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

[Kevin77]

Banks will still be able to survive as citizens will still need a proper and safe place to deposit their fiat cash, but banks might need to reduce their staff strength overall as more customers will transfer money to each other using crypto-currencies instead of going through bank due to the high fees charged by the bank.

In the real sense, yes! Because we cannot expect the whole fiat system to just be wiped out completely and I am sure some people and some set of citizens will always have a need for it.

Even though, in the sense where we have more cryptocurrency users and apparently, for a place where there are lots of learned, it is possible, then we should believe this to be the case where banks will really just have to find some services to render in the cryptocurrency ecosystem as that would drain them completely. Let’s not forget though that the government will want to make sure salaries are pain in fiat.

[Sandra9]

I think hell will break loose if people try setting up outside of the establishment. I think in order for this to be accepted and main stream adoption to happen it will need to accept regulation.

[pelipurlara]

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.

Of course, the government will side with the bank because they can get more taxes from banks because of crypto currency. and this will cause many banks to close, but before it can happen, the government will surely set the crypto currency or even ban its use.

[selectaselectine]

I think hell will break loose if people try setting up outside of the establishment. I think in order for this to be accepted and main stream adoption to happen it will need to accept regulation.

As of the moment, it is really difficult to assess what changes would occur when bitcoin becomes more of use than the fiat money. I'm sure that prices of goods and services will definitely change sharply due to the people's less patronization of the fiat money over bitcoin or other cryptocurrencies.

[alexanderisora]

Banks are reacting:
https://www.engadget.com/2018/02/03/banks-ban-credit-crypto-purchases/
https://www.forbes.com/sites/naeemaslam/2018/02/05/banks-banning-cryptocurrency-purchase-on-credit-cards-why/#2edd37e23cf9

Sad, but the hatred will continue. They will do everything to make us drop crypto.

[pokeronlinestatus]

the bank will change too.

They don't have choice but to embrace the changes and they have to adopt cryptocurrencies 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.

It's happening but with digital fiat currency not with cryptocurrencies as for now they are still looking at it on the negative way because they don't fully trust it because its decentralized.

I find it really difficult to imagine how a crypto bank works. I mean, it should be safe and secured which means our deposits are insured too. Is it really possible to insure crypto funds given the high volatility?

I feel this is something that would happen anyway and we cannot expect to see a huge level of volatility as we keep forging ahead. We all know how the market has been from the start and how it keeps improving every day.  Also, I am sure they will also fall in the area of giving out loans as the case may be, but at the end of it all, one way or the other, for them to keep functioning, they will have to find a way to fit in.

[gabmen]

I think hell will break loose if people try setting up outside of the establishment. I think in order for this to be accepted and main stream adoption to happen it will need to accept regulation.

As of the moment, it is really difficult to assess what changes would occur when bitcoin becomes more of use than the fiat money. I'm sure that prices of goods and services will definitely change sharply due to the people's less patronization of the fiat money over bitcoin or other cryptocurrencies.

Lol. If that were even to happen, i don't think crypto's in the state that it is now. There probably would have been a lot of regulations in crypto to make it less volatile and more steady, enough to be used in regular transactions. That can happen, that's why banks aren't too happy about bitcoin's emergence, but i don't think it's soon

[roxbit]

I think hell will break loose if people try setting up outside of the establishment. I think in order for this to be accepted and main stream adoption to happen it will need to accept regulation.

As of the moment, it is really difficult to assess what changes would occur when bitcoin becomes more of use than the fiat money. I'm sure that prices of goods and services will definitely change sharply due to the people's less patronization of the fiat money over bitcoin or other cryptocurrencies.

Lol. If that were even to happen, i don't think crypto's in the state that it is now. There probably would have been a lot of regulations in crypto to make it less volatile and more steady, enough to be used in regular transactions. That can happen, that's why banks aren't too happy about bitcoin's emergence, but i don't think it's soon

At this moment in time that bitcoin is already considered a currency, it really is a big rivalry with the usual physical money (fiat) since it is non taxable. It is true that when one door closes another one opens. Sadly, it will happen to banks because we all know that banks have less profit and interest. And they are using people’s money with very less return. Its time for them to get scared with the trouble that they are about to face when people start to withdraw their savings and use crypto.

[fullhdpixel]

I think hell will break loose if people try setting up outside of the establishment. I think in order for this to be accepted and main stream adoption to happen it will need to accept regulation.

As of the moment, it is really difficult to assess what changes would occur when bitcoin becomes more of use than the fiat money. I'm sure that prices of goods and services will definitely change sharply due to the people's less patronization of the fiat money over bitcoin or other cryptocurrencies.

Lol. If that were even to happen, i don't think crypto's in the state that it is now. There probably would have been a lot of regulations in crypto to make it less volatile and more steady, enough to be used in regular transactions. That can happen, that's why banks aren't too happy about bitcoin's emergence, but i don't think it's soon

No one out of us actually know that what will happen in the very next moment and the way crypto currencies are gaining this much of the fame in the entire world, there are likely chances to see the demand of crypto currencies more than that of fiat. However, this will definitely take some time and at time when this thing will happen, this will seriously affect the banks and that their survival will be at stake.

