Topic: What will happen to the banks if people uses cryptocurrencies more than fiat? - page 12. (Read 1244 times)
January 10, 2018, 02:36:58 PM
What OP is talking about is actually the nightmare of every banking institutions in the entire world and know that more and more people are getting to know bitcoins, it seems that it is going to be a reality soon enough, am sure they see the future no wonder they are so against bitcoins and the other cryptos.
January 10, 2018, 02:18:10 PM
Let's be serious, that it's impossibe. This society is still depending on banks and traditional financial system.
According to some researches about 2 millions of people are using cryptocurrencies. Comparing to overal number of inhabitants in the world this is not significant number so they can't endanger banks and their existance.
But the purpose of Bitcoin isn't to fully replace fiat currencies.
It will happen sooner that banks will accept Bitcoin than be replaced by it.
According to some researches about 2 millions of people are using cryptocurrencies. Comparing to overal number of inhabitants in the world this is not significant number so they can't endanger banks and their existance.
But the purpose of Bitcoin isn't to fully replace fiat currencies.
It will happen sooner that banks will accept Bitcoin than be replaced by it.
January 10, 2018, 02:04:44 PM
I think banks are not worried at all because it's like a traditions banks used by our ancestors for century and not all the people know the existence of bitcoin or any other crypto currencies and besides fiat is much prefer to used by other basically for our daily needs because the benefit we get on crypto we tend to convert it in our local currencies.
Yes history of banks is older than bitcoin and people who are not interested in new technologies prefer use banks instead of putting money in bitcoin and this is because 50% of our people are not aware of bitcoin. New generation are very skillful people and they knows how to relaxing the life because bitcoin has made life easy and safe, no one can take or use your money without your permission and no one can steal it form you just because of bitcoin wallet but banks are easy to robe and you will lose all of your money. 
January 10, 2018, 01:59:52 PM
Sudden (yet expected) surge in the ripple shows that Banks are fascinated with this technology and they are eager to use it to optimize their current time consuming traditional infrastructure. However, there is no reason to worry as decentralisation is not going anywhere and still we will see the fiat currencies on the blockchain. There will be the people who will still use the fiat currencies irrespective of the technological advancements.
I still feel the surge in ripple was a manipulation and nothing else. If banks really want to go crypto they would rather start fresh than using an established coin.Everything has gone cashless anyway, so at the end I feel banks will end up starting introducing gradually their currencies using the blockchain technology. However, paper will somehow still be useful in some countries where there is limited infrastructure, most especially internet.
January 10, 2018, 01:41:00 PM
first of all people see cryptocurrency as the investment way not as the payment gateway . once people understand the benifits of this currency then Banks Will cry and they will in loss. if all big bussiness person start sending funds through crypto then Banks need to face loss and Thats why in some country's they are banning bitcoin
January 10, 2018, 01:12:30 PM
If ever the cryptocurrency has been adapted by the people in this digital age we are now, the banks will have no other choice but to accept and embrace it. Surely, the blockchain technology will serve its purpose and the world economy will boost.
January 10, 2018, 11:18:23 AM
Your average person doesn't have the gumption or skills to keep their crypto safe. It's still alarming to use even if you're well versed in it.
The only way crypto could ever start to reach fiat usage levels would be with bank involvement. For better or worse most want a third party to hold their hand.
The only way crypto could ever start to reach fiat usage levels would be with bank involvement. For better or worse most want a third party to hold their hand.
They already tried to initiated their ICO project around here. I do not think that project has been completed or not. You may hear about the Citi bank new york announced the information like they gonna create their own altcoin called citicoin in the mid year of 2017 and recently axis bank team also started their ICO project so wait for some time see according to your expectation. Banks are opponent to the cryptos is the actual truth.
January 10, 2018, 11:07:37 AM
If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?
Well it depends, of course its good because they are in line with what is in nowadays, massive people were already know Bitcoin, just put their name after it will be a huge impact not loteral but adaptation kf the system may be helpful but in some things this will be prohibited by the government which is because of rapid dump of profit.
January 10, 2018, 10:56:57 AM
they would ether be able to adjust to it or close their bank on the grounds that for beyond any doubt it would influence them to endure a colossal misfortune. likewise they could exist together with cryptographic forms of money to make trade more less demanding. hopefully they will simply acknowledge bitcoin and different digital forms of money.
January 10, 2018, 09:25:03 AM
Actually, If many people will use cryptocurrencies that would be a major loss for all banks and after that there will be a crisis in the global economy, also this affects negatively to many countries and there will be big problems in different domains.
Furthermore, If many countries cannot smashing all cryptocurrencies, in case that this crisis will achieved than many governments will recognize all cryptocurrencies and become legal, and for me there is a great possibility that this will be achieved in the future.
Furthermore, If many countries cannot smashing all cryptocurrencies, in case that this crisis will achieved than many governments will recognize all cryptocurrencies and become legal, and for me there is a great possibility that this will be achieved in the future.
