what will happen to banks? - page 20.

FomoATH

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Quote from: Duogembrot on October 17, 2017, 12:38:54 PM

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.

perhaps some banks in various countries will cooperate with bitcoin in order for the bank to be productive and conducive, otherwise it will be impossible to destroy and lose compete with digital currencies such as bitcoin.

Banks will never cooperate with Bitcoin. The government will not allow banks to cease to exist. Many banks are the property of top government officials, so they will live very long

nomad1109

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What do you guys mean by "cooperate with bitcoin"? To accept it for payments and such, to advice their customers into investing in it, or to make new products based on the underlying technology? The best case scenario would be all three, but I'm thinking they're gonna stay away from the investment side for a long time because of the volatility.

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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.

perhaps some banks in various countries will cooperate with bitcoin in order for the bank to be productive and conducive, otherwise it will be impossible to destroy and lose compete with digital currencies such as bitcoin.

ToyotaFortuner

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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 the bank will cooperate with bitcoin and will accept bitcoin in banks of various countries. because banks want to take profits to invest in bitcoin and do not want the bank to be destroyed or dispersed.

PancherBitCoin

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Quote from: nomad1109 on October 17, 2017, 10:19:28 AM

I think the blockchain technology is the relevant thing for banks. Whatever currency they deal in doesn't really matter. They'll give some incentive to put your money with them (like interest), then they'll loan that out, and they'll be making money like always. If anything the use of blockchain technology can automate the process much more, so that the banks can be even more efficient.

The fact is that information on the introduction of Bitcoin technology into the banking system has long been covered by many media. Almost every developed country starts using the crypto currency in its economic system. I think that this will save the financial sector of many countries.

nomad1109

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I think the blockchain technology is the relevant thing for banks. Whatever currency they deal in doesn't really matter. They'll give some incentive to put your money with them (like interest), then they'll loan that out, and they'll be making money like always. If anything the use of blockchain technology can automate the process much more, so that the banks can be even more efficient.

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Quote from: Palmerson on October 17, 2017, 10:02:44 AM

Quote from: Bestpromoter on October 17, 2017, 09:55:01 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.

bitcoin is the most profitable in the crypto currency of course many banks will try to invest in it, but there is still a risk, banks is centralized and known by almost all of the people while bitcoin is decentralized not known of all people.

Banks can not invest in cryptocurrencies. The owner of the Bank can issue loans to controlled companies or individuals and only then invest the money in cryptocurrencies. It's a risky move. If something happens to bitcoin then the Bank can go broke. But to double the Bank's capital in one month is very tempting. I think there are such cases.

I don't agree, banks can invest in cryptocurrencies the question is if they want to do that. And I think they do, in fact some of them have already started. But that doesn't mean they have to issue loans in Bitcoin or offer other services connected to Bitcoin or other cryptocurrencies but they will do that for their own profit. But it's also necessary to divide use of blockchain technology and use of cryptocurrencies.

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Quote from: Bestpromoter on October 17, 2017, 09:55:01 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.

bitcoin is the most profitable in the crypto currency of course many banks will try to invest in it, but there is still a risk, banks is centralized and known by almost all of the people while bitcoin is decentralized not known of all people.

Banks can not invest in cryptocurrencies. The owner of the Bank can issue loans to controlled companies or individuals and only then invest the money in cryptocurrencies. It's a risky move. If something happens to bitcoin then the Bank can go broke. But to double the Bank's capital in one month is very tempting. I think there are such cases.

Bestpromoter

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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.

bitcoin is the most profitable in the crypto currency of course many banks will try to invest in it, but there is still a risk, banks is centralized and known by almost all of the people while bitcoin is decentralized not known of all people.

eann014

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Banks will still remain as banks since they don't have to be affected by bitcoin, because banks have a lot of offer in people. We can talk to them if we want to have a car loan, house loan, credit cards, pensioners, savings account. That is far differently to bitcoin. So they don't have to worry about since they have different offers for citizens.

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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.

Maybe the fees from debit cards and money transfer services would be wiped out. But there is also bank services that cannot be replace by bitcoin such as loans and credit card services. That is why for me, bitcoin cannot replace banks because they are the reliable institution for loan services.

Casmania

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Quote from: KingdomHearts on October 17, 2017, 09:08:17 AM

Quote from: derdk on October 14, 2017, 08:09:31 AM

bank will do what they do, is there bitcoin or not bank never disappear and will be open every day.
you know that bank can give what never give by bitcoin? every stuff have different advantages. and they are not same

Maybe in future bitcoin will be a threat for the banks but now they are secured because whole community is relaying on banks people are fulfilling their needs just because of banks and they will never let them down until proper awareness will be given to them about bitcoin and once they completely know about bitcoin they will never see toward banks.

But I think it is difficult to have banks “wiped-out” even if that is still in the future. Why? It is becaue the world today is depending onto them. Not just because we are currently relying on them, but also the investments and transactions done with them. There are loans, debts, credits, savings and others, many of each all around the world. I’m not saying that it’s impossible for bitcoin to reign over,. I’m pointing out that it is not that easy andt would really take years before it could happen.

