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Author Topic: What would happen to banks?  (Read 10621 times)
fredo123
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July 20, 2018, 11:48:37 AM
 #61

Of course, the banks will not disappear, but I think that with the expansion of the crypto currency, their functions and  their quantity will be significantly reduced.
Now it would seem that Bitcoin's fate lies in the hands of two adversaries and it fighting both together, and therefore cannot any chance whatsoever .. Government can ban Bitcoin anytime they want to goes the conventional wisdom. Banks can marginalize and crack down on bitcoin exchanges stemming the flow of fiat liquidity into bitcoin resulting in a price crash and quick destruction while banks and governments high five each other in outlawing a threat to their governance and financial monopolies.
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July 20, 2018, 08:11:47 PM
 #62

Bitcoin is born with the intent to free ourselves from the oppression of states and banks, but they will hardly yield their power easily.
So, let's expect a bloody war with no holds barred.
But, in the end, the future can not be stopped.

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July 20, 2018, 08:15:50 PM
 #63

More and more banks understand that there is a future for blockchain and they can not already ignore it. Banks will wait for what laws the cryptocurrency will accept their countrys, and then they will act.

Banks will remain because not every people in the community can manage to invest on bitcoins or well knowledgeable about cryptocurrency and that is the reason why banks will still live.
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July 20, 2018, 08:55:05 PM
 #64

banks will also adapt to blockchain and accept cryptocurrencies in the coming future along with fait currency cryptocurrencies are future money
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July 20, 2018, 09:09:26 PM
 #65

Well the bank is the traditional financial institutions while the blockchain technology is the digital bank and while the bank is centralized the blockchain technology is not and it is decentralised, so the both perform different function and at that non will absolent the other.

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July 20, 2018, 09:22:09 PM
 #66

Bank will continue to exist. Though,there is going to be a little shake which will affect there mode of operations.fiat money will remain no matter how much acceptability Bitcoin gains. With that in mind, bank will still be in business.
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July 20, 2018, 09:27:01 PM
 #67

More and more banks understand that there is a future for blockchain and they can not already ignore it. Banks will wait for what laws the cryptocurrency will accept their countrys, and then they will act.

Banks will just continue to grow but slower than before because people now a days are choosing cryptocurrency more than placing their money on the banks.
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July 20, 2018, 09:41:05 PM
 #68

More and more banks understand that there is a future for blockchain and they can not already ignore it. Banks will wait for what laws the cryptocurrency will accept their countrys, and then they will act.

Banks will just continue to grow but slower than before because people now a days are choosing cryptocurrency more than placing their money on the banks.


Banks would be still existing certainly as long as the their customers exist. The current situation is, crypto has over taken fiats in the currency market and thus banks revenue has come down and the revenue is not like past years. Number of fiats circulation has come down caused by increasing numbers of investors into crypto currencies especially into bitcoin. Way of Crypto transactions made everything easy sitting from a location not moving to near by areas.. Peer to Peer transactions with blackchain technology have tremendously proven its secured system to the current generation which is adapting such technology.



























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July 20, 2018, 10:24:24 PM
 #69

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...

That's true, but I think the more probable outcome is that banks wouldn't die, instead, they would make their systems adjust and work with the upcoming trend, that is the cryptocurrency wave. We must not forget that banks are business entities, therefore, they would always try to find ways to take advantage of new business systems to make it work for them just like the introduction of credit cards, especially since more people are more accustomed on using it now. I think that as the cryptocurrency market evolves more, banks would soon try to exploit such market more as well.
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July 21, 2018, 12:04:32 AM
 #70

i think banks are going to loss alot of investment and other fiscal activities done with thier customers when crypto currencies takes over.and this will or may lead to reduction and decrease in their banking activities
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July 21, 2018, 12:56:39 AM
 #71

More and more banks understand that there is a future for blockchain and they can not already ignore it. Banks will wait for what laws the cryptocurrency will accept their countrys, and then they will act.

Banks will just continue to grow but slower than before because people now a days are choosing cryptocurrency more than placing their money on the banks.

Are they? I don't think so. You're not looking in a wider circle. There are a lot of people that do not care about Bitcoin at all, I've gone to a bank last time and you can just see the same people and the same activities that is happening there, yes it is still as crowded as before.


Banks will not wait for the government since there are some countries that don't really give attention to crypto currencies. Banks will either accept the fact that crypto currencies is the future or just upgrade or developed into something. If we are talking about the future, we should not just remain to who we are right now, we should keep up to the development and changes.

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July 21, 2018, 04:51:00 AM
 #72

With banks, nothing will really happen in the era of the crypto currency. However, I do not agree with the fact that banks will provide all the services that they render in ordinary currency. I think that banks will never issue loans in the crypto currency and will not accept decentralized crypto currency for depositary storage because the crypto currency will be a very risky business for them. Bankers do not like to take risks. They will only provide services for exchanging crypto currency in fiat.

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July 21, 2018, 08:07:35 AM
 #73

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 only someone without a good sense of reasoning would believe that bitcoin is meant to replace our main currency and take out banks. How can you bethinking that cryptocurrency is a better option than banks. Banks are very important to every country, if you don’t know why then you better go search up for banks and read the importance of banks to every community. They are very important, Bitcoin is good but it has its own purpose.

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samcrypto
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July 21, 2018, 08:13:04 AM
 #74

With banks, nothing will really happen in the era of the crypto currency. However, I do not agree with the fact that banks will provide all the services that they render in ordinary currency. I think that banks will never issue loans in the crypto currency and will not accept decentralized crypto currency for depositary storage because the crypto currency will be a very risky business for them. Bankers do not like to take risks. They will only provide services for exchanging crypto currency in fiat.
Some banks already used blockchain technology but really in a different way, I don't also see banks accepting cryptos from the depositor. Cryptocurrency will challenge the banks and for sure those big people behind Banks will make a move its either to adopt blockchain technology or to improve their services which is more possible to happen soon so they will still more profitable in the future.

Indrawan77
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July 21, 2018, 09:11:23 AM
 #75

Bank will always survive, bank is the one that maintain the economic, the government will do whatever it takes to protect the bank, and crypto currencies wont be more superior than bank, when the government think cryptos can jeopardise the economics then the government will shut crypto down, so bank will always survive no matter how big crypto become
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July 21, 2018, 09:44:56 AM
 #76

cryptocurrencies won't make banks becomes obsolete. The awareness of the mainstream about how they all have been scammed all along by banks will surely make bank becomes obsolete.
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July 21, 2018, 09:47:47 AM
 #77

If in the banking sector the blockchain is implemented, then the labor of many employees will not be needed and they will be fired.

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July 21, 2018, 09:58:40 AM
 #78

I think banks would still be, perhaps in our lifetime. Cryptocurrency are not that stable in terms of proper regulations by the governments. It would need a drastic moves from many countries to recognized bitcoin in all of its sense.

In any case, bitcoin is fully recognized and regulated, banks would still be there but adjusted on their functions.
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July 21, 2018, 10:05:12 AM
 #79

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...
this all happens if some countries try to set bitcoin and try to merge bank between bitcoin, hence there will be some advantage if both can work together well but if not then bank will be eliminated because some function of bank already exist in crypto and wallet even more secure and faster.

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July 21, 2018, 10:43:24 AM
 #80

Banks will be very much around for a very long time to come. They will need to revamp their policies and procedures in line with decentralization when there is a massive acceptance to crypto coin by the mainstream society
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