what will happen to banks? - page 27.

eagleman

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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.

Why are you worrying about the banks, they will never be gone or out of the league and it's industry is continuous. They are regulated by the government and government is earning from them. Blockchain is a good adoption to them but it doesn't mean that they will have a negative impact about it. The fees you are talking about is with bitcoin and other cryptocurrency. Blockchain is the network that bitcoin is using and it is the one that will be adopted by the banks soon if they want to.

cybersofts

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Quote from: BrewMaster on October 04, 2017, 12:04:21 PM

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!

Yes, banks has their ways of milking the public such as loans, mortgages, unnecessary bank charges and so on.
Bitcoin will not entirely remove banks out of the way because Governments and majority of the people are still using bank for their financial saving.

BitcoinMuscle

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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.

tdrinker

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I think banks will still be around for some time as they offer some different services to bitcoin and they are already used by many who 'trust' them.

audaciousbeing

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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.

Majority of bank profit does not come from fees rather they come from interest by charging as much as 35% over here though before granting loans to people. Fees constitute part of their revenue but not a large percentage.

Bitcoin will affect the fees no doubt about it but at the same time, you should not be weary of the fees that is being charged when we try to convert and withdraw fiat which means the fees they might be loosing as a result of blockchain is being compensated in another area which might not be equal but commensurate enough to keep them floating.

Also, with the continued dominance of bitcoin bank still turns out profit because revenue is not only what brings profit but reduction of cost which a lot of them are harnessing to the fullest.

ReLieD

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Dude , let me make you understand that Bitcoin is not treated as a currency , but as an investment . And what according to you are banks. It's just a place to deposit or withdraw money and they will give you a certain interest on it. Bitcoin is a very bad currency , its prices fluctuate alot and people will obviously choose their countries currency over Bitcoin and so banks will always be in use no Matter what

Johannson

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We will see big "bank versus crypto" war soon. It already started, because all governments worldwide trying to regulate crypto in advantage of banks.

BillyBobZorton

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Quote from: BrewMaster on October 04, 2017, 12:04:21 PM

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!

For me all these big places where people are storing their private keys (foolishly in my opinion) like Xapo, are already bitcoin banks. This is the final fate of banks in my opinion, assuming that the theory of bitcoin making all fiats irrelevant (which I doubt) we would see banks being custodians of bitcoin.

What is more likely is, governments will develop their own closed source, controlled inflationary version of bitcoin, and they will also serve as custodians of both their e-fiat and bitcoin in order to try to milk fees.

It's either that or they straight ban it.

johnwest

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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.

harizen

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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.

Do you really think that it will be a big impact for banks?

Rather than we made some long and broad discussion here, make a research on what's banking system really is. Too much optimitism and believing in cryptos makes other people think the other way. Banking system is successful not just because of that fees you are talking.

Mahanton

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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.

Banks would still able to make money even though they would use blockchain technology since they can impose or required to pay such fees.Thinking off that if those banks start to make use on digital payments they can still able to make some fees just like what they are doing when they are still doing it manually.

LeGaulois

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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.

Banks don't make much profits with fees, at least not as much as before. You also need to consider that banks offer services that blockchain/cryptos can't, such as insurance, loans, saving account, investments management etc. Most bankers have a profit from each product sold.
Also banks going into the blockchain do it as it can reduce the costs to operate, they don't do it much for security or because it is swag

Mozdalifa17

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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.

Banks benefit only from loaned amount of money to its customers the true some big banks against bitcoin and blockchain technology despite the fact few banks adapt XRP in recent months so it will take long time for fully adaptation official or non official .
Thank you

darthmaul

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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.

Quote

banks profit from fees

That's not completely true and bank is always profitable no matter what you do. Its bank, where money is created and the same is loaned to you for which you pay undesired amount of interest to the bank. That's higher than return of investment with your take home salary. There are no connecting dots at all.

Blockchain is best at its place and bank will think of enrolling its system into blockchain with full insurance and they will have the biggest discussion over it first and then only they will pay the contract.

Quote

blockchain will not bring back the profits as otherwise

.

As I said it will not matter with bank because it's completely different line and there are no connecting dots really. Bank will have versatile ways to do it and they won't rely on something unprofitable.

Herlina

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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.

For the moment may have an impact on the remittance service. But I think it is not very influential because the bank still has other services

cryptocrusher

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I think banks are too important to the world presently and their reputation will enable them to survive even in the current climate where they are facing competition from the cryptocurrency market. The general public will remain skeptical of cryptocurrencies for some time and thus will continue to use banks.

yanto@1977

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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.

I believe the bank will take policy about blockchain technology and ( maybe ) will created solutions about it. The bank can make different channel/ funnel for customers with blockchain technology as their alternative payment. But everything could happen if government also create regulation about it. But bank only tools, they only follow government policy. Nothing to worry about it and thank you.

Mpamaegbu

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Activities of Bitcoin or the cryptocurrencies will not make banks disappear completely. It will expectedly render the banks less important just like what email did to the postal services. It is important to point out here that it is not true that blockchain transactions are free of fees as argued by the OP. There isn't any free lunch anywhere. We do pay a certain fee (just like we do with banks) to enable crypto transactions go through.

marlboroza

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Quote from: BrewMaster on October 04, 2017, 12:04:21 PM

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 don't know how it is in other countries but in my country you need bank account to receive salary. I would like to receive my salary directly to my hands and this is not possible because of stupid law. We are actually forced to pay every month few bucks for bank account.
So I wouldn't call that "just a service".

BrewMaster

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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!

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