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Author Topic: What would happen to banks?  (Read 12630 times)
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August 13, 2018, 02:27:07 PM
 #321

Up until the beginning of the year 2018 when the Korean government was threatening tighter regulations on cryptocurrency, banks had been some of the biggest investors in crypto. Most banks, like other institutions, are tapping into the potential that the blockchain technology has to aid them in servicing their customers.
Banking, as with other services or products is 'adapt or die'. Remember Kodak and all the dinosaurs that refused to change with times. Only banks that refuse to adapt can become obsolete. That said, while we embrace blockchain and crypto, it is worth noting that there are people who will NEVER be part of the crypto world, because they won't/or can't. For them, the banks will continue to exist.

Yeah exactly, and now why are all of the banks so timid? You'd think that they'd want to take on blockchain and create their own model with it so they don't have to deal with this bitcoin "headache". But instead they are not even researching it anymore or talking about ways to adapt it. What changed? Is blockchain really that big of a threat to their royal status quo?

It could be that the powers that be are trying to find an alternative solution that will rival or replace bitcoin and make it appear worthless.
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August 13, 2018, 03:02:31 PM
 #322

Give this man a merit! Definitely put out the exact words that I'd be putting right there, banks won't be extinct, but will be adapting cryptocurrency as something that both the crypto and the bank will be benefiting a lot, and I think you constructed the post as simple as possible, something that would attract the reader and will convince him/her to continue and finish reading the whole statement.
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August 14, 2018, 05:12:39 AM
 #323

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.
You are absolutely right. Banks wouldn’t be seen in upcoming years but it takes time. May be years or may be more than few decades. People are embracing bitcoin and crypto world. They start involving in this coin and gradually the number is increasing every day. So time will come when people consider this as only saving source and that would be dangerous time for banks.
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August 14, 2018, 06:52:08 AM
 #324

Well you're right. Banks, like fiat, has been an institution among our econimic system that it would take eons to completely phase out. One thing is for sure, if crypto currency rises and dominates, banks will also cash in on it by investing and having a form or another a blockchain of their own.

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August 16, 2018, 04:14:49 PM
 #325

Their are many people who invested and look at it for peogression. Though we can see that bitcoin and ICOs can be a real thing to happen and a good investment as well. The relaxation is very different.
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August 16, 2018, 05:01:42 PM
 #326

The idea that cryptocurrency replaces banks would be a revolution. This is an alternative to the liquidity process that has been widely accepted around the world.



I think of self-defense to convince everyone not to overreact to cryptocurrency, for me it is cunning and get authority in every country, the bank will always be there because they are very important.
And the Bank will not hesitate to act so as not to wear out in the future, listen to so much that the bank calculates so many cryptocurrency as the most dangerous and unfit for investment or as a means of payment
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August 16, 2018, 05:33:08 PM
 #327

The idea that cryptocurrency replaces banks would be a revolution. This is an alternative to the liquidity process that has been widely accepted around the world.

I don't think crypto will replace the bank, in my opinion crypto's participation in this case is to improve or be the development of technology in banking to manage safer and corruption-free finance

Cryptocurrency will never replace banks because people still need's fiat since not everyone is capable of earning cryptocurrency in their daily life style.

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August 16, 2018, 05:46:47 PM
 #328

The idea that cryptocurrency replaces banks would be a revolution. This is an alternative to the liquidity process that has been widely accepted around the world.

I don't think crypto will replace the bank, in my opinion crypto's participation in this case is to improve or be the development of technology in banking to manage safer and corruption-free finance

Cryptocurrency will never replace banks because people still need's fiat since not everyone is capable of earning cryptocurrency in their daily life style.
right, the government will not eliminate the symbol of their country in the form of fiat money, which is the identity of a nation. besides that, as a developing country, it certainly has diverse human resources, in contrast to developed countries

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August 16, 2018, 06:12:59 PM
 #329

Up until the beginning of the year 2018 when the Korean government was threatening tighter regulations on cryptocurrency, banks had been some of the biggest investors in crypto. Most banks, like other institutions, are tapping into the potential that the blockchain technology has to aid them in servicing their customers.
Banking, as with other services or products is 'adapt or die'. Remember Kodak and all the dinosaurs that refused to change with times. Only banks that refuse to adapt can become obsolete. That said, while we embrace blockchain and crypto, it is worth noting that there are people who will NEVER be part of the crypto world, because they won't/or can't. For them, the banks will continue to exist.
I agree with this if some banks are so dumb to think that people are not going to change and adopt this new technology then they are going to disappear, it is the same that happened to the US automotive industry they thought their American clients will always buy American products just because, and that lack of vision is why most of them are close to bankruptcy.



