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

[youngagethinker]

Probably they'll seek a better option in order to continue, we really don't need banks and in fact Street Cleaners are the one more deserve to have a higher salary according to economics evolution website Evonomics

Banks has been here for a long time, the only thing or the possibility that might happen is that they will create their own cryptocurrency and spread it to people like paper money, just like what they are doing to newly designed printed money. If they won't join the club them maybe in a few more years they will be forgotten by the masses, not because they are not necessary but because they are left out in the revolution just like the nokia pHone back in the days.

[exstasie]

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

It's not like commercial and retail banks issue USD themselves. They offer banking and investment services to the public (and to companies). USD (or whatever national currency) is just the base currency.

What's to stop these banks from offering cryptocurrency deposit and investment accounts? Why couldn't they issue crypto-denominated loans? Banks are clearly pushing into into the cryptocurrency services sector. Bank of America recently patented a cryptocurrency exchange system that purportedly will cater to its corporate clients. Why can't banks simply expand their range of services to include Bitcoin, etc?

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.

I've been in the space for several years. What I've noticed is that Bitcoin investors often immediately look for ways to make returns on their BTC -- investments, trading, etc. Deposit interest and collateralized loans seem like an obvious extension of that.

[Fatunad]

Probably they'll seek a better option in order to continue, we really don't need banks and in fact Street Cleaners are the one more deserve to have a higher salary according to economics evolution website Evonomics

Banks has been here for a long time, the only thing or the possibility that might happen is that they will create their own cryptocurrency and spread it to people like paper money, just like what they are doing to newly designed printed money. If they won't join the club them maybe in a few more years they will be forgotten by the masses, not because they are not necessary but because they are left out in the revolution just like the nokia pHone back in the days.

They wont really tend to join up the club because they do really have their own view and perspective when it comes on making digital currencies rather than on accepting cryptos. They do know the risk and the possible situation would happen into their area of vicinity if they would decide to adopt cryptos. They dont like decentralized things frankly and clearly speaking thats why they would really make on their own which is centralized.

[kier010]

they can ether adapt to it or close their bank because for sure it would make them suffer a huge loss. also they could co-exist with cryptocurrencies to make exchange more easier. it would be good if they could just accept bitcoin and other cryptocurrencies.

[tinystone26]

I think they may report it to the government to make it legal and to make it a part of them that anyone can alsobuse bank n bicois their earn in they campaign they joined.

[Xanxus024]

I think banks are not worried at all because it's like a traditions banks used by our ancestors for century and not all the people know the existence of bitcoin or any other crypto currencies and besides fiat is much prefer to used by other basically for our daily needs because the benefit we get on crypto we tend to convert it in our local currencies.

[Polipog]

If bitcoin digital cryptocurrencies established more percentage user's in the public it can cause less people use and access banking transactions. Because in bitcoin people can used fast directly transaction by using bitcoin wallet.

[Sir Cross]

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.

Banks should keep up if they don't want to be left out. I don't think the banks will cease to exist even with the mass use of cryptocurrencies if they choose to adopt. Otherwise, a different form of bank will be created to cater to the needs of cryptousers, and current banks will lose their business if fiat will go down the drain in the future.

Banks are still very important and relevant in our society today and even with the widespread use of cryptocurrencies, fiat won't be overthrown just yet. If banks can keep up with the pace, then they may survive in the years to come when cryptocurrencies will take over (if they will). Just now, banks are becoming more technologically advanced, so it's quite possible for them to co-exist with crypto.

[Mpamaegbu]

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

It really would be a nice thing to happen but will the killing miners fees allow that. It has recently become crazy transferring Bitcoin and the backlog of unconfirmed transactions is another worrisome thing. Except all that are taken care of it may be very difficult for cryptocurrency to make fiat transaction disappear.

[cizatext]

The bank it self is an institution of government and the government run the bank, even if all the general public option in to use cryptocurrencies as means of making financial transactions the bank will still exist but only the commercial banks will be greatly affected. Banks are already aware of the revolution that is about to take place in the financial sector through bitcoin and cryptocurrencies.

