Topic: What will happen to the banks if people uses cryptocurrencies more than fiat? - page 13. (Read 1244 times)
January 07, 2018, 03:08:06 AM
There are more likely chances for the people to use crypto currencies than fiat currencies in the near future as more and more user's are entering the crypto market and they consider the crypto technology more useful than fiat currencies and more merchants and shops are accepting this technology in such a condition bank will be working only in exchange of local currency of the country and people will be depending on cryptos for all other financial dealings in such a situation the banks will have to stop lending as everything is available in the crypto market.
January 06, 2018, 06:24:42 PM
The banks could act as wallet services to hold people's crypto and then use the account value to print more fiat.
That's exactly what they'll do. I don't understand all these bitcoiners who think Bitcoin will crush commercial banking. I believe that the vast majority of people still won't understand Bitcoin in 10 or 20 years. Just like today, most newcomers (if not most people) will depend on centralized banking/wallet and exchange services. Commercial banks (like Bank of America or HSBC or JP Morgan) can paint themselves as the deposit banks you've always trusted. Meanwhile, they'll use your holdings to profit, as they've always done.
they will adopt crypto, become dealers, release shitty derivatives, and release fake coins, and claw back their business using the trust the 99% of people already have in banks and the media. If that doesnt work then they will get the politicians they control to ban crypto.
What I'm really interested in--What happens when we get to the "If that doesnt work" part? People aren't prepared for the hammer to come down on crypto, but IMO it's always a possibility.
January 06, 2018, 05:28:38 PM
First of all, Banks try to attract new customers towards them by offering them some amazing offers, but if it does not work then Banks will cut down their expenses by closing some branches and firing some employees, shut down some branches So that they could remain in profit.
January 06, 2018, 05:13:36 PM
Cryptocurrencies still don't resolve the issue of taking loans.
It's not an issue at all. Taking out loans does stimulate the economy, but at the same time it's an aspect of this system and economy that's all based on debt. What happens if you take out a fiat loan and you default on that loan for whatever reason? Right, you'll get marked for life as someone not having fulfilled your duty, which as per this system, will only work against you. In severe cases you can't sign up for a bank account, can't gain access to certain beneficial support that others in problems can get access to, etc. Bitcoin is the exact opposite of that. Regardless of who you are, you'll always be able to make and take payments, and no one can stop you.
If you had collateral that covers the debt and you are free to take payments and do whatever you like. If you had no collateral, the greedy bank has to take consequences and possibly never be able to get their money back.
Bitcoin loans aren't much different from normal bank loans in the way that they work. What you've pointed out as the main difference doesn't actually change that much beside the fact that the lender will now require collateral from yo, or for the loan to be cosigned by someone who can provide it. It will make things more difficult for the lender and also make him more vulnerable and we can all agree that we won't be able to function without loans. Crowdfunding is great, but it will never be enough.
January 06, 2018, 05:42:22 AM
The banks could act as wallet services to hold people's crypto and then use the account value to print more fiat.
I think that when people has choose bitcoin over fiat, before that time could happen national banks and the government already adapt bitcoin as part of our society. Meaning to say, that's why people were already using cyrpto because government also allows it to happen unlike today that we most often bitcoin was use for investment. January 06, 2018, 05:38:18 AM
Remember, cryptocurrency is only a protocol that serves to help transactions. You still need a bank or something to exchange the cryptocurrency with real money. Unless cryptocurrency has been used as the official currency and replaced the dollar for example. You'll see the price tags in the malls no longer show the $ price, but in the form of cryptocurrency.When that happens, I think the bank has turned into a cryptocurrency bank.
January 06, 2018, 05:32:09 AM
The banks could act as wallet services to hold people's crypto and then use the account value to print more fiat.
January 06, 2018, 05:31:58 AM
If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?
The thing is crypto currencies are getting their power from the fiat currency only. You go to market and buy the crypto currency with your bank which is nothing but usual shopping. The fiat will always be there or should always be there because that is what giving the crypto market a real value. We have fiat with fixed value and that’s why we have value to fiat. :-) January 06, 2018, 05:29:16 AM
There are two things that could happen, it is either the bank will make a way to stop the use of bitcoin. Or, banks will adopt the use of bitcoin and start to accepts payments and exchanges thru bitcoin.
January 06, 2018, 05:27:29 AM
If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?