KingdomHearts

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Quote from: derdk on October 14, 2017, 08:09:31 AM

bank will do what they do, is there bitcoin or not bank never disappear and will be open every day.
you know that bank can give what never give by bitcoin? every stuff have different advantages. and they are not same

Maybe in future bitcoin will be a threat for the banks but now they are secured because whole community is relaying on banks people are fulfilling their needs just because of banks and they will never let them down until proper awareness will be given to them about bitcoin and once they completely know about bitcoin they will never see toward banks.

jvdp

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Quote from: BITDV on October 14, 2017, 11:59:08 AM

Quote from: rikybrosh on October 04, 2017, 05:31:53 PM

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.

maybe some time later we can see some banks are going to Close since we see bitcoin more popular and used by another people in the whole the world. i heard that demands of bitcoin always increase from time to time so it means more people interested in bitcoin.

maybe if the bank closed means the paper money will be extinct?
bank closed means there will be no more paper money production. I think it will be difficult even though many people already interested in bitcoin, nonetheless paper money will remain as a currency, because the financial system of paper money has been running smoothly longer than before the appearance of bitcoin .
I think paper money will still exist even though bitcoin is already popular in this world

I agree you. If the bank closed for the period of 6 months means. Entire paper currency is replaced by bitcoin. Now bitcoin is very popular among people. 75% of the world population Know about bitcoin. That much reach Bitcoin reached.Bank is just a service for your money to make use of paper currency.

Koadharber

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Quote from: EddyGameta on October 14, 2017, 11:54:53 AM

Quote from: VanDeinsberg12 on October 04, 2017, 05:27:08 PM

Quote from: plaintiff77 on October 04, 2017, 05:07:13 PM

Banks would still exist even during the existence of bitcoin in the economy. ANTIcipate that they would no longer keep paper money but instead they would already accept crypto currency and thid would be bitcoin. They will accept bitcoin as deposit and they will offrt different features of security.

They will never leave the paper money, and about to accept the crypto currency it seems to be the antagonis thing that you should consider again about that, Pboc already become the best example about what already happened about the bakn with the crypto currency itself.

I agree with you that the paper money will never be abandoned, I think the cryptocurrency will never able to replace the paper money because cryptocurrency will be very difficult to stabilize a country's financial system and the cryptocurrency also has no tax. if you do different transactions with paper money, every transaction will be taxed and minimum tax is 10% of the total transaction amount.

I dont know why people do really still insist that crypto would really replace local fiat soon which i do say that this thing is really an impossible thing to happen. I would rather believe that government would create their own coin and wont really tend to use up decentralized coins.They cant really be taxed but only on the services that do accept them which we can really presume that it isnt possible.

BITDV

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Quote from: rikybrosh on October 04, 2017, 05:31:53 PM

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.

maybe some time later we can see some banks are going to Close since we see bitcoin more popular and used by another people in the whole the world. i heard that demands of bitcoin always increase from time to time so it means more people interested in bitcoin.

maybe if the bank closed means the paper money will be extinct?
bank closed means there will be no more paper money production. I think it will be difficult even though many people already interested in bitcoin, nonetheless paper money will remain as a currency, because the financial system of paper money has been running smoothly longer than before the appearance of bitcoin .
I think paper money will still exist even though bitcoin is already popular in this world

EddyGameta

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Quote from: VanDeinsberg12 on October 04, 2017, 05:27:08 PM

Quote from: plaintiff77 on October 04, 2017, 05:07:13 PM

Banks would still exist even during the existence of bitcoin in the economy. ANTIcipate that they would no longer keep paper money but instead they would already accept crypto currency and thid would be bitcoin. They will accept bitcoin as deposit and they will offrt different features of security.

They will never leave the paper money, and about to accept the crypto currency it seems to be the antagonis thing that you should consider again about that, Pboc already become the best example about what already happened about the bakn with the crypto currency itself.

I agree with you that the paper money will never be abandoned, I think the cryptocurrency will never able to replace the paper money because cryptocurrency will be very difficult to stabilize a country's financial system and the cryptocurrency also has no tax. if you do different transactions with paper money, every transaction will be taxed and minimum tax is 10% of the total transaction amount.

Kray

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Quote from: machinek20 on October 04, 2017, 06:25:15 PM

Bank is not only getting profit from fee, but it also getting profit from the administration fee and the credit interest and bank is also served the purpose to balance the country economics, so banks will always be fine with or without blockchain

you are right and blockchain should not interfere in banking world exists in real world. blockchain just have to focus on online world and no need to replace the banking system that has been successful in real world.
blockchain only helps in online transaction and impossible to balance the economy of a country and it’s bank duty to stabilize the country’s finance

Freedom24

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banks and blockchains have their respective roles and can’t be united because blockhain technology is used for a digital money transaction and the bank is a place for fiat money storage and transaction that have physical form.
both have advantages and disadvantages that exist in their respective world

derdk

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bank will do what they do, is there bitcoin or not bank never disappear and will be open every day.
you know that bank can give what never give by bitcoin? every stuff have different advantages. and they are not same

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