What would happen to banks?

[kolsernik]

Yes, I do agree with you.Banks have one way out-to start synchronization with cryptocurrencies.The Bank that will understand this before anyone else will be the most successful Bank.

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[katrimans]

I think the banks would remain as long as a currency of money that we know will exist, so in order to become a real threat to a bank system bitcoin needs to become a currency before.

Of course that is how it will go. Banks are the financial institutions set up by the government for carrying out various jobs and the advent of Bitcoin or any crypto currencies might upgrade the banking system but will not be able to outshine the banking system.

Also banks deal with the money printed by the government and as long as the government is printing money and people are demanding it, banks will survive no mater how advance the crypto goes.

[Phantomberry]

Banks will be useless in the end because people wants a new technology that will brings fast,secure transaction and not only on that. Blockchain technology would do that everyone will be engage on a cashless society in the future.

[BaraxLo]

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.

Yeah I agree with you. If banks didn't adopt crypto currency they will surely not good to them. We are already in modern world, that's why people are engaging and adopting themselves in the world of technologies. Banks should learn to innovate.

Banks are not working independently like the way these crypto currencies are working as banking system comes under the governance of the government and that none of the bank can adopt any of the crypto currency till the time the government will not allow them to do so. Moreover, these crypto currencies might also affect the banking system as people will start trusting on crypto currencies more than banks.

[BitcoinCommodor]

If in the banking sector the blockchain is implemented, then the labor of many employees will not be needed and they will be fired.

Exactly because banks are not just limited to the financial transaction and in offering saving accounts. There are lots of other duties they do for the government like tax collection and meeting the accumulation of required reserves. Besides, the government also helps them by giving them loans on low interest rate so I do not think crypto particularly Bitcoin can outshine banks. They however can reduce the money these financial institutions make.

The need of banking system is only valid till the time there are regular currencies in this world. The moment the usage of the paper money will be reduced or the government will start supporting the crypto currencies rather than fiat, then there are likely chances that this banking system will no longer be there and that crypto currencies will start ruling the world and will be preferred by the people.

[dewisidik19]

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

it is true for many people the needs of traditional markets and should grow anywhere because those who do not know the world of crypto are those who do not want to go forward and develop, but for those who have intelligent thinking will choose crypto because it is more profitable than the bank. but to achieve high profits, there is a big risk. this is where the big successes have to dare to take big risks as well.

[dogohagra]

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

Actually, the bank will not disappear and will always be there, but its popularity has declined with the development of the crypto world. I'm sure the bank will not go extinct that will decline over time. because the possibility of traditional society will never become extinct despite modern times.

[ordeath]

I think that most likely banks will adapt to a new existing economic system that will bring up cryptocurrencies, and they will function and provide their Services based on the cryptocurrency in order not to lose their earnings.

[AllCryptoplus]

The points are quite true. I am sure the banks are also monitoring the cryptocurrency situation and looking for ways in which they can exploit or take advantage of it too. They may not loose out completely.

[matchi2011]

If in the banking sector the blockchain is implemented, then the labor of many employees will not be needed and they will be fired.

Exactly because banks are not just limited to the financial transaction and in offering saving accounts. There are lots of other duties they do for the government like tax collection and meeting the accumulation of required reserves. Besides, the government also helps them by giving them loans on low interest rate so I do not think crypto particularly Bitcoin can outshine banks. They however can reduce the money these financial institutions make.

The need of banking system is only valid till the time there are regular currencies in this world. The moment the usage of the paper money will be reduced or the government will start supporting the crypto currencies rather than fiat, then there are likely chances that this banking system will no longer be there and that crypto currencies will start ruling the world and will be preferred by the people.

We never know when exactly that time will happen, as far as currency is in stake banks will dominate this industry nothing will change and it still
far from reality that crypto or another digital currency will dominate, bank business are already established and will still continue to do that.

[MeganRice1212]

For cryptocurrency, central banks are facing problems when they are unable to control the source of cryptos. They also can not change the bitcoin and other encoding values. As cryptocurrency grows, they will directly affect their currency denominations.

[kosaymoive333]

I think banks are going to enter the cryptocurrency, they have to follow the current trend if they do not want to be left behind.

[moinguoi5c333]

cryptocurrency has been affecting relatively large banks, but that influence does not determine the future of the bank but depends on many factors such as people, economy, government, and the orthodoxy of cryptocurrency

[dewildance]

It has not been until today, but if crypto money and projects succeed, banks may wait for bad days soon.

[crypto90]

I totally agree. Maybe traditional banks will disappear but the new and improved ones will remain, even if crypto takes over the world, the banks will also start using cryptos or create their own ones. A financial institution like a bank will exist as long as we use money and work for money, no matter what their money is. Why should they close the banks when they can still make a lot of money. And if you look at it, most of the money the back uses is electronic anyway, from there to crypto is just a small step.

[thithoikochoi123]

More than 90 central banks around the world are involved in technology research and development. Different platforms have been selected by banks to make their operations safer and more efficient. The Blockchain network can eliminate the high cost of financial services, provide a ledger to minimize the risk for banks, and enhance reporting on banking operations.

[Conthongon234]

The idea that cryptocurrency replaces banks would be a revolution. This is an alternative to the liquidity process that has been widely accepted around the world.

[pluMmet]

banks will no longer be needed because if we save money in a bank with a nominal that is not added in the past five years the value will decrease, even if it is cut out by monthly fees. While if in the past five years, saving Bitcoin with a nominal that is not added, its value will continue to rise, because in the past five years the value of Bitcoin soared.

[South Park]

I think the banks would remain as long as a currency of money that we know will exist, so in order to become a real threat to a bank system bitcoin needs to become a currency before.

Of course that is how it will go. Banks are the financial institutions set up by the government for carrying out various jobs and the advent of Bitcoin or any crypto currencies might upgrade the banking system but will not be able to outshine the banking system.

Also banks deal with the money printed by the government and as long as the government is printing money and people are demanding it, banks will survive no mater how advance the crypto goes.

I agree that banks will keep on existing but I think that as cryptocurrencies become more powerful and people realize that the fiat currencies are nothing but scams their power will diminish and they will have to accept that a parallel system that they do not control is going to exist for a long time, and it is also possible that they will understand this and try to benefit themselves in this new system.

[Bannednehlahmos]

the bank will not be so affected by the crypto currency because there are still many who do not know about bitcoin and altcoin