[Mystica101]

I don't think banks will allow this to happen they will find a way in every means to not let crypto took over their place or maybe if this happens it will take for too long no one knows when we just have to expect the unexpected changes may come along the way  and I guess if that time comes banks should do something better which people would decide to still use fiat over crypto.

[Angna27]

We never know what will happen to currency during that time, if the bank and the government adapt and absorb this crypto currency kind of system I'm sure there will be a lot of changes and adjustment to make and surely it has great effect in economy and society all over the world.

[carodupuis]

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

Dude that’s your business, even if you want start making use of gold and silver, you will still need fiat to purchase that gold and silver. No matter what you do, you can’t end the use of fiat, cause it’s the main currency. And if everyone starts making use of Bitcoin, fiat is still there and when you need Bitcoin you will need fiat to buy it. Simple.

[Amilhussin24]

If people uses cryptocurrency more than fiat? Actually this is not possible, but if it is, maybe it will took a long time to happen. But if this will happen, bank will be actually closed, because Cryptocurrency is decentralized, it doesn't need any Government banks. Banks is the intermediary, it is a middle man in every person, bank is working for people, if people dont used fiat currency anymore, bank doesn't exist anymore.

[KrisAlex18]

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

I think it would make a great change if ever bitcoin starts on being patronized by people more than fiat. We all know how bitcoin works in real life, it provides convenience and easier transaction everywhere you are. Handing over a physical money may not be practiced anymore in the future but still no one really knows what will happen afterwards. Let us just keep on supporting both for the greater good of everyone.

[samycoin]

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

I think if that it will easy to us to use bitcoin as a payment everywhere and save our money in bitcoin wallet but this thing will happen for the future not now. About the bank I think we can always use it too mostly some people not interested to bitcoin and don't have enought ability to use bitcoin so bank is the other choice for them.

[PauloLuks]

It took centuries of trial and error for most countries to come around to their modern systems of money. Central banks today monopolise national currencies, and they steer availability mainly through commercial banks that, as economists often put it, 'create money out of thin air'. That is, centrals expand or contract supply by lending to and imposing reserve requirements on commercial banks. I think cryptocurrencies are going to end up as an alternative option like several categories. It will end up existing alongside traditional forms of old banking.

[jhean_arcane]

It took centuries of trial and error for most countries to come around to their modern systems of money. Central banks today monopolise national currencies, and they steer availability mainly through commercial banks that, as economists often put it, 'create money out of thin air'. That is, centrals expand or contract supply by lending to and imposing reserve requirements on commercial banks. I think cryptocurrencies are going to end up as an alternative option like several categories. It will end up existing alongside traditional forms of old banking.

On point! Fiat money will always have use, especially for the poor, because it is the easiest to acquire and and it is not complicated to understand and use. Unlike for virtual currencies which needs internet connection, a decent device and technical knowledge of the user. It will just like be paypal in a sense. But I don't deny that bitcoin is gaining ground in terms of value and usability. It may or may not be the main currency, but fiat remains as long as there is a demand and of course, banks.

Banks will try to adopt to the changes of the financial climate to survive. Those who are not willing to adopt are those that dies. ex, Nokia and Blackberry.  In fact, they already tried to adopt. Example, Ripple.

[bossloccox]

Maybe if the cryptocurrency is legalized by the government in the future, banks will create their own digital currency so they will continue. Perhaps before that time banks have also created new strategies so they would not be lost in the market due to the different cryptocurrency that appearing today. Fiat money it is simply a paper printed by the govenment and they made it a legal money . Anytime they want to replace cryptocurrency fiat money will lose value immediately.

[virasisog]

It took centuries of trial and error for most countries to come around to their modern systems of money. Central banks today monopolise national currencies, and they steer availability mainly through commercial banks that, as economists often put it, 'create money out of thin air'. That is, centrals expand or contract supply by lending to and imposing reserve requirements on commercial banks. I think cryptocurrencies are going to end up as an alternative option like several categories. It will end up existing alongside traditional forms of old banking.

On point! Fiat money will always have use, especially for the poor, because it is the easiest to acquire and and it is not complicated to understand and use. Unlike for virtual currencies which needs internet connection, a decent device and technical knowledge of the user. It will just like be paypal in a sense. But I don't deny that bitcoin is gaining ground in terms of value and usability. It may or may not be the main currency, but fiat remains as long as there is a demand and of course, banks.

Banks will try to adopt to the changes of the financial climate to survive. Those who are not willing to adopt are those that dies. ex, Nokia and Blackberry.  In fact, they already tried to adopt. Example, Ripple.

Good outputs. In this world we are always adopting this banks soon enough they will use cryptocurrencies they have nothing to do with the people who use crypto and for those who's still not using crypto may use fiat as an exchange. In fact it was not too easy to make it change fast. Even the government in every country will take time to adjust the currency system. Many will go and change not only in the transactional methods.

Let it happen banks will be banks they will going to change upon situation on what most people were liking that which can take advantage.

[jeanpadel14]

If everyone begins using cryptocurrency, infrastructure would need to be developed with that in mind. It might not take too long for cash to become incompatible. At this point, it remains to be seen whether established financial institutions could pivot to that new status quo in time.At the highest level, governments will be hit hard, as they will no longer exercise the same level of control over the country’s currency. The idea of printing more money has been raised time and time again in response to financial turmoil, but that option disappears once currency has to be mined.