Topic: what will happen to banks? - page 11. (Read 6566 times)

I think if the banks will be able to compete through innovation, then I’m afraid they will get left behind. At some point, they need to admit that the world is evolving drastically which might be easy or difficult for them to adapt. Still, they have to do in order for them to survive.

The only role the banks are playing in the bitcoin world is that they are a hindrance of people getting unblinded from the madness that our government put us into. People are still out there killing themselves little by little every day just so they can earn money. Literally everything is becoming more and more expensive. The fiat money is constantly inflating. Yet at the end of the day, the salary of people are never increasing. It's even decreasing. It's so hard to get a job, let alone a promotion. Banks will continue to operate the way they have always done but once the time people are educated about the economy of their country and how the government is printing money nonstop, everyone will start earning bitcoin from the Internet. No hassles, no tax, and even greater amount of money. Do you realize how much difference would there be if the banks didn't exist and people just transitioned into using bitcoins? Of course that's not going to happen though because of the role the banks are playing.

I expect the banks' and the governments' reputation to slowly deteriorate in the future as we are starting to make some revolutionary movement here. People are starting to be more educated and well-informed about the things that they should be informed about and bitcoin is one of them. It's an alternative monetary system. Since most people just stuck with what they known, the traditional monetary which is fiat money. That's not going to be for too long.

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.

Just like now the banks will operate in the countries as it is going on I know that bitcoin is also important in the life and ready for businesses but if w look at the services of banks we can’t hide the importance of banks. Banks plays a vital role for promoting bitcoin in the other economies because through this broad perspective they can use your bitcoin for many businesses.

Some people are thinking that due to bitcoin the bank will disappear but I don’t think so because bank is the heart of business for all countries and without bank no country can exist yes it is possible that bitcoin will reduce the users of banks.

I agree with you, some people say that Bitcoin will bring the last of the banks, where is a bank closed? where did the value of the banks fall? Bitcoin and the banks have no negative effect.

Can you tell me the proof? You are saying about they will and I need the more explanation about that. because the bankers are trying to make their own blockchain and they are all giving a statement to never interested in the bitcoin.

Banks generates funds through the fees they collect from services they render to their customers (loans, transfer of funds etc). Bank is as good as cash itself, as long as majority seeks the services of a bank then its non existence would be impossible.

Bank will still a bank, but if bitcoin accepted by people bank will do something to put a regulations on how they will control or rather have engagement with btc. Banks are strong and has a stable position in a society and they are also govern by government. Almost all people now have their own bank account,  so i don't think they will get affected by the use of digital currencies and also because banks are trusted by people. Even digital currencies take place, banks are still there.

There's some truth in what you say, but I don't think it's that straight forward. Banks currently make a lot of money, especially merchant banks and brokers from the exorbitantly high fees they charge. New FinTech companies using blockchain are going to seriously disrupt their revenue streams. Take Trade.io for instance (https://bitcointalksearch.org/topic/tradeioann-ico31169749-partner-civic-bancorhitbtc-okex-2367245) who's trading platform will allow traders to trade not just cryptos, but also Forex, Commodities and Equities to name a few, with minimal fees.

Retail (or high-street) banks also rely heavily on lending, transfer and penalty fees, and like the merchant banks, have lost a lot of credibility in the public eye. Take the WellsFargo fiasco for instance. Complete erosion of trust. So do people still trust banks to store their wealth? Somewhat, but trust is declining rapidly due to illegal and predatory practices.

Many nation states are, as others have mentioned on here, are in the process of developing crypto versions of their fiat currencies. Once they do, cryptos will become fully main stream and accessible via mobile payment systems and crypto linked credit/debit cards. Once that happens, the impact on traditional banking will be down to whether they adapt and become more transparent, or try to push back like some of the luddites that have been so vocal recently, and get replaced by new nimbler institutions.

It will give positive effects. I think banks will work together with bitcoin, such as : we can buy bitcoin direct from the banks.
Banks will lose fee with blockchain, because blockchain fees is cheaper more than banks, so many people will use blockchain for do transfer.
But banks still exist !

Already several banks have stepped into blockchain. It's true that the blockchain technology will not let the community grow or profit big from the transaction fee. In reality whether it is bank or some centralized system automatically we're supposed to pay what is levied. Based on that in future we might be paying in terms of bitcoin, but I never believe that banks function without transaction fee.

Indeed, they will implement in to their web banking online convertors where you can deposit your bitcoins and use them straight from phone or card by chosing which methods of paying prefer there would be the same live tenx 

They will accept bitcoin for sure 

Though the wide spread of bitcoin and increase the numbers who are using this can affect the banking transactions. But, it is not enough to make banks from disappear. We still need banks and there services as a storage of our money  that we are converted from digital into fiat money. And also considering that, not all are in crypto and mostly billionaires are steadily using fiat money.

Banks have invested in bitcoin, they also enjoy the hype ahah

The new age is utilizing bitcoins with the goal that's the reason it appears that later on Bitcoin will be utilized rather than genuine cash and after that the banks will be en route of misfortune however don't be stressed over the banks on the grounds that soon they will likewise begin the banks for the cryprocurrencies and afterward they will likewise gain cash and will begin the arrangements in regards to Bitcoin.

I think nothing will happen to banks, banks will function in the same way as working now in the future also, but the number of customers may decline as digital revolution happening. Fiat currency is the legal currency issued by the bank officials, people are still dependent on fiat currency in many countries, So banks will remain in future also.

Yeah banks are bit worried because people are taking about their money and investing into bitcoin and this this thing is giving them minor attacks and a lot of banks are now thinking to recognize bitcoin because this is the way they can survive and yeah they are bit in the right line if they will adapt bitcoin then they will suffer easily otherwise everyone will take our his money because bitcoin is giving more profit.

Yes banks would not get affected in any way due to the use of digital currencies because even now they are used at the highest possible scales in all the financial matters and even in today’s world the whole of the economic growth whether it is about the local transactions or international relations.

Even now many of the people trust banks and keep their money in the accounts rather than using digital assets only due to the lack of confidence on the stability of digital assets.