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

[newinbtc]

first of all people see cryptocurrency as the investment way not as the payment gateway . once people understand the benifits of this currency then Banks Will cry and they will in loss. if all big bussiness person start sending funds through crypto then Banks need to face loss and Thats why in some country's they are banning bitcoin

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[raven7886]

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.

I still feel the surge in ripple was a manipulation and nothing else. If banks really want to go crypto they would rather start fresh than using an established coin.

Everything has gone cashless anyway, so at the end I feel banks will end up starting introducing gradually their currencies using the blockchain technology. However, paper will somehow still be useful in some countries where there is limited infrastructure, most especially internet.

[doomloop]

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.

Yes history of banks is older than bitcoin and people who are not interested in new technologies prefer use banks instead of putting money in bitcoin and this is because 50% of our people are not aware of bitcoin. New generation are very skillful people and they knows how to relaxing the life because bitcoin has made life easy and safe, no one can take or use your money without your permission and no one can steal it form you just because of bitcoin wallet but banks are easy to robe and you will lose all of your money.

[bitbunnny]

Let's be serious, that it's impossibe. This society is still depending on banks and traditional financial system.
According to some researches about 2 millions of people are using cryptocurrencies. Comparing to overal number of inhabitants in the world this is not significant number so they can't endanger banks and their existance.
But the purpose of Bitcoin isn't to fully replace fiat currencies.
It will happen sooner that banks will accept Bitcoin than be replaced by it.

[yoseph]

What OP is talking about is actually the nightmare of every banking institutions in the entire world and know that more and more people are getting to know bitcoins, it seems that it is going to be a reality soon enough, am sure they see the future no wonder they are so against bitcoins and the other cryptos.

[danherbias07]

It is either they will adapt or they will forcefully finish the blockchain that they want to create.
Or the evil side is pay the government to ban the crypto currency in one country. They have the money to do that if they will be team playing. 

But we dont even know if that could really happen.

[louie69]

It is either they will adapt or they will forcefully finish the blockchain that they want to create.
Or the evil side is pay the government to ban the crypto currency in one country. They have the money to do that if they will be team playing.  

But we dont even know if that could really happen.

There maybe a slight effect on the banks if people will use more on the cryptocurrencies more than the flat money probably because business transactions like money transfer wherein banks cannot longer get paid for their bank charges while in bitcoin transactions, there is no fee required. In the near future, maybe banks will adapt bitcoin since its dominance is now increasing.

[juragane]

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

then banks will be destroyed and loss because their customers will make a huge withdrawal of money, the solution is that banks must be able to work together with bitcoin technology so they are not removed from the circulation of the world economy.

[ljm8888]

The bank will ask the government to launch a war! The real money is issued by the government's credit. And digital money depends on the Internet. No country can stop the Internet. I hope that what you say will not happen. Digital money is still a little far away from people's lives. Although I am optimistic about digital money, I admit that there is still a long way to go.

[Nhebu]

The banks will not operate and some of the investors may pull their money. Therefore it will lead to bankruptcy. I think that is happening as of now but I hope the issue of that will not make a war between banks and crypto enthusiast.

[bots1]

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

it is likely that the bank will step down, but the bank will still be used to disburse the profit from playing cryptocurrency and banks should be able to accept cryptocurrency so they can grow.

[goaldigger]

I think banks can now adopt on cryptocurrencies. They will use them in their transactions ang probably have an improved system. I think there were more cards than physical wallets.

[Usafstar]

the banks are doing good for the world that they provide loan opportunities to the needy people and they also keep the people money and gold in lockers they have providing big amounts of loan to the industries and other countries as well. so the importance of crypto currency can't be ignored but the banks are are also providing facility to the financial system of the country.

[alisafidel58]

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

Before it would happen banks will surely have some sort of precautionary measure that they will be taking against crypto currency in order for them to not be left behind.
If that scenario would happen, then banks would adopt the technology behind blockchain or its network in order to compete with the crypto currency.
It would make their system more viable to lessen the hassle of doing transaction if your going overseas and wanting to withdraw or spend more money.

[kaysersoze]

Banks will never disappear, if that is the real purpose of why you are asking this question. So i do not think that there is a way in that cryptos could replace banks, but yes, maybe they will try to adapt to the new technologies if that is really happening at some point.

[nl247]

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

It depends! Firstly, Banks will adapt and then most countries will have their national currency in crypto which obviously will make banks still function in mostly other areas most especially in the area of loans, and other governmental related stuffs. Deposits, withdrawals and other functions will end up being scrapped, so at the end, we will end up having some staff laid off, and bank functions reducing.

[dejan_p]

2018 should be a fun year to see what will happen
banks, countries, regulators will for surely dip their hands in crypto, either adopting them or fighting against them, they're not just gonna stand and watch

regarding the fiatless society, I think it would require another 10 years min

[gunungkembar]

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

banks are likely to lose some customers because they prefer to keep their assets to cryptocurrencies that are safer and can grow a lot and maybe some banks will close.

[janah]

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

No one knows what will happen in this year 2018 because bitcoin is unpredictable and bitcoin can affect banks if the bitcoin performance is good because it has too much percentage that bitcoin can be more profitable than banks.

[alani123]

I don't think that banks would ever go away, at least not throughout our lifetimes. A big portion of the current system is based on banks, most of finance is done through banking, plus m2 and m3 wouldn't exist without banking. Capitalism as we know it is based on banking. The removal of the gold standard brought growth to developed countries and banking played a central role in that. Some things won't easily turn back. I think that our generation will just see crypto co-existing with conventional banking.