JerryJam
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January 15, 2018, 01:28:34 PM |
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Banks are not going anywhere. Maybe they will decrease the amount of work. Making transactions in the cryptocurrency takes a percentage of the transaction. Somebody thought what happens to this percentage. This percentage is given to the middleman i.e. the Bank If we were to convert bitcoin to another currency you need a Bank card. The system of the blockchain will seek to undermine the banking interests and the elimination of intermediaries. The digitization of capital can lead to the creation of a new system cheaper transaction between the seller and the buyer.
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Unlike traditional banking where clients have only a few account numbers, with Bitcoin people can create an unlimited number of accounts (addresses). This can be used to easily track payments, and it improves anonymity.
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mOgliE
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January 15, 2018, 01:31:44 PM |
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Hi, That's the whole point of cryptos! Well, maybe not only, but clearly, getting rid of banks is part of the plan. What do you fear? Do you truly believe that banks are helping? They are making money out of money, using the accounts of millions of individuals to make profits, still charging said individual when it is a complete nonesense! When you pay your banking fees, do you really feel that you are paying for something real? So yeah, let's get rid of banks!  |
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penig
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January 15, 2018, 01:33:47 PM |
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Hi, That's the whole point of cryptos! Well, maybe not only, but clearly, getting rid of banks is part of the plan. What do you fear? Do you truly believe that banks are helping? They are making money out of money, using the accounts of millions of individuals to make profits, still charging said individual when it is a complete nonesense! When you pay your banking fees, do you really feel that you are paying for something real? So yeah, let's get rid of banks! So who'll lend money and fund large capital infrastructure investment? |
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Crypt0dummy
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January 15, 2018, 01:34:26 PM |
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I agree. Banks will stay. They'll probably find a way to adapt to blockchain technologies and cryptocurrencies and will be using them on their daily basis.
I don't thinks banks will go anywhere.
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Prettyme
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January 15, 2018, 01:39:48 PM |
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If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?
If this would be possible I think banks would continue to destroy bitcoin. But they has an option I think they will upgrade their banks wherein they can meet the needs of today's situation just like making a bank for cryptocurrencies. We must not shock to the changes because as they said our world is dynamic therefore bank should think what they need to do if this would be possible. |
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Xzhyte
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Activity: 218
Merit: 101
Blockchain with solar energy
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January 15, 2018, 02:09:56 PM |
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Due to the mass adoptation of cryptocurrency, the banks or the government would try to stop or ban it from their country. Some banks may build their own system that would allow cryptocurency as mode or transaction. I think, its a good thing ig banks would be able to accept crypto and fiats at the same time.
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natka
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January 15, 2018, 02:23:24 PM |
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If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?
People get used to everything. Until recently, I generally thought that bitcoin is something supernatural. To date, I'm absolutely normal in responding to bitcoin. So in the future if you have to cryptically replace the banking system, people will get used to and calm down. |
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nightxglow
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January 15, 2018, 02:26:24 PM |
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If that happen, then real money won't be used as much as it is now. People tend to use cryptocurrency instead, and maybe change all their money to coins.
Bank will be short of money. It won't fullfil the minimum reserve cash, it'll be hard for bank to make use of the money, like giving credits, or such since people don't like to save their money there too.
Then i think it will be the end of the banks soon, since it lose its function already.
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paul00
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January 16, 2018, 09:23:19 PM |
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If it happen that cryptocurrencies will be used more by the people rather than the fiat money, I think banks will be just like how they operate nowadays since the use of bitcoin as mode of payment is like using credit/debit card as well. Also, banks will surely make a way on how they can merge their opearation with bitcoin.
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Tenderino
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January 16, 2018, 09:33:31 PM |
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Very unlikely that banks will let become cryptocurrencies the basic mode of exchange in the future and they will of course try to attack it the more famous it will become. You have also to realize that the $800 billion crypto market cap is nothing compared to the countless trillions fiat money.
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llyfee4u
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January 16, 2018, 09:44:17 PM |
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I think it’s a matter of when, not if. Crypto is the currency of future because fiat will fail at some. Like many have said, banks will probabaly resist as much as they can but you better believe that banks already have contingency plans on how and when to adopt crypto. Banks and their shareholders love money, whether it’s fiat or crypto, it doesn’t matter much to them. The only reason why they are resisting and will continue to appear so is to buy time to figure out how to take control of crypto space.
