What would happen to banks?

[trickyriky]

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.

As I see it, the banks will work as before. probably, nothing will be changed. Yes, they will know about the cryptocurrencies and even (maybe ) use them but it will not affect their main activities.

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[margaret22]

Good list, and sure, they could do all those things, but the question is, if they truly will. Can they be a true competitor to new, innovative companies, or they just vanish, like many giant companies in the past.

[Globalbitcoinl]

it is easy for banks to adopt blockchain technology and conduct services with it, while forcing his cryptocurrency

[trauchot]

Nothing would have changed, because people worked with banks and will work, for people this is the most reliable place to get money and storage money, so I think cryptocurrency will simply become more popular if this happens, and banks will not go anywhere.

[tanxpresisit514]

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

So far the bank has a monopoly on financial transactions because there are no other choices. Now with the presence of cryptocurrency, payment of financial transactions does not need to use banking services anymore but can be directly peer to peer to the recipient's wallet in a short time and at a lower cost. So people have a choice whether to use a bank or cryptocurrency.

[jonaire99]

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.

Agreed sir, banks will survive the popularity of cryptocurrencies because they will continue to be supported by many merchants and ordinary people. Majority of the people will going to prefer banks because even it is not profitable like the cryptocurrenciess, it is less risky. But the banks can upgrade their services digitally and eventually they will adopt blockchain in the future.

[Snaic]

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.

Nothing happens to the banks anyway. They were, are and will be as long as the state will exist. Even if the banks did not work with cryptocurrency, they would still feel great. Cryptocurrency will not have such a serious impact on the financial activities of mankind, as many imagine it. Cryptocurrency will always have a secondary role compared to the usual currency and will never replace it. It will be used primarily by citizens, and not by states and their bodies. Even business structures are unlikely to massively use cryptocurrency due to its high volatility and poor documentary evidence of ongoing transactions before tax services and audits. Still, banks are better suited for business structures.

[mapofgordious]

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.

Trust me they are going to stay longer than you think. They are the government institutions and government control inflation by using the tool of the monetary policy. In case of Bitcoin, government might not be able to do that.

[Crafts12]

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 agree to your point. The banks will have a choice it is either they adopt or totally end their business. In my opinion, I think it is the former. In order for the banks to be still at run, they would rather adopt the cryptpcurrency and learn the block chain technology than let their business goes down. They will do anything just to keep going.

[Seeker#9]

The banks will continue to exist even cryptocurrencies are get their full adoption. They will never become obsolete and they will likely to evolve to a modern banking system to be at par with the cryptocurrencies. The blockchain technology is not only limited to some industries and services, it can also be use by banking sectors to modernize their systems. They can also create their own cryptocurrency or token so the people can have a wide choice in what kind of cryptocurrency they will going to use.

[niublity]

Banks will not be outdated. The success of cryptocurrencies does not lead to the demise of traditional currencies. The cryptocurrency should coexist with the traditional currency. The appearance of cryptocurrencies does not affect the bank. Please don't underestimate the bank!

[sgenuine]

The banks will continue to exist even cryptocurrencies are get their full adoption. They will never become obsolete and they will likely to evolve to a modern banking system to be at par with the cryptocurrencies. The blockchain technology is not only limited to some industries and services, it can also be use by banking sectors to modernize their systems. They can also create their own cryptocurrency or token so the people can have a wide choice in what kind of cryptocurrency they will going to use.

Yes, the banks will live and work, and they will do it even better than before. Most of these institutions will use the blockchain technologies, and I can admit that some banks will work with Bitcoin.

[mdgabrielzim]

Banks will never cease to exist but if crypto gain strength banks will lose their market power and their functions will be greatly reduced.

[bohr]

Banks will never cease to exist but if crypto gain strength banks will lose their market power and their functions will be greatly reduced.

It is interesting but banks are already losing power, not to cryptocurrencies but to other business that are offering services similar to them, in my country almost every big store now offers credit to their clients and the payments go directly to them and they are not using any bank at all for those services while in the past you needed to be a bank to provide any kind of credit.

[pragna]

Actually nothing will happen when cryptocurrency will vast. There are changes in very sector in every time as well as modernization also. So cryptocurrency may be modern technology of trade, investment, transaction and so on. When new technology will come banks will adopt with it and make policy for crypto currency. So nothing to worry here.

Thanks.

[Rooster101]

Banks can easily upgrade their system and services to meet the challenges of modernization brought by the blockchain technology and the cryptocurrency. Many banks especially in the wealthy countries are already using cashless transactions and might even issue their own virtual currenyin the future. With these capabilities, banks will always be there even the cryptocurrencies are getting popular in the coming years.

[Snaic]

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.

Banks would continue to exist even if they refused to accept blockchain technology and use cryptocurrency. Banks, and first of all state banks, are part of the state and carry out various specific functions in servicing the state and its economy. Therefore, the state will always protect the existence of banks with all available means.
However, the banks themselves will use and already apply the blockchain technology, and above all this can be seen in the example of the ripple coin, and will also, at a minimum, provide fiat cryptocurrency exchange services.

[Duzter]

Banks will always serve as the primary transaction support system, though cryptocurrencies were highly advanced compared to the banking people find it difficult to use. In this way bitcoin along with other cryptocurrencies will serve as the secondary or alternate solution for transaction and other financial services.

[mariah.sadio]

I agree with your thought. Banks have many different and unique ways to adapt a currency. If ever cryptocurrency replaces fiat currency, banks will only just make cryptocurrency be used as their primary money that will be debitted and creditted to the account of their clients. It can also be used as investment.

[chairmanMao]

Due to the birth of cryptocurrency, banks will undergo tremendous changes. Many industries in the future will be subverted, the banking industry will become more convenient, and the insurance industry may be free. All of this is possible in the future, and the world economy has entered a new beginning. Death represents a beginning, and perhaps the financial crisis will soon erupt.