What will happen to the banks if people uses cryptocurrencies more than fiat? - page 11.

Kevin77

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Quote from: JTEN18 on January 04, 2018, 12:48:34 PM

Banks will still exist even though in the future cryptocurrencies will be use more than fiat. First, when that happens bitcoin was surely adapted by most countries and banks were already accepting bitcoin just like international currencies. Second, it will take decade before that happens.

Yes, there is absolutely nothing that is going to happen to the banks and they are still going to be there one way or the other. We are talking about people using cryptocurrency and not everyone on earth using cryptocurrency which we all know it is impossible for that to happen, most especially in some places and just like you said seeing a very high level of adaptation will take some number of years.

In a decade or two, this will be definitely happening and what happened to traditional mailing system when email was introduced, same will happen to fiats. Yes, fiats will vanish themselves.

aardvark15

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Quote from: bei on January 04, 2018, 07:13:46 AM

If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?

Banks will always be around as long as fiat currencies are around. But there will be changes as Bitcoin becomes more mainstream. I think banks will need to change how they do business to adapt to this new technology.

Some banks will fail while new banks will pop up that cater to the needs of cryptocurrency investors. Banking as we know it is going to have to evolve.

richardsNY

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Quote from: Xclusive5 on January 11, 2018, 05:14:27 PM

Since the inception of bitcoin in 2009 all the banks knew that the arrival of cryptocurrency is an impending doom for the bank. Cryptocurrency is an enemy of the banks.

It potentially could be, but it doesn't have to be. If banks are smart, and they are getting there with Bitcoin, they will end up offering all kinds of services related to Bitcoin and other cryptos in the future. It's all about how much money they can end up generating with this market, and in a soon to become trillion dollar market, the possibilities are endless. Especially so because of how undeveloped this market still is, and how small it is, which directly shows how much potential growth we can obtain in the future. It's all up to the banks themselves, but looking at how certain wall street banks are showing their interest, it for me is a sign that more banks will follow in the coming years.

rickadone

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Quote from: screwUdriver on January 05, 2018, 10:02:50 AM

Quote from: JTEN18 on January 04, 2018, 12:48:34 PM

Banks will still exist even though in the future cryptocurrencies will be use more than fiat. First, when that happens bitcoin was surely adapted by most countries and banks were already accepting bitcoin just like international currencies. Second, it will take decade before that happens.

So far, commercial banks are not very enthusiastic about existing digital currencies. Electronic payments are already displace cash and banks are aware of the danger of losing business if their clients decide to switch to cryptocurrency.

Banks are so much aware of that and I am sure this is one reason a lot of them see it as a threat and are trying as much as possible to see how they can let people keep seeing the bad side of it than the good side. Nevertheless, even if this is meant to happen at all, it would take some years and some wars to even be able to see this in play and I am sure banks will still try as much as possible to see how they can stay relevant.

Xclusive5

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Since the inception of bitcoin in 2009 all the banks knew that the arrival of cryptocurrency is an impending doom for the bank. Cryptocurrency is an enemy of the banks.

alani123

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I don't think that banks would ever go away, at least not throughout our lifetimes. A big portion of the current system is based on banks, most of finance is done through banking, plus m2 and m3 wouldn't exist without banking. Capitalism as we know it is based on banking. The removal of the gold standard brought growth to developed countries and banking played a central role in that. Some things won't easily turn back. I think that our generation will just see crypto co-existing with conventional banking.

janah

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Quote from: bei on January 04, 2018, 07:13:46 AM

If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?

No one knows what will happen in this year 2018 because bitcoin is unpredictable and bitcoin can affect banks if the bitcoin performance is good because it has too much percentage that bitcoin can be more profitable than banks.

gunungkembar

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Quote from: bei on January 04, 2018, 07:13:46 AM

If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?

banks are likely to lose some customers because they prefer to keep their assets to cryptocurrencies that are safer and can grow a lot and maybe some banks will close.

dejan_p

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2018 should be a fun year to see what will happen
banks, countries, regulators will for surely dip their hands in crypto, either adopting them or fighting against them, they're not just gonna stand and watch

regarding the fiatless society, I think it would require another 10 years min

nl247

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Quote from: bei on January 04, 2018, 07:13:46 AM

If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?

It depends! Firstly, Banks will adapt and then most countries will have their national currency in crypto which obviously will make banks still function in mostly other areas most especially in the area of loans, and other governmental related stuffs. Deposits, withdrawals and other functions will end up being scrapped, so at the end, we will end up having some staff laid off, and bank functions reducing.

kaysersoze

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Banks will never disappear, if that is the real purpose of why you are asking this question. So i do not think that there is a way in that cryptos could replace banks, but yes, maybe they will try to adapt to the new technologies if that is really happening at some point.

alisafidel58

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Quote from: bei on January 04, 2018, 07:13:46 AM

If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?

Before it would happen banks will surely have some sort of precautionary measure that they will be taking against crypto currency in order for them to not be left behind.

If that scenario would happen, then banks would adopt the technology behind blockchain or its network in order to compete with the crypto currency.
It would make their system more viable to lessen the hassle of doing transaction if your going overseas and wanting to withdraw or spend more money.

Usafstar

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the banks are doing good for the world that they provide loan opportunities to the needy people and they also keep the people money and gold in lockers they have providing big amounts of loan to the industries and other countries as well. so the importance of crypto currency can't be ignored but the banks are are also providing facility to the financial system of the country.

goaldigger

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I think banks can now adopt on cryptocurrencies. They will use them in their transactions ang probably have an improved system. I think there were more cards than physical wallets.

bots1

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Quote from: bei on January 04, 2018, 07:13:46 AM

If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?

it is likely that the bank will step down, but the bank will still be used to disburse the profit from playing cryptocurrency and banks should be able to accept cryptocurrency so they can grow.

Nhebu

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The banks will not operate and some of the investors may pull their money. Therefore it will lead to bankruptcy. I think that is happening as of now but I hope the issue of that will not make a war between banks and crypto enthusiast.

ljm8888

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The bank will ask the government to launch a war! The real money is issued by the government's credit. And digital money depends on the Internet. No country can stop the Internet. I hope that what you say will not happen. Digital money is still a little far away from people's lives. Although I am optimistic about digital money, I admit that there is still a long way to go.

juragane

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Quote from: bei on January 04, 2018, 07:13:46 AM

If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?

then banks will be destroyed and loss because their customers will make a huge withdrawal of money, the solution is that banks must be able to work together with bitcoin technology so they are not removed from the circulation of the world economy.

louie69

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Quote from: danherbias07 on January 10, 2018, 03:54:04 PM

It is either they will adapt or they will forcefully finish the blockchain that they want to create.
Or the evil side is pay the government to ban the crypto currency in one country. They have the money to do that if they will be team playing. Grin

But we dont even know if that could really happen.

There maybe a slight effect on the banks if people will use more on the cryptocurrencies more than the flat money probably because business transactions like money transfer wherein banks cannot longer get paid for their bank charges while in bitcoin transactions, there is no fee required. In the near future, maybe banks will adapt bitcoin since its dominance is now increasing.

danherbias07

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It is either they will adapt or they will forcefully finish the blockchain that they want to create.
Or the evil side is pay the government to ban the crypto currency in one country. They have the money to do that if they will be team playing. Grin

But we dont even know if that could really happen.

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