What would happen to banks?

[gezhid008]

I agree with you that cryptocurrencies will never take over the world, Banks will always exist, Banks are traditional financial institutions, and we cannot forget that Banks are commercial entities. The blockchain technology will co-exist with Banks in the future.

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[alex3.alex03]

I think that due to the growing popularity of cryptocurrencies, it is very profitable for banks to start using cryptocurrency. There are already news that banks are beginning to use cryptocurrency. If banks compete with cryptocurrencies, they can largely lose in profit.

[geberger]

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 my self move to bitcoin and close my all banks accounts. I am not willing to pay free taxes without any reasons. The future of bank seems bad.

[rafi035]

I always use banks for investment and saving money. banks can also be used to transact. saving is my asset for the future. Ripple has worked with many of the world's largest banks. I think blockchain technology will be used on the bank system in the future.

I agree with what you say in your opinion that in the future what might happen is good cooperation to produce an advanced economy and of course the best results for both parties

[tailwate07]

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

There is no need for all these, you don’t even know if Blockchain will be around till next two years or so. So stop saying what you don’t know and sharing duties like banks wouldn’t know what if such happens. By the way, you think the government is letting that happen? Lie that’s not going to happen, no way. Fiat is what we will continue to use. Things are good the way they are, you either choose to use fiat or cryptocurrency which is temporary, cause fiat is leading.

[cosmoo]

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 think that if cryptocurrency will capture our world, banks will adjust and come up with what they can do. That's all.

[bonammeo]

I think bitcoin will grow in the future, which means it will replace fiat. As such, banks are required to put crypto into their main fund, otherwise they will have to go bankrupt. The bank will change to accommodate changes in the market.

[ethereumhunter]

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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.

I don't think so, because as long as people still use the banks, then the banks will still exist. We can see that many banks in all country still operate and run their services, no matter if people use bitcoin or not. Yes, I agree that cryptocurrency helps us to send money to other people without paying a higher fee but still, we need the banks to save the money.

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I my self move to bitcoin and close my all banks accounts. I am not willing to pay free taxes without any reasons. The future of bank seems bad.

I think if you can use bitcoin to buy something in your real life, then you can do this. But if you cannot use bitcoin to do that thing, then how can you buy something? Do you use fiat or bitcoin to buy something for your daily life? It doesn't matter if you close all of your bank's accounts but the matter is how you convert your bitcoin to your local fiat if you don't have an account in the banks? Ok, maybe you can use your family bank account, so you can still use local fiat to buy something.

[cammie16]

I think bitcoin will grow in the future, which means it will replace fiat. As such, banks are required to put crypto into their main fund, otherwise they will have to go bankrupt. The bank will change to accommodate changes in the market.

It is possible to happen if bitcoin will be have support and acceptance to all the people all over the world or maybe 50 to 75% of the population. But I think it will take a lot of time.

[Rose119]

I think bitcoin will grow in the future, which means it will replace fiat. As such, banks are required to put crypto into their main fund, otherwise they will have to go bankrupt. The bank will change to accommodate changes in the market.

It is possible to happen if bitcoin will be have support and acceptance to all the people all over the world or maybe 50 to 75% of the population. But I think it will take a lot of time.

It's not only about the bitcoin, it's all about the cryptocurrency and blockchain technology. If this will happen banks can go with flow and adopt crypto to survive.

[Snaic]

Banks will exist at least as long as there is a state. Banks lend and service the economy of any country, and also serve the accounts of businesses and individuals. In fact, state banks have become part of the state structure. Therefore, they will not disappear anywhere. It is clear that banks will use blockchain technology in their operations and such coins as ripple to increase their efficiency. Also, banks will provide some services in cryptocurrency.

[Micerker]

Cryptocurrency is like stock, and this is a form of investment to make a profit. Cryptocurrency has too many shortcomings in online payments, so I believe governments will never accept it as FIAT so do not worry it will make Banks obsolete.

[A L I E N]

I don't think banks will become obsolete or neglected regardless of how much cryptocurrency becomes accepted in the future for certain reasons;

1. A huge percentage of the world still cannot or can barely use Internet banking facilities and features appropriately, how much more of a more complicated technology such as blockchain.
2. People will still need to make use of banks when cashing in on or buying their crypto assets
3. Cryptocurrency is more of an Investments structure due to its volatility (with no assurance on what the outcome would be), rather than a savings structure.
 ...and more so, should cryptocurrency be officially endorsed and accepted widely across the world, Integrating cryptocurrency into the present day banking system wouldn't be such a hard thing to do..  

Most of the big traditional banks will live and work for many years. I can even guess that some of them will start dealing with Bitcoin and some good stable cryptocurrencies. But I guess it will not happen so soon.

[Kiweikoo]

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

That will take long time. The rate at which the technology is spreading right now is very slow and there are technological efficient countries that refrain to give the technology to the rest of the countries for their own political reasons which is the reason we still have so many countries that do not even have the basic internet access.

SO what I want to say is that there is no impossibility in the fact that people will stop going to banks once the technology take over but we would have to wait for that time.

[KGBx]

I think that nothing critical will happen to them actually, even if fiat will stop existing banks will continue their reign with the use of crypto...if they are not already...

[Astermony]

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.

[Mihaylovic]

the aim of bitcoin based on blockchain technology is to decentralize the current financial system. their fight is against traditional banking system. because traditional banking system is getting profit by robbing people. i think if cryptocurrencies become more strong, banks will have to adapt in this tecchnology and give up the traditional ways.

[Chrisjay29]

I think bank will be close if the crypto will be known. Because if you see there is big different between bank and crypto thats why other people are now transfering to crypto because of high demand

[muddy waters]

Banks are still powerful institutions and I don't think they will be extinct for another several hundred years. Despite all the advantages of cryptocurrency, traditional banking is more convenient and understandable to most people that's why banking will be here.

[mcTether]

The banks are always going to be around us in spite of the cryptocurrency evolution. But the investments in savings and loans with the bank may drop considerably.