what will happen to banks? - page 15.

sheilasekarbumi

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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 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 .

wxa7115

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Bitcoin is GOD

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.

Omega Weapon

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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.

A possibility is that banks are not going to stay with their arms crossed and they are going to do something about it, the most likely outcome is that at some point bitcoin will be forbidden in several countries after it becomes too big and people begin to avoid paying taxes with it, however that is not going to work for long and at some point the banks are going to evolve and accept bitcoin in their operations.

xanxus.kun

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You have to get what you want your own way.

you don't have to worry about the banks they are supported by the local government so nothing bad will happen into them and they can adopt to the Bitcoin as well, the earnings might not be like before but still, its better that entirely getting disappearing.

Forts1946

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Quote from: cashsogood on November 02, 2017, 10:50:08 AM

banks will go bankrupt for sure!

Not truely all banks will go bankrupt. There are a number of peoples who don't know about bitcoins yet and save their money in banks to get a good interest rate and to make their fiat more secure but after educating most of the peoples about bitcoins, they will surely stop using banks to store their money but they will still need their bank in case of converting bitcoins back to fiat. This will maintain a good ude of banks even after the use of bitcoins and also perhaps banks will come out with some new evolution which might be perhaps profitable.

TrueCryptonaire

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The technology that underpins bitcoin and similar digital currencies is already being adopted by businesses and governments. But the specifics will vary. The banking system and governments of nation states are not going anywhere, regardless of the utopian dreams of some currency innovators. As digital currencies develop, they will have to fit into the existing political and financial infrastructure. But within that system, there is considerable room to innovate and both governments and banks must do so. Digital currencies could drive innovation, but they won’t replace banks any time soon

cashsogood

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banks will go bankrupt for sure!

Ratasya727

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Banks will still exist. Because the turnaround of transactions is in the bank to withdraw its digital money. Maybe big banks will not feel the impact because maybe they also play bitcoin.

pureclckr

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Quote from: Vilagra on November 01, 2017, 08:51:28 AM

In the very far fututre only we will be able to see some changes to the banks... first they will change their offers then will disappear at all or change into another form of institution

Surely bitcoin will be coming in future like everything. So banks will be changing their form and matter. Like when you adopt one thing you are not more than the previous one, rather there will be an amalgamation of the previous and next one. You are a like a hybrid now. Same thing will be happening with banks as a matter of fact and then they lost their previous identity.

googs84

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CryptoTalk.Org - Get Paid for every Post!

Banks are important part of day to day activity, bank performs many functions. Banks accepts deposits pays interest on it. Banks give loans by charging interest, Banks authorises cheques, drafts, pay orders, they also authorises debit/ credit card payments. Banks are worldwide. These various activities making banks a unique one. But banks charges heavily for their activities.
Bitcoins as a cryptocurrency never makes banks disappear but it has certainly created a challenge in front banks in countries where bitcoins are legally permitted. Transaction time and transaction charges are much less as compared to banks. Bitcoin is an autonomus currency so no needs to take permission from anyone before making any transaction. Bitcoin has its own, unbreakable security system “Blockchain”.
Bitcoins features compelling banks to take review of their policies and mode of operations.

changcloy

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Quote from: johnwest on October 04, 2017, 12:44:36 PM

Regulation would keep banks alive. If governments start regulating crypto currencies then banks will start accepting them on their own terms and conditions. Which will be hugely in favor with them.

yes, i agree people might adapt crypto currencies as well as the bank and cypto currencies will also follow the rules and regulation with the bank..not all people will believe crypto currencies some will trust banks more than anything else so vice versa should agreed there terms.

Wowcoin

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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.

Bank is always there and nothing can stop it. I think now many people are always like bank because much safer than online wallet. Once your internet dead you can not withdraw your money on blockchain.

lordquanta

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Quote from: shawn995 on October 31, 2017, 11:01:33 AM

Quote from: usorin on October 31, 2017, 10:44:52 AM

To the banks will happen as usual. They will adapt to the market choosing the most viable way form them. If they will fell that the population has an attraction to bitcoin then they will take it more serious.

some people are thinking that bitcoin will destroy bank but according to my opinion every country needed a bank system so that they can do business and transfer money to various countries and there is also more need of bank in every country so it is not possible that bitcoin will end the bank system but yes it is possible that it will reduce the value of banks.

Recently Swiss was in news for their ambition to remove the hard cash completely from their economy and have everything online payments. Now for swiss it is possible to eradicate the cash from the system. By because of well connected banking and finance players like visa, mastercard. Bitcoin does not need a thirdparty payment gateway like visa, mastercard. So If adopted correctly and fully by everyone then bitcoin will replace the bank from the peer to peer payment system once and for all. In the initial stage things will be same as it is now with the digital payments working with cash. As people start to notice that bitcoin is easy and reliable way of peer to peer transfer then reliability of banks will lessen.

