What would happen to banks?

[randegibran]

Investment on the Bank just giving little profit and investing money in bitcoin or altcoin getting much profit but have faced with big risk when bitcoin or altcoin price dump, how ever bank and bitcoin investment have positive and negative side, ready your self before take one of them.

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[akeda]

Perhaps the biggest question I have is? Is it possible if crypto will be used worldwide and reimburse the Bank? Of course, I think that it is very difficult. I always thought that as in my country that the government clearly stated that Bitcoin could not be a currency and should not be used as a means of payment.

So the Bank certainly will not happen anything and will continue to run as usual.

[Magkirap]

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! What banks need to do is to adopt. Like what you have mention a lot of business are adopting the changes in the society so that they can survive. Banks must apply what entrepreneurs do, they are keep on innovating and upgrading their products base on the society, they are continuosly adopting their environment so that they will not extinct.

[Heimer]

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! What banks need to do is to adopt. Like what you have mention a lot of business are adopting the changes in the society so that they can survive. Banks must apply what entrepreneurs do, they are keep on innovating and upgrading their products base on the society, they are continuosly adopting their environment so that they will not extinct.

Banks don't want to adapt to current changes - their whole business model is built on taking fees from everything that you're doing and interests rates. If banks would allow you to store crypto on your account they wouldn't take fees from you because they can't control crypto networks

[Pinkris128]

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

Many people says that banks would have some take advantage when it comes to cryptocurrency because this would become there platform to earn some money, and that will circulate to the entire economy system of one country.Banks will become the platform of many people for there savings. This would be their pocket to hide and keep theit bitcoin and if they need them, they would easily withdraw some money out of the banks.

[DaftAjax]

It will be really impossible for banks to be replace by cryptocurrency because banks are supported by the governments as well as fiat currency, and banks have been existed for too long than cryptocurrency, that is why there are less chances for banks to be obsolete if cryptocurrency will start to take over the world.

He's not talking about replacing banks or making banks obsolete, but he's talking about banks getting forced to adopt cryptocurrency into their system as their medium besides fiats. He's saying that banks in the future will co-exist with cryptocurrency, and will offer different options just like a traditional bank.

Which by the way makes no sense imo. A centralized system adopting a decentralized system and trying to manipulate bits of it to be centralized is utterly ridiculous.

[meliodas]

It will be really impossible for banks to be replace by cryptocurrency because banks are supported by the governments as well as fiat currency, and banks have been existed for too long than cryptocurrency, that is why there are less chances for banks to be obsolete if cryptocurrency will start to take over the world.

He's not talking about replacing banks or making banks obsolete, but he's talking about banks getting forced to adopt cryptocurrency into their system as their medium besides fiats. He's saying that banks in the future will co-exist with cryptocurrency, and will offer different options just like a traditional bank.

Which by the way makes no sense imo. A centralized system adopting a decentralized system and trying to manipulate bits of it to be centralized is utterly ridiculous.

It can still happen that a centralized type of banking will include decentralized cryptocurrencies. How? By following the demand because there is already a lot of institutions that are accepting cryptocurrency and we all know that those institutions are putting their money in the bank to be safe and once the bank observed that there is a lot of cryptocurrency flowing in their economy then they will be forced to accept cryptocurrency as one of their accepted currency.

[maman567]

Bank keep exist because without bank we can cash out bitcoin with cash money, bank and bitcoin have special connection each other and we can lost one of them bitcoin or bank, we have support bank to be exist to cash out our money.

[BartS]

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. 

While it is true that bitcoin cannot easily replace the functions of banks especially when it comes to loans, at the same time in my opinion the economy has too much debt so I do not know how useful it can be in an economy filled with debts to issue even more loans, it is important that the economy moves away from this, if this cannot be done then an economic crisis will appear soon enough and at that point bitcoin despite its problems will begin to replace banks.

[boltz]

Banks are joining the party so don't worry about them as they won't go anywhere. You think that if Bitcoin goes to 100k$ , bitcoin will disappear ? This won't happen because the percentage of people using Bitcoin are so low compared to percentage of people using banks and this won't change even in 10+ years.

What will truly happen with banks will be the fact that most of them will implement the blockchain tech and they will migrate to coins like ripple which I hope will not be the case as ripple could bankrupt the investors any time.

[FlightyPouch]

Investment on the Bank just giving little profit and investing money in bitcoin or altcoin getting much profit but have faced with big risk when bitcoin or altcoin price dump, how ever bank and bitcoin investment have positive and negative side, ready your self before take one of them.

Why would I ever worry about putting my money in the bank? Robbery? I don't think they have that weak of security. Banks give a small profit based on the money that you have in your account. We should not even compare these two since if you will be talking about investment, I will obviously go with bitcoin and other crypto currencies, not the bank with that faucet profit.

[meliodas]

Investment on the Bank just giving little profit and investing money in bitcoin or altcoin getting much profit but have faced with big risk when bitcoin or altcoin price dump, how ever bank and bitcoin investment have positive and negative side, ready your self before take one of them.

