what will happen to banks? - page 12.

Dreamchaser21

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Quote from: Shattered on November 15, 2017, 07:36:44 PM

According to who?
Banks of course will still exist but they may sound very irrelevant in the next few years specially when one day they most of the government department are already integrating with Blockchain technology. Bank will be there still and will still exist the only difference is that they will soon be using blocckchain too just to get along.

Right, banks will still their no matter what not unless they will not adopt new system. Well a lot of banks now are using blockchain technology with the system of ripple i think and this is a good strategy to use for a better system. I believe all banks will use technology in the comings years.

Shattered

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According to who?
Banks of course will still exist but they may sound very irrelevant in the next few years specially when one day they most of the government department are already integrating with Blockchain technology. Bank will be there still and will still exist the only difference is that they will soon be using blocckchain too just to get along.

Pendularin

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Quote from: Erkallys on November 15, 2017, 05:56:38 PM

I think you are mistaken on what is the role of banks. Banks are printing the money on the behalf of the government. So as long as there will be fiat money there will be banks. Banks are also the intermediary between ordinary people and stock exchanges. So as long as there will be stock exchanges, there will be banks. Finally, banks give out loans. So as long as there will be loans, there will be banks, unrelated to what is the most used currency at that time, either fiat or Bitcoin.

You're right! No matter how big is the value of bitcoin, banks will still exist because we are still using fiat money. Banks will only vanished if no one will going to use fiat money anymore but I don't think it will happen because we all know that fiat money is a safe way especially for example those people who are living to the countryside. They cannot use bitcoin if there's no signal or there's no internet connection.

Erkallys

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I think you are mistaken on what is the role of banks. Banks are printing the money on the behalf of the government. So as long as there will be fiat money there will be banks. Banks are also the intermediary between ordinary people and stock exchanges. So as long as there will be stock exchanges, there will be banks. Finally, banks give out loans. So as long as there will be loans, there will be banks, unrelated to what is the most used currency at that time, either fiat or Bitcoin.

Whitly

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I think with popularization of bitcoin it probably will kill banks , but ofc they will try to not let it happen. Maybe even in future they will change their system and will use blockchain technology, who knows...

CuriousGeorge

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KUWA.ai

Quote from: TitanGEL on November 14, 2017, 03:53:29 AM

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.

They say that bitcoin threaten banks but I don't think that bank will disappear in the future. Many investors are still prefer to put their money in the banks because it is not risky than put it in cryptocurrency.

Those people who save their money in the bank are literally as means of saving in the bank, not investment, or else. also majority of bitcoin investors or traders always saving up their money in the bank at the end.
so I can say that bank is just a "little" negatively impacted by the existence of the bitcoin, you can see now that the fee for sending bitcoin is ridiculously expensive, guess what, people will prefer to convert their money to local fiat and send it through bank.

Lipe490

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The future looks bright for the payment industry. We can transfer money using Telegram, Facebook, Twitter, Reddit etc. Do you think Governments will disappear or the whole service based industries will disappear? Who is going to help me to get education loan when Mathematical formula denies it. A centralized Government and backed institution which will do that. I don't know about Wall Street and America. I can only talk about the banks I know. Apart from few Coins, most of the projects in the cryptos are going to help the banks to develop and evolve.

Ben100

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As I have stated earlier that the cryptocurrency which is a online money is completely different and could not be compared with paper money. Same thing is applicable to banks also, which holds and maintains the paper currency and it has nothing to do with online currency but in the upcoming future it might develop some separate rules and regulations with the bitcoiners and could provide loans or some needful to bitcoiner in change for their bitcoin. In other words all the cryptocurrencies would revolutionize the entire world

YinShuiSiYuan

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Quote from: ask on November 14, 2017, 04:13:15 AM

They will start to fire employers and will cut spendings. (Are they already started this? ) and they will start to implement blockchain to their business ( Ripple?)
Few of them will close their doors (Bankruptcy?) (they are already doing this)

I am just scared that some goverments will make, i dont know how, transactions even with crypto through banks to just control this type of payments.

nightways

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Quote from: wxa7115 on November 04, 2017, 11:40:43 AM

Quote from: mrcash02 on October 24, 2017, 11:47:42 AM

Quote from: wxa7115 on October 24, 2017, 11:44:06 AM

Quote from: Don Pedro Dinero on October 17, 2017, 01:55:19 PM

Banks will die as we know them. They are already in a transformation process because every day we do more online transactions and we need less our local branch. Banking system will survive though, but transformed. This transformation is not only affecting banks, digital era has come and will stay here for a little while.

I don’t think blockchain is a treat to them. I recently saw in local news that Spanish banks have joined “Enterprise Ethereum Alliance” using Ethereum technology (http://www.expansion.com/empresas/banca/2017/02/28/58b5c923468aeb3d7d8b466b.html). That alliance was created Intel, JPMorgan, Microsoft and others, and many other banks and companies have joined. So, blockchain, instead of posing a threat, will make banks re-invent themselves.

True the banks of today are going to change the same way they have always done, the banks of some centuries ago are very different from the banks of today, so it is important to know that banks are not going to give up their position without a fight and in case they fail to destroy bitcoin they are just going to integrate it in their operations somehow.