[cryptojac17]

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

It really would be a nice thing to happen but will the killing miners fees allow that. It has recently become crazy transferring Bitcoin and the backlog of unconfirmed transactions is another worrisome thing. Except all that are taken care of it may be very difficult for cryptocurrency to make fiat transaction disappear.

Yeah there is what we called adoptation bank will adopt bitcoin the future certainly bank also will have its rule in crypto currency world maybe some of them will cater as exchanger to fiat. But today I can't see how bank will adopt bitcoin they dont have concrete plan for these.

[youngagethinker]

Probably they'll seek a better option in order to continue, we really don't need banks and in fact Street Cleaners are the one more deserve to have a higher salary according to economics evolution website Evonomics

Banks has been here for a long time, the only thing or the possibility that might happen is that they will create their own cryptocurrency and spread it to people like paper money, just like what they are doing to newly designed printed money. If they won't join the club them maybe in a few more years they will be forgotten by the masses, not because they are not necessary but because they are left out in the revolution just like the nokia pHone back in the days.

They wont really tend to join up the club because they do really have their own view and perspective when it comes on making digital currencies rather than on accepting cryptos. They do know the risk and the possible situation would happen into their area of vicinity if they would decide to adopt cryptos. They dont like decentralized things frankly and clearly speaking thats why they would really make on their own which is centralized.

In my opinion sir, it's not a matter of what is your own view, it is a matter of perspective of the people who will use it. If you are a single individual you can stand for what you believe but these kind of systems refers to billions of people around the globe. They cant stop people from opening their eyes into these things or forced shut off all the crypto users? Bad idea because as we can see decentralized applications are on its way and later on the staffs of the banks will also use the decentralized apps and software. They have power, yes and they can implement things because they are the bigger and they have a lot of authority, they will deny this technology but not for long.

[superjeyy]

If cryptocurrencies takes over the world and overpowers fiat, the banks would definitely think of something innovative to accomodate cryptocurrency just not to go out of business. As someone who wants to keep their business in the industry, they would definitely have to establish something just to stay on the industry. I guess banks would start accepting Bitcoins as well but they have to make the storage of Bitcoin worthwhile as Bitcoin on wallets alone can multiply its value. A good deal a bank can do is to allow Bitcoin growth at higher rates and lessen the transaction fees for everyone. What the next move of the bank depends on their strategies but they have to do a lot to make people trust their services when it come to cryptocurrencies.

[Ararbermas]

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

i think the bank will remain in the future for some reason,  maybe such as they will accept crypto currency if that time happen . But i believe this is not gonna happen ,even though the valued of crypto currency so expensive than fiat cause either country always declined and didn't accept this currency because alot of reasons. Its a miracle in future if it will happen.

[TERA2]

they will adopt crypto, become dealers, release shitty derivatives, and release fake coins, and claw back their business using the trust the 99% of people already have in banks and the media. If that doesnt work then they will get the politicians they control to ban crypto.

[Drixy]

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

I doubt it wont happen. Banks more safer than crypto's. Not everyone knows how crypto's work not all have that mind to understand everything many will be confused but if its the trend it will gradually be used but not totally in crypto's.

[ActiveWizard77]

There are two things that could happen, it is either the bank will make a way to stop the use of bitcoin. Or, banks will adopt the use of bitcoin and start to accepts payments and exchanges thru bitcoin.

[Hui8]

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

The thing is crypto currencies are getting their power from the fiat currency only. You go to market and buy the crypto currency with your bank which is nothing but usual shopping. The fiat will always be there or should always be there because that is what giving the crypto market a real value. We have fiat with fixed value and that’s why we have value to fiat. :-)

[TERA2]

The banks could act as wallet services to hold people's crypto and then use the account value to print more fiat.

[zarados]

Remember, cryptocurrency is only a protocol that serves to help transactions. You still need a bank or something to exchange the cryptocurrency with real money. Unless cryptocurrency has been used as the official currency and replaced the dollar for example. You'll see the price tags in the malls no longer show the $ price, but in the form of cryptocurrency.When that happens, I think the bank has turned into a cryptocurrency bank.