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Author Topic: What would happen to banks?  (Read 11070 times)
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August 06, 2018, 10:14:27 AM
 #261

Bitcoin can replace bank, if it will be ready to maintain a good security means and help to reduce the hackability.
More so, the internet must have gone farther to the extent at which no one will be deprived of earning.
Then, withdraw/ exchange should be easier.

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August 06, 2018, 10:51:05 AM
 #262

What other coins are there besides the Ripple that banks are ready to use?
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August 06, 2018, 10:55:54 AM
 #263

I believe that the current banking system is probably going to continue as it is because the interest structure is already completed and derivatives are under way. Because it's too big to crush.
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August 06, 2018, 11:28:33 AM
 #264

The points are quite true. I am sure the banks are also monitoring the cryptocurrency situation and looking for ways in which they can exploit or take advantage of it too. They may not loose out completely.
To me I think that currently it not look like to. I think currently banks are trying to defame bitcoin and so that their banking should not be disturb, but I think that they are not going to succeeded in their mission and will very soon accept the importance of bitcoin.
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August 06, 2018, 11:55:26 AM
 #265

Saving money in a savings account is like putting money in a pocket with holes. Banks only give you interests that are lower than the inflation rate. It‘s how they make money. You are better off investing in ventures that give a return higher than the inflation rate (Crypto currency).
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August 07, 2018, 06:12:15 AM
 #266

One close friend of mine is working in the bank system on a high position and she said that in our country banks are not concerned about cryptocurrencies at all because all of them are thinking that it is a bubble.
Maybe your friend nit aware if what is the crypto currencies because many people don't have knowledge about it just they keep repeating the words saod hy someone.It is not a bubble we can see that the prices are increasing again.
To me I think that in next few years or decades there is nothing going to happen to banks, banks will survive for a long long time, may be both banks and bitcoin will world together tell all the people of the world start using bitcoin for their different activities.
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August 08, 2018, 08:48:09 PM
Last edit: August 09, 2018, 09:49:12 PM by South Park
 #267

Banks will not suffer much because of crypto currency.  They will be able to find their role in the provision of services.
It is not that easy, one of the best business of banks is to give loans and charging for each transaction that you make using their network, now their business of loans is being taken away from many other business, for example car dealers are taking that business away from them and bitcoin promises to take away the charges they get for each transaction, so make no mistake banks like any other businesses are struggling right now.



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August 08, 2018, 08:55:17 PM
 #268

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...

In my own opinion, banks will never die and it will always exist because not everyone is capable of earning cryptocurrency and most of the people still prefer to use fiat but maybe in the future bitcoins and other cryptocurrency might dominate globally if they will be legalized on different countries.
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August 08, 2018, 09:03:40 PM
 #269

Some points you mentioned are just fantasy. Banks and crypto currencies don't go together. They are the direct competitors of each other. Crypto currencies were made so that we can have financial freedom. Freedom from all third party institution that takes control of our currency. Now, all the points you mentioned, can be done with the regular fiat currency. Then why use crypto currency and make things more complicated such as giving out loans using crypto currencies and savings that you mentioned?


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August 08, 2018, 10:39:13 PM
 #270

I personally do not consider banks going extinct because of cryptocurrency. Mostly in my locality people didn't even care much about cryptocurrency and if they do it would only account to a few people because more are investing to get real money everyday on businesses that involves marketing of products which cryptocurrency might not be used for selling and buying due to possible loses out of volatility.


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August 08, 2018, 10:58:30 PM
 #271

Nothing would happen to banks since banks have such a control of the financial system that they would allow cryptocurrencies to go mainstream only if they can profit accordingly.

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August 08, 2018, 11:17:22 PM
 #272

I personally do not consider banks going extinct because of cryptocurrency. Mostly in my locality people didn't even care much about cryptocurrency and if they do it would only account to a few people because more are investing to get real money everyday on businesses that involves marketing of products which cryptocurrency might not be used for selling and buying due to possible loses out of volatility.



Yes you have a point, you are right that crypto maybe will not affect banks as banks are there for many years now even if cryptocurrency will be live and popular in the coming years.

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August 08, 2018, 11:38:21 PM
 #273

Banks have a strong position in a country as it has government support, cryptocurrency simply cannot replace fiat currency neither bank roles in the economics of scale. It's the matter of acceptance obviously if bitcoin gain support from the government to become means of payment such as in Japan, it will be a different story. Volatile and scale problem may become two tough obstacles for bitcoin in order to achieve such position in the economy, still a long way to go.
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August 08, 2018, 11:57:49 PM
 #274

As happened in Taxi and Uber, Ojek and Grab, if the banking world does not immediately prepare itself, there will be fierce competition where technology is always one step ahead.
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August 09, 2018, 04:36:40 AM
 #275

With banks nothing bad can happen. They are in fact part of the state system. Therefore, if there is a real threat to the existence of the banking system, the state will quickly eliminate it, from whom this threat does not come. Especially, if the threat comes from the state's unnecessary decentralized crypto currency. However, in fact decentralized crypto currency does not pose any threat to the existence of banks. Rumors and reflections on this are too exaggerated.
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August 09, 2018, 04:39:27 AM
 #276

In my opinion, the bank will collapse in a few years, maybe in a short time, the banking system will freeze, the crypto market will increase, and all investment and capital mobilization activities will focus on they.

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August 09, 2018, 06:33:50 AM
 #277

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
yes bank still  a good institution and have a importany role in financial system. With loans they helping company to grow and also bank  is good for savings money and people do need that things. I  believe in future bank  could become more digital and they will  accepting to save the cryptocurrency.

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August 09, 2018, 07:26:47 AM
 #278


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.


I really like this statement, the reviews are very good and interesting, if you can look at the number 3 point, the loan. a loan is one of the bank's products where the bank provides a sum of money to lend to customers, with interest. Now this interest calculation needs to be studied and because the speculative crypto value goes up and down
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August 09, 2018, 07:59:22 AM
 #279

In case of cryptocurrency dominance in the world I think that banks would not be needed anymore but with the conditions that we have right now I can say that it would not be a case for 10 years from now at least.

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August 09, 2018, 10:43:51 AM
 #280

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
This will probably the best way for the banks for them to go with the flow. Or maybe in able for them not to die. They need to adopt the changes that is going on, with that they can get benefit on what the bitcoin can do, or somewhat bank can earn more with bitcoin. Also with banks accepting bitcoin, transaction will be easier. Its a win win situation.
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