What would happen to banks?

[Ayiranorea]

Op has stated few things for which the banks will continue its service. Those were really the services provided by the banks, now the same services were possible through cryptocurrency. As everything is decentralized there is no authority to be questioned if some flaw happens in between. Upon trust we need to move forward, and here technical knowledge is a must while there are people to help in banks. Banks usage will continue, maybe there will be integrated usage in the future.

[wade1823]

I agree with your opinion, although the future of crypto or digital money is growing, will not interfere with existing conventional money law, now that the countries that have legalized crypto in his country remain money Many of the services used as a buying and selling tool, because Crypto is more likely to be suitable for investment tools.

[Ozero]

Just do not say that the entire banking system will be replaced by Bitcoin.  This is ridiculous.  We raise that even Bitcoin is not enough for all people, because its quantity is limited.  Perhaps Bitcoin will remain a valuable asset for a certain circle of people, as a cryptocurrency community.

The banking system will exist at least as long as the state exists, because it is part of the state. Even in its current form, banks can safely engage in their activities, regardless of the appearance of cryptocurrency. However, they will use new technologies if it is economically profitable for them. In particular, they will use blockchain technology, since the SWIFT system they use is already too outdated.

[senin]

Just do not say that the entire banking system will be replaced by Bitcoin.  This is ridiculous.  We raise that even Bitcoin is not enough for all people, because its quantity is limited.  Perhaps Bitcoin will remain a valuable asset for a certain circle of people, as a cryptocurrency community.

The banking system will exist at least as long as the state exists, because it is part of the state. Even in its current form, banks can safely engage in their activities, regardless of the appearance of cryptocurrency. However, they will use new technologies if it is economically profitable for them. In particular, they will use blockchain technology, since the SWIFT system they use is already too outdated.

Totally agree with you. Nothing bad will happen to banks and cannot happen. They are actually part of the state system and therefore the state will protect them from any threat. However, cryptocurrency does not pose any threat to banks. Surely in the future, banks and cryptocurrencies will successfully cooperate with each other.

[princeyeboah]

I believe Banking will enter a new phase where Blockchain integration will be a part of it. It has already started with some Banks whereas some new cryptocurrency projects like HubrisOne and Amon offers Banking services. Future banks will integrate cryptocurrency into their services.

[vian30]

if we think that saving is wrong, but that does not apply to me because I always use the bank for investment and save money. banks also have the advantage that they can be used for transactions. and saving is my asset for the future. . hopefully blockchain technology will be used in the bank system in the future. still struggling

[bitbunnny]

Banks will be not run out by cryptocurrencies but they will modify their business. With time they will implement blockchain technology, at least in some limited scope and also begin to offer crypto related services to their clients. I think that is the future.
But cryptocurrencies will not replace banks and banking, if still someone thinks that and banks will continue to exist in their essential role.

[Genamant]

The government and banks lost the fight the moment Satoshi wrote his white paper.” ~ John McAfee
I think Banks are absolutely terrified of Bitcoin and what is has to offer. Its either theyll be phased out or include crypto in the banking industry.

[conected]

Banks will be not run out by cryptocurrencies but they will modify their business. With time they will implement blockchain technology, at least in some limited scope and also begin to offer crypto related services to their clients. I think that is the future.
But cryptocurrencies will not replace banks and banking, if still someone thinks that and banks will continue to exist in their essential role.

- The bank's range and standing has been expanded for a long time and has a good reputation in society, crypto as a stranger will be difficult to compete in this position but perhaps the trend will grow as you expect, banks will deploy activities that involve crypto just because it is the future of the community. And the role of the bank in the future will be more important than ever when it is working and holding not only fiat and cash, it will hold more crypto, this is a special asset that can increase the growth of the bank.

[Pab]

I hope Banks will be more fair to his customers and technology will improve his service
Lower costs faster transactions etc
There is interesting idea  what is even supported by Madame Legarde what is limit banks to only financial service.Limit or even ban banks from money creation
Banks have now incredible power in economy where debt became money
To big to fails is rule what is against free market rules
Banks creating crisis's customers money are rescue them and like a result customers and small business have financial trouble or even bankruptcy
So i think there is something to do on that field

[TIDOVEE]

Before bank can ever be out of relevance, crypto currency must have been manifesting general acceptability as a medium of exchange. And even at that, I think there will still be those who will be incharge of supplying the fiat or like an ATM for those who will need physical transactions and before this will be achieved universally, it will take some time.

[Kez1817]

Banks has a great contribute to our economic system.Banks will remain stable and progessive even bitcoin continue to become popular and useful in many ways. Even though bitcoin is a digital currency who knows banks can used it for their investment in the future or they will use crypto to attract more people to engage and use banks. Banks already know the modern technology used in cryptocurrency and there is a possibility that banks accept crypto in the future.

