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Author Topic: What would happen to banks?  (Read 10788 times)
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July 26, 2018, 06:55:12 AM
 #141

Many says that banks would become obsolete if cryptocurrency would take over the world in the future, but i guess not. Here are some of my assumptions on what would be the situation of banks in the future with cryptocurrency.


1. INVESTMENT
Banks will take an advantage to cryptocurrency using it as their main source of investment. They say, if you cant beat them, join them and bank owners  would do everything to fit into new society of financing to find clients on the new generation and still earn from them. Instead of UITFs or mutual funds, they would go for crypto investments.


2. CURRENCY
Or perhaps i would say a dollar account. As far as i know, banks offers a local currency account and a dollar account which can be used for international transactions such as shipment or travel. On the cryptocurrency era, there would be a local currency, dollar , and cryptocurrency account which probably an electronic account. Dollar wouldnt be a big hit that time because crypto can function the same and more effecient to do.


3. LOANS
Who can say that you can only loan fiat on banks? When the time comes, bank can offer crytpocurrency loans which can be used as an investment, business or buying something on cryptocurrency market. Im sure all items can be purchased using crypto that time including cars and real estates. So getting some cryptoloan wouldnt be a problem.


4. SAVINGS
ofcourse, the most wanted of them all. Who.doesnt want any security for their treasured cryptocirrency earnings? Banks which has the main function of keeping your money secured would offer crypto savings which produces interest over time. Preventing scams and hackers that we all afraid of.


As you see, banks would rather adopt than being extinct. Its like those businesses who innovates when society changes. If cryptocurrency overpower the economy, they should go with the flow to survive
Banks are the ultimate, so you’re very wrong. The government are the ones that controls banks in the world and they are the ones with the power in their hands. Don’t think that they are going to just let Bitcoin destroy everything. Government is not fully in support of Bitcoin, that we are making use of Bitcoin today is because they allowed us to do so.

If the government decides to end Bitcoin they can do it at anytime. Haven’t you hear of countries where the citizens are not allowed to make use of Bitcoin?

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July 26, 2018, 08:00:09 AM
 #142

Of course, the banks will not disappear, but I think that with the expansion of the crypto currency, their functions and  their quantity will be significantly reduced.

true in the sense of bank buildings will not go anywhere but still the bank as a medium to save the local currency is not the currency crypto because it is clearly different technological blockchain with banking
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July 26, 2018, 08:36:09 AM
 #143

I`m not an economic expert, so I don't know. But probably would be needed any more cryptocurrency will take the place on the market, because banks are offering loans and deposits, especially in my country.
If the NOKIA was not helped by Microsoft, it would have perished of the surface of the planes long ago. Microsoft introduced the main features that were demanded in the market however the market was captured by iPhone and Samsung when they launched their smart phones.

But banking system is different and it works for government like an institution and perform many jobs that interest the government so I do not think the advancement of crypto would outshine the banks and even if it happened, it would be after a long time from now.

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July 26, 2018, 08:50:03 AM
 #144

Many says that banks would become obsolete if cryptocurrency would take over the world in the future, but i guess not. Here are some of my assumptions on what would be the situation of banks in the future with cryptocurrency.


1. INVESTMENT
Banks will take an advantage to cryptocurrency using it as their main source of investment. They say, if you cant beat them, join them and bank owners  would do everything to fit into new society of financing to find clients on the new generation and still earn from them. Instead of UITFs or mutual funds, they would go for crypto investments.


2. CURRENCY
Or perhaps i would say a dollar account. As far as i know, banks offers a local currency account and a dollar account which can be used for international transactions such as shipment or travel. On the cryptocurrency era, there would be a local currency, dollar , and cryptocurrency account which probably an electronic account. Dollar wouldnt be a big hit that time because crypto can function the same and more effecient to do.


3. LOANS
Who can say that you can only loan fiat on banks? When the time comes, bank can offer crytpocurrency loans which can be used as an investment, business or buying something on cryptocurrency market. Im sure all items can be purchased using crypto that time including cars and real estates. So getting some cryptoloan wouldnt be a problem.


4. SAVINGS
ofcourse, the most wanted of them all. Who.doesnt want any security for their treasured cryptocirrency earnings? Banks which has the main function of keeping your money secured would offer crypto savings which produces interest over time. Preventing scams and hackers that we all afraid of.


As you see, banks would rather adopt than being extinct. Its like those businesses who innovates when society changes. If cryptocurrency overpower the economy, they should go with the flow to survive
Banks are a definitive, so you're off-base. The administration are the ones that controls banks on the planet and they are the ones with the power in their grasp. Try not to believe that they are going to simply give Bitcoin a chance to obliterate everything. Government isn't completely in help of Bitcoin, that we are making utilization of Bitcoin today is on account of they enabled us to do as such.
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July 26, 2018, 08:51:12 AM
 #145

For sure they would have to adapt, but i dont think this will happen since making changes in such big structures is close to imposible. A new version of banks will occur that will be agile and prepared for the world, we just need to wait for the legislation to clear.
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July 26, 2018, 09:16:37 AM
 #146

Banks will still be banks, hy will just adopt what is new and what is in. So i think bank will still operate and include things like cashless or crypto currency in their. Fiat will not just easily extinct but it will in many years more.
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July 27, 2018, 01:24:12 PM
 #147

Many says that banks would become obsolete if cryptocurrency would take over the world in the future, but i guess not. Here are some of my assumptions on what would be the situation of banks in the future with cryptocurrency.