The best would be if these banks turned into exchanges. They could be complete exchanges, accepting investments, offering insurance as guarantee for people who keep the money on their systems. They could operate with Bitcoins and AltCoins, allowing people to trade on their platforms. This way everyone would be happy, the "bank" owners and the customers. Surely the profit of the banks would decrease, but that is what should happen anyway...

But the issue to banks is that bitcoin makes them completely unnecessary we do not need a bank to exchange our coins and even if they created their own exchanges to get a piece of the action decentralized exchanges are already here, right now decentralized exchanges are not very popular but I think that is going to change in the next decade and when that happens banks are not going to have the option of becoming an exchange anymore.

The legalization of bit coin is an obligatory act for the existence of bitcoins in any country and all banks plays a crucial role in running a government because all the money of a country is drawn by the banks so it is looking impossible that after legalization of bitcoins the banks will not use it.

fullhdpixel

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Quote from: gabmen on November 08, 2017, 09:12:58 AM

Quote from: Aba on November 07, 2017, 01:31:34 PM

The bank must follow the developments of blockchain technologi and adapt it if the bank does not want to get out of business. Because currently many companies or ICO projects have implemented blockchain technology for payment transactions.

so why do we still need a bank!

Well i.don't know but if that were to happen, its probably not goong to be in our lifetime. Banks will always be the dominant force in the market in our generation and likely even the next.

Nothing will happen to banks they will simply upgrade their system to the crypto level and this will give them an surviving situation and on top of it btc has gained so much popularity that people are taking out their money from the banks so that they can earn a lot through this innovation and bitcoin is better replacement to the banking system and that’s the main reason that bankers are worrying about them.

Harlot

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Quote from: Charisse1229 on November 15, 2017, 05:03:55 AM

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.

The bitcoin or the cryptocurrencies will not make banks disappear completely. It will expectedly render the banks less important, bank is a financial institution that offer varieties of services not just to recieve fiat alone but offer some other services like loan. There are still so many people who still believe in the traditional system of doing things and also those who may not have the technological infrastructure like internet to even access the cashless society

Less important because of a decrease in fees received? I don't think so because it is not their main business and a lot of people including businesses are depending on banks to fund their expenses. Its not about being in a traditional system, banks are still here because they are the ones who can be relied on first, yes Bitcoin has a higher chance of making you profit but the bank's purpose of giving you interest is not because for you to earn but just for you to stay. Banks will still exist even in the rise of the cryptocurrencies.

Charisse1229

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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.

The bitcoin or the cryptocurrencies will not make banks disappear completely. It will expectedly render the banks less important, bank is a financial institution that offer varieties of services not just to recieve fiat alone but offer some other services like loan. There are still so many people who still believe in the traditional system of doing things and also those who may not have the technological infrastructure like internet to even access the cashless society

automail

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🚀🚀 ATHERO.IO 🚀🚀

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.

You are right.Blockchain will kill fees and I think it's one of the reason why bitcoin is banned in other countries. Banks will lose a lot of money if those fees will just disappear because of blockchain. I have read that banks can still earn money in other ways so they can still survive and will be there until the next generations. LOL. They will also find a way to blend with blockchain and bitcoin world and by the end the day, they will still earn money with the use of those two. You know how bank works, they will always earn money as long as their services are needed.

katarin2030

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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 don't think banks are stepping into blockchain and depends on which country you are speaking, many countries still not adopted the cryptocurrency.

Carlsen

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I do not think that banks have much problems with crypto currencies.
They make their money more and more with services, and not so much with the money of their clients deposited in a the bank account.
I have already heared that the private customers become more and more a liability to the banks. They try to reduce the costs with new technologies... such as the blockchain.
I can imagine a world where the crypto currencies supply the payment system, and the banks supply the consulting and service system.

magnum357

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the bank it just a service that you can save and loan on money and have credit card and saving account what will happen to the bank someday the bank will going down sometimes the bank is not safe to save your money but not affected to the bitcoin or bockchain technology.

BTCappu

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Quote from: thet on November 06, 2017, 07:06:16 AM

I think bank will probably follow the change in technology when it comes to digital currency. If not, i think it will be the indication that in the future banks will totally disappear because people are more convenient in using btc rather that fiat in which banks are offering.

If we keep an eye on the present situation then it seem that bitcoin can't replace paper money fully. Both (paper money and bitcoin) have their own uses and performance, no one can replace the other. Moreover if we look to bitcoin, then digital currency doesn't require any bank so if banks are going to survive in future, then they would deal with the paper money.

ask

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They will start to fire employers and will cut spendings. (Are they already started this? ) and they will start to implement blockchain to their business ( Ripple?)
Few of them will close their doors (Bankruptcy?) (they are already doing this)

DesmondHayes

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We can call the banks conservative institutions that are based purely on profiting from people fees. With the technology getting much stronger pace day by day it is inevitable that many banks will consider accepting bitcoin as value for paying. If they implement this new trend they will surely not accept it as decentralized and will on their own terms do something that is more appealing to the institution in the form of the money interest. Banks will never fail down cause they have always existed in many forms. Banks adapt and the will adapt too with the move of the technology because of the greed and fear.

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