what will happen to banks? - page 10.

Semar Mesem

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Quote from: Ausgewielt on November 20, 2017, 10:08:53 PM

If botcoin really replace paper money, bank will be useless, we don't to use bank anymore if its happen. Government wil always protect their national currency so probably it wil not happen.

It seems to be difficult to replace the banks, if the use of bitcoin is massive and beat fiat then banks will accept bitcoin as a type of savings or commodities such as mutual funds.

Cryptoshaft

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well, most of banks started to do research on blockchain,
maybe blockchain technology will be adapted in banks, but still, no such decentralized thing if we're talking about bank

Images21

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Quote from: sv624 on October 04, 2017, 10:49:07 AM

Since banks profit from fees and blockchain will kill fees, my guess is banks will be negatively impacted.
Some banks are already stepping into the blockchain world.
But blockchain will not bring back the profits as otherwise.
Any thoughts?
Apologies if this is not the right place to discuss.
Thanks in advance.

So far, banks are still staying and still holding a considerable amount of power. In the business world, the banking system is really very helpful to the companies and individual depositors and borrowers. Business establishments are more comfortable with banks I think than when they will shift to Bitcoin and crypto. Although some business establishments are also slowly opening up their doors for cryptocurrency payments, especially Bitcoins.

bololord

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Quote from: sv624 on October 04, 2017, 10:49:07 AM

Since banks profit from fees and blockchain will kill fees, my guess is banks will be negatively impacted.
Some banks are already stepping into the blockchain world.
But blockchain will not bring back the profits as otherwise.
Any thoughts?
Apologies if this is not the right place to discuss.
Thanks in advance.

I think banks will going to destroy if the bitcoin become more popular to all but for now i can say that 70% of all people didnt know about cryptocurrency so maybe 5 years or 10 years bitcoin can replace the bank surely 100%.

Ausgewielt

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If botcoin really replace paper money, bank will be useless, we don't to use bank anymore if its happen. Government wil always protect their national currency so probably it wil not happen.

WorldBitICO

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Banks will need to change their business models to survive in future otherwise most of them will be closed.

sunneybitc

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Quote from: szpalata on November 20, 2017, 05:21:45 PM

Quote from: Fasunathan on November 20, 2017, 04:48:38 PM

Quote from: pokeviktor on November 20, 2017, 04:32:34 PM

I guess, there will not be bad thing for the banks, the banks will start to use Blockchain technology in the future and we will be able to open an account for digital money. Banks will also be trading faster and with lower fees. win-win situation Grin

That's true. Nothing will happen to banks because even if the price of bitcoin will become so high, the banks will always be there. Bitcoin didn't use banks, so no need for them to be threatened even if for example the price of bitcoin will reach $20000. Banks are very safe from bitcoin and bitcoin will never be a threat for bank owners.

i think bitcoin is completely independent of banks and so there is nothing absolutely going to happen to the banks but they will coexist with cryptocurrencies like bitcoin as you are saying and help advance our financial life.

Banks are going to become obsolete in the future. What will exist are people's banks where the one's who stored their value the longest and still has BTC will be able to kind of lend it out. Of course there will be buying and selling, but no one is going to manage your money because it is always more valuable for one to do that then trust someone else. It is never worth it that way.

adiksau0414

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If Bitcoin and other cryptos will be used and known worldwide, possible some small banks will be in edge of closing. Some project or platform nowadays can use as means of direct transaction (without middleman nor banks). Still banks will be still active with large transaction. Eventhough people use platform to direct pays merchant, some of it needs banks to cash out their money. If ever this will happen it will be in very long time to wait, but i guess the extinction of the banks is not good idea, especially those who are having their fiat for a long term and the employment of the bank would be At state.

A Feeder

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Some little banks might shut down if bitcoin reaches 20 000 dollars. Their businesses and form of transactions will be a lesser use to us and we will be adapting through the cryptocurrencies.

Shattered

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Banks will certainly stay in some form or another. Recently there was some buzz about Bitcoin Banks maybe there will Bitcoin banks which will help to understand and solve issues people are facing regarding Bitcoin or something else. On the other side banks are important part of the system and investors who have invested a greater sum of money in Banks will try every possible methods that Banks dominate the society.

Harrisonimo

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Quote from: sv624 on October 04, 2017, 10:49:07 AM

Since banks profit from fees and blockchain will kill fees, my guess is banks will be negatively impacted.
Some banks are already stepping into the blockchain world.
But blockchain will not bring back the profits as otherwise.
Any thoughts?
Apologies if this is not the right place to discuss.
Thanks in advance.

