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nebiki
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October 14, 2018, 06:00:33 PM |
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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
of course it requires time and process if the bank wants to be close to Crypto. banks are only afraid of crypto because they are anonymous and nobody controls them. if the government is able to do it I think it will be a very good thing for the digital and real world. |
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rasp
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October 14, 2018, 06:05:42 PM |
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It is unlikely that crypto replaces banks - too many people, businesses and institutions got used to conventional banking and will countinue utilizing these services.
Crypto could become just an alternative to those who want a bigger control over their finance and more opportunities to play with investments.
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Akoldi_ibk
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October 14, 2018, 06:14:23 PM |
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Banks will remain relevant in the financial world. I only see them transiting from the norm to a blockchain driven platform — doing what they do now on blockchain technology. However, can they truly offer anonymity and maintain privacy?
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Semosuchi Tesongrato
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Rasputin Party Mansion
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October 14, 2018, 08:14:35 PM |
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Theoretically with the bitcoin - in the intentions of Satochi - the banks should disappear because they no longer have any reason to exist.
In reality they will not give up their power so easily, so they will surely find a way to regenerate themselves.
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paulspider
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October 14, 2018, 09:07:28 PM |
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All banks are susceptible to collapse since most people will like to invest all the monies they have accumulated into cryptocurrency than saving the monies at the banks where little interest will they get.
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ylnar123
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October 14, 2018, 09:10:09 PM |
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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
In my country, banks adopted to cryptocurrency. In fact they accept bitcoins to be converted to Fiat in their platforms. So you are right that banks rather adopt to cryptocurrency than being left behind by the new technology. |
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Sirait
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October 14, 2018, 09:44:08 PM |
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the average people who are in the banking business are smart people. so I'm sure in the future the Bank will start using Blockchain technology and issue their own cryptocurrencies because they are aware that the need for cryptocurrencies in the future cannot be opposed...
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zoeylee
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October 15, 2018, 01:21:15 AM |
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In my opinion, bank would still be bank as long as fiat money would be the monetary fund of the government.
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TheWalkingCoin
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October 15, 2018, 03:30:36 AM |
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When bitcoin become good investment for investor who have much money, I think bank is have more important way to get and make deposit with bitcoin investment. We have and need bank for getting our withdrawal and deposit money to bitcoin account.
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gokudera
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October 15, 2018, 04:54:28 AM |
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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...
Banks will not be more efficient as of the past decades until a new era of currency system comes up. Crypto currency can hold and store money up to a such amount also it is more secured than what bank does, in synonymous manner banks and the new upcoming crypto's can be encrypted so we need to be much understanding. |
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setialovers
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October 15, 2018, 07:49:10 AM |
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When cryptocurrency mass adoption happen, i am believe banks still survive and evolve their bussiness core. Banks have good infrastructure on finance and thats why economic growth depending on banks
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promich21
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October 15, 2018, 07:50:55 AM |
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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 see people are rapidly moving to bitcoin which mean they're moving there banks accounts to block chain or bitcoin wallets. I think in future banks will be exist but the use of banks will be decrease. |
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dmamigo
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October 15, 2018, 06:25:30 PM |
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Bank will still survive even after the legal adoption of this system, maybe the workforce will get reduced. Things will be based on AI and the other techs, like blockchain. But still bank or financial institutions will exist as I think a country will adopt crypto but totally based on there fiat currency, I mean to say they will create their own cryptocurrency.
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patarfweefwee
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October 16, 2018, 12:45:33 AM |
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I think banks will survive by making their own crypto currency to experience the slice of the so called pie. I'd guess they will alao create blockchains for lending and loans and back it up with assests they already have. I think banks will survive the transition of Fiat to crypto currency in the near future.
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Layers318
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CurioInvest [IEO Live]
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October 16, 2018, 12:51:05 AM |
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A lot of crypto users anticipate the collapse of Banks some few years to come because crypto is gradually gaining roots as the people become more familiar with its concepts and significance. The banks have got the complete backing of the governments, hence its complete collapse is far reaching. The banks will rather coexist with crypto and integrate cryptocurrency into its services in order to keep the interest of the people as Blockchain grows in significance.
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Pattart
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October 16, 2018, 02:07:38 AM |
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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. I don't think that the bank will experience deterioration and is replaced by Crypto. I don't think so, because the function of the bank is vital to the current world economic system, and it will not be changed only because of cryptocurrency. I know crypto will be increasingly popular, but it will not shift the banks.. |
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Wete
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October 16, 2018, 04:22:43 AM |
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The bank is the main facility for someone to save, invest, borrow, etc. I think the bank will still survive and it is difficult for Crypto to replace the bank, although crypto cannot be denied at this time.
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jademaxsuy
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October 16, 2018, 04:37:01 AM |
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Business as usual. Banks are not there just to help its client for a convenience but banks are also deducting transaction fees for their service. This is why OP has seen in his/her post regarding on the banks. Anyway, whether we like this banks or not still we need their service for the safety of our money. Cryptocurrency could help as an alternative replacement for the banks service but there is no absolute that cryptocurrency could replace banks service.
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Rustamm
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Merit: 18
Bitcoin lover!
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October 16, 2018, 05:05:39 AM |
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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.
Yes, I agree with you. Banks are now actually part of the state and serve the economy and the implementation of the country's budget. Therefore, nothing will happen to the banks. They will continue to work successfully and will always have their clients, since they will always serve the accounts of business structures. After legalization of cryptocurrency by the state, banks will also provide various services in cryptocurrency. |
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resty
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October 16, 2018, 06:00:38 AM |
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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
All different types of business of the bank will be shutdown if bitcoin become primary use and source of currency but it is most probably continue being as a part of business of bitcoin as long as it is still usable for cash out if ever bitcoin machine are limited to the area. |
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