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roxbit
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February 10, 2018, 09:07:49 AM |
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I think it’s a matter of when, not if. Crypto is the currency of future because fiat will fail at some. Like many have said, banks will probabaly resist as much as they can but you better believe that banks already have contingency plans on how and when to adopt crypto. Banks and their shareholders love money, whether it’s fiat or crypto, it doesn’t matter much to them. The only reason why they are resisting and will continue to appear so is to buy time to figure out how to take control of crypto space.
Different banks in different countries have different issues on bitcoin as a digital currency. Off course, they want to regulate currencies to avoid money laundering and any form of crime.The guardians of the global economy have two sets of issues to address. First is what to do, if anything, about the growth of the private cryptocurrencies that are grabbing more and more attention for a host of reasons: security concerns after a $500 million exchange hack in Japan, volatile price moves and in the case of Bitcoin, at least their introduction on regulated derivatives exchanges. The second question is whether to issue official versions. While The European Central Bank has repeatedly warned about the dangers of investing in digital currencies. Basically fiat against digital currency they wouldn’t want digital currency to become a preferred currency of the people around the globe if that happened in the future all banking institution will die. |
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Nerman
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February 10, 2018, 09:14:02 AM |
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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. I agree, if you cant beat them join them. I think this will be the strategy of banks. With their money most likely they will develop their own coins. |
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Dainye_dyep
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February 10, 2018, 09:21:21 AM |
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If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?
Actually, nobody knows what will happen to banks if people will tend to use cryptocurrencies rather than fiats but more probably, I think banks will just do adaptation in which they will offer to accept cryptocurrency exchanges or services such as storing or making themselves to be an outlet for purchasing cryptocurrency coins since people tend to buy crypto coins every single time and for sure there will be people who will still tend to do exchange or convert their cryptocurrencies into cash and that will be a great service that banks can do since they are basing their services into fiat or simply cash. |
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torch2121
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Merit: 10
The revolutionary trading ecosystem
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February 10, 2018, 09:29:21 AM |
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For me what I see is a big competition will happen between cryptocurrency and fiat. We are going to see a lot of promos and added services for bank to patronize fiat.
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Sendibere
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February 10, 2018, 09:32:57 AM |
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The cryptocurrency is growing so fast. A cryptocurrency is a form of payment which is similar to the currencies commonly used such as United States Dollar or the British Pound. It is decentralized. No central government to print more of them out to cause inflation. In fact, cryptocurrencies have been formulated to gradually decrease in production as time goes by.
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Capt00
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February 10, 2018, 09:54:51 AM |
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If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?
Obviously it will affect banks economical stability cause it will lessen the number of clients which normally make them transactions. But this thing may won't totally make banks to disappear. It could be the best thing to do is to change their system by adding or accepting cryptocurrencies as another mode of payment aside from fiat. |
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virasisog
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February 10, 2018, 11:00:52 AM |
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The cryptocurrency is growing so fast. A cryptocurrency is a form of payment which is similar to the currencies commonly used such as United States Dollar or the British Pound. It is decentralized. No central government to print more of them out to cause inflation. In fact, cryptocurrencies have been formulated to gradually decrease in production as time goes by.
I get it but where is the banks or what will happen to them? Even they can't print bitcoins they will going to build bank using blockchains instead of money it is digital money like some of the ICO's recently that they are going to build it. What i see is banks will go over bitcoins some will take advantage on it and some will continue banking but through the blockchain process. |
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Bobby park
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Activity: 546
Merit: 24
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February 10, 2018, 12:59:56 PM |
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The bank will incorporate cryptocurrency as their new system. I think that if they will not integrate cryptocurrency with them, banks will eliminate soon because people in the future did not need a fiat and banks to store their money. Cryptocurrency will be the reason behind banks crash.
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shikon_shard
Jr. Member
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Activity: 133
Merit: 1
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February 10, 2018, 01:14:19 PM |
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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. Hmm. If bitcoin would allow loans.... For example, if u're loan was to be paid for 1year, im guessing you would have to take in to account btc price everyday. If the amount to be paid was based on the loan date's btc price, and because of volatility there's a chance that u can fully pay it for few days or weeks. Somehow. I hope u get me, I'm confused too. XD I'm thinking about it and it's a bit complicated and u'll thank spreadsheet for being there xD. |
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