What would happen to banks?

[AGroose]

Banks will not disappear but will exist along with cryptocurrency. But at the same time, they will earn much less, because commissions will decrease tenfold. in addition, the state will always support banks and the centralization of money

[1714876323]

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[cutesgirl]

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 are already regulating people's money way longer than the existence of cryptocurrency. We cannot really remove banks in the system, instead we should study on how cryptocurrency and banks may work in harmony in the future. As to what was said, banks wull adapt the new monetary system if ever crypto gets its spot in the future. The processes in the banks will be very different from the usual when that time comes but it would be a good thing if banks would really stay and regulate fiat and crypto together for a better global economy.

The place where we store our money calls out bank  so long ago people were not having any other way to keep their money safe but now it is 2020 so we have more options than this crypto is making the need and the use of banks so little, some banks are applying blockchain system in their banks as we know when talking about safety so blockchain comes in mind.

If there are still not available using bitcoin as legal transaction like many store do not accepted bitcoin payment, bank keep exist for long time and many people keep saving money in the bank, many people still use cash money for every transaction and always need bank to cash out their money for buying or selling something,when bitcoin have adoption for every transaction maybe bank will left by many people and move to crypto.

[imstillthebest]

Banks will not disappear but will exist along with cryptocurrency. But at the same time, they will earn much less, because commissions will decrease tenfold. in addition, the state will always support banks and the centralization of money

I doubt it, in the upcoming months, bank will forsee the potential of cryotocurrencies in the future, so they will consider it and would take this as an advantage as added income to their business. Banks are known to be the greedy business, they will not waste this kind of opportunities.

that already happen before  . crypto before were started to hyped and slowly entering the mainstream , for sure bank already noticed that and they should have feel a little bit threatened that time  but how much more today were cryptos are already growned alot  ?  but look at the banks , they are also doing thier best to stay on shape . some did even start to adopt crypto just because they are afraid to become obsolete . they are advance thinkers tho  .

[Bezobraznike]

Banks will not disappear but will exist along with cryptocurrency. But at the same time, they will earn much less, because commissions will decrease tenfold. in addition, the state will always support banks and the centralization of money

   Crypto-currencies are in early stage, and it`s impact on banks is still very small! Current crypto-currencies market capitalization
is 247 billions, just JP Morgan market capitalization is 368 billions, and where are other banks!?
   What will happen in the future is hard to say, Blockchain can replace banks or at least it will transform the banking system. It`s
to early to say anything, Blockchain is a new thing for all of us! With Bitcoin most of us started to learn about decentralization,
decentralized markets could be a potential threat in long-term to everything that`s centralized.

[dillpicklechips]

Well as if bank will get extinct though, it would never phase out because of the fact that lot of people want their profit to be somehow controlled by them, since bitcoin is decentralized and since it's a very volatile lots of people would react. There be lots of cons and pros, you see fiat can somehow change but its a very-very long time to change it prices depend on the supply and demand too. But on bitcoin there a lot of high risks that if a person invest and decide to keep them, its either their win or they would lose since bitcoin has ups and downs so I think it bitcoin would remain as a short term to long term investment still depend.

[AjithBtc]

Nothing is gonna happen on the increasing usage of cryptocurrency. Banks forms the basic financial infrastructure, and it is hard to collapse with the existence of any innovation. When the cryptocurrency usage keeps growing banks and cryptocurrencies will combine. This means people will get an opportunity to choose whether to use fiat or bitcoin, but the process will be done by the banks.

[Faxmate]

Banks will not disappear but will exist along with cryptocurrency. But at the same time, they will earn much less, because commissions will decrease tenfold. in addition, the state will always support banks and the centralization of money

I doubt it, in the upcoming months, bank will forsee the potential of cryotocurrencies in the future, so they will consider it and would take this as an advantage as added income to their business. Banks are known to be the greedy business, they will not waste this kind of opportunities.

Banks want money. They want sources of generating huge money without paying back much. If banks adopt digital currencies especially bitcoin, they will cash out profits in millions without paying any kind of percentage to customers of the bank. Banks can also offer wallets for bitcoin and earn profits from clients’ bitcoin. Soon banks will be considering this opportunity.

[teosanru]

1. Investments: banks would not invest in Cryptocurrencies due to a very simple reason which is volatility. Cryptocurrencies encounter high volatility which is why central banks would never choose to allow it as an investment option.
2. Currency: For using it as a mainstream currency instead of dollars we need governments to authorise such a thing which looks grim because why would a government dishonor their own National currency.
3. Loans: loan recoveries are much more difficult in case of Cryptocurrencies as no person has control over a person's wallet than the person himself.

[youdacapt]

1. Investments: banks would not invest in Cryptocurrencies due to a very simple reason which is volatility. Cryptocurrencies encounter high volatility which is why central banks would never choose to allow it as an investment option.
2. Currency: For using it as a mainstream currency instead of dollars we need governments to authorise such a thing which looks grim because why would a government dishonor their own National currency.
3. Loans: loan recoveries are much more difficult in case of Cryptocurrencies as no person has control over a person's wallet than the person himself.

