what will happen to banks? - page 25.

Kakawate

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Quote from: BrewMaster on October 04, 2017, 11:04:21 AM

what is a bank?

it is just a service that is offered on money. these services are so many different things. such as loans, credit cards, savings account, Checking accounts, other types of account i don't know the name of in English Tongue

, Insurance stuff, Mortgages, Safty Deposit boxes, ...

banks doesn't have to be affected by bitcoin or bockchain technology. it is just a different form of money!

I see your point there, banks are for paper money and coins while bitcoin and altcoins are cryptocurrencies. So they should never be a harm to each other, but I think that banks will be greatly affected by bitcoin, in a negative way. Knowing that banks has lots of fees and bitcoins purpose is to send and receive money without any fees, then most of the people, if not all, would rather choose bitcoin than banks. In that way, there will be lesser and lesser people that will use banks, then eventually it will die.

posi

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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.

Yes, the blockchain will somehow kills the bank profit but that's depend on the bank itself because blockchain is a modern age technology and bank owner ought to move with new technology invented in other not to be left behind.

cryptojac17

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Quote from: BitcoinMuscle on October 04, 2017, 04:24:06 PM

From what I have seen banks are trying to avoid any contact with bitcoin because bitcoin was created to work against banks. In my country a few persons had problems when on their bank account transactions appear the word Bitcoin. Their accounts were banned without any reason.
It would be nice for banks to somehow add bitcoin in they system as a good thing so we can all profit from this.

Peer to peer transaction of BTC is the big differences as we compare it to the banking system, that is why bank tend to avoid BTC in their system specially BTC is decentralized in form, Bank will be the most benefitted when we put your money to them because they in control they just give you small amount of interest out from your savings account but if you apply loan to them the interest rate is very high that’s why it is not a wise idea to put money in the bank. From now on they should think how to coup up with BTC.

putih

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Banks will need to find another way for their income. Banks mainly living on fees while crypto's are mainly living on miners.

Thyaga

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Imagine this scenario: a country legalizing crypto currency in the country then the country using crypto currency as a legitimate payment in the area of government then allow banks to open crypto currency transactions, really cool.

Sled

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Banks will completely have a lower amount of their users and that is because bitcoin is getting known by a lot of people in the world and that is why it is a complete threat for the banks to have bitcoin in this world. The only thing that the banks can do in order to prevent getting losses of its users is to adjust their system and get into blockchain also.

BillyBobZorton

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Quote from: Ilegendph on October 05, 2017, 07:52:13 AM

Quote from: MrJacobus on October 05, 2017, 03:37:01 AM

I think banks will still stay for a long time because that not everyone still seems to trust bitcoin and not everyone has the knowledge to use it like my parents they know about bitcoin but they still want their old trusted banks i think maybe after a couple of generations in to bitcoin the banks will disappear.

I also believe that banks will not disappear because of bitcoin though many services of banks can be elliminated because of bitcoin. Banks have services that bitcoin alone cannot accomodate like loaning and saving interest rate. Many people will say that they will earn more on bitcoin rather than on bank interest but the question is does bitcoin is fully accepted in your country I mean even local stores accept it?, if the answer is no then bank services is still good for local transactions.

This is why I think fiat can live along with bitcoin as some sort of competing forces to maintain a continuum of inflation vs deflation. I think it's clear that bitcoin can't deliver everything that fiat currencies can nowaday, but who knows if in the future, my means of sidechains, we can get loans and saving interest rates that is based on the main BTC chain, kind of like gold 2.0 and then actually verifiable fiat based on this gold 2.0 of 21 million bitcoins? That is something to explore in the future.

Ilegendph

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Quote from: MrJacobus on October 05, 2017, 03:37:01 AM

I think banks will still stay for a long time because that not everyone still seems to trust bitcoin and not everyone has the knowledge to use it like my parents they know about bitcoin but they still want their old trusted banks i think maybe after a couple of generations in to bitcoin the banks will disappear.

I also believe that banks will not disappear because of bitcoin though many services of banks can be elliminated because of bitcoin. Banks have services that bitcoin alone cannot accomodate like loaning and saving interest rate. Many people will say that they will earn more on bitcoin rather than on bank interest but the question is does bitcoin is fully accepted in your country I mean even local stores accept it?, if the answer is no then bank services is still good for local transactions.

jekjekman

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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.