January 09, 2018, 07:34:41 PM
Banks will stop to operate. Also at the highest level, governments will be hit hard, as they will no longer exercise the same level of control over the country’s currency.
January 09, 2018, 12:54:18 PM
It's either sink or swim for them.
Banks that won't last will continue to make laws and regulations trying to stop cryptocurrencies from being used. But it's already too late for that. So the banks that are unable to adapt will potentially die out in 2020. The banks that adapt and change will become more decentralized and have less issues with transactions and could gain alot of money if they were to just ride the crypto wave.
Banks that won't last will continue to make laws and regulations trying to stop cryptocurrencies from being used. But it's already too late for that. So the banks that are unable to adapt will potentially die out in 2020. The banks that adapt and change will become more decentralized and have less issues with transactions and could gain alot of money if they were to just ride the crypto wave.
January 09, 2018, 12:45:46 PM
If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?
I think the banks must find the way to coupe with the latest blockchain technology to keep running their business because without implementing blockchain in to their monetary system and supply or they would be left behind. Surely, people will massively adopt the cryptocurrencies over time. 
January 09, 2018, 12:20:43 PM
Your average person doesn't have the gumption or skills to keep their crypto safe. It's still alarming to use even if you're well versed in it.
The only way crypto could ever start to reach fiat usage levels would be with bank involvement. For better or worse most want a third party to hold their hand.
The only way crypto could ever start to reach fiat usage levels would be with bank involvement. For better or worse most want a third party to hold their hand.
January 09, 2018, 12:10:43 PM
i do believe that fiat and the centralized form of currency will never go away. even if bitcoin (or any decentralized cryptocurrency not the centralized altcoins) become more popular and used more often there will still be fiat in some form be used and still be centralized.
that means banks will always be at work.
also don't forget that banks are basically a big business that works with money. they open accounts, give profit on the money you "invest" with them. they give loans and do a lot of things and offer lots of services like credit cards. these don't go anywhere.
you pay attention. What difficulties do Bitcoin users face today? And you will understand that with such problems it is not so easy to correct. Today, the Bitcoin transaction has been going on for several days and it will create huge problems for a common person. But not only in this I see the immunity of the crypto currency in society. In other words, I want to say that the Crypto currency is a currency for a certain Circle of people, and not for the whole world. that means banks will always be at work.
also don't forget that banks are basically a big business that works with money. they open accounts, give profit on the money you "invest" with them. they give loans and do a lot of things and offer lots of services like credit cards. these don't go anywhere.
January 09, 2018, 10:27:05 AM
i do believe that fiat and the centralized form of currency will never go away. even if bitcoin (or any decentralized cryptocurrency not the centralized altcoins) become more popular and used more often there will still be fiat in some form be used and still be centralized.
that means banks will always be at work.
also don't forget that banks are basically a big business that works with money. they open accounts, give profit on the money you "invest" with them. they give loans and do a lot of things and offer lots of services like credit cards. these don't go anywhere.
that means banks will always be at work.
also don't forget that banks are basically a big business that works with money. they open accounts, give profit on the money you "invest" with them. they give loans and do a lot of things and offer lots of services like credit cards. these don't go anywhere.
January 09, 2018, 10:15:53 AM
Well if people uses cryptocurrencies, I think bank will make way how to adapt in the situation. But I also think that there are still people that will use fiat so banks will still exist and will continue to operate but not as many as what we have today.
January 09, 2018, 09:44:49 AM
It can cause lesser people made transactions in banks. Particularly, cryptocurrencies are more easier to access by using directly hand gadgets. If that will happen, some banks have a lesser transaction and income. In cryptocurrencies, we can made immediate transaction and payments, and it is opposite in banks transaction that before we make transactions we must travel and used enough time to reach locations. In cryptocurrencies, we can access just even at home.
January 09, 2018, 09:23:50 AM
This question has been asked many times in the forum and my answer to it seems to be intact .
Bitcoin will not halt the banks of the world . Bitcoin is still a virtual object and there is still need to convert it into our own fiat for its use for us . No country is ever going to dump their fiat and accept bitcoin in its place . Both the currencies will work simultaneously and so the banks will never be affected by it . There will be some level of updates in the functioning of banks due to introduction of bitcoin , but that would not totally change their systems .
Yeah, cryptos will become widely used at a good point, but that would still be limited somehow as we know some people will not even have access to it and some would prefer to go the fiat way. However, no one knows the future as anything can happen, but I feel banks’ being totally discarded for crypto is something that would be very hard to see.
January 07, 2018, 03:23:31 AM
If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?
Nothing that much. It is jist that there'll be only less users of banks. Banks will continue functioning as long as there are people who are using it so even if people will be more into cryptos they can't do anuthing about it. The problem will only reflect to the government since in crypto, they won't be able to tax the transactions for cryptos are decentralized. Jump to: