What would happen to banks?

[Gabteb]

Its a very difficult question as all economy in the world was made on it so just cut of them with crypto is very difficult we have a big way to go until crypto can be instead of banks and their options and maybe most of that options will not be needed in future.

[Twinkledoe]

quite simply, if many people who begin to know the benefits of storing their assets in cryptocurrency can be safer, can be more profitable and can be saved without a monthly tax, it will make the bank afraid of losing its customers.

Broadly speaking, what you say is true, but it all depends on the government and all the currency developments are dependent on the legality and the investors themselves become banks and crypto currencies in the hands of the government.

Such scenario is a long long way down the road. And I don't see it in our horizon yet. The existence of banks will still be here as long as many of the problems dealing with crypto is not yet fully addressed. Crypto is a very high risk investment. Though it resolves issues of speed of transaction and fees involved, yet, we are not ready to embrace it fully in our daily living. The traditional banking system will not be phased out anytime soon.

[syaripudin]

quite simply, if many people who begin to know the benefits of storing their assets in cryptocurrency can be safer, can be more profitable and can be saved without a monthly tax, it will make the bank afraid of losing its customers.

Broadly speaking, what you say is true, but it all depends on the government and all the currency developments are dependent on the legality and the investors themselves become banks and crypto currencies in the hands of the government.

Such scenario is a long long way down the road. And I don't see it in our horizon yet. The existence of banks will still be here as long as many of the problems dealing with crypto is not yet fully addressed. Crypto is a very high risk investment. Though it resolves issues of speed of transaction and fees involved, yet, we are not ready to embrace it fully in our daily living. The traditional banking system will not be phased out anytime soon.

we always need a banking system for the finance that we have. although cryptocurrency can facilitate all transactions and even avoid taxes, the government certainly will not remove the traditional banking system. in the future these two technologies will continue to be developed and received special attention by the government because they will always be needed by the community

[Hemady17]

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. A perfect example of this is Japan. Cryptocurrency did not consider by the government as a threat. Instead, they legally adopt it and be a legit form of payment. I salute how they become opened for this change. No wonder Japan is a developed country.

[otong]

Nothing will happen, they will still works as always but only if governments will want to change something then yes something will change but until then nothing will happen.

banks and governments cannot be separated as possible as along with the development of the era and technology banks will also follow the system and the government will also support the development of banks in my opinion like that

[Rufsilf]

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...

I agree, as technology evolve some business may become obsolete and same goes to banks that is why some business for example Visa is starting to adopt to cryptocurrency and they try to incorporate it with their services for them to survive once the technology will be embraced by most people in the world.

[Duzter]

Banks have been facing massive loss after the existence of cryptocurrencies. This is all because of the increased usage of bitcoin into large volume transactions which once took place through banking services fulfilling steps of instructions and increased charges. This is the core reason for the opposition from banks, and they weren't against technology. Some countries have begun to adopt blockchain technology, and the same might make a change as they can set themselves to provide aeev similar to cryptocurrencies in the later years.

[Janation]

banks and governments cannot be separated as possible as along with the development of the era and technology banks will also follow the system and the government will also support the development of banks in my opinion like that

It will never separate.

That is one of the bodies that will never be separated for a long time. Decentralization will not be a thing for the government but in the future, while the internet is little by little eating our world, it will be developed and will be more sought by the government and the people. Internet age will come, decentralization will be inevitable and I know banks will cope up with this.

[quality.crypto]

Nothing will happen, they will still work as always but only if governments will want to change something then yes something will change but until then nothing will happen.

banks and governments cannot be separated as possible as along with the development of the era and technology banks will also follow the system and the government will also support the development of banks in my opinion like that

Yes, you are right, now we have completely depended on technology in which many cases we are using technology-based equipment and in the same with the way, If they find potential in blockchain and it will really help the blockchain technology to Banks, then definitely governments and banks will implement those.

[betty11]

Banks will still be very much around and they are going to better position themselves for the task ahead because they know their war against cryptocurrency is a long lost battle. Maybe some of the banks will become a crytocurrency custodian, they will start leading out again.