1. INVESTMENT
Banks will take an advantage to cryptocurrency using it as their main source of investment. They say, if you cant beat them, join them and bank owners  would do everything to fit into new society of financing to find clients on the new generation and still earn from them. Instead of UITFs or mutual funds, they would go for crypto investments.


2. CURRENCY
Or perhaps i would say a dollar account. As far as i know, banks offers a local currency account and a dollar account which can be used for international transactions such as shipment or travel. On the cryptocurrency era, there would be a local currency, dollar , and cryptocurrency account which probably an electronic account. Dollar wouldnt be a big hit that time because crypto can function the same and more effecient to do.


3. LOANS
Who can say that you can only loan fiat on banks? When the time comes, bank can offer crytpocurrency loans which can be used as an investment, business or buying something on cryptocurrency market. Im sure all items can be purchased using crypto that time including cars and real estates. So getting some cryptoloan wouldnt be a problem.


4. SAVINGS
ofcourse, the most wanted of them all. Who.doesnt want any security for their treasured cryptocirrency earnings? Banks which has the main function of keeping your money secured would offer crypto savings which produces interest over time. Preventing scams and hackers that we all afraid of.


As you see, banks would rather adopt than being extinct. Its like those businesses who innovates when society changes. If cryptocurrency overpower the economy, they should go with the flow to survive
I believe, that banks are having two options to go well right now, or they will transform into something else that will support the upcoming economic system, or otherwise they need to start providing a blockchain services and cryptocurrency deposits.
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July 27, 2018, 01:42:34 PM
 #148

Nothing bad happen, they will transform.  Bank is a trust business.  Conventional bank already around for a long time and people trust them.  As soon as digital currencies take over the fiat, they will be there and people will use their services.  More profit maybe, because they will need less employee.
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July 27, 2018, 01:48:03 PM
 #149

I think both crypto and banks can exist together. In fact banks can use crypto in  a number of ways.
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July 27, 2018, 02:03:13 PM
 #150

Many says that banks would become obsolete if cryptocurrency would take over the world in the future, but i guess not. Here are some of my assumptions on what would be the situation of banks in the future with cryptocurrency.banks are surely going to take same directions and other forms of banking which still let them be in the system of banking
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July 27, 2018, 02:38:42 PM
 #151

As some banks have already started implementing blockchain technology to optimise their traditional infrastructure in order to survive this transformation phase. However, I don't think that banks will die any time in near future because the literacy rate is not up to the mark especially when it comes to the technology on a global scale so not everyone will be in a position to use cryptocurrencies. That means, banks will still have a huge number of people to sell their traditional stuff. On the other hand, there is no option for banks to adopt new technology down the road.
It is true that even if the awareness of bitcoin has grown in the last years, things are not so simple, people have not adopted bitcoin as fast as we want but this is because people still do not see a point to do so, but when the economy of the world weakens people will understand that they cannot trust fiat to store the value of their hard work and will begin to use bitcoin to protect it.



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July 27, 2018, 02:51:23 PM
 #152

I doubt that banks will disappear in the future, I think that there will a mutual benefit between banks and blockchain technology. If the banks disallow transaction between fiat and crypto then financially cryptocurrency is useless for it is not so established that much. I think the banks will evolve for years to come and speed-up every transactions same to other establishments.

 
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July 27, 2018, 02:54:57 PM
 #153

With the rapid development of electronic money as it is today, in the next few years, perhaps two years the banking market will be frozen completely.
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July 27, 2018, 05:12:49 PM
 #154

If cryptocurrency would take over the world in the future, I think banks will change and take over the exist online wallet and digital currency exchanger too.
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July 27, 2018, 05:45:47 PM
 #155

Bank is the only financial place where people complete their transaction safely.With the need of modern civilization it update itself according to customers need.If crypto take place strongly then bank will collapse badly.

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sky4242
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July 27, 2018, 06:34:23 PM
 #156

In the case of business, the discovery of new items in the market has to be expanded in old business. If it is not possible then it will automatically die from the market. Banks will use new progress in their work.
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July 27, 2018, 08:22:02 PM
 #157

The banking system has existed for a long time and will continue to exist for a long time. After all, banks manage finances and cash flows. They include all kinds of currencies in the world. hence they can serve in the future the entire system of crypto-currencies.
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July 27, 2018, 09:50:42 PM
 #158

 To the best of my imagination i do not see banks dying because of the presence of bitcoin rather i see banks buying in to crypto and even taking advantage of digital currency more than you and me
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July 27, 2018, 10:14:42 PM
 #159

In every business it's the same. When new technology comes up the existing businesses will evolve or die. And obviously new businesses will also rise strong.
Same happened with mp3 and music industry...

I agree. I think more than dying, banks would try to take advantage of the cryptocurrency wave and make sure to actually get their systems adjusted with the cryptocurrency market to accommodate it. It's a big market after all, and surely, if they would do that, then it would surely help their businesses grow rather than just stick to the traditional means of doing business. Banks are money-generating entities after all, and they go after booming business that may innovate the business sector.

 
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July 27, 2018, 10:36:07 PM
 #160

what I believe most is the bank and crypto system is very different. And each country also has certain regulations for national banks for their country.
but for your opinion that crypto can be a safe investment in a country may happen im quite agree and back again its depends of country it self .

 
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