What would happen to banks?

[Huskarls]

than the competition between the two things continues only because of the decentralized problems, why can't both of them be combined into a new form which of course can be accepted by many people ?

[1714191638]

1714191638

[1714191638]

1714191638

[1714191638]

1714191638

[1714191638]

1714191638

[1714191638]

1714191638

[max fray]

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.

2. CURRENCY
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.

I mostly like this option being the possibility for businesses to use bitcoin (or any other alts) for their transactions. It's great that common people like you and me use btc for payments, but if BUSINESSES largely adopt bitcoin as a method of payment this will change the whole system. Certainly, some technical innovations will have to be done (like Lightning) to enhance the speed and quality of financial services provided, but I hope it will be just a matter of time.

[Seeker#9]

Banks will going to stay because most of them has the capability to adapt, upgrade or evolve when there are challenges that facing them. Some of the banks had started to upgrade their banking services by turning digital to meet the challenges posed by the cryptocurrencies and other might also accept and use the virtual currencies in the future. Most of the banks are not against cryptocurrencies, they only need more time to study it before accepting it eventually.

[Brama Jasa]

I think the bank will not die, because they are following the development of block technology, in my country many banks have learned the technology, and if cryptocurency is legalized in countries around the world the bank will certainly benefit, I read one comment that if crypto is legalize, then there will be a rule set in the transaction, so here is the bank benefiting from the cost of the crypto transaction, and later the bank is like a place of exchange

[Pinkris128]

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

the thoughts that you convey can happen for the time being and the development of the times and technology will change all such thoughts, practically efficient and fast that will be needed in the future along with the development of the era and technology, especially the economy

Even bitcoin was faster than bank when it comes to. Transaction still it was more convenient for people because they saw it as more secure since it was supported by the government. They follow more the rules and regulations on it regards with law that every country have.

[eSurge]

Banks are going to stay but will eventually change significantly, guess to a somewhat extreme extent, totally unpredictable for now.

Once people start putting more power in crypto (i.e. laws of math) & each others and less in traditional mechanisms of trust between financial counterparties, a paradigm shift in society's mind would become inevitable.

[ninokh]

right I agree with you. banks are still needed even though the cryptocurreny has taken over the world. because the function of banks in people's lives is very important. our bank to save money and also where to get a loan. the bank collects funds from the community and is managed again to be channeled to the community again. if there is no bank we will have difficulty finding capital loans. and I think banks and cryptocurrency can work together to support each other.

[Layers318]

Due to the increase significance of the Blockchain technology and its usage, the banks will integrate crypto into their services some years to come in order to meet the interest of the people. With this, both banks and crypto will coexist.

[indrakusumaindra]

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

Im agree, crypto do able to replace money and i do think it would happen in 4-5 years from now. Crypto could be the new way of market stock and also the goverment will start to embrace blockchain technology cause it would make them easier to track the transaction of the people for taxation

[yanesna3]

I think the Banks will never die. it will just improve and maybe adapt the blockchain technology in their system. Banks will always find a ways to innovate and maybe we'll see that cryptocurrency and Banks will work together.

Traditional banks will exist always, and soon many of the crypto banks will appear. People think that their money can be in safety if they are held in these institutions.

[BigBos]

I think the Banks will never die. it will just improve and maybe adapt the blockchain technology in their system. Banks will always find a ways to innovate and maybe we'll see that cryptocurrency and Banks will work together.

Traditional banks will exist always, and soon many of the crypto banks will appear. People think that their money can be in safety if they are held in these institutions.

well, of course they will still be popular. in the general public, of course the bank has always been the safest, and best, money store. so, I think that banks will always remain in use, even though cryptocurrency is becoming very popular.

[awik p]

I think the Banks will never die. it will just improve and maybe adapt the blockchain technology in their system. Banks will always find a ways to innovate and maybe we'll see that cryptocurrency and Banks will work together.