[acroman08]

Nothing will happen, they will still works as always but only if governments will want to change something then yes something will change but until then nothing will happen.

banks and governments cannot be separated as possible as along with the development of the era and technology banks will also follow the system and the government will also support the development of banks in my opinion like that

I agree, a new kind of bank might appear and caters to the needs of cryptocurrecy users. but these kind of banks will most likely be supervised by the government if they ever decided to operate. the government supervision is to regulate the incoming and outgoing transactions to prevent any unusual activities that might enter the country they are operating to.

[XFlowZion]

There will be a sure massive layoff in the banking industry. I can compare to what is happening to videogames stores or toy stores is going to happen to bank. The leading toy store has already closed while popular videogames stores are losing more than 90% of their sales because of games going digital. A lot of people will choose to keep their crypto even banks offer good conditions in the future because we all know how banks are very smart on making charges on everything.

[Mike Mayor]

Nothing will happen, they will still works as always but only if governments will want to change something then yes something will change but until then nothing will happen.

banks and governments cannot be separated as possible as along with the development of the era and technology banks will also follow the system and the government will also support the development of banks in my opinion like that

I agree, a new kind of bank might appear and caters to the needs of cryptocurrecy users. but these kind of banks will most likely be supervised by the government if they ever decided to operate. the government supervision is to regulate the incoming and outgoing transactions to prevent any unusual activities that might enter the country they are operating to.

This is exactly what I was thinking. It will just hand over power to the government. We should have privately owned and run decentralized banks. After all banks are used to protect/store our money.
I don't see why banks would use crypto since you are your own bank using it already. If it was because of earning interest or taking loans then it is a different story. THough that is the nature of how banking works anyway. I am saying it is only because of that reason (bank loans or interest earned) otherwise a bank wouldn't use crypto and people wouldn't either.

For crypto users, the only thing the bank can offer is interest on what they deposited. Crypto users don/t need a "safe" place to keep their money as you need with fiat.

[Rounaksarkar]

Yes, we get all these benefits from the bank but if we look at the other side of the bank, we will see that a customer gets a lot of benefits from a bank's CSP ID. For example, this AEPS Withdrawal, Account Opening, Recharge, Balance Inquiry, etc.

[syamster]

Nothing will happen, they will still work as always but only if governments will want to change something then yes something will change but until then nothing will happen.

banks and governments cannot be separated as possible as along with the development of the era and technology banks will also follow the system and the government will also support the development of banks in my opinion like that

Yes, you are right, now we have completely depended on technology in which many cases we are using technology-based equipment and in the same with the way, If they find potential in blockchain and it will really help the blockchain technology to Banks, then definitely governments and banks will implement those.

Yes it is modern age where almost everyone is depending on technology so we should try to involve yourself with these market changes, blockchain is huge name which is now valuable to store your investment, it is safe system which helps the investors and money keepers to keep their money away from hackers and scammers.

[Wellyan]

quite simply, if many people who begin to know the benefits of storing their assets in cryptocurrency can be safer, can be more profitable and can be saved without a monthly tax, it will make the bank afraid of losing its customers.

it might happen if the country legalizes crypto currency into a currency that can be used officially as the currency that applies if the country refuses to be sure the crypto currency cannot do anything

[reality18]

The fate of the banks is quite clear from the way cryptocurrency is emerging gradually. Cryptocurrency works in favor of the people and once the people get to know more about the benefits of cryptocurrency, its adoption will eventually increase. The banking services will be less patronized and this will force the banks to integrate cryptocurrency into their services in order to stay in the game of finance.

[costanos02]

Banks remain on top because majority of people invest in bank than cryptocurrencies, they prefer small or low amount in returns to their investment as long it is constant. Crypto is also good no question about it but some practical people do not like investing crypto because of its characterestics, cryptocurrencies price is not stable, as a result they have a doubt.

[globalpain]

the government will still validate the bank as a financial channel, crypto can be traded anywhere but this can be synchronized if the bank also requires active use of the wallet integrated with it. Many things will change and the government must be obliged to revolutionize the new system in front of their era.

[rose9696]

the government will still validate the bank as a financial channel, crypto can be traded anywhere but this can be synchronized if the bank also requires active use of the wallet integrated with it. Many things will change and the government must be obliged to revolutionize the new system in front of their era.

I don't think they will need to adjust or revolutionize the new system. Because in the future, transactions between crypto and banks will soon be transparent and governments will be easier to control.
or if investors want to launder money in another way, I still think that governments cannot control that money because transactions are without intermediaries.