 #241

Though this may not be applicable on a very fast rate from now because of it yet to be adopted in lots of countries around the world. As we are now much expecting this to happen, I don't think by then, Fiat money shall be totally put out of no use, because it is the legal tender understood by all in the society literates and illiterates. But it is not doubtful that Cryptocurrencies usages shall in the future be accepted for uses.
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julius caesar
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April 03, 2018, 02:01:14 PM
 #242

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

Definitely they will fail if they will stand to be pirely a fiat medium transaction entity, I think this will lead them to bankruptcy since people is now open with the potentials that a cruptocurrwncy like Bitcoin can do, and I think this will make them realized the major advantage of this currency, if Banks didnt acquire with this I think time will come that the people who will invest to their company will be lesser until it will be gone.

tiggytomb
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April 03, 2018, 02:07:53 PM
 #243

If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?
The banks will need to adapt and change their working to adopt crypto, I think they really should be doing this now, the early birds will catch the worm.
nazaididuan1
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April 03, 2018, 02:10:48 PM
 #244

The high cost of using fiat money increases the demand for digital money, people use digital cryptographic currency, and bypass Banks to trade directly!

Banks reduce business profits! National seigniorage is reduced! It will affect the financial order of the country!

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Kurokonobasuke
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April 03, 2018, 02:19:56 PM
 #245

If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?
I think the only effect is that cryptocurrencies will just be more oftenly used and that's it. Banks are impossible to vanish just because cryptos are being more patriotized given that banks are the strongest establishment under the government and is also supported by it unlike cryptos that are mostly decentralized. Also there are people who prefer fiat over cryptos due to the market volatility which is a risk so surely banks will still be used.

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campica
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April 03, 2018, 02:40:35 PM
 #246

Don't worry about banks , because banks always find the way how to adjust to the change on the current market. I'm expecting that they will make own crypto-currencies. But this won't probably happen next 10 years.
FullMooon
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April 03, 2018, 03:03:49 PM
 #247

If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?
I think banks in the future will not get its target from what they get right now. Exchange rates from banks nowadays has their own respective rates that tha bank itself earns. If cryptocurrencies will be the basic mode of exchange in the future, maybe banks then will loose its value and will be lessen as it is usually needed by the people.

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Kiweikoo
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April 05, 2018, 07:21:24 AM
 #248

If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?
The banks will need to adapt and change their working to adopt crypto, I think they really should be doing this now, the early birds will catch the worm.
This will be all about the game of who is conquering the world’s economics first. If banks made this, as they are already so flourishing, definitely bitcoins would be changing themselves and adopt some characteristics that will suit banks.

And in other case, if bitcoins have made it firstly, banks have to modify their policies and way of working as per that of bitcoins. So let’s see who wins.
Haterstestbtc
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April 05, 2018, 07:48:13 AM
 #249

Don't worry about banks , because banks always find the way how to adjust to the change on the current market. I'm expecting that they will make own crypto-currencies. But this won't probably happen next 10 years.


Yeah, absolutely banks will never disappear because it will adapt automatically but there is a little changes on the part of banks it will lessen to the employeer who work on tellers because can be made through digital machine transaction that will make easy and fast without any hassle.
CuteBaby123
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April 05, 2018, 07:51:18 AM
 #250

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

They will continue to exist and will adapt the change. They will also launch there own exchanges and maybe with very low transaction fee and offers loans, deposits withdrawals. This will be a good battle of two currencies.

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April 05, 2018, 07:55:50 AM
 #251

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

Banks will always stay no matter what happen. If crypto will dominate the world, banks will make ways to prevent it. If not, then they will have to create or develop their own crypto coin and will compete in the crypto world.

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Dimid
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April 05, 2018, 11:45:19 AM
 #252

The spread of digital money is undesirable for banks, given their current problems, which they have faced recently. Speech, first of all, is about low demand for loans, lower profits due to lower interest rates and fading hopes for deregulation. Crypto-currencies have a certain appeal, given the lack of transparency in the banking system. And they completely destroy the need for intermediate transactions between financial institutions. Blockchain technology can not be cracked, unlike bank accounts, which makes it a more secure storage facility.
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April 08, 2018, 08:05:37 AM
 #253

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

Banks will always stay no matter what happen. If crypto will dominate the world, banks will make ways to prevent it. If not, then they will have to create or develop their own crypto coin and will compete in the crypto world.
like today many are blocking the existence of cryptocurrency, they are afraid that later will be dangerous for his business. but with technological developments i think banks will follow suit, albeit in any way

Shavedcoconut
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April 08, 2018, 12:00:06 PM
 #254

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.
Yes! I really hope for smart contract application for things just like this! Lets hope it comes to aurface Smiley

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Procopiogamscrypto
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April 08, 2018, 01:02:10 PM
 #255

If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?
Certainly, the banking system will adopt the current system, they may find a solution to realign the new technology but it is impossible that the bank institution will be dissolved because the government needs them for a transaction suited for the needy.















tbterryboy
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April 10, 2018, 07:36:59 AM
 #256

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

Banks will always stay no matter what happen. If crypto will dominate the world, banks will make ways to prevent it. If not, then they will have to create or develop their own crypto coin and will compete in the crypto world.
like today many are blocking the existence of cryptocurrency, they are afraid that later will be dangerous for his business. but with technological developments i think banks will follow suit, albeit in any way
The future if the banks is highly in danger because of the crypto currencies and that the owners of the banks are very much worried because of this. In case this thing happens, then I don’t really think so that there will be as such need of banks and that almost all the banks will get demolished and people will be more interested in buying more crypto coins rather than putting their money into banks.
omar bakrie
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April 10, 2018, 08:08:09 AM
 #257

If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?
If in the World people are using more digital currencies than real currencies, it is certain that banks around the world will experience a drastic decline. Banks may become bankrupt and cryptocurrency becomes victorious. In the future, this may happen, because people would prefer to use the practice.
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April 10, 2018, 08:26:20 AM
 #258

the bank function will be reduced because many people make transactions using cryptocurrency with the technology. but I think the bank will still exist to provide loan funds to its customers. or banks will create a new digital currency to participate in cryptocurrency.

worle1bm
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April 10, 2018, 08:55:21 AM
 #259

If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?
The banks are providing services to people from years and will continue to provide then for years. They have their place and functioning of their own and they don't fear these cryptocurrencies.They are very well aware about ots usage and have already taken steps like adopting blockchain technology and developing their own digital coins backed up by assests like gold.If situation like people using crypto more than Fiat come Banks will Coexists with them.But future has many surprises for all of us let wait for it and hope its better.
dario.93
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April 11, 2018, 01:40:13 PM
 #260

It will remain dispersed in the future, so don’t be anxious about the paper money fate, it will exist on blockchain.
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