Traditional banks will exist always, and soon many of the crypto banks will appear. People think that their money can be in safety if they are held in these institutions.

well, of course they will still be popular. in the general public, of course the bank has always been the safest, and best, money store. so, I think that banks will always remain in use, even though cryptocurrency is becoming very popular.

in this case, bank is a partner of government, and i think the bank will always be there. although a new policy will emerge that regulates cryptocurrency. and at this time blockchain began to be implemented by banks

[Winifred2609]

From my point of view, banks will not disappear but in the future with the expansion of crypto currency, there will not many people use bank deposit, just my opinion

[yitzjoe]

the bank has now launched an attack on crypto with the threat of crypto bans on several countries and also they are trying to suppress regulation so that crypto is difficult to develop, but on the other hand the bank is currently closedly investing in crypto with the intention of catching up on the investments we have made earlier. banks will continue to adapt to all technology and circumstances and if necessary to sacrifice something they will do it

[andriw]

surely they will adapt to the changes that occur, what happens to the fate of employees who work in these banks if they cannot keep up with the changes. just take the example when ATMs, debit & credit cards were introduced as part of the banking system, and at that time the banks also adapted to changes in technology, even though it gradually changed.

[guoyu78]

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.

I don't think crypto will replace the bank, in my opinion crypto's participation in this case is to improve or be the development of technology in banking to manage safer and corruption-free finance

Yes, crypto and blockchains in particular will offer some tools that banks will use to offer or expand their services and only for certain customers (retail customers, I think).

If you think banks can't adjust to new world whenever bitcoin and crypto gets huge than you have never seen banks do any shady stuff. These are the dudes that got bailed out 800 BILLION DOLLARS when world economy collapsed like no other.

If crypto gets big enough I am pretty sure banks will still find a way to make money from it and I am pretty sure the banks will also turn into crypto banks as well and manage to get to trading and investing to crypto for their customers and make sure all the SEC  stuff is old times story where crypto is purely legal and very little taxed for investment yet highly taxed on personally buying so they could be the only option.

[ethereumhunter]

I think the Banks will never die. it will just improve and maybe adapt the blockchain technology in their system. Banks will always find a ways to innovate and maybe we'll see that cryptocurrency and Banks will work together.

Traditional banks will exist always, and soon many of the crypto banks will appear. People think that their money can be in safety if they are held in these institutions.

well, of course they will still be popular. in the general public, of course the bank has always been the safest, and best, money store. so, I think that banks will always remain in use, even though cryptocurrency is becoming very popular.

in this case, bank is a partner of government, and i think the bank will always be there. although a new policy will emerge that regulates cryptocurrency. and at this time blockchain began to be implemented by banks

The bank will still exist, and people still choose the bank to save their money because so far, they don't have any problem with the banks itself. Although people and the government accepting cryptocurrency, the bank will give their services to all people, but there might be a new way for the banks to implement the blockchain to their system. And if the banks can collaborate with the blockchain, I think this will bring something new for the financial system because all the transaction recorded in the blockchain and the banks will be more secure.

[Ahimoth]

They will work like cold storage for cryptocurrency

I guess it isstill exist because we still need  to store our money especially to those have work, they will get their wages from ATM which is only bank are the storage. Also bank is one of the good way to store our money because its safe even there's something happen in the bank they still give your money. But since were are now interested in cryptocurrency maybe it might gradually decrease those people who used bank.

[Metall303]

I think that banks will adapt to work with cryptocurrencies and will start active cooperation with them. We can already observe this trend.

[Mespirst]

I think the Banks will never die. it will just improve and maybe adapt the blockchain technology in their system. Banks will always find a ways to innovate and maybe we'll see that cryptocurrency and Banks will work together.

Traditional banks will exist always, and soon many of the crypto banks will appear. People think that their money can be in safety if they are held in these institutions.

well, of course they will still be popular. in the general public, of course the bank has always been the safest, and best, money store. so, I think that banks will always remain in use, even though cryptocurrency is becoming very popular.

in this case, bank is a partner of government, and i think the bank will always be there. although a new policy will emerge that regulates cryptocurrency. and at this time blockchain began to be implemented by banks

The bank will still exist, and people still choose the bank to save their money because so far, they don't have any problem with the banks itself. Although people and the government accepting cryptocurrency, the bank will give their services to all people, but there might be a new way for the banks to implement the blockchain to their system. And if the banks can collaborate with the blockchain, I think this will bring something new for the financial system because all the transaction recorded in the blockchain and the banks will be more secure.

I think banks got disappear since bitcoin gives a lot of features and more benefits than banks. Cryptocurrency are mostly using sending money world wide without paying highly fee where banks applied highly tax and people afraid to paying it.