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

[The Monkey King]

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

I think banks will not be eliminated if cryptocurrency will be embrace as the new basic mode of exchange in the future because bank is still a need for every individuals who take loans for their business. And if ever, it is favorable to have these cryptocurrency while there are still banks because I believe that these banks will also accept these cryptocurrency in the future. Banks will stay as well as bitcoinn as cryptocurrency.

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[romecheo]

That will happen very soon, every transaction in this world will change to crypto currencies. Time will come that Fiat are no longer necessary in transaction, it will soon end up as last option.

All those bank who haven't any plan to adapt crypto currencies are going to vanish. 

[budakjawa]

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

it is certain that it will trigger a rise in the price of cryptocurrency that the bank uses to replace fiat money and it is certain it will make the development of digital currency growing.

[shield132]

To be fair it's the most logical question which I have read here recently.
Very hard to answer because will that ever happen? Credit cards will be in use in future, there is no doubt but it will be like xapo, bitpay and etc. I think banks won't make it to happen, they prefer fiat because it's not risky for them. I think they will make credit/debit cards for crypto customers and this service will be offered by most banks.
Since bitcoin's value is determined in fiat, I have no idea why will people use crypto more than fiat.

[z38630610]

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

It is simple. They have to keep in step with cryptocurrency. They can update their economical strategy according to cryptoworld. For example in my country one of banks bought bitcoin website that many users invest on that website. It is a kind of update I mean.

[Aso at bata]

Maybe some bank will be closed,  but some of them will stay maybe they will do something to adapt cryptocurrencies,  and one thing  more we need bank to save some or most of the money that we have ,we can not save at home there are so many bad people.

[Nakakapagpabagabag]

The bank can accept the crypto currency and they may also go out with their own coins. They can not do anything because they are popular and welcomed. So the money will be useless as well. So they will accept the crypto currency. But of course, it's going to be legalized so long before the people and the government adopt the crypto.

[jhean_arcane]

Actually, Ripple is a centralized cryptocurrency and the banks in the future will definitely create something similar so that it can compete effectively with the biggest crypto coins. I believe that the banking system will continue to compete severely with cryptos through adaptation and might create a pseudo-decentralized system. The government is considered the biggest central authority in a society and they cannot function fully unless they have a central dominion generally on everything - including banks.

[djselery]

Thats really hard to happen, especially in the nearest future, because most people around the world still using fiat currencies a lot more than using crypto currencies. But if it happen in the future, I think banks will find themselves forced to deal with crypto currencies and to support them.

[Kiweikoo]

-snip-
There's a chance banks wouldn't be completely against cryptos
The link above. Austrailan banks allowing costumers to purchase crypto.
As btc rises to fame, some banks manage to find use for it rather than criticizing it.

Note: that's how it would be if the news about australian banks are true

What a nonsense. I think you should open your eyes and actually read the articles spreading these stories. The only thing the banks there are saying is that you are allowed to buy crypto with your money. Meaning, you are allowed to wire money to an exchange, and that's really it. I don't understand why people act like this is something groundbreaking. In other words, the banks there will give you the 'freedom' to do with your money what you want. I never knew this was something worth cheering for? It's another sign that as long as people let their wealth be controlled by financial institutions, that people's financial freedom will be more and more limited.

By looking at the increasing fame and support of investors for bitcoin as well as other crypto currencies, banks realized how important it is for them to accept these coins or else they can become an obstacle of their way. Due to this, banks started accepting crypto currencies.

By this move, still the control over public money is in their hands. I personally don’t like the idea of digital coins being controlled by financial institutions but I give them this, they are indeed smart.

[mrcash02]

-snip-
There's a chance banks wouldn't be completely against cryptos
The link above. Austrailan banks allowing costumers to purchase crypto.
As btc rises to fame, some banks manage to find use for it rather than criticizing it.

Note: that's how it would be if the news about australian banks are true

What a nonsense. I think you should open your eyes and actually read the articles spreading these stories. The only thing the banks there are saying is that you are allowed to buy crypto with your money. Meaning, you are allowed to wire money to an exchange, and that's really it. I don't understand why people act like this is something groundbreaking. In other words, the banks there will give you the 'freedom' to do with your money what you want. I never knew this was something worth cheering for? It's another sign that as long as people let their wealth be controlled by financial institutions, that people's financial freedom will be more and more limited.

By looking at the increasing fame and support of investors for bitcoin as well as other crypto currencies, banks realized how important it is for them to accept these coins or else they can become an obstacle of their way. Due to this, banks started accepting crypto currencies.

By this move, still the control over public money is in their hands. I personally don’t like the idea of digital coins being controlled by financial institutions but I give them this, they are indeed smart.

That is what banks want: To control your money for you... Giving your Bitcoins on the bank's hands, the same happening to fiat will happen to Bitcoins, considering an hypothetical future where they accept it. Banks would make profit with your money, you would receive a little part of it and they would enjoy the rest, somehow like what happens now with saving accounts.

Crypto-Currency is interesting because it's decentralized and gives more freedom to its users, makes no sense to use the same centralized fiat's system for Crypto-Currency, otherwise why are use using digital decentralized currencies?

