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Author Topic: What would happen to banks?  (Read 13666 times)
Indamuck
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July 19, 2018, 06:46:11 PM
 #21

There will always be some sort of use for banking institutions.  Some big transfers need a 3rd party to be able to reverse transactions, perhaps big companies will be involved in bitcoin escrow in the future though.  I think bankers were threatened at first but they are starting to invest in cryptocurrency themselves now.
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July 19, 2018, 06:57:42 PM
 #22

Banks will exist in any case, only how they will work and take the currency is not known.
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July 19, 2018, 07:59:12 PM
 #23

Majority of people still think traditionally and would choose bank deposits over crypto. Banks are not going anywhere.

What the majority is thinking now doesn't really matter in the big picture. It did not matter that the majority of people in the 80s preferred to send a letter than use their modem to send an email, or even buy a fax machine. Sure, the majority would still choose a bank, but BTC is where personal computers and the Internet were in the 70s and 80s. 30 years from now it may be a completely different world. If you don't believe me check out how much the world has changed between 1980 and 2010.
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July 19, 2018, 08:03:20 PM
 #24

As youh rightly said, they evolve!. I don't know why people think they are beyond innovation. They have been relevant for years now, they drove development and are still driving it in a lot of countries!
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July 19, 2018, 08:03:32 PM
 #25

The banking system is essentially a center of control and power, and will not easily yield to others the ability to influence the economy.
Even if bitcoin takes over, banks will surely find a way to reinvent themselves and maintain power.

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July 19, 2018, 08:06:33 PM
 #26

Majority of people still think traditionally and would choose bank deposits over crypto. Banks are not going anywhere.

What the majority is thinking now doesn't really matter in the big picture. It did not matter that the majority of people in the 80s preferred to send a letter than use their modem to send an email, or even buy a fax machine. Sure, the majority would still choose a bank, but BTC is where personal computers and the Internet were in the 70s and 80s. 30 years from now it may be a completely different world. If you don't believe me check out how much the world has changed between 1980 and 2010.

I only disagree when you say "30 years from now": when I look at the recent past, I'm pretty sure that in just ten years - or less - we'll have a complete revolution in the economic system, due to bitcoin and - muchmore - to the blockchain technology.

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July 19, 2018, 08:12:37 PM
 #27

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
well said, your analysis are factual, for sure, join them if you cant beat them and that will be the scenero when crypto finally takes center stage, the banks will have no option than to fit in to the new system of finance else risk fissling out completely from the financial business.
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July 19, 2018, 08:19:46 PM
 #28

The bank will no doubt act in order not to quickly wear out in the future, hear so much that banks count so many cryptocurrencies as the most dangerous and unfit for investment or as a means of payment, I think it is a self-defense to convince everyone not to over-react against cryptocurrency, for me it's cunning and gaining authority in every country, banks will always be there because they are so important.
well said, your analysis are factual, for sure, join them if you cant beat them and that will be the scenero when crypto finally takes center stage, the banks will have no option than to fit in to the new system of finance else risk fissling out completely from the financial business.
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July 19, 2018, 08:31:52 PM
 #29

Banks will disappear in next 10 years. you'll see
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July 19, 2018, 08:54:03 PM
 #30

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...

How come your example can be applied to banking industry.

Banking industry is so vast that even if crypto will be the new thing , still they will remained. But prior to that, it will be very difficult to erase banking system even for decades. Honestly most crypto users here have a definition what is bank just because of interest vs holding cryptos. It's not like that.

Banks are not designed just for saving the money scheme. It has many purposes and advantages. Im a crypto enthusiast but not to the point that I will erase what are facts and closest thing to happened.





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gsingh
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July 19, 2018, 08:55:14 PM
 #31

banks are not going to disappear if that is what you are trying to say in here, so i do not think that something is going to happen to them if there is a mainstream adoption, which can take more than years to be fully acomplished to be honest

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July 19, 2018, 09:06:27 PM
 #32

even though crypto and bitcoin is emerging and may grow bigger on the future banks will still remain the same as a gateway of transactions, keeper of savings and storage of important instrument because before crypto emerge bank is still the one who connects the two for you to buy bitcoin you need to have fiat who is deemed a legal tender.
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July 19, 2018, 09:47:13 PM
 #33

even though crypto and bitcoin is emerging and may grow bigger on the future banks will still remain the same as a gateway of transactions, keeper of savings and storage of important instrument because before crypto emerge bank is still the one who connects the two for you to buy bitcoin you need to have fiat who is deemed a legal tender.

They will only remain we keep fiat money, and why would we? Fiat money is worthless and enforced on us by our oppressive governments. If we switch to a better system based on cryptocurrencies we'll be able to skip fiat.
Think of it this way. You're getting paid in a cryptocurrency and are able to buy everything you need with it. You pay bills and taxes with it. Why would you suddenly want to buy fiat money? So that you can put it in a bank for 5% a year?

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July 19, 2018, 09:53:17 PM
 #34

I think in case that everyone use bitcoin or alternative coin for daily life needs ,saving , investment and ....etc , at that time truly we can say good bye to banks or fiat Money ($) . because the definition of money is a form acceptable worldwide with specific value where can be stored or invested in banks . 

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July 19, 2018, 10:25:25 PM
 #35

There will always be some sort of use for banking institutions.  Some big transfers need a 3rd party to be able to reverse transactions, perhaps big companies will be involved in bitcoin escrow in the future though.  I think bankers were threatened at first but they are starting to invest in cryptocurrency themselves now.

Yes you are right, not every people can actually invest on cryptocurrency because not everyone has the good amount of knowledge on the market so fiat is still necessary and people will continuously use banks in the future.
richminded
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July 19, 2018, 10:31:49 PM
 #36

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...
Yeah, if you will not adopt the growing technology then your business have no place in the future. Banks will stay because they will slowly adopt the system, and continue to think for some other options in order for them to survive. I know banks will grow more in the future because of this technology.
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July 19, 2018, 10:35:10 PM
 #37

banks are not going to disappear if that is what you are trying to say in here, so i do not think that something is going to happen to them if there is a mainstream adoption, which can take more than years to be fully acomplished to be honest

Without change and improvement, banks will become obsolete compared to the development of the world economy. So now there are a lot of banks pioneering the application of Blockchain technology to the banking system and transactions.

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July 19, 2018, 10:45:24 PM
 #38

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
C'mon man, what do you say, ohh. Bank and bitcoin loans? Are you joking? It's very ,very risky, this action has potential to bankrupt bank or do opposite but risks are so high, it even doesn't worths to try for one day. Why do you all adore bitcoin? It's popularity isn't only being a currency, it's a new payment method and to be fair it's more valuable here.
Also without those list, banks already accept bitcoin services. There is no need to turn into bitcoin system.
It's very curious what you say, just imagine relationship of FED and USA banks on bitcoin.
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July 19, 2018, 11:22:31 PM
 #39

Any bank is an organization which consist of professional finansists and I am sure that banks may be reorganized to to be a financial institute in the new financial era. Banks can also use crypto technologies very successful
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July 19, 2018, 11:50:43 PM
 #40

Banks would still be banks. Banks have existed for decades, coping with every new trend it faces. Even if cryptocurrency takes over the world, legal tender on each country would still exist. In my opinion, cryptocurrency would not replace a country's legal tender/currency, but would rather co-exist with it.
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