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

[so98nn]

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

This situation can be imagined but talking seriously this will never happen in reality as fiat has build faith over people and have multiple uses like its legal money and you can buy goods with it whereas it will take crypto long to get adapted in that system.The banks are all ready to face that thing and have already planned to adopt blockchain technology and issue its own digital coins.Moreover they have various services to offer whuch cannoy be overtaken by cryptocurrencies.So we will say Banks are here for long term.

[1714042179]

1714042179

[Genemind]

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

Everything can happen, it's either banks will ask help for government to regulate cryptocurrency, or banks will be innovative to adapt cryptocurrency and block chain technology to their financing system to be able to take advantage of crypto and at the same time survive.

[Snaic]

Nothing much will happen. Banks as existed, and will continue to exist. If the crypto currency will largely push fiat, banks will work vseravno, because the work they have at any time will be enough. Banks will continue to serve the implementation of the country's budget and perform a monetary function. They will also perform all other functions, only, possibly, in smaller volumes. Also, banks for sure, will provide various services in the crypto currency.

[jhonjhon]

Existence of crypto isn't having a purpose of killing banks or fiat money, instead it only give us other options what to be used in a certain transactions. I know banks still remain at it's position even though cryptocurrency are widely used for the reason that, some people and small establishment might be still using fiat money.

[malbano2099]

I think, bank will be okay, everyone's idea is versatile. they can be flexible of what the world use to be in now. if that will be happen, I might say banks will adjust their system they may use cryptocurrencies for exchanging and they will also continue to their works. So i think there's nothing worry about it.

[The_Dark_Knight]

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

Banks are not going down without a fight, you need to understand that they do not have any kind of loyalty to governments, if cryptocurrencies become the most used form of exchange around the world you can be sure that they are going to adapt and they are going to begin to accept cryptocurrencies themselves, and it is even possible that they begin to create their own cryptocurrencies.

[Rustamm]

With banks nothing will happen. They will work, as they did before, only adjust to the crypto currency and will also provide services in the crypto currency. Banks can not disappear because they are needed by the state. Through them, the country's budget is being implemented. Therefore, the state will always protect banks and establish a preferential regime for their existence.

[MFahad]

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

Still banks have fear of it, I see every banker is against the crypto currency. The reason banks don't like crypto, to see this point of view, then definitely i do agree that in future banks are more against of crypto and then banks will take some step for the crypto currency, that the reason you could see in most of the country banks and governments ban the bitcoin like in India and Pakistan.   

[begau]

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

Still banks have fear of it, I see every banker is against the crypto currency. The reason banks don't like crypto, to see this point of view, then definitely i do agree that in future banks are more against of crypto and then banks will take some step for the crypto currency, that the reason you could see in most of the country banks and governments ban the bitcoin like in India and Pakistan.   

It is true when a new element appears, it can make your existence disappear, you will never like it. Banks will not let that happen or they will create something similar that they can control.

[Sled]

The banks will go bankrupt because they will make enough profit for themselves to sustain their bank. Banks are just depending on the money of the people who put money to the bank so if the money in the bank goes lower and lower then they will just close their bank and the cryptocurrencies will become the main place for storing money.

[thecoder2017]

Maybe banks will be affected a little only because fiat will not disappear i guess and bank will stay for the people who uses banks in their transactions and banks will adjust their ways on how to deal with cryptocurrency.

[daarul50]

Depending on what conditions, if the government still does not receive bitcoin as a legal payment method for the community then the bank will not feel threatened even though people have gone to use bitcoin versus fiat currency because the community needs is the official government crypto exchange service to get started switch using bitcoin as a payment method.

[Janation]

Maybe banks will be affected a little only because fiat will not disappear i guess and bank will stay for the people who uses banks in their transactions and banks will adjust their ways on how to deal with cryptocurrency.

People are always using Bitcoin but it is impossible that Bitcoin will be overcoming Fiat in terms of transaction since there are a lot of people who still do not know digital currencies and people are just treating Bitcoin and other digital currencies as an asset and not as a currency that is need to be used every single day to buy their needs, also, lets consider the fee transacting Bitcoin everyday.

[magz]

I think they won't let it happen that they become useless when cryptocurrencies already enter our society. Adaptation of crypto market is a long way process, with that, banks will definitely make a way to adapt to changes so that they will still stay in business as much as possible.

[w5pn73]

I think they won't let it happen that they become useless when cryptocurrencies already enter our society. Adaptation of crypto market is a long way process, with that, banks will definitely make a way to adapt to changes so that they will still stay in business as much as possible.

One thing I do know is that banks will be taking a piece of the crypto pie one way or another. They have already seen the amount of money it generates.

[nelsledma]

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

Still banks have fear of it, I see every banker is against the crypto currency. The reason banks don't like crypto, to see this point of view, then definitely i do agree that in future banks are more against of crypto and then banks will take some step for the crypto currency, that the reason you could see in most of the country banks and governments ban the bitcoin like in India and Pakistan.   

It is true when a new element appears, it can make your existence disappear, you will never like it. Banks will not let that happen or they will create something similar that they can control.

Digital currencies have the power to eradicate paper money. It is just a matter of time but if banks will start accepting bitcoin or introduce some digital currency of their own with heavy offers, which they will definitely do, I don’t think these would be wiped out. Moreover, bitcoin is not a regulated currency but the digital currencies used in banks would be regulated one and legalized by government too.

[SixOfFive]

Banks will either shut down or adopt cryptocurrency as a their  official payment mode to stay in business. In both scenarios cryptocurrencies will rock and its value will be skyrocketing. The blockchain technology behind it will give it advantage over fiat to remain hack free and transparent so there is no or very less chances of fraudulent in blockchain system.

[South Park]

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

There are basically two possibilities, the first one and the one that some people in the forum want is that bitcoin victory is so pronounced that banks disappear as we know them and now every single person is a bank fulfilling the vision of satoshi, however the most likely possibility is that banks are simply going to adapt to bitcoin and will keep offering their services and they will keep scamming people out of their money.

[KeithBeeCham]

For now, the number of people use cryptocurrency is increasing very quickly and very soon I think nobody will want to use bank anymore. But I think bank will do something to save their system like try to find out the way to legalize cryptocurrency in their country and accept it in their system. But for now, it's still not happened yet.

[Nekrasova]

I think that the banks will start using blockchain technology in such case.