I doubt it wont happen. Banks more safer than crypto's. Not everyone knows how crypto's work not all have that mind to understand everything many will be confused but if its the trend it will gradually be used but not totally in crypto's. January 06, 2018, 05:18:33 AM
they will adopt crypto, become dealers, release shitty derivatives, and release fake coins, and claw back their business using the trust the 99% of people already have in banks and the media. If that doesnt work then they will get the politicians they control to ban crypto.
January 06, 2018, 05:16:50 AM
If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?
i think the bank will remain in the future for some reason, maybe such as they will accept crypto currency if that time happen . But i believe this is not gonna happen ,even though the valued of crypto currency so expensive than fiat cause either country always declined and didn't accept this currency because alot of reasons. Its a miracle in future if it will happen. January 06, 2018, 04:26:20 AM
If cryptocurrencies takes over the world and overpowers fiat, the banks would definitely think of something innovative to accomodate cryptocurrency just not to go out of business. As someone who wants to keep their business in the industry, they would definitely have to establish something just to stay on the industry. I guess banks would start accepting Bitcoins as well but they have to make the storage of Bitcoin worthwhile as Bitcoin on wallets alone can multiply its value. A good deal a bank can do is to allow Bitcoin growth at higher rates and lessen the transaction fees for everyone. What the next move of the bank depends on their strategies but they have to do a lot to make people trust their services when it come to cryptocurrencies.
January 06, 2018, 03:56:17 AM
Probably they'll seek a better option in order to continue, we really don't need banks and in fact Street Cleaners are the one more deserve to have a higher salary according to economics evolution website Evonomics
Banks has been here for a long time, the only thing or the possibility that might happen is that they will create their own cryptocurrency and spread it to people like paper money, just like what they are doing to newly designed printed money. If they won't join the club them maybe in a few more years they will be forgotten by the masses, not because they are not necessary but because they are left out in the revolution just like the nokia pHone back in the days.
In my opinion sir, it's not a matter of what is your own view, it is a matter of perspective of the people who will use it. If you are a single individual you can stand for what you believe but these kind of systems refers to billions of people around the globe. They cant stop people from opening their eyes into these things or forced shut off all the crypto users? Bad idea because as we can see decentralized applications are on its way and later on the staffs of the banks will also use the decentralized apps and software. They have power, yes and they can implement things because they are the bigger and they have a lot of authority, they will deny this technology but not for long.
January 06, 2018, 02:42:02 AM
If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?
It really would be a nice thing to happen but will the killing miners fees allow that. It has recently become crazy transferring Bitcoin and the backlog of unconfirmed transactions is another worrisome thing. Except all that are taken care of it may be very difficult for cryptocurrency to make fiat transaction disappear. January 06, 2018, 02:37:08 AM
The bank it self is an institution of government and the government run the bank, even if all the general public option in to use cryptocurrencies as means of making financial transactions the bank will still exist but only the commercial banks will be greatly affected. Banks are already aware of the revolution that is about to take place in the financial sector through bitcoin and cryptocurrencies.
January 06, 2018, 02:16:51 AM
If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?
It really would be a nice thing to happen but will the killing miners fees allow that. It has recently become crazy transferring Bitcoin and the backlog of unconfirmed transactions is another worrisome thing. Except all that are taken care of it may be very difficult for cryptocurrency to make fiat transaction disappear. January 05, 2018, 11:25:09 PM
If that ends up happening, it won’t happen overnight, so they will make some changes to try to adapt to the new situation but whether they will succeed is another story. They are already implementing changes, with fewer branches, fewer employees and more features for clients to make their operations online.
I think in the future, bitcoin and some other cryptos will co-exist with fiat currencies, so banks will have a place but I think their importance will be reduced.
I think in the future, bitcoin and some other cryptos will co-exist with fiat currencies, so banks will have a place but I think their importance will be reduced.
Banks should keep up if they don't want to be left out. I don't think the banks will cease to exist even with the mass use of cryptocurrencies if they choose to adopt. Otherwise, a different form of bank will be created to cater to the needs of cryptousers, and current banks will lose their business if fiat will go down the drain in the future.
Banks are still very important and relevant in our society today and even with the widespread use of cryptocurrencies, fiat won't be overthrown just yet. If banks can keep up with the pace, then they may survive in the years to come when cryptocurrencies will take over (if they will). Just now, banks are becoming more technologically advanced, so it's quite possible for them to co-exist with crypto.
January 05, 2018, 09:27:32 PM
If bitcoin digital cryptocurrencies established more percentage user's in the public it can cause less people use and access banking transactions. Because in bitcoin people can used fast directly transaction by using bitcoin wallet.
January 05, 2018, 08:59:27 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.
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