What would happen to banks?

[reality18]

Banks will continue to exist because it has the full backing and support of the governments. However, the Banks will have to undergo a revolutionary change where it will integrate Blockchain and cryptocurrency services into its services in order to meet the expectations of clients some few years to come as the adoption of crypto gradually sweeps its way into the homes of people.

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[barabarian1]

maybe in the future the banking system will also get better. so in my opinion the bank will still exist even though the world already uses cryptocurrency. because the government will always need banks to control their digital currencies. and also the bank is needed by the government to withdraw taxes. and now most banks have also adopted blockchain technology. I think in the future banks and cryptocurrency can support each other.

[ice098]

Bank still have connection with thousand member save money in the bank and region government always use bank as their saving, when bitcoin or altcoin become popular will be possible member or bank investor move their money become bitcoin or altcoin assets, government region want to hold bitcoin or altcoin than have save money without increase little.

Yes I agree with this, we can connect banks with cryto, they can move their money to that bank, the onlg advantage that I am thinking is banks will need to know your source of fund, and also there will be a maximum amount of deposit because if exceeded they may hold your money and you need to pass all the files regarding to your money.

[desticy]

How ever bitcoin become popular around the world but investor or trader of bitcoin have use bank for cashing out bitcoin for the money, without have bank how to buy some thing in our live using money when bitcoin still not legal transaction payment, I always cash out my bitcoin balance to the bank and keep hold it for using with many transaction.

The fact is that banks serve the money that we use in everyday life. There are no structures that would do the same with cryptocurrency. There are no intermediaries, and this is the main difference. We exchange cryptocurrency for ordinary money, which we then spend.
As long as there is this cycle, as long as there is fiat, banks will exist.Something can change only if the whole world switches to cryptocurrency.

[Darooghe]

This is in fact a very difficult question for which it is difficult to find an answer. global banking didn't find a way to control Bitcoin/blockchain, thereby all the banks are doing now is lobbying the governments to regulate and tax the shit out of Crypto investors and companies so they can steal blockchain for themselves. in my opinion, eventually banks will embrace Blockchain and use it to their advantage. Bankers are not stupid, most money are belong to them. they're probably hoarding bitcoin and control Crypto market from dark corner. the last bull/bear run is probably their works.

[doomloop]

Bank still have connection with thousand member save money in the bank and region government always use bank as their saving, when bitcoin or altcoin become popular will be possible member or bank investor move their money become bitcoin or altcoin assets, government region want to hold bitcoin or altcoin than have save money without increase little.

Yes I agree with this, we can connect banks with cryto, they can move their money to that bank, the onlg advantage that I am thinking is banks will need to know your source of fund, and also there will be a maximum amount of deposit because if exceeded they may hold your money and you need to pass all the files regarding to your money.

If this is going to happen, definitely people will not like putting their bitcoins into banks. The fundamental reason why people enjoy keeping them in online or offline wallets is that these wallets give them complete autonomy. People are fed up stupid bank policies which don’t let you money above certain limit or put absurd taxes on you.

[Flor1982]

This is in fact a very difficult question for which it is difficult to find an answer. global banking didn't find a way to control Bitcoin/blockchain, thereby all the banks are doing now is lobbying the governments to regulate and tax the shit out of Crypto investors and companies so they can steal blockchain for themselves. in my opinion, eventually banks will embrace Blockchain and use it to their advantage. Bankers are not stupid, most money are belong to them. they're probably hoarding bitcoin and control Crypto market from dark corner. the last bull/bear run is probably their works.

I agree and this is true that banks can never be obsolete because they can easily shift from fiat to crypo currency if they want too because they always mean business. In fact, most of the banks are in partnership with the exchanges in which we can truly use their cash out facilities every time we convert our Bitcoin. If they are against the Crypto then they should fully ignore the cooperation since the beginning of the crypto currency.

[cotton ball]

Bank become first saving money and thousand transaction kind have been in Bank with thousand member, if crypto popular with higher price bank never could be replace by bitcoin or altcoin. Bank keep exist and never change with everything new in the world, but working bank and bitcoin or altcoin is possible because bank and bitcoin have the same vision how to increase our money.

[DaftAjax]

Bank become first saving money and thousand transaction kind have been in Bank with thousand member

You could say that.

Until this day, I think investments in Banks are still relevant, and can still see the fruition of it. Well, depends on the "amount" of money you deposit, that is. Compound interest is probably one of the most essential breakthroughs in Economics. I know Volatility is far better in comparison to gains, but still, it's genius. It may take a long time but unlike any investment, the result is assured.

[doomloop]

This is in fact a very difficult question for which it is difficult to find an answer. global banking didn't find a way to control Bitcoin/blockchain, thereby all the banks are doing now is lobbying the governments to regulate and tax the shit out of Crypto investors and companies so they can steal blockchain for themselves. in my opinion, eventually banks will embrace Blockchain and use it to their advantage. Bankers are not stupid, most money are belong to them. they're probably hoarding bitcoin and control Crypto market from dark corner. the last bull/bear run is probably their works.

I agree and this is true that banks can never be obsolete because they can easily shift from fiat to crypo currency if they want too because they always mean business. In fact, most of the banks are in partnership with the exchanges in which we can truly use their cash out facilities every time we convert our Bitcoin. If they are against the Crypto then they should fully ignore the cooperation since the beginning of the crypto currency.

This is going to be great not only for crypto currencies but also for banks if they make their collaborations with crypto projects official. All people with mind know that bitcoin is even supported by the strongest organizations of the world because they also need money. They also want some fascinating mode of making money with complete control.

[ufaiz50]

Yep, banks are managed by the government, cryptocurrency will not replace banks, instead banks can develop blockchain technology and create their own digital currency. As we know that cryptocurrency is volatile, then because of its volatility the experts assume it will not be suitable to make it an alternative currency. I agree if the bank uses blockchain technology instead of having to fight the technology, using the concept of stable coin. For regulations that should be with the regulation of the level of fraud will further fall because guaranteed by the government.

[doomistake]

How ever bitcoin become popular around the world but investor or trader of bitcoin have use bank for cashing out bitcoin for the money, without have bank how to buy some thing in our live using money when bitcoin still not legal transaction payment, I always cash out my bitcoin balance to the bank and keep hold it for using with many transaction.

The fact is that banks serve the money that we use in everyday life. There are no structures that would do the same with cryptocurrency. There are no intermediaries, and this is the main difference. We exchange cryptocurrency for ordinary money, which we then spend.
As long as there is this cycle, as long as there is fiat, banks will exist.Something can change only if the whole world switches to cryptocurrency.

Banks will still exist even the world get into cryptocurrency. Banks are already part of the cycle and it is the preferred place of the people to store their money. Even though there are investment vehicles like cryptocurrency, it is not enough for the people to completely withdraw their money from their bank accounts and just go with crypto. Banks will still be here even the cryptocurrency is already the king in finance.

Banks will no longer be the ideal place to store your money when cryptocurrency will take over in the near future, people will choose to store it rather on a hardware wallet than to store it in the bank, it is good to have a "bank" on your own. People are just storing their money still in the banks because they are lacking in important information about cryptocurrency and having doubts about it as of now.

But once we fully adopted cryptocurrency, banks will be useless and they will be forced to shut down their business in the future (I guess)

[DaftAjax]

This is in fact a very difficult question for which it is difficult to find an answer. global banking didn't find a way to control Bitcoin/blockchain, thereby all the banks are doing now is lobbying the governments to regulate and tax the shit out of Crypto investors and companies so they can steal blockchain for themselves. in my opinion, eventually banks will embrace Blockchain and use it to their advantage. Bankers are not stupid, most money are belong to them. they're probably hoarding bitcoin and control Crypto market from dark corner. the last bull/bear run is probably their works.

That's not how it works.

The government thought Blockchain was just that simple, they've tried (which in this case, to take control--as they always do) but to no avail. And I don't think banks can do such a thing either--anonymity in blockchain, so your identity is not transparent.

Banks make a lot of money through interests, so I don't think they would have an "interest" (no pun intended) in investing Bitcoin or any cryptocurrency, they can associate with exchange sites but that's it.

Where do these accusations coming from?

I agree and this is true that banks can never be obsolete because they can easily shift from fiat to crypo currency if they want too because they always mean business.

Banks are already making so much money, why would they even need to (in your case) shift to Bitcoin, and what(?) makes a lot of losses? Considering how volatile Bitcoin is (cryptocurrency in general), Banks probably won't care as much.

