what will happen to banks? - page 13.

Drixy

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reading.......

Quote from: sv624 on October 04, 2017, 11:49:07 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 wont be fully influenced by that matter because bitcoin is not using any bank for transactions. And Banks cannot be affected by bitcoin because not everyone is using bitcoin as a currency only little knows about the existence of bitcoin.

TitanGEL

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Quote from: sv624 on October 04, 2017, 11:49:07 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.

googs84

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No currency can replace banks. Banks are working in the world since 1397. Even after two world wars, economic and digital revolutions banks are still here because of its unique features. Banks do many activities like accepting deposits, giving loans from common citizen to industries, issuing cheques, DD, locker facilities. Banks are the back bone of developing countries. Banks have reached almost every part of the world, they play vital role in the movement of fiat currency. Bitcoin is too young currency. It has not yet reached in many parts of the world. Bitcoin operations requires certain infrastructure like mobiles, internet connections which is not possible in all places of a country. In developed countries bitcoin has created a competition in front of the banks. Transaction charges are quiet less in bitcoins trade as compared to banking instruments like cheque,DD, credit or debit card etc. Bitcoins security system blockchain is impossible to break. Bitcoin has compelled banks to take a review of their operations and servises.

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The bank will be the right place because the bank will not get any change. this is my opinion Wink

plaintiff77

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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.

jonatuzc

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Quote from: gabmen on November 08, 2017, 10:12:58 AM

Quote from: Aba on November 07, 2017, 02:31:34 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.

Banks are the institution of the government and they directly come under the control of the government. Nothing can happen to the banks until and unless the government itself wants to ban usage of banks in their country. This is in fact more than impossible sort of thing. We actually need to have banks in our society. Without banks, there is no way of our safe survival.

bitbunnny

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Banks will survive, nothing bad will happen to them. They will have to modify their business to become more competetive and modern, maybe even embrace cryptocurrencies in some extent but they will not vanish and the worlds’ economy will be still depending on them. Many of them will go on blockchain technology, they are experimenting big time with it already but their nature will not change. And they will still be on the heard and the main cause of all big economy crisis in the world.
But it would be good to have some strategy how to become less depending on them.

wxa7115

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Quote from: sheilasekarbumi on November 04, 2017, 07:27:55 PM

Quote from: sv624 on October 04, 2017, 11:49:07 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 basic rule in this world, if you're not trying to become better, you will be removed. It's the same with banks, at this moments, the facts are banks was a little backward and what they need the most for now is improving it. So they will apply the blockchain technology into their system .

That is the way things work in the real world but rich people do not want things to change they want to always be rich and to have all the power, they want the world to remain still and as we know that is not going to happen, that is why I think difficult times are going to be in the future of bitcoin as governments and banks finally realize the big threat that is bitcoin and they being to ban it and even begin to incarcerate people that have a connection with bitcoin.

futuret

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Quote from: AC_DC_son on November 06, 2017, 04:15:12 AM

Well, banks would still take from people as much as they can. They will force governments to regulate btc, this would make the currency just another asset they can control. End of story.

Yes the revaluation of the bitcoin will get in the world and this is the reason why the value and the price of the bitcoin is increasing more and more I hope this is the time to make the banks accept the bitcoin and to hold for the best time I can see how fast the bitcoin growth and the power increasing, the banks are good to keep the money but this is not going the benefit as it cannot increase the value and the price.

Lonsdayl

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Quote from: Bitcoinjheta on November 10, 2017, 12:58:00 PM

Quote from: xhienigat on November 10, 2017, 11:43:16 AM

Quote from: xYakult on November 07, 2017, 06:30:59 AM

In the banking industry in our country, they do not accept any opening of accounts if the source of income is from bitcoin or any altcoin. The idea of bitcoin is very conservative. They are not yet open to the idea of it even if there are a lot of us earning from bitcoin. Bottomline, as long as 3rd world countries are close minded, the traditional banks will still be in power.

You are right, if bitcoin will not be legalize or properly introduced to everyone I think bank will still stick around. People will still want to use what they used to use and others are not willing to takes risk their money and just prefer in using banks instead of bitcoin.

I think banks have already strong foundation in this industry. They have their own names in their own rights and there's no way we can change or eliminate that. Many people will still feel secure if they will put their money in banks.