That is why most of the banks and bankers right now is in jeopardy because of this modernization about the digital money and the revolutionary cryptocurrency of Bitcoin as it is made for people to transact faster and way cheaper anywhere at anytime in the whole world with more less fees than this banks offers. Most of the speakers of the banks and CEO really hates cryptocurrencies and that is for sure.

Recently Jamie Dimon the CEO of JPMorgan said 'Bitcoin is a fruad' and way back year 2015 he already bash and said bad in Bitcoin but see what is happening right now with Bitcoin and any other cryptocurrencies, it still stay and going strong no matter what. It is just that this bankers really see their future if they didn't stop this.

Gozie51

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I think if bitcoin takes over paper money, then we are going to witness a different kind of banking. On the other hand, if bitcoin exist with paper money, then it won't affect banks.

d4z

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They will stay but just in another form. Their income is from loans and playing on the market and they will still be able to do that

farhaan

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Its true that banks have started to suffer in income which they got as transaction fee due to bitcoin.But still,they have other services like receiving deposits and lending loans with interests.They still have a very big market and it has been built since century before.They would continue to exist,but definitely they would loose their importance in future.

PepperaOnIt

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Maybe some small banks will bankrupt and some of the big banks will change, a huge change decreasing the profit not only double but almost bankrupt

ValVikram

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banks will never disappear and will work.

IrReAr

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Quote from: BrewMaster on October 04, 2017, 11:04:21 AM

what is a bank?

it is just a service that is offered on money. these services are so many different things. such as loans, credit cards, savings account, Checking accounts, other types of account i don't know the name of in English Tongue

, Insurance stuff, Mortgages, Safty Deposit boxes, ...

banks doesn't have to be affected by bitcoin or bockchain technology. it is just a different form of money!

Banks simply adapt to the current changes. This is a too strong structure, so that it can be so easily broken

MrJacobus

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I think banks will still stay for a long time because that not everyone still seems to trust bitcoin and not everyone has the knowledge to use it like my parents they know about bitcoin but they still want their old trusted banks i think maybe after a couple of generations in to bitcoin the banks will disappear.

MMS2017

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Banking industry is started to keep the savings of the people and to lend that money to others people and to charge a fixed rate of interest. Bitcoin is the currency which can withdraw from banks through cheque. My suggestion is bitcoin should start bitcoin bank.

rebel92

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Well, If you haven't notice so far, The Hard Fork plan that was laid for Bitcoin and all the fuss that was going around the topic, has proved that there are alot of things that been hidden in the dark now coming to light, No matter what you think Bitcoin is, Unfortunately, Only the early miners and the hard investors today are the ones whom are really dominating this Currency, and by the time we manage to wake people up to the power and importance of Bitcoin, It would be already too late, for the Bankers and elites would already be Taken over this section as well if not already, not by Regulating it, or shutting it down, but by accumulating as much and what is left from the Available amount of total bitcoin supply, and day by day now, we're seeing banks are switching into bitcoin with bheavy investments and even governments has mining special houses. whatever BS that these so called "Elites" in this 2017 conference, it's just nonsense to let us think that they are on the Losing side and are trying to save themselves, and that we "The People" are winning and taking over our financial freedom back again.

Razick

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Quote from: Idrisu on October 05, 2017, 02:04:22 AM

This is the right place to discuss this as it deal with financial system and economic. Banks will still find there way of making money from blockchain technology outside fees. They have a huge capital that can built a great mining farms and even fees we are talking about we are still paying little fees for bitcoin and others altcoins transactions and you should expect banks to modify this into what there are use to do. Should we refuse to accept the reality that bankers will never do anything for us free then we are in a long thing.

I cannot speak for everyone, but my bank is investing and researching into Blockchain technology as we speak. I think it will only be a matter of time before they implement some sort of new business option for members. Maybe they will offer security of private keys, or insurance... something of the sort. I don't see banks just rolling over and accepting defeat to the blockchain. Some will of course, but most will at least try to adapt.

BunnyShibe

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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.

I do not think that in near future banks are going to close. I think that they will continue for a long time. because currency I do not think that more than 2% know about bitcoin and even those people who have knowledge about bitcoin but still they are using bitcoin as optional. I think even if the users of bitcoin will increase, and most of the countries will turn bitcoin as legal currency then banks will also take a positive step toward bitcoin and may be they also start accepting bitcoin for depositing and will create a online wallet system for that.

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