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

[pallang]

Maybe if this will happen banks will be forced to used also internet in their transactions so that they can coop up with the trends but they will still operate.

[Kevin77]

-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.

Honestly, what is the difference between it to making use of an exchange anyway and it is not like we cannot convert already.

Yes, if the Australian banks have decided to embrace cryptocurrency, it is a step that they are giving you the freedom while they gain a lot from it anyway as well like you have mentioned, but looking at the whole thing, with the government in the whole picture, what difference does it make ?

Taking a look at the global population of the people that would be making use of fiat and not even have access to crypto based on their knowledge or some limitations, then fiats cannot be discarded. However, in the literal sense, obviously the use of cryptocurrency by virtually all the global population renders fiat useless, but we cannot see that happening, can we ? Except in our imaginations.

[Nasty23]

Maybe if this will happen banks will be forced to used also internet in their transactions so that they can coop up with the trends but they will still operate.

To get beneficial in the latest trends we need to adopt it even it changes our operations because if we don't change we are become left behind to the modern technology and don't have an enough knowledge on how to use it properly and many people become go to the latest trends on which they know the safest way to store their money and can grow it even you hold it in the cryptocurrency.

[portotoi]

Maybe if this will happen banks will be forced to used also internet in their transactions so that they can coop up with the trends but they will still operate.

Maybe that possibly will happen. I know that not all banks will be closed because of the increase of demand of the digital money or what we called crypto currency but instead they will also upgrade it's services and adjust with the demand of crypto users like using online transaction and offering for crypto currency services. 

[david_019]

There will be a great changes in all banks existing in our time. Surely the traditional kind of transactions will turn into modern way which is influenced by cryptocurrency. This is a good sign at least cryptocurrency becomes the good way of changing every aannoying traditional transaction. Cryptocurrency is forcing the current banks to change everything from them into much better thing that will make every individual satisfied.

[wpc143]

I think many banks will bankrupt if all people uses cryptocurrencies more than fiat but probably they will find another way to continue their business. Or they will go with the flow of bitcoin and invest on it.

[Faxmate]

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.

Well it can happen but I think banks will remain the same in future as well for some reasons, but I guess banks will also accept bitcoin, I thing banks will have to accept the value and presence of bitcoin, as it has high value and demand for multi benefits that bitcoin have. As you said banks will be disappear without bitcoin so they will have to make the storage of bitcoin worthwhile. So in short the good deal that banks can do is to allow bitcoin growth at high rates and lessen the transaction fees of bitcoin, what can be the next move of bitcoin can be all about their strategy but they will have to work so hard to make people trust their service as compare to crypto currency.

[oaktree]

Banks will adapt. I can see a lot of them becoming online wallet providers. Sort of "hold your cryptocurrency at Bank of America's secure online wallet".

And what's more lots of existing bank account holders will go for that.

[Andrej Peiboski]

In case of general acceptance of cryptocurrencies, banks will lose a big part of their power, but we'll still need them for a lot of other financial services: for example loans, leasing, certificates, insurances, etc.
We'll see.

[s2sallbygrace]

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

bank will lose some of their clients, or worst they will end up into closing their bank due to bankruptcy. Banks together with the government will find ways to not let it happen and not to be affected by the cryptocurrency, for sure they have options and will come up with a better idea for them not to lose their clients.

[queenlaurel]

If that should happen, that is bitcoin becomes the basic mode of exchange in the future? Banks will crash literally,  that is if they dont start doing something about it now and people will go out of jobs in the banking sector. Well those individuals could be introduced to bitcoin.

[millenniumcoin]

Yes if bitcoin becomes generally accepted in the future, i think it may affect bank drastically and may lead to many of the banks clossing business. This is one of the reasons the banks are not happy and even many governments of the word are going about creating unnecessary news about bitcoin to distract people attention.

[Cryptophorus Columbus]

I think that banks and governments haven't still completely realized the revolutionary potential of bitcoin.
When they'll understand, they'll start a massive war against cryptocurrencies.
It will be a bloody war, you can bet. But I don't think they can win. We'll see.

[BUK2016]

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

Well Banks will still be in existence because it will be difficult for government to fully adopt crypto currency since they cannot manipulate it's existence as compare to the they manipulate fait currncy through there Central Banks.

[ganlianshifu1]

I don't think it will happen! Many cryptocurrencies are not popular in many countries!

Many people still use fiat money or legal digital money!

In the event of such a situation, the bank's trading profits have been huge shock! Many Banks may issue their own cryptocurrency to meet demand!

[googs84]

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

I think use of crypto currencies will not vanish the banks or the financial institutions that we see in today’s world. The reason behind this is very simple, we can not really do whole transaction thing without banking attachments as that wouldn’t be allowed by them or the government itself. I’m looking at this with regulatory perspective and if you think the same way then you will understand that’s really impossible without banks involved into it. So may be in the future crypto currency will be used on large scale but mostly in collaboration with the banks and other financial institutions thus both the areas will get evolved simultaneously.

[Noelbetty12]

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

Will given that nobody will use fiat currency doesn't mean there will be no more banks or they will be closing due to loses. As of now the only legal tender  accepted in my country is fiat currency which means the fiat currency will still be backing the digital currencies. If it would happen that such idea will become a reality and total non usage of  the real currency will happen, banks will not be lost but transforms itself to cryptobanks. So banks will always be banks. Nothing more and nothing less.

[rowel21]

all banks will make there own cryptosystem maybe or they will collide with cryptosystem just be cause they don't have any option left for now a lot of people is not exposé in btc so all banks cannot feel the side effect of crypto but sooner  all of them will implement a cryptosystem  cause people in future will learn to use digital wallet and this will left behind and the only costomer they have is those person  who do t knew how to use  mobile pbone

[removebeforeflight]

Obviously banks would shut down their business, that is the reason banks are forcing governments to ban Bitcoin with all their influence. Banks normally steal people's money in the form of fees, charges, interest rates and commission with people's money itself. But Bitcoin doesn't have a intermediate agency like banks in between people's money and profit earning which banks oppose.

However, Banks would adopt block chain technology and introduce their own crypto coins to sustain their position competing Bitcoin, example of one crypto is Ripple. We can expert more banking crypto coins coming in in future like Ripple. 

[jhamz03]

If everything where change in the future like paper money into digital currency, and so as the bank will change too. They will change it into digital platform (digital bank) it actually happening right now that there is now a digital bank for a crypto holder who want to deposit their cryptocurrency.