What would happen to banks?

[krishnaverma]

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

Many private banks in my country have already started to do that. They are focusing more on user experiences and providing a lot of features to make their banking experience easier. That is the primary reason they are able to compete with government banks.

But regarding accepting crypto, that is not possible because they are also governed by same laws.

[Pasnik]

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.

I believe for now it won't obselete because some other people doesnt have an idea or knowledge about this technology. So they will still use banks which they think is easy to adapt.

[Golftech]

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.

I believe for now it won't obselete because some other people doesnt have an idea or knowledge about this technology. So they will still use banks which they think is easy to adapt.

Banks owners are far more wiser than what we think they are, they can easily adopt the system and continue enjoying the luxury, people who doesn't have any ideas about this new chain will still use bank's services, while the management will start using the system and be flexible enough to still gain
profits, we can't deny the fact that businessman always finds edge and opportunities.

[autotoss]

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

As far as I know some of the banks are afraid about cryptocurrencies because they can replace banks and there will be no need of existing of those, but some of the banks are just ignoring the fact of crypto.

[Oceat]

Remember that not everyone knows what is crypto currencies, so therefore there will still have people that will continue to use the banks and support it. Banks will never disappear if some people don't acknowledge the value of crypto currency, thus it will need a world wide debate and i'm sure no matter how long the debate banks would still stay and what would the government would do is to promote the crypto currency or left behind.

[Kabul]

I think that bank will continue to grow. It is hard to destroy the whole bank system when they are doing a great job on this plannet. I mean, there are many good banks around which can help us to secure our money and exchange our money from one to another. Therefore, I believe that bank will become stronger in the future. Perhaps, we can have decentralized bank someday

[richardsNY]

Banks will have to go obselete. We should get the ownership of our money back.

The mass doesn't care. If we look at crypto as a whole, then it's safe to say that the majority of the people use centralized services for storage and whatnot. People complain about banks and praise crypto for disconnecting them from banks, but they use crypto banks now, which is just as worse. On top of that, with how exchanges are crediting air drops and forks automatically, people don't even want to store their coins themselves. It's pure greed dictating the crypto space, which is as bad as it can get. From one central junkyard (banking system) to the other central junkyard (crypto banks) and it won't stop here. It's stupidity of the lowest levels....

[Iwabe]

your opinion is very precise
banks will never be silent because of this crypto system, they will try to survive or accept crypto and make their own coins according to the characteristics they want

[eelectrick]

Banks will surely survive if crypto takes root worldwide. Banks have been around for a long time and I'm pretty sure it will be
around even more. If Crypto remains to be steadily volatile it's gonna have upsets and problems which is normal for any currency,
even fiats have that. Banks take advantage of situations like these, they thrive on financial and economic crisis. They're good
with that stuff. They can really adapt and improve at any given time, case and rate. Crypto is critically promising and it's a very
good thing but banks are still gonna dominate the bigger picture for the time being.

[shadyrifles]

Even the big banks create their own blockchain they can't break bitcoin because bank's blockchain will be centralized which will go against the nature of blockchain. Blockchain technology is known as because it is decentralized and no one is involved as middle man.

That dosen't mean bitcoin will replace the big banks. Banks might adopt bitcoin if they choose to adopt becuse this will pave the way for a wider recognition of bitcoin.

[Reid]

Merited for good information.

This is correct. They will have to just go with the flow.
Once the crypto industry explodes they will have nothing to do but get a coder that will enhance their program to receive and withdraw crypto currencies.

This might take long also since they are still backed up by the government and some of them dont agree with how the privacy is when it comes to crypto.
Private banks will adopt no matter what happens. Some of them are already in to it,

[Seth Nyarko]

Well, nothing will happen to Banks if Bitcoin grows to as high as $40,000,000. Why? This is simply because irrespective of how Bitcoins surges in price, there will still be a fraction of people who will be the majority that will still not like the idea of Bitcoin due to lack of knowledge, ignorance or personal stands. Those ones will still patronize the Banks as we crypto-enthusiast are making it big time from cryptos or Bitcoin, so to speak.

So, based on this fact, Banks will continue to operate until the conclusion of this system of things!  

[Criptomen]

Banks are not going anywhere and that's for sure. They will adapt to new standards and technologies and will continue to live at the expense of people. Banks have a lot of power

[Fatunad]

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

Actually you do get some points but most of them wont really be accepted nor would be adopted by those banks or into this industry. Why? They cant fully benefit and next, i doubt no person would able to use up their service on this case specially on storage one because we do already have our own wallet which its already enough to give out the best security of your holdings which you are not depending into any 3rd party.
Banks would definitely just stay yet there are things that crypto cant able to give out.

[Hichi]

Bank will become obsolete sooner or later. There are so many alternatives right now that are faster, cheaper and less expensive. People will get familiar with them and switch from Banks to financial service providers. Whether that will be crypto we'll have to wait and see

[ShineftChaos]

your opinion is very precise
banks will never be silent because of this crypto system, they will try to survive or accept crypto and make their own coins according to the characteristics they want

Banks will still grow in the future because people are always placing money on them but as soon as they knew cryptocurrency then they will soon to focus on trading bitcoins or investing.

[Neraj Evad]

Banks as financial institutions , and a business sectors would not worry about new technologies like crypto currency, if it will be the legit currency the crypto or accepted in a certain country then ,the banks would easily transfer and accept cryptos and bitcoin transactions, like  here in our country banks is slowly accepting exchange only of cryptos ,because it is not legit yet, but if it will be accepted by the government, banks would always divert immediately to cryptos.

[jak3]

This is how business was until the 21st century. But recently the way of doing business has changed and a lot of Technology is also upgraded honestly I do not want Bank and another old system which are ruling on us to survive. They can clearly adapt to this change but for this, they have to educate a lot of people which the way avoiding until this day. The government has to fulfill their responsibilities in all the third world countries so everyone is much more focused on education instead of planning for getting a job.

[phpartisanmaster]

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

Many private banks in my country have already started to do that. They are focusing more on user experiences and providing a lot of features to make their banking experience easier. That is the primary reason they are able to compete with government banks.

But regarding accepting crypto, that is not possible because they are also governed by same laws.

Banks will live forever because people will always place their money on the banks since not everyone is capable of investing on cryptocurrency because the price is too expensive sometimes.

[Escf4]

The are always staying waiting for some improvements ,if the time comes that every country will legit cryptocurrencies , then as a financial institutions and business ,the banks should shift to new dimentions which is cryptos then they will accept cryptos in to their banking business , because they will go into what is new in business so they will collaborate.