What would happen to banks?

[Vinz1978]

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

Actually, all of the mentioned statement you gave was true. The existence of banks in my perceptions will continue to run and do the services what they had started, if some other banks can have a capacity to accept crypto currency why not the other banks can do the same things. Like what I had read in some books which is " If you can beat them, join them " 

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[gonzadz77]

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 only those people will use banks who will not aware about bitcoin and crypto currencies. Banks are under control of government so they'll try their best to take bitcoin down. The future seems not looking bright of banks.

[melfwaz]

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.

In my opinion banks will have to accept cryptocurrency for their survival. If they do not use crypto in the future, they will disappear from the markets, because people are withdrawing their money from their bank accounts and putting in banks because banks use people’s money for themselves and give nothing or very small profit to customers.

[jetteodo]

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.

When a cryptocurrency exchange me all the facilities of keeping my money safe, transactions and easy withdrawal, then I do not need any bank for my money. When the local markets start accepting cryptocurrency and people nearby use their cryptocurrency in their local markets, the role of the banks will finish and it will be difficult for them to survive, eventually they will start crypto trade.

[nak02]

Well I guess still on duty because Banks are anti scam of all. Because they hold fiat, no one can scam about that. Depends if they know the location or breach it. But banks still remain in the economy in our worlds.

[leavolnhals]

I think banks will take advantage of blockchain technology to cooperate or they will use blockchain technology to serve the people. This is really a great technology but it is not being utilized in the right place. It is being exploited and I hope in the future there will be many big businesses paying attention to it.

[joebrook]

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.

There is no way that cryptos are going to make banks irrelevant in the years to come, Banks are very essential in the economy of every country and there is no way that any government will allow the banking sector to collapse considering the how it's going to impact the economy.

[Brunusmagnus]

If the bitcoin in its original form became the official world currency, theoretically the banks would no longer have reason to exist.
In practice, they will hardly cede their power, and simply will invent a series of services to continue to cheat and rob customers ...

[0xBitcoins]

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.

I think bank will always be there just there way of trading will change. In the future banks will have to accept and trade in cryptocurrency; otherwise they will have to shut their door forever. Cryptocurrency is mandatory for their survival and they would never let their business crash. Banks play a vital role in our society and provide financial services to its customers.

[ict]

In my opinion. if crypto currency has been inaugurated in all countries and can be applied and used by everyone. then the bank will participate using the crypto currency as an existing currency option. bank functions will remain the same as in general. and banking activities will remain the same, only the difference is the currency used. originally using concrete currency it will switch to using digital currency. and banking activities will be easier and more efficient.

[breathlessz]

In my opinion. if crypto currency has been inaugurated in all countries and can be applied and used by everyone. then the bank will participate using the crypto currency as an existing currency option. bank functions will remain the same as in general. and banking activities will remain the same, only the difference is the currency used. originally using concrete currency it will switch to using digital currency. and banking activities will be easier and more efficient.

right, crypto currency will be a companion to fiat currency. and certainly will not be able to replace fiat currency in the short term. we just wait for what kind of policy will be after government legalizes it

[joyclicks]

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. 

It is right that crypto exchanges are going to eliminate banks from the world but it is not so easy and will take long time. I am sure that in the future banks will start exchange in cryptocurrency because people will use only cryptocurrency and all other currencies in the world will disappear from the market and fiat as well. There would be no need for fiat in the far future.

[posi]

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. 

It is right that crypto exchanges are going to eliminate banks from the world but it is not so easy and will take long time. I am sure that in the future banks will start exchange in cryptocurrency because people will use only cryptocurrency and all other currencies in the world will disappear from the market and fiat as well. There would be no need for fiat in the far future.

You're right cause there's possibility for crypto exchanges site to overthrow banks but if banks could upgrade their services and crypto currencies to their system services then there chance for them either to still be in business. Remember, some banks are working with ripple.

[stiffbud]

Bitcoin progress and profit always affect banks progress and profit and because of this many country ban cryptocurrency in their country. Bitcoin provide its user safe, secure and fast transaction facility and also take low transaction cost from them and transaction through bitcoin are also uninterrupted and untraceable too and because of this many people use cryptocurrency like bitcoin instead of bank. And these things ultimately put negative effect on banks progress and profit.

[santiPOGI]

Banks will move up, they can't do anything with blockchain and cryptocurrency.
Banks will never commit a closure on their property.
they will join the movement and will adopt the new technology in currency soon.

[redsap]

well i think the banks function will devaloping into crypto tech, or banks will going back like the old ways of bank using as an saving place to store money and withdraw or maybe still having function of mortage for people

[cybernetik7]

Blockchain technology will take place of traditional bank system. Since this technology brings many advantages people start to use crypto.

[akram143]

Blockchain technology will take place of traditional bank system. Since this technology brings many advantages people start to use crypto.

Yes blockchain technology will definitely take a changes in the economy and the uses of bank so it will definitely affect banks and other economical resources came out of the government that's why they don't accept it legally till now.

[Harrisonimo]

There is the normal saying that, "if you can't beat them, join them". The banks all have the option of incorporating/adopting the blockchain and cryptocurrency modus operandum into theirs to facilitate operation and also make them ready and relevant for the future.

[yanesna3]

Well, as soon as the cash is not supposed to vanish even when the cryptocurrency will be used everywhere widely, the banking system will be working also.