[burnchan]

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

If that happens , Banks have no choice but to adopt with digital currency. I suppose they will either adopt Bitcoin's system or they will create their own digital currency. Creating their own digital currency would be favorable for them. They have the freedom to create their own system which means they are totally in control of it. So it depends on the people on what specific crypto will they use.

[rickadone]

   Nothing  will happen to the Banks if people uses crypto currencies more than fiat, because hardly less than 1% of the worlds population uses cryptocurrencies and there are not much shops that accepts Bitcoin payment . If this happens the banks will seek a better options. In order to continue the Banks will adopt blockchain technology and start using and accepting cryptocurrencies. But we need Banks that accumulate deposits and give loans to eligible business owners and ordinary people. Still banks would exist, as money lending loan is the main sources of income.

That can change from 1% though but the fact remains that 100% of people all over the world cannot be using cryptocurrency and will remain using fiat either because they have no knowledge about cryptocurrency, they are too lazy to know further or they just do not care as long as they just like it physical.

Nevertheless, it is not like most banks are already running cashless policies anyway, so at the end of it all, we will still have some who just prefer going the traditional way.

[super5star]

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

I think if this happens, bank will start on making their way into cryptocurrency. There's no way that bank would just close just because people are starting to use crypto instead on saving their money on banks. Banks would even think of ways to be part of the crypto currency market.

I doubt that banks can become members of the crypto market. The banking system is fully established for the use of Fiat. Banks cannot exist in the crypto economy. For this reason, we see resistance on their part. I think that cryptocurrencies will always exist separately from the economy of Fiat and banks.

Banks are now at danger, they think like this. Although bitcoins never cause any danger to banks until they are fully established throughout the world. Like a time come when bitcoins are used throughout the world. There is reducing the market of fiat and bitcoins are taking the charge, when such satiation comes, only then banks would be deciding to either go in favor of bitcoins or they start a war with them.

[gabmen]

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

I think if this happens, bank will start on making their way into cryptocurrency. There's no way that bank would just close just because people are starting to use crypto instead on saving their money on banks. Banks would even think of ways to be part of the crypto currency market.

I doubt that banks can become members of the crypto market. The banking system is fully established for the use of Fiat. Banks cannot exist in the crypto economy. For this reason, we see resistance on their part. I think that cryptocurrencies will always exist separately from the economy of Fiat and banks.

Banks are now at danger, they think like this. Although bitcoins never cause any danger to banks until they are fully established throughout the world. Like a time come when bitcoins are used throughout the world. There is reducing the market of fiat and bitcoins are taking the charge, when such satiation comes, only then banks would be deciding to either go in favor of bitcoins or they start a war with them.

Not really in danger. Yet. Lol but banks may have a reason to be concerned if in case people really would shift to crypto in the future. You can see some banks now trying to supress transactions to btc by disallowing credit card usage. Citi even was reported to disable debit card purchases to crypto.

[bitcoinrays]

That will happen very soon, every transaction in this world will change to crypto currencies. Time will come that Fiat are no longer necessary in transaction, it will soon end up as last option.

All those bank who haven't any plan to adapt crypto currencies are going to vanish. 

That is impossible, and it won’t happen. It’s not possible for everyone in the world to start using Bitcoin and dump banks, nope it’s not. First, there is not enough amount of Bitcoin that will serve for everyone in the world, but that’s not the really the case. I don’t know how to explain this, but I will break it down in a way we can understand. First, you’re using a bank, and you decide to switch to Bitcoin and put all your money into it. To do that, you will have to buy Bitcoin from an exchanger, and you will pay that exchanger with your debit or credit card, which means that the money is still going to bank. You see, it’s not possible. Bank still controls everything, and they are very important.

[Punisherx100]

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

Well, obviously they might experience a decrease in their profit or worse to closed their business. This seems possible for we are in the digital age today and as time goes by, technology becomes part of each individual's life, including those in rural areas. Maybe some business will closed but I am pretty sure that new business will arise.

Therefore, a large possible deficit is only to the old businesses like banks but it brings a chance to the new crypto related  business to sustain the needs of our economy. Maybe it brings negative outcomes to some specific businesses but it was good in general, a  new start for this developing world.

btw, are you a teacher? your name seems familiar.

[el kaka22]

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

Probably the banks will stop for a while and sooner will acquire the new system,   cause if they dont do it, they will fall down, one of the factors to make your business successful is to acquire the latest thing in the society, if the latest thing is crypto they should do it.

Acquire what system ? Highest the banks will do is to find a way to blend in and see how they can benefit from the system.
There is nothing for them to acquire. If government starts regulating the usage of cryptocurrencies, we may start seeing banks having their own exchanges in different part of the world, and that is where they get their benefits from and at the end, the government with their monitoring strategies will still keep being in control.

[Rooster101]

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

If you can't lick them, join them. Many banks might adapt to the changes of time, the era of cryptocurrency is already here and the possibility of cashless society or the use of virtual currencies as mode of payment is not far. But big banks might creates their own cryptocurrency or token that they can be easily controlled or manipulated instead of using bitcoin or any other existing altcoins like ripple.

[Freddie Aguiluz]

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

I think banks will die if this happens. All banks will be on the internet and you will never see an establishments for banks. Today all things are being digitalized, communications and payments are the most common example of it. So it is not impossible for the cash to be extinct one day, all payments and bills will be payed digitaly.