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September 16, 2018, 06:07:11 AM
 #330

Give this man a merit! Definitely put out the exact words that I'd be putting right there, banks won't be extinct, but will be adapting cryptocurrency as something that both the crypto and the bank will be benefiting a lot, and I think you constructed the post as simple as possible, something that would attract the reader and will convince him/her to continue and finish reading the whole statement.
The bank won't die, that's for sure. At any time the bank will become a financial sector operator for a country. When cryptocurrency emerged and became a payment instrument throughout the world, banks continued to play an important role, because the government had an interest in the bank which was a source of income tax and information about the amount of money in circulation.
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September 16, 2018, 08:09:46 AM
 #331

In my own point of view, if almost everyone in the world have decided to used blockchain technology many people will stop putting their money in banks and they will start putiing their money in cryptocurrencies.
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September 16, 2018, 08:13:07 AM
 #332

They will join this revolution or they will die maybe it wouldnt happened so quikly but i think we alreday pass the Rubicon so nothing can stop crypto and all undestand it.


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October 08, 2018, 09:56:51 AM
 #333

In my own point of view, if almost everyone in the world have decided to used blockchain technology many people will stop putting their money in banks and they will start putiing their money in cryptocurrencies.
You say "Stop putting their money in banks and start putting their money in cryptocurrencies"? But banks have already started to utilize blockchains for their proofs of concepts (it is usually more or less senseless, because very often the blockchain tech offers not more than a regular database would offer), so very soon it will be one and the same.
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October 08, 2018, 10:14:16 AM
 #334

They will join this revolution or they will die maybe it wouldnt happened so quikly but i think we alreday pass the Rubicon so nothing can stop crypto and all undestand it.

They will die?  I doubt that banks will die just because of crypto.

We all know that they have been in existence for hundreds or thousands of years so I have doubt that they will become obsolete. Yes, nothing can stop crypto as this point, so what bank did is to embrace the technology behind, which is Blockchain.

 
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October 08, 2018, 10:44:08 AM
 #335

I think that the banks will adapt and will start to cooperate with cryptocurrencies in pursuit of their own goals.
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October 08, 2018, 10:52:10 AM
 #336

If the cryptocurrency will really be accepted worldwide and will be used as worldcurrency ,I think banks will also going to go with cryptos because as bank being a financial business , will go to what is the popular technology in currency, so the banks will always adopt this technology.

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October 08, 2018, 11:17:18 AM
 #337

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 think if crypto would be a big thing in the future then we still need our banks to do our financial things for us like giving us loans and helping us with our mortgages.
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October 08, 2018, 01:31:50 PM
 #338

As an ex banker i can vouch for the creativity of banks to evolve their ways around cryptos too and still make profit. Most bankers are really very creative and would always find a way around things especially considering the fact that they would still be having legal backing from government.
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October 08, 2018, 02:05:36 PM
 #339

Majority of people still think traditionally and would choose bank deposits over crypto. Banks are not going anywhere.
the thoughts that you convey can happen for the time being and the development of the times and technology will change all such thoughts, practically efficient and fast that will be needed in the future along with the development of the era and technology, especially the economy
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October 08, 2018, 02:11:46 PM
 #340

I don't think banks will become obsolete or neglected regardless of how much cryptocurrency becomes accepted in the future for certain reasons;

1. A huge percentage of the world still cannot or can barely use Internet banking facilities and features appropriately, how much more of a more complicated technology such as blockchain.
2. People will still need to make use of banks when cashing in on or buying their crypto assets
3. Cryptocurrency is more of an Investments structure due to its volatility (with no assurance on what the outcome would be), rather than a savings structure.
 ...and more so, should cryptocurrency be officially endorsed and accepted widely across the world, Integrating cryptocurrency into the present day banking system wouldn't be such a hard thing to do..  

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