There are also many banks services. Nowadays blockchain is good for making money and nothing else.

thesmallgod

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talking about eliminating transaction fee i hope this is not true because transaction fee is being charge when transfering on blockchain. although this might be little but the fee is not totally eliminated. bank is a financial institution that offer varieties of services not just to recieve fiat alone but offer some other services like loan, mortgages and asset management. I dont see how crypto can take over bank services completely besides top rich people in the world have their asset in bank rather than on blockchain

Osarman

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Quote from: sheilasekarbumi on November 04, 2017, 07:27:55 PM

Quote from: sv624 on October 04, 2017, 11:49:07 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 basic rule in this world, if you're not trying to become better, you will be removed. It's the same with banks, at this moments, the facts are banks was a little backward and what they need the most for now is improving it. So they will apply the blockchain technology into their system .

A very important rule, which is more like no one is indispensable. A time comes that if something does not give much value as much as it used to before and there is a better alternative, it would be replaced without the people even blinking too much before they do.

Although, it would still take a long time before we really see banks out of the picture, that is, if they ever will, and we just have to still keep dealing with them somehow for now.

raven7886

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Quote from: wxa7115 on November 04, 2017, 12:40:43 PM

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.

Well, we may not need banks anymore at some point, but you should not forget that not all of us. 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, so we cannot rule those set of people out.

Yet, the activities would reduce and once the government starts getting involved in creating their own currency using the blockchain technology, is when it would even get more interesting.

ultraminer11

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Quote from: DrGuns4Hands on November 10, 2017, 02:13:15 PM

Why are you curious to banks? It doesnt affect or it is not cooperated within the bitcoin. Your money inside the bank will stay stable even you are a bitcoiner. Unless you are using it as your capital.

the impact of bitcoin on banks is very negative i think that because bitcoin trading and mining and holing of money gives v good profit which is remarkable and it works more better than banks .because without obstacles you can transit money and deal with money easily.

el kaka22

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Quote from: Razerglass on November 04, 2017, 07:57:36 PM

Quote from: sheilasekarbumi on November 04, 2017, 07:27:55 PM

Quote from: sv624 on October 04, 2017, 11:49:07 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 basic rule in this world, if you're not trying to become better, you will be removed. It's the same with banks, at this moments, the facts are banks was a little backward and what they need the most for now is improving it. So they will apply the blockchain technology into their system .

This is the first rule of capitalism: Competition.. Banks will adopt their system to blockchain with ripple but this can take several years. Current market supply of coins is not enough to replace whole banking system.

That is a indisputable fact. And that is where adoption comes into play. Over time, governments would see the dire need to start adopting the blockchain technology once they start seeing its usefulness and then they would convert the normal currency into a centralized cryptocurrency which obviously would still make banks still much irrelevant though.

But where we will start seeing them adopting the more is for them to start serving as form of exchange just like the ones we have, once the government come with the plan to start regulating the exchanges.

ladadadiweliketoparty

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I think they will be negatively impacted as well and they wont cease to exist but their role in society will be permanently altered. Now I think this change will be for the better for the average citizen but obviously not good for

the banks. This time it seems like it will be a win for the poor and the rich lose out, so I hope Tongue

DrGuns4Hands

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Why are you curious to banks? It doesnt affect or it is not cooperated within the bitcoin. Your money inside the bank will stay stable even you are a bitcoiner. Unless you are using it as your capital.

DroidR17A

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Most banks are actively looking at/working on private blockchain solutions, or signing up to use Ripple, IBM etc. and potentially Universa in the near future. Things like the Wells Fargo fiasco are extremely damaging to traditional banking's image, so we will probably see a splintering of the market, with more decentralized platforms competing against the establishment. Either way, FIATs days are numbered.

senne

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Quote from: thebosskid on November 07, 2017, 06:30:26 AM

Maybe in the future when everyone is using bitcoin as a payment the banks will disappear and maybe the money too but that would not happen do you really think that the banks will let that happen? no they will not.

Banks will 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.

Bitcoinjheta

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Quote from: xhienigat on November 10, 2017, 11:43:16 AM

Quote from: xYakult on November 07, 2017, 06:30:59 AM

In the banking industry in our country, they do not accept any opening of accounts if the source of income is from bitcoin or any altcoin. The idea of bitcoin is very conservative. They are not yet open to the idea of it even if there are a lot of us earning from bitcoin. Bottomline, as long as 3rd world countries are close minded, the traditional banks will still be in power.

You are right, if bitcoin will not be legalize or properly introduced to everyone I think bank will still stick around. People will still want to use what they used to use and others are not willing to takes risk their money and just prefer in using banks instead of bitcoin.

I think banks have already strong foundation in this industry. They have their own names in their own rights and there's no way we can change or eliminate that. Many people will still feel secure if they will put their money in banks.

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