What would happen to banks?

[Scripture]

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

[NeuroticFish]

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...

[zakariajaki]

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 is true that your opinion, the bank must give in otherwise it will be only passive, although it certainly will not happen with the impact of so much but can be predicted roughly when the form of investment also savings will prefer crypto as an alternative, can be predicted in the future when the function of banks is reduced much in the crypto community in addition to the circulation of money and the place of borrowing money or credit and I think no more than that, and predictable the existence of banks will be less and more reduced, but the economic turnaround that occurs in the community will continue to run without impact lethargic by the practice of digital transactions, may be useful and successful for all of us

[Slash61]

The bank will no doubt act in order not to quickly wear out in the future, hear so much that banks count so many cryptocurrencies as the most dangerous and unfit for investment or as a means of payment, I think it is a self-defense to convince everyone not to over-react against cryptocurrency, for me it's cunning and gaining authority in every country, banks will always be there because they are so important.

[gowobonyok]

the bank will continue to function to save fiat money, and also onsite. because fiat money will still be needed for the traditional market economy.

[timonig]

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

[dothebeats]

If ever the world is to shift to cryptocurrencies, I for one thinks that this is not the end of the banks. State-issued cryptocurrencies will still be regulated, manned, and controlled closely by banks and if anything, they can do things easier and quite effortlessly since they only need to change some figures in the code and voila! Magic internet money is created out of thin air, a few clicks and a few inputs! Banks would be the kings of a centralized cryptocurrency, just like what they are already doing in the realms of a fiat-powered world today.

[pivxmen]

I always use banks for investment and saving money. banks can also be used to transact. saving is my asset for the future. Ripple has worked with many of the world's largest banks. I think blockchain technology will be used on the bank system in the future.

[samtasse1488]

Now the situation with bitcoin has greatly worsened. Therefore, every day someone comes up with new projects for crypto currency. Recently, I read the article and there the head of the bank of America said that he would not take into the economy a crypto currency. But I believe that the time will come and the banks will enter the currency and will be a new era of currency around the world.

[Slow death]

Many says that banks would become obsolete if cryptocurrency would take over the world in the future, but i guess not.

Banks are not going to die, all workers are paid their wages in banks, and I very much doubt that all the workers and governments of the world would accept that their workers receive their wages in crypto. The same has happened with the loans, People use banks to make loans and I doubt that this system disappears. Another very important thing has to do with security and heritage. The banks are legalized, they keep people's money and in the case of the death of the person banks give the money to the relative who is legally fit to receive the heritage, But the crypto wallet are not legalizades and no physical address has. how someone who has crypto die and his relatives will have access to that money? is a very complex situation.

[Ridwan Fauzi]

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.
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.

It sounds weird, but we'll see it later, I guess this is the most difficult to realize.

The bank takes care of cryptocurrency and lends cryptocurrency to the crowd, would be a complicating system.

[Wendigo]

I don't think banks will ever offer crypto deposits or investments to their clients. What the OP has listed will probably not going to work for a number of reasons. First off, banks are not interested in high risk-high reward markets. Banks want to make safe profits with the tiniest amount of risk involved. Wall Street brokers or stock exchange speculators might invest and trade with Bitcoin, banks won't.
Loans in Bitcoin are outright not going to work. Loans are pegged to the local currency of the country and Bitcoin is pegged to fiat. Also in order to get a loan in Bitcoin you would need to provide a collateral in fiat. On top of that Bitcoin is so volatile that loans will change in value overnight and if you have used the crypto loan for purchases with fiat you might end up paying more on your loans. Bitcoin is ALWAYS pegged to fiat because you need to know the monetary value of the product you want to buy.

[AlexKr]

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.

[superving]

Banks will still exist but only few people will be using it, those are the people who dont have any knowledge about cryptocurrency. Crypto will overpower banks which may lead to people transferring to crypto.

[rezurect]

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

The time of going against bitcoin is slowly halting to a stop, it's inevitable they will have to join at some point.

[CarnagexD]

Banks will still exist but only few people will be using it, those are the people who dont have any knowledge about cryptocurrency. Crypto will overpower banks which may lead to people transferring to crypto.

 Banks will remain in the Countries we belong, this is the old system of Savings, Investments, and loans. Even with the crypto currency digital transaction is globally accepted and practice, banks still make the stand to be profitable in the Business world. They may even adopt the Blackchain system for banking used.

[JACKSW4G]

One close friend of mine is working in the bank system on a high position and she said that in our country banks are not concerned about cryptocurrencies at all because all of them are thinking that it is a bubble.

[Joe103]

It may be very difficult for Cryptocurrencies to phase out banks. In fact of the inadequacies of the banks, I think they still have a form of guaranteed investments and loan transactions.

[Baofeng]

<snip>

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 doubt that banks will simply go away, and I'm sure they will learn to adopt and I also don't agree that crypto will make banks obsolete. And one evident that they are evolving and innovating is with Blockchain. We all heard that a lot of banks have been exploring Blockchain and how it can be adapted to help them streamlined their business process.

[oegarod]

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.