What would happen to banks?

[rainezerr]

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 will just stay still because those who did not know anything about cryptocurrency would be placing their money on banks and they can still earn profit from it.

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[qwerty12]

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 agree with you, the bank will follow the changing trend to stay afloat. I believe they (banks) realize that the advancement of digital technology in the era of industrial revolution today is difficult dammed, let alone controlled. I think, nowadays they (the bank) have been preparing to make their institution to be a "learning organization" so that they become much smarter and better prepared than the "outlaws" in the field of virtual currency later on.

[Marlyn1]

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

With bitcoin rising i think banks will still be here to stay. Many people rely on banks. This is where we keep not only our money but our gold, silver and important documents. Although banks has lesser interest rates but this is a safe storage.

[joburgtaxi]

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...

something similar happened to Nokia when the smartphones with touch screen came to the market, but you can see that Nokia is trying to recover their positions.

[sserge009]

From the bank, the same thing happens to the manufacturers of wagons for horses. They will leave the market as useless. Banks have always been a means of enriching rich people, but there were no alternatives before. Now the alternative is and the world will come to it.

[thetruth123123]

I`m not an economic expert, so I don't know. But probably would be needed any more cryptocurrency will take the place on the market, because banks are offering loans and deposits, especially in my country.

[amirmass]

If the banks do not start to use Blockchain technology they will only be banks. They need to open themselves up to new times. Maybe then there will be different uses.

[n0ne]

From the bank, the same thing happens to the manufacturers of wagons for horses. They will leave the market as useless. Banks have always been a means of enriching rich people, but there were no alternatives before. Now the alternative is and the world will come to it.

Agreed, banks make rich more rich and the poor go poor. Even government stand on their side. This needs to be eliminated, and some survey has given a data stating massive loss has been faced by banks once after the existence of cryptocurrency. Fearing this cryptocurrency will be adopted by the banks. At present cryptocurrencies were serving as an alternative and the same will happen further with increased users. It won't go mainstream from my opinion.

[SixOfFive]

Yes it might be true that bank can use cryptocurrencies to survive in the market. Otherwise also, it is very tough for the crypto market to replace the banks and financial institution. The main reason for this is that governments will not let this happen. With cryptocurrencies, people can evade taxes and there are many other loopholes also. Obviously government doesn’t want to lose their control on financial system.

[Fideend]

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

With the passage of time bank accounts will become empty because as more and more people come to know about cryptocurrency they will withdraw their money and put in crypto for making more and more money. Banks will have to start trade in crypto for survival; otherwise they will have to close their banks. The coming era is of digital money which requires no banks.

[South Park]

Banks are too strong an institution to simply disappear.
Even if bitcoin were to become the main currency, traditional money and a range of services would still be needed.

I still think that even if bitcoin becomes really big, institutions like banks and governments will not change that much, what it will happen is that those institutions will have to adapt, after all banks only care about one thing and that is to make money and if they can make money with bitcoin then they are going to accept bitcoin users, since I really do not think that a lot of people are going to try to avoid using fiat and institutions linked to fiat, only a minority will try to do that.

[Sled]

Banks will just have a decrease of users in the next few years if the cryptocurrency will get into more people in the world because if there will be more people looking at bitcoin then it means that more and more people will realize that bitcoin is such a great cryptocurrency and it doesn't make sense to just put money and effort in banks.

[alizalela7]

Banks are continuing the work and function of the bank with the state with workers and as far as I would expect the bank to have a more active and open look with bitcoin.

[escalante28]

Maybe they are preparing for that situation. I believe what happened to the post offices will never happen to them. They will upgrade also buy I wonder how they will going to handle it?  I mean, we know that bank is centralized and most of the cryptocurrency  is decentralized. Maybe they are going to build their own blockchain  and their token can be duplicate with unique  code in each token.

[chrisnewsome]

My presumption is that the status of the banks will decline since our currency, which is Philippine peso, will lower its value in the world market. Likewise, our banks are associated with the "Bangko Sentral ng Pilipinas" since our stream of cash are in centralized form of banking, which means there's a national bank that controls the stream of cash of alternate banks.

[Dudeperfect]

As some banks have already started implementing blockchain technology to optimise their traditional infrastructure in order to survive this transformation phase. However, I don't think that banks will die any time in near future because the literacy rate is not up to the mark especially when it comes to the technology on a global scale so not everyone will be in a position to use cryptocurrencies. That means, banks will still have a huge number of people to sell their traditional stuff. On the other hand, there is no option for banks to adopt new technology down the road.

[patz22]

Banks will not be obsolete even crypto will be used globally. I agree with the op's points specially #4. Many people still want security for their money, I believe that banks will go with the flow of crypto tech and will adapt with the changes that will be caused by crypto. However lets see what will happen as we all know what happened to postal services when tech took over.

[BitcoinMarketer39]

It would be very great and helpful if banks will realize the importance of cryptocurrency and perhaps enter into crypt. They can provide their usual services to customers and also provide services in cryptocurrencies, such as investment, savings and loans, shares buying with cryto, and a lot.

Banks will still have place in our economy even though cryptocurrency is going to dominate every country because people will still use fiat to buy physical needs.

[darewaller]

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 the ultimate, so you’re very wrong. The government are the ones that controls banks in the world and they are the ones with the power in their hands. Don’t think that they are going to just let Bitcoin destroy everything. Government is not fully in support of Bitcoin, that we are making use of Bitcoin today is because they allowed us to do so.

If the government decides to end Bitcoin they can do it at anytime. Haven’t you hear of countries where the citizens are not allowed to make use of Bitcoin?

[Muspion]

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.

true in the sense of bank buildings will not go anywhere but still the bank as a medium to save the local currency is not the currency crypto because it is clearly different technological blockchain with banking