What would happen to banks?

[Kemarit]

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.

~ snip ~

That's a bit far stretch, I don't think that crypto will make banks obsolete. Historically, banks has been with us for a very long time. And I'm sure that they will do everything at their disposal to fight back against crpyto (its obviously they are really doing it right now). Plus why don't we just take advantage of them? Having a banks and crypto makes sense and other government institutions rely on banks, so absolutely they will not die. As for your assumptions, some of them are feasible, but the ongoing battle will continue and there will be no clear winning at the end, but us, who learn to take the opportunity to our advantage.

[ajqjjj]

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.

Day by day technology is improved in the world. So companies are paid in Cryptocurrency automatically peoples are adopting the Crypto so all the shopping we can use Crypto. It is totally affect the banking but we will earn profit and secure our investment so majority of the peoples are supporting to Cryptocurrencies. Banking procedure is totally hard to understand compare to Crypto so as soon as possible Crypto will lead the entire world.

[davis196]

I can`t agree with 2.Currency.In my country,the banks offer a local currency account and euro account.
Not all banks will evolve and survive.Not all banks would want to adopt cryptocurrencies.Don`t theat the banks,as if they are all the same.The financial system is the biggest flaw of the modern economy.The banks produce  more and more debt and no value for the average Joe.

[MMS2017]

I think the banking industry is growing in the world so if the crypto comes and it works stable then still banks will be there and if the blockchain designed a procedures for crypto then may be they will use it with cooperation wit banks.

[audaciousbeing]

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.

I can say based on the knowledge I have, if there is any industry that is moving rapidly in terms of technology, its the bank and they are doing it aggressively. The reason for that is they finance any project that comes their way and you don't get to finance from them without first giving them your idea they in turn have the money to hire the best programmer and software specialist who will develop the idea into something they themselves can incorporate into their activities without any stress.

The point it, banks will still continue to be relevant and even rely on the blockchain to increase their penetration by the time they launch, they would come up with new slogan about how safe it is to use the blockchain for banking transactions.

[befriendmywater]

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.

I cant say based on the knowledge I have, if there is any industry that is moving rapidly in terms of technology, its the bank and they are doing it aggressively. The reason for that is they finance any project that comes their way and you don't get to finance from them without first giving them your idea they in turn have the money to hire the best programmer and software specialist who will develop the idea into something they themselves can incorporate into their activities without any stress.

The point it, banks will still continue to be relevant and even rely on the blockchain to increase their penetration by the time they launch, they would come up with new slogan about how safe it is to use the blockchain for banking transactions.

I think banks will find ways to work well with Bitcoin or, more broadly, Crypto. Bitcoin with its blockchain technology has proven to be effective in terms of time, cost, and safety. Banks can not ignore this.

[nicster551]

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

Our banks role would still be more important in our life in the future. We should try to collaborate with Banks and not going against them. They will still be useful in our lives even though some banks are against in crypto.

[tukagero]

Still be there as long as people are believing that saving money will also save for somebody's future then there will still be the need for banks.It will also be an advantage to them.

[embargo]

Everything depends on the market's conjuncture, on the financial state of the economy. If there is a force majeure in the world of finance, most banks simply can not exist without the support of the central bank. Will the central bank in this situation spend its reserves and help absolutely all banks? I think most of the financial institutions will be bankrupt.

[CHENIEN]

It is hard to eliminate banks because of bitcoin access and the popularity uses of bitcoin does not affect banking institutions, because also banks would adopt cryptocurrency business and for now many banks who currently study about cryptocurrency most especially about bitcoin, so therefore if bitcoin develops globally more banking institutions would adopt and use bitcoin on their business.

[whirlcoin]

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.

Maybe your friend nit aware if what is the crypto currencies because many people don't have knowledge about it just they keep repeating the words saod hy someone.It is not a bubble we can see that the prices are increasing again.

[Ranly123]

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 banks will become obsolete when cryptocurrency is more popular in the future. There are crypto banks to be considered as means to save our earnings in crypto. Real-world bank's would still remain to cater those who cannot get into cryptocurrencies.

[batang_bitcoin]

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.

This is likely but it's not going to be their "main source", they have a lot of coverage as a company to run a business and services to offer.

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.

Hmm, no need for that as crypto's have their own wallets(accounts), the only thing that this can guarantee is they are the bank and someone who's not really knowledgeable on crypto's will have a peace of mind using it.

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.

Yeah I can see this coming too.

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.

They can be hacked too, they can be safe because they are banks but for the normal crypto enthusiast he/she would keep his crypto's on a safer wallet like hardware. Though there's no interest but it's growing while its price increases too.

[cydrix]

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's no big matter Banks will find a way to solve this example regulating the terms of crypto's and regulating it's uses. Probably there will be a war that are going to break out if the balance of this two will to be broken. Indeed crypto's are good but not all people know it and how to use it so we are probably safe for now.

[ilnick]

Banks will always exist, even when the whole world turns to the use of crypto currencies. The structure and technical principles of work will change, but the functions for producing and generating money from the air will remain.

[leostrong.mo]

Future banking services will completely internalize the Internet.
The future online banking business will directly connect customers and their lives in real time.
90% of offline outlets in the future = Experience + Consulting + Community Center

[xuzukami]

Banks will have difficulty if the BTC is increasingly developed, the bank will lose a large number of customers if they remain sluggish and not improve the profitability of customers.

[asik$6]

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.

[fredo123]

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.

[Brunus]

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.