Will banks disappear because of cryptocurrency?

[Anita1873]

I don’t think so that banks will disappear due to cryptocurrency because of availability of the banks all over the world easily accessible and secure, other side cryptocurrencies are in development phase still and it cannot be used for the purchase of your daily needs. Cryptocurrency can be used in very limited places only as it is not recognized in the most parts of the world till now.

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[cryptomanspbmgdn]

not exactly. they will create cryptocurrency banks. now there are several ico projects,the purpose of which is this.

[ui_zakharchenko]

They can only be modernized or transformed into a completely different institution, but the essence remains similar. You want somewhere to take out loans and put money at interest.

[happyme1818]

This really what I keep on asking myself since we all know that cryptocurrency dominates the bank as time pass by. I wonder will it result to total collapse of bank industry?


Feel free to drop your comments here.thanks

The bank will not go anywhere. They will be here to stay and will adopt the technology to remain in the business. Although the market will be cut because you already have a chance to choose which coin are you going to use, a decentralized coin or a centralized one.

[lelou]

NO. Never. Even if cryptocurrencies have the potential, theres no chance for crptos to replace the banks. They're too big too fail. They'll just ride the fame and technology of cryptocurrencies and still be in control just like what they did in fiat.

[pinoyrichkids]

ITS A BIG NO!! Why? Because banks are government regulated, and FIAT currencies are managed by banks, in order for the country to run, and improve the life of the mankind, banks has the important role in managing in financial aspect, just think what if there is no bank in a certain country? what could happen? The country and the economy itself will fall.

[jakiro.hovard]

The thing is only in smart contracts, which are inherently normal algorithms, they are now working on a larger scale on the ETH platform, of course there are still other smart contracts, but all this is simply called an algorithm. And it is thanks to them that we can replace banks.

[danbitcoin1]

THey could do but there's obviously a long way to go, just posted in another thread that my bank gives me a credit card to make free transactions and evn gives me cash back etc.

[thinkright]

From my point of view, crypto will not completely overshadow bank operations. Even though crypto is improving certain aspects of the banking system not all processes will crypto address. We have a multitude of individuals who will be resist to adopt to this new technology. So banks will stiill be in operation as far as I know

[daenarys_stormborn]

it seems impossible, because in my opinion there are many things that crypto cannot do, but can be done by banks, such as providing credit cards, loan funds, home loans and many more, but crypto wins in terms of cost and transfer speed

[margaret22]

I do not think, that such a total collapse would happen any time soon. Banks has a lot of influence, and they would not let it happen IMO.

[badjoke]

maybe yes but not soon . There is too many problems about it .

[Triss Merigold]

I think that part of the crypto currency has properties, like the banking sphere. For example, Ripple is concentrated in one hand. Why should not this company start giving out loans tomorrow and not taking deposits? The very idea of the bank, will live for a very long time.

[drmasa]

If crypto is threat to banks, Switzerland would definitely be against them. Instead they are biggest supporters of crypto and even have whole towns that are crypto paradise. Check out for Zug! I think there will be huge collaboration between banks and crypto world!

[Dandyhunter]

Banks will not disappear. I think that government bodies will not be allowed to do this. After all, it is advantageous for the government to manage people through the banking system.

[Mr. Legendaris]

This is certainly possible, when everyone is free to transact, of course the presence of the bank feels useless, this is what makes many countries worry that they cannot benefit from crypto so that it is banned crypto.

[manuelgar]

I think that a lot of money will go into the cryptocurrency industry. Banks understand that. And they want to start controlling the exchanges now.

[SergeyS]

I do not think that cryptocurrency will lead to the complete collapse of the banking industry!I believe that the economy and crypto-economy will cooperate on an equal footing.Banks have enough of their advantages, to which the cryptocurrency is still very difficult to grow.

[Adebits]

I don't think bank will disappear just because of Crypto because the banking system have the support of government and global financial institutions. My thought is that bank and crypto will both exist and sooner or later bank will accept crypto.

[khactan91]

This is very difficult. Without a bank, the government will have a hard time controlling the money. I think the bank will have its own electronic money