What would happen to banks?

[Wittycoin]

I think banks will always remain but is evolved, because I think people behind banks would not let it die and do everything for it to still grow and continue to be on track. Also, when you want to save money, storing your money in banks is still a lot safer than in blockchain wallets.

[1715366656]

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[Bakery cream15]

It would be very great and helpful if banks will realize the importance of cryptocurrency and perhaps enter into crypt. They can provide their usual services to customers and also provide services in cryptocurrencies, such as investment, savings and loans, shares buying with cryto, and a lot.

[South Park]

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?

Right now there is not much need for those industries within this space but in the future once a great deal of the population begins to use bitcoin then things will have to change and a way to give loans will have to appear, also I really think that we will need to go back to no interest loans, in the past loans were given without interest because you loaned gold and then you received the same amount of gold back and since bitcoin is limited in supply as well I think that practice will need to make a comeback.

[Flor1982]

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

Sorry to disagree, if you believed that banks will be obsolete then its just like you saying that fiat currency will be surely replace by crypto which is very impossible to happen too. Granted fiat was superseded by the Crypto but still banks can easily shift from fiat to crypto banking system because they are already used to digital transactions. Banks survived many centuries of catastrophes in which they are proven survivors of many issues for years.

[liseff3]

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

It should be like that (as said OP). But in reality the government still does not recognize the existence of cryptocurrency so the government cannot implement cryptocurrency into their banking system, with the reason "because cryptocurrencies aren't controlled by the government".
Why this classic reason always appears in their words, they never seem to think that the benefits brought by cryptocurrencies are so extraordinary especially for the economy of its own citizens.

[richminded]

I think banks will always remain but is evolved, because I think people behind banks would not let it die and do everything for it to still grow and continue to be on track. Also, when you want to save money, storing your money in banks is still a lot safer than in blockchain wallets.

This is why banks will remain, but not that stronger after the acceptance of cryptocurrency in every country. Its a lot more safe but there is still some cases of fraud so i think save wisely. The banking institution is very strong, its already part of the economic growth and for sure they will adopt this technology soon.

[Lorence.xD]

As in the Op things can change when the mainstream usage of cryptocurrency keeps on increasing marking an evolution on the entire financial infrastructure. Already there were few banking network that has started using bitcoin as well accept bitcoin investment similar to that of the gold. The financial system functions in an effective manner if bitcoin adoption happens with entire banking.

 Bank is the oldest form of Direct investment, been here from the very start when people started invest, trade, and transact business for loan from the Bank. my own opinion, i feel that the growing awareness for crypto currency digital transaction Still need to be address that Bitcoin can be considered/ accepted/adopted as mainstream currency for business transaction in the market.

[yitzjoe]

if the bank is more careful and can study carefully then it is more profitable to invest in the crypto world, they can raise funds from the community and invest those funds in some crypto which clearly has credibility and consistency in value. I think banks will get bigger and more profitable if they want

[HI KITTY]

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 play an important role in the financial status and economy of the country. The financial system of banks allocate funds from savers to borrowers in an efficient and effective way. These financial services help to make the overall economy more efficient especially if banks offer the local currency, loans, lending money and savings. Most of the time, people save their money in the bank to make sure that they money will be secure and safe. Banks take and offer the customer to deposit their investment or money in return for them, they must pay their annual interest payment.

[WellDogeo]

If the crypto market develops strongly, there will be a big impact on the bank. Banks will not be able to collect fees when they transfer money overseas to different countries.

[chuyengia2244]

If the crypto market develops strongly, there will be a big impact on the bank. Banks will not be able to collect fees when they transfer money overseas to different countries.

It has a huge impact on banks and their revenues are significantly affected, banks will find ways to prevent this from happening. A battle between the crypto and the bank will occur.

[ivandu]

If the crypto market develops strongly, there will be a big impact on the bank. Banks will not be able to collect fees when they transfer money overseas to different countries.

It has a huge impact on banks and their revenues are significantly affected, banks will find ways to prevent this from happening. A battle between the crypto and the bank will occur.

bank income source is not only about fee.they still can earn revenue from loans channeled to entrepreneurs and also all trader still need bank services to join in crypto market.

[davinchi]

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 might one day step into cryptocurrency, but really nothing is going to happen to banks cause cryptocurrencies are never going to take over our main currencies, they will still be there and banks will still be in control. Another thing you should know too, I’ don’t know what you believe in, but no one can see the future of stuffs like this, lol. And assuming banks goes into cryptocurrency, they are not going to give loans with cryptocurrencies, they will still give you loans in fiat.

[Marierobinson16]

I think very great and helpful if banks will realize the importance of cryptocurrency and perhaps enter into crypto. They can provide their usual services to customers and also provide services in cryptocurrencies, such as investment, savings and loans, shares buying with crypto, and a lot.

[Pan Troglodytes]

The truth is that retail services are really very minor part of what banks do. Instead, they emit and sell bonds, both government and corporate bonds, they offer credit to companies, they emit currency by offering loans. That is why, bitcoin or no bitcoin, banks will have work to do and role to play in modern society nevertheless.

[RudeeTam]

I have a version where in the future, countries will create their own crypto (if they did not go with bitcoin) to replace their own currencies and banks will be the main miners. They will have the money to create very huge mining farms all over the world.

[ammo121810]

You have a good point there bank will soon adopt the crypto currencies and will offer loan in crypto currency kind. I think bank foresee what will happen if the fiat currencies are no longer available they have to adopt cryptos and im sure right they are into bitcoin investment.

[Gegege27]

Many of us investing in banks and have a bank accounts but if we all try crypto i think that banks will bankrupt

[Cantereb636]

Banks will definately have to adapt to the new situation.

[gabmen]

I have a version where in the future, countries will create their own crypto (if they did not go with bitcoin) to replace their own currencies and banks will be the main miners. They will have the money to create very huge mining farms all over the world.

Well the money they have are from the people. Probably big corporations would focus on having giant mining rigs but i think banks would probably steer away from directly dealing with crypto. Again  it goes against what they are.