Banks have a safe point as a counterweight and mediator of fiat-crypto transactions, so this is where their strategic investments can be placed to strengthen the network so they remain confident in securing the value of the national currency. They can actively use their own crypto coins with the same usage as usdt. So the role of banks will develop as a real exchange dominator and only serve exchanges that are connected with legally designated exchanges. Matters related to loans, etc., can be included in adjustments in the periodic system.

[asus09]

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

Bank have both function so far as loan and saving money, many member use bank as loan and saving money because afraid if save money put under below, they will choose safety way how to save money in the bank because very safety, with bitcoin have know by many people possible save money become bitcoin or altcoin than saving in the bank.

[secretgirl]

yes, I am also sure that banks will try their best to survive, for example cryptocurrency has been known to the public. but the question in me is whether people want to turn to the bank when they can store their assets safely. everyone who holds a crypto must have their own personal wallet, and I think their assets are safe even without a bank. the next reason, with banks innovating in order to survive by using crypto, on the other hand surely the bank will want its own benefits, there may be taxes or rules applied by the bank. and I think for a variety of reasons, someone might still not be interested in joining a bank if those people don't get more benefits from a bank. so my conclusion, in the future there will still be a bank, but people who are attracted to the bank will definitely decrease.

[BChydro]

It seems to me that over time, banks will simply work directly with cryptocurrency. Already today, many banks practice this. Depends on regulators. The faster cryptocurrencies approve, the faster banks will be able to process cryptocurrencies.

It is highly unlikely that any bank will be incorporating any crypto currency with their banking process but if they accept all the regulated exchanges to  transfer money to and fro and if they allow that then that will be the greatest thing that these banking sector can do, for me it is not a big hurdle as many of the exchanges accept USD but that is not the case with the rest of the countries and hopefully that will change in the future.

[Tylev]

Banks and cryptocurrencies will inevitably have to cooperate with each other. States need a banking system because they serve the economy of any state. Therefore, nothing will happen to her. Cryptocurrency has no other chance to survive in our world, except to cooperate with banks. I mean, first of all, the creation of single payment cards to pay for goods and services, the conversion of currencies into cryptocurrency and vice versa.

[Serco]

Banks and cryptocurrencies will inevitably have to cooperate with each other. States need a banking system because they serve the economy of any state. Therefore, nothing will happen to her. Cryptocurrency has no other chance to survive in our world, except to cooperate with banks. I mean, first of all, the creation of single payment cards to pay for goods and services, the conversion of currencies into cryptocurrency and vice versa.

rellation  between  bank and cryptocurrenncg will  create strong produc in our cryptocurrency market.anyone could access  crypto with easier way.invstors and trader could make connection  between cusstomer s account in echanges with bank accout,so they become feel comfort and less fee. . Bank will stay for long  time and could not repalaced by  crypro or anything.

[drlukacs]

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, no one wants to use a volatile asset created by some unknown organization. Besides, blockchain technology is always appreciated. Cryptocurrencies are just tools and blockchain is what investors are aiming for. Therefore, banks will always exist and even grow stronger with the help of blockchain technology. I hope that the world will soon have a good taste for this technology and discover its more optimal features.

[kapalmabur]

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, no one wants to use a volatile asset created by some unknown organization. Besides, blockchain technology is always appreciated. Cryptocurrencies are just tools and blockchain is what investors are aiming for. Therefore, banks will always exist and even grow stronger with the help of blockchain technology. I hope that the world will soon have a good taste for this technology and discover its more optimal features.

it will definitely happen, reportedly all fiat will be replaced by crypto in 2030, and also in 2020 Banks in France will make their own crypto currencies,
this is good news and very promising for Bitcoin in the future

[cutesgirl]

Very interesting review. Right as you explained here, banks will still be there later and most likely they will even use blockchain technology. But as a company they will still become banks as we have known so far.A company that has existed for generations from time to time, I think, will remain as long as it can provide benefits to many people

Bank still recommend saving money needed by every one although bitcoin have been popular and have higher price later, many service getting take with bank from loan money until people can save money safety in the bank, bitcoin and altcoin is not support for every one can build their business by loan with bitcoin and altcoin because not site support it and have risk with bitcoin loan when price up or down.

[Argoo]

It seems to me that over time, banks will simply work directly with cryptocurrency. Already today, many banks practice this. Depends on regulators. The faster cryptocurrencies approve, the faster banks will be able to process cryptocurrencies.

Of course, states cannot do without banks, so nothing will happen to them. They will work calmly as they worked before this time. Banks are already using blockchain technology in the form of a ripple network. Cooperation between banks and a decentralized cryptocurrency should be in any case and it is more profitable for cryptocurrency than banks.

[bitvestorhacked]

Banks will add cryptos to the system, maybe they will even build their own app on blockchain system, everything will be changed, they either join or they perish.

[wack slacker]

By all means, cryptocurrencies will be widely accepted and they will use them to put into their payment systems. But to do the things you listed above need a long process of change. It may take another 10-15 years for cryptocurrencies to become more popular to replace cash and certificates of deposit in banks.
Currently, institutional investors are actively investing in cryptocurrency funds. The Chinese state is creating their own cryptocurrency. Following the rules of development, other countries will develop cryptocurrencies according to China. This will be the inevitable trend and the banks will have to change accordingly to survive.