[jakoylantern]

Banks has a great contribute to our economic system.Banks will remain stable and progessive even bitcoin continue to become popular and useful in many ways. Even though bitcoin is a digital currency who knows banks can used it for their investment in the future or they will use crypto to attract more people to engage and use banks. Banks already know the modern technology used in cryptocurrency and there is a possibility that banks accept crypto in the future.

Yes, I agree banks will continue progressing even bitcoin become very popular because banks are a part of the economy. Yes, it's been ten years seems bitcoin more ap to the world and this issue is repeating, I think some most banks are still analyzing the possibility of accepting bitcoin, and yes banks already know the modern technology. I think they are just waiting if their government will inevitably legalize bitcoin as a new form of currency so that they can introduce it as they new improve.

[spike420211]

I don’t think it’s profitable for banks to issue loans in cryptocurrency, except at a huge interest. Indeed, in the event of a running race, those who took out a loan will be able to repay it very quickly and remain at the same time in a big plus, I do not think that banks will allow this. Most likely the course will be fixed. But this is all of course guesswork.

[Klausi]

The government and banks lost the fight the moment Satoshi wrote his white paper.” ~ John McAfee
I think Banks are absolutely terrified of Bitcoin and what is has to offer. Its either theyll be phased out or include crypto in the banking industry.

That's for sure they are terrified. Bitcoin and all of the cryptocurrencies doesn't need a bank, we have hardware wallets, online wallets, and portfolio's to store our treasures, I don't trust banks because they are stealing our money in their own way, and most of you guys didn't even know about it and still saving your money on your bank account, goodluck to that. I'm sure that cryptocurrencies will never let banks take advantage of them, even if bank's successfully do it, I would never trust my cryptocurrencies to them.

[Tylev]

I don’t think it’s profitable for banks to issue loans in cryptocurrency, except at a huge interest. Indeed, in the event of a running race, those who took out a loan will be able to repay it very quickly and remain at the same time in a big plus, I do not think that banks will allow this. Most likely the course will be fixed. But this is all of course guesswork.

I don't think that the banks will issue loans through cryptocurrency because with the volatility of the cryptocurrencies in the market right now it is not a worth it type of action for them. If ever that they will think about getting into cryptocurrency, they will just stick with their traditional way of being a bank which is accepting deposits with slightly higher interest and using those cryptocurrencies to make more money faster than the fiat currency.

Of course, banks in relation to cryptocurrency will only do those operations that will be beneficial to them. With the exception of the exchange between ordinary currencies and cryptocurrency, other banking activities with cryptocurrency will be for them a high risk zone. Banks do not like to take risks. They have many relatively calm and reliable ways to make a profit. Therefore, I am also sure that banks will not engage in the issuance of loans in cryptocurrency.
Also, cryptocurrency does not pose any threat to banks; in the future, although they will compete, they will nevertheless be forced to coexist.

[DaftAjax]

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.

1) I would agree on banks investing in cryptocurrency eventually, but it's only and only for the Banks and not with the clients.
2) This I can see in the future, banks being intermediary between clients and the blockchain, like any other online exchange. Could be very convenient for the mass.
3) I'm skeptical about this. It's very risky to use Cryptocurrency as Medium for Loans. Also, this is what the majority of people disliked, being centralized.
4) I'd rather save my Cryptocurrency on my own storage rather than "entrusting" my money to a third party who by the way will probably have access to my personal information. And the worse thing that could happen is being stolen by hackers.

[mazdafunsun]

The bank disappearance is a very wide spread misconception in crypto community and especially in this forum.
As the author of this thread mention there are several function of banks which can not be replaced by cryptos that easy or even ever.
On of the most important operations is loans which are complex and involves a variety of laws  and this is why banks will never disappear. 

[whyrqa]

I don’t think it’s profitable for banks to issue loans in cryptocurrency, except at a huge interest. Indeed, in the event of a running race, those who took out a loan will be able to repay it very quickly and remain at the same time in a big plus, I do not think that banks will allow this. Most likely the course will be fixed. But this is all of course guesswork.

Can you tell how many percent of the total number of people on the planet use cryptocurrency now and how many people will use it in 10 years?  The community of cryptocurrency users is still very small and I doubt very much that banks will issue loans in cryptocurrencies to ordinary people, because it will not be oil of character and no one will rebuild the entire financial system of banks for this.  Nevertheless, banks will be able to very actively use cryptocurrency for cooperation with big business.

[Flor1982]

All people are still depending on paper money that even its been a while now since Bitcoin existed but still most of us are preferred to use the money. In fact most of us are in this crypto environment is because we want to earn more fiat therefore if we continue to appreciate the existence of money then the banks will be always here for us.