Just like the saying that says, " if you can't beat them, join them!" The blockchain technology is what is trending now and maybe a better advanced technology will out pass it soon; time will tell. The wise banks are already strategizing on how to incorporate the blockchain into their operations or betterstill, start moving their operations into the blockchain. I believe there are lots to be explored on this new phase. The banks that don't want to move may be put aside or parkup.

szpalata

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Quote from: Fasunathan on November 20, 2017, 04:48:38 PM

Quote from: pokeviktor on November 20, 2017, 04:32:34 PM

I guess, there will not be bad thing for the banks, the banks will start to use Blockchain technology in the future and we will be able to open an account for digital money. Banks will also be trading faster and with lower fees. win-win situation Grin

That's true. Nothing will happen to banks because even if the price of bitcoin will become so high, the banks will always be there. Bitcoin didn't use banks, so no need for them to be threatened even if for example the price of bitcoin will reach $20000. Banks are very safe from bitcoin and bitcoin will never be a threat for bank owners.

i think bitcoin is completely independent of banks and so there is nothing absolutely going to happen to the banks but they will coexist with cryptocurrencies like bitcoin as you are saying and help advance our financial life.

Fasunathan

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Quote from: pokeviktor on November 20, 2017, 04:32:34 PM

I guess, there will not be bad thing for the banks, the banks will start to use Blockchain technology in the future and we will be able to open an account for digital money. Banks will also be trading faster and with lower fees. win-win situation Grin

That's true. Nothing will happen to banks because even if the price of bitcoin will become so high, the banks will always be there. Bitcoin didn't use banks, so no need for them to be threatened even if for example the price of bitcoin will reach $20000. Banks are very safe from bitcoin and bitcoin will never be a threat for bank owners.

pokeviktor

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I guess, there will not be bad thing for the banks, the banks will start to use Blockchain technology in the future and we will be able to open an account for digital money. Banks will also be trading faster and with lower fees. win-win situation Grin

luckyguy09

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banks will be always be there. Nothing will happen.
If some banks will use blockchain technology like ripple that will not change anything else apart from faster payments with lower costs.

PORN_coin

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it is entirely possible if the bitcoin gets and the block circuit gets application and spread in the real world

megynacuna

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Quote from: Duzter on November 20, 2017, 03:23:03 PM

Banks were the primary economic stimulators. Without this nothing could have been formed in a better way. This can be of economy related factor or something that is concerned with the growth of common men. This can be the realization period for the need of technology. Maybe banks will adopt or gets committed to these innovation and make changes that keep the users without moving away.

I think the banks will look for refuge either to completely abandon bitcoin or they will integrate it into them into their set up because everyone is quickly going for nblockchain and studying how it functions and i don't think bsnks will be an exception

Duzter

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Banks were the primary economic stimulators. Without this nothing could have been formed in a better way. This can be of economy related factor or something that is concerned with the growth of common men. This can be the realization period for the need of technology. Maybe banks will adopt or gets committed to these innovation and make changes that keep the users without moving away.

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Quote from: wxa7115 on November 20, 2017, 12:39:41 PM

Quote from: plaintiff77 on November 14, 2017, 12:38:09 AM

Banks will still exist although bitcoin keeps on soaring its domination in our economy. Yet they will have a hard time convincing people in its sole purpose. Because if we compare saving money in the bank and saving it with bitcoin, it has a very big difference because when you save bitcoin, its exchange rate keeps on increasing as time goes by whereas in banks, percent rate in increase is fixed.

Banks are going to find a way believe me they are masters at lying and cheating if that was not the case we will not be in this situation right now and we will not need bitcoin in the first place, I think a possibility is that banks offer you a lesser return than bitcoin offers but in exchange they offer their protection to their costumers so they do not have to worry about protecting their coins.

You are correct. This is really something that banks are capable of. Finding ways.
Banks and governments have always had an edge about anything. And now they are probably planning something to get rid of bitcoins or how to use it to their advantage so they can control people and tax them big time.

aardvark15

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Quote from: wxa7115 on November 20, 2017, 12:39:41 PM

Quote from: plaintiff77 on November 14, 2017, 12:38:09 AM

Banks will still exist although bitcoin keeps on soaring its domination in our economy. Yet they will have a hard time convincing people in its sole purpose. Because if we compare saving money in the bank and saving it with bitcoin, it has a very big difference because when you save bitcoin, its exchange rate keeps on increasing as time goes by whereas in banks, percent rate in increase is fixed.

Banks are going to find a way believe me they are masters at lying and cheating if that was not the case we will not be in this situation right now and we will not need bitcoin in the first place, I think a possibility is that banks offer you a lesser return than bitcoin offers but in exchange they offer their protection to their costumers so they do not have to worry about protecting their coins.

I think banks will survive for a long time to come. They have a lot of political power and cryptocurrencies are just starting to get mainstream attention. It will be a while before Bitcoin and other cryptocurrencies can disrupt the banking industry. Only a small percentage of the population has Bitcoins right now and many of us still rely heavily on banks for mortgages, loans, and general banking services.

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