This is going to be great not only for crypto currencies but also for banks if they make their collaborations with crypto projects official. All people with mind know that bitcoin is even supported by the strongest organizations of the world because they also need money. They also want some fascinating mode of making money with complete control.

Wait, what?  What happened?

[BartS]

Banks will continue to exist because it has the full backing and support of the governments. However, the Banks will have to undergo a revolutionary change where it will integrate Blockchain and cryptocurrency services into its services in order to meet the expectations of clients some few years to come as the adoption of crypto gradually sweeps its way into the homes of people.

Banks are never going to change their purpose and their goals, whatever they do is only going to be an attempt to keep themselves relevant in the revolution that will come through bitcoin and the blockchain, but make no mistake they have no intention of changing more than it is necessary to remain in power.

If they could somehow destroy bitcoin you can be sure that they will do it, it is only because they can't that they are willing to adapt.

[Faxmate]

Banks will continue to exist because it has the full backing and support of the governments. However, the Banks will have to undergo a revolutionary change where it will integrate Blockchain and cryptocurrency services into its services in order to meet the expectations of clients some few years to come as the adoption of crypto gradually sweeps its way into the homes of people.

Banks are never going to change their purpose and their goals, whatever they do is only going to be an attempt to keep themselves relevant in the revolution that will come through bitcoin and the blockchain, but make no mistake they have no intention of changing more than it is necessary to remain in power.

If they could somehow destroy bitcoin you can be sure that they will do it, it is only because they can't that they are willing to adapt.

Banks have been there for centuries and they have served the purpose of protecting people money. What bitcoin is there also doing so but the profit rate offered by banks were and still are very minute but in the case of bitcoin, it is awfully great. The investment in bitcoin gives you independence whereas banks make you there servants.

[agentx44]

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 don't think so too, banks wouldn't go extinct if ever crypto take over the whole world. There would be a large possibility that banks would just upgrade to a more digital one but it will still keep on running since it is our traditional way of investment. If not, maybe banks and crypto would work in harmony for everyone. We can all use crypto whenever we want to and transfer some of our crypto in the bank so that we can practice holding if ever the coin's value we are investing to is quite low. Let us just hope banks would still exist because it add up convenience and extra income for many.

[toast]

Bank become first saving money and thousand transaction kind have been in Bank with thousand member, if crypto popular with higher price bank never could be replace by bitcoin or altcoin. Bank keep exist and never change with everything new in the world, but working bank and bitcoin or altcoin is possible because bank and bitcoin have the same vision how to increase our money.

in my opinion the bank is the financial controller in the country and the bank will not disappear certainly the bank will follow the changing times and technology if it cooperates with crypto currencies of course there will be a development of a better banking system and transparency of course along with the development of the era and technology

[Aying]

(I will reply on OP's title's question) If banks wouldn't improve by time that crypto currency are needed. then they will be dissapeared, but that thing would be happen? not for sure, because banks are in observation of popularity of crypto. they wont accept that they will left behind. they will improve as crypto bank and make their own strategy to avoid of disappearing.  

[strunberg]

Bank become first saving money and thousand transaction kind have been in Bank with thousand member, if crypto popular with higher price bank never could be replace by bitcoin or altcoin. Bank keep exist and never change with everything new in the world, but working bank and bitcoin or altcoin is possible because bank and bitcoin have the same vision how to increase our money.

in my opinion the bank is the financial controller in the country and the bank will not disappear certainly the bank will follow the changing times and technology if it cooperates with crypto currencies of course there will be a development of a better banking system and transparency of course along with the development of the era and technology

bank function will not disappear till whenever.its have central role in our economic.without bank  many company  will be difficult to get funding for their businesses. in addition, banks also maintain the monetary function which is very important for a country's economic growth. bitcoin and bank could  work in same direction and support each other.

[blckhawk]

(Reply to OP) - I do agree to some points. However, we'll tend to sacrifice privacy and anonimity for security of our personal funds. They will surely impose KYC, identification of addresses, and would be able to track their own cryptocurrency's network blockchain, which would not be feasible for other users. But sacrificing those privileges we get from the most cryptocurrencies, we'll get in return security if ever thefts or scams might happen. We may also be able to retrieve funds from deceased family member, or those sent on the wrong address. All of these are going to run under a centralized system though.