Why would I ever worry about putting my money in the bank? Robbery? I don't think they have that weak of security. Banks give a small profit based on the money that you have in your account. We should not even compare these two since if you will be talking about investment, I will obviously go with bitcoin and other crypto currencies, not the bank with that faucet profit.

Banks are the worst place to go in aspect of putting your money because once you put your money in the bank then you are losing the value of your money because of the very low interest and with the inflation, it will just be eaten by the inflation rate. It is indeed good to just put your money in cryptocurrencies since they have a higher yield of opportunity for your money to grow.

[Btcvilla]

Although many people keep and move money become bitcoin investment assets but bank keep need by investor to withdraw their bitcoin become cash money, without bank how to withdraw bitcoin to be cash money. Bank keep exist with money cash out by bitcoin investor depend on how much bitcoin they have.

[ReiMomo]

Although many people keep and move money become bitcoin investment assets but bank keep need by investor to withdraw their bitcoin become cash money, without bank how to withdraw bitcoin to be cash money. Bank keep exist with money cash out by bitcoin investor depend on how much bitcoin they have.

You can still withdraw your fiat with remittances not just only by the bank. The best thing they need to do is to adopt the blockchain the technology behind the cryptocurrencies to gather more investors because if they don't do that, they might dropdown. There are already many people who are investing in bitcoin rather than saving their money in the bank and earn an only a small amount of profit or interest. Without a bank, we can still have withdraw our fiat, but I personally glad to know if someday banks and the cryptocurrency will help each other with the same goal.

[FlightyPouch]

Banks are the worst place to go in aspect of putting your money because once you put your money in the bank then you are losing the value of your money because of the very low interest and with the inflation, it will just be eaten by the inflation rate. It is indeed good to just put your money in cryptocurrencies since they have a higher yield of opportunity for your money to grow.

Not all people would be putting all of their money into crypto currencies. We are all aware of how volatile these are, and you should have a place or a way to keep your money safe, and you can't always do that on your own. I am talking about the money you will be needing in the future, the one you are saving, some would say that they invested it in crypto but I didn't. I saved that into my bank account, not because I am hoping that it will be giving me profit but because accidents and emergencies don't pick a time, they are unpredictable and inevitable.

[Xxmodded]

How ever bitcoin become popular around the world but investor or trader of bitcoin have use bank for cashing out bitcoin for the money, without have bank how to buy some thing in our live using money when bitcoin still not legal transaction payment, I always cash out my bitcoin balance to the bank and keep hold it for using with many transaction.

[Colt81]

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 own point of view, i think it would be impossible for banks to be obsolete because i go to banks when i am cashing out my bitcoins, that is why banks are also important in cashing out our crypto because not every stores accept cryptocurrency as payment. Banks is also supported by the government as well as fiat currency, unlike bitcoin and other cryptocurrencies not all government in every country legalized crypto transactions, so banks will never be obsolete.

[Murat]

You see a lot of people doesn't like the conventional banking system but you also noticed that some also people want to keep there to the Bank volt because of having faith in it, Whatever the development of internet and blockchain system those people must go to the bank and carrying out their banking transaction more and more. So it doesn't mean that all people will follow this trend, people's perception regarding the Banking system is getting changed and they are coming to this cryptocurrency platform for availing a more easy way to go for payment and investment purpose. So I think Bitcoin and another cryptocurrency will get flourished in the future and the current banking system will also cryptocurrency's footsteps very soon.

[BartS]

Investment on the Bank just giving little profit and investing money in bitcoin or altcoin getting much profit but have faced with big risk when bitcoin or altcoin price dump, how ever bank and bitcoin investment have positive and negative side, ready your self before take one of them.

Why would I ever worry about putting my money in the bank? Robbery? I don't think they have that weak of security. Banks give a small profit based on the money that you have in your account. We should not even compare these two since if you will be talking about investment, I will obviously go with bitcoin and other crypto currencies, not the bank with that faucet profit.

Banks are the worst place to go in aspect of putting your money because once you put your money in the bank then you are losing the value of your money because of the very low interest and with the inflation, it will just be eaten by the inflation rate. It is indeed good to just put your money in cryptocurrencies since they have a higher yield of opportunity for your money to grow.

And that is if you are lucky to get your money back, banks are famous to put all kind of obstacles to get your money out of them, it is very easy to put your money in a bank and very difficult to get it out of there, and if there is an economic crisis I will not be surprised if banks begin to confiscate the money of those that have saved their money with them, so even if you do not get any interest rate if you are the one that stores your money that is preferable than to run the risk of losing everything in the case the bank decides to steal from you.

[Oneandpure]

Bank still have connection with thousand member save money in the bank and region government always use bank as their saving, when bitcoin or altcoin become popular will be possible member or bank investor move their money become bitcoin or altcoin assets, government region want to hold bitcoin or altcoin than have save money without increase little.