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Author Topic: What will happen to the banks if people uses cryptocurrencies more than fiat?  (Read 1008 times)
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January 04, 2018, 11:13:46 AM
 #1

If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?
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January 04, 2018, 11:16:52 AM
 #2

Nobody knows exactly what can happen. I think that at present banks (and authority, generally speaking) haven't still realized what kind of revolution cryptocurrency represents. We'll see.

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January 04, 2018, 11:22:59 AM
 #3

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.
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January 04, 2018, 11:58:58 AM
 #4

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
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January 04, 2018, 12:19:47 PM
 #5

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.

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January 04, 2018, 12:34:44 PM
 #6

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

If that happens bank also will launch their crypto currency to stay in the game otherwise all banks will be shut down due to lack of earnings which is needed to pay the employers.

Some of the baks already adopted to XRP which is considered as the currency of banks maybe every bank in the world will also do the same.But now we are still early to think about this because crypto currencies are only considered as assets.

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January 04, 2018, 12:36:59 PM
 #7

That's true, alt coin prices depend on Bitcoin price for conversion, while Bitcoin depends on Fiat for conversion. They currently need Fiat to compare to they corresponding value.
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January 04, 2018, 12:50:56 PM
Last edit: January 04, 2018, 02:32:32 PM by kevoh
 #8

I don't think anything serious will happen. The banks will adapt to the situation. Infact, there are already blockchain projects like Tokenpay that are being developed to bridge this gap.
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January 04, 2018, 12:58:11 PM
 #9

Nobody knows exactly what can happen. I think that at present banks (and authority, generally speaking) haven't still realized what kind of revolution cryptocurrency represents. We'll see.
Well, we can predict two possible options depending on the banks' actions. Let's assume people use cryptos a lot. Banks start to lose their clients. If they do nothing or try to convince people to use fiat, they will eventually become bankrupt and vanish from our lives. The only banks that will still exist will be national banks storing the state's money. If banks choose to survive, they'll need to start accepting cryptocurrencies. They may start from those like ripple and blackmoon who want to cooperate with banks and then move to other famous coins. People might still use banks this way, feeling more safely when the money is stored on banks' hard wallets rather than online or at home, just like people do now with fiat.

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January 04, 2018, 01:14:51 PM
 #10

If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?
Banks would suffer serious losses in transaction sector since bitcoin would be much used for that. But for now, bankers have a small relief since bitcoin is facing serious issues about transactions fee. This might be the first time in the banking history that they face a big rival. But still banks would exist as lending loans is the main source of their income.
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January 04, 2018, 02:13:57 PM
 #11

If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?
Im sure if this happens many banks will closed or they may shift to other business or more likely to enter the world of cryptocurrency also they will probably use the stock money to buy any crypto for more profit and avoid bankruptcy.


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January 04, 2018, 02:16:30 PM
 #12

This will cause numerous banks to close. However, before it could happen, surely the government will regulate crypto currencies or even bar the usage of it. Of course, the government will side with banks cause they can get more taxes from banks over crypto currencies.
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January 04, 2018, 02:44:42 PM
 #13

Nothing will happen to banks, banks are here for more than 100 years. Banking industry have changed, updated and modified them from time to time. In future when cryptocurrencies will become more popular than fiat currency banks will change themselves. They may introduce their own cryptocurrecies or may regulate currencies operating at that time. Some banks have already started steps in this direction.

   

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January 04, 2018, 03:25:08 PM
 #14

Nothing will happen to banks, banks are here for more than 100 years. Banking industry have changed, updated and modified them from time to time. In future when cryptocurrencies will become more popular than fiat currency banks will change themselves. They may introduce their own cryptocurrecies or may regulate currencies operating at that time. Some banks have already started steps in this direction.
To add to this, banks will likely adopt or they will die like other companies that don't adopt change. Look at Nokia, back in the day they control over 60% of the market, but just in a few years to only had 10%. And not they are gone. They were a company valued at $50 billion dollars when it was in its prime, but the company was only sold at $7 billion dollars to Microsoft. This will happen to banks if they do not adopt change, for sure someone else will gladly take their position.
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January 04, 2018, 03:27:14 PM
 #15

Nothing will happen. Some banks would adapt, and live on. Others might perish due to their old ways. New banks would erupt in the void. It's not like decentralization of the currency makes it impossible for organizations to profit from its use. That's what banks do. They would probably make even more money, as many things can be automated. They can then have fewer staff members.

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January 04, 2018, 03:44:22 PM
 #16

Thats extremely hard to happen. Less then 1% of the population uses cryptocurrencies and there are no big shops or services that accept payment in bitcoin or altcoins. In order for cryptocurrencies to surpass banks more thanthan 50% of the population have to use bitcoin/altcoin to pay everywhere and everyday wich right now is impossible.

Cryptocurrencies were created to be the payment method and to have more advantages than banks but as we can see the fees of bitcoin make it impossible to be used as an everyday payment method. The volatility is very big and  today your bitcoin can worth 15.000$, tomorrow it worths less then 10.000$. Dont you think in this situation would be better to have your money in a bank where they have the same value overnight? It is possible that cryptocurrencies will be used more than banks in future but it will takes at least 100 years for that to happen

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January 04, 2018, 03:48:24 PM
 #17

The issue with the banks is all of them need to use blockchain tech or none of them.. It's a everyone jumps in or don't secenario.  Half the banks can't using blockchain and the other half not.

When we see some adoption by the banks I think it wont be long before your being paid in satoshi's or what ever the banks will roll in and decided to call it.

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January 04, 2018, 04:22:13 PM
 #18

Nothing will happen to banks, banks are here for more than 100 years. Banking industry have changed, updated and modified them from time to time. In future when cryptocurrencies will become more popular than fiat currency banks will change themselves. They may introduce their own cryptocurrecies or may regulate currencies operating at that time. Some banks have already started steps in this direction.
I think they will learn to accept bitcoins in order for the banks to be retained.But i don't think it will happen suddenly.Bitcoins should pass along first the government and once it has been adopted,banks and other institutions will soon to accept bitcoins as a real currency.Otherwise if banks will refuse to accept bitcoins,they will lose thousands of their depositors and it might totally cause them to close their banking operations.

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January 04, 2018, 04:23:41 PM
 #19

If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?
The basic thing is blockchain here which you talking about. The whole crypto market works on the principle of blockchain and no matter what which crypto they use for transacting with their banks it will be same from all sides. The banks will run in the same as manner as they are doing today. If you think that this will turn the crypto currency to huge pumped coins one day then thats not gonna happen. The reason is simple, when banks will start accepting the crypto currency then there will be some sort of regulation that will come in place and this will restrict the very decentralised nature of the crypto currency. The whole thing will run on blockchain which won't be similar to today's date. So it will make huge difference on the crypto currency and not banks really. They will operate normally and will eat our money in similar manner as they would do today.


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Dudeperfect
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January 04, 2018, 04:40:42 PM
 #20

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.
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