Vilagra

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In the very far fututre only we will be able to see some changes to the banks... first they will change their offers then will disappear at all or change into another form of institution

UchihaRukawa

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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 be affected heavily by the boom of cryptocurrencies, many will just use online wallet or trading accounts because its much easier. One thing that online wallets has that people like is that there is no such thing as maintaining balances and there are no need for all these paper requirements, which can also be a good thing or a bad thing. If the bank is not gonna work with the cryptoworld then I think its gonna be the end for them.

zeaderza

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Quote from: Soranith on October 31, 2017, 09:03:59 AM

Quote from: Tiger Junk on October 30, 2017, 09:33:45 AM

Quote from: pathapoddo on October 26, 2017, 12:41:33 AM

Bank will reduce. Everyone will use bitcoin then there will be reduced bank of course.

I think nothing will change in banks, banks will run normal even in the future that bitcoin is popular and almost known by everyone because banks is part of the history of the world so it cannot be dissapper, so it will run normal until the world is there.

Yeah banks will always be around people did not only deposit money in the banks others also keep their other assets in the banks. Banks can use blockchain though to improve their service but I don't see bank disappearing its part of our history and our economy.

Bitcoin will totally outclass the banks on this globe and when there is bitcoin who need banks to save their money bitcoin has opportunity for the user that they can use their money while they had invested so bitcoin has more scope than banks and banks had taken a lot from the people while bitcoin gives its hundred percent to its user so banks will be in books soon so buy bitcoin so that you can survive in future,

Mr. Thang

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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.

Nothing. Nothing will happen to banks since they primarily deal with the transaction of money and its circulation around the market all over the world. The existence of cryptocurrencies, namely bitcoin would have no effect with regards to its main purpose which is to profit from investments or loans. They are two worlds who have different nature and purpose and banks would be irrelevant in terms of transactions. Certainly, they will not disappear in the near future since most countries are still on the developing stage, which still uses fiat as their main currency for transactions.

Krikke

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Standing on the shoulders of giants

Quote from: gabbiee on November 01, 2017, 04:26:26 AM

Quote from: jayhawk1 on November 01, 2017, 04:01:08 AM

Quote from: Capt00 on October 23, 2017, 08:01:36 PM

Quote from: CoolSkeleton on October 22, 2017, 07:16:28 AM

banks can be just country wallets, were u can get some credits or invest money. anyway, u should pay taxes

Still banks are very useful to us and still we need their services. Knowing that, not all of us are in crypto and even the governments are dependent on banks, that's why banks would still be exist forever.

Banks plays a vital role in any country and no government will end their banks due to the major services which a bank serves like safety of you capital ,provision of salary and other loans etc so there will be question to the existence of banks.

Banks have been there even before the creation of cryptocurrency. The way I see it, it will always be there because it is what people usually use. It may have some upgrades to cope up with our current technology but the true purpose of banks is what keeps it going.

I agree banks will not disappear, they still have an important function in our society - but I hope with the rise of BTC there power will diminish - the reason for the big drop in 2008 is mainly due to the concentrated power and greed many of the banks had, and still have!
I believe in the future banks will adopt BTC and hence they will also attract people who deal with BTC. It can only be good for our bitcoin community, because this would me exposure to billions of people and the ease of purchasing/selling in BTC would greatly improve if we don't need to pass via online exchanges, but we can directly purchase it from out bank account.

gabbiee

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Quote from: jayhawk1 on November 01, 2017, 04:01:08 AM

Quote from: Capt00 on October 23, 2017, 08:01:36 PM

Quote from: CoolSkeleton on October 22, 2017, 07:16:28 AM

banks can be just country wallets, were u can get some credits or invest money. anyway, u should pay taxes

Still banks are very useful to us and still we need their services. Knowing that, not all of us are in crypto and even the governments are dependent on banks, that's why banks would still be exist forever.

Banks plays a vital role in any country and no government will end their banks due to the major services which a bank serves like safety of you capital ,provision of salary and other loans etc so there will be question to the existence of banks.

Banks have been there even before the creation of cryptocurrency. The way I see it, it will always be there because it is what people usually use. It may have some upgrades to cope up with our current technology but the true purpose of banks is what keeps it going.

jayhawk1

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Quote from: Capt00 on October 23, 2017, 08:01:36 PM

Quote from: CoolSkeleton on October 22, 2017, 07:16:28 AM

banks can be just country wallets, were u can get some credits or invest money. anyway, u should pay taxes

Still banks are very useful to us and still we need their services. Knowing that, not all of us are in crypto and even the governments are dependent on banks, that's why banks would still be exist forever.

Banks plays a vital role in any country and no government will end their banks due to the major services which a bank serves like safety of you capital ,provision of salary and other loans etc so there will be question to the existence of banks.

Topic: what will happen to banks? - page 15. (Read 6566 times)