Banks are reacting:
https://www.engadget.com/2018/02/03/banks-ban-credit-crypto-purchases/
https://www.forbes.com/sites/naeemaslam/2018/02/05/banks-banning-cryptocurrency-purchase-on-credit-cards-why/#2edd37e23cf9
Sad, but the hatred will continue. They will do everything to make us drop crypto.
Topic: What will happen to the banks if people uses cryptocurrencies more than fiat? - page 5. (Read 1233 times)
March 01, 2018, 02:06:14 PM
March 01, 2018, 02:01:14 PM
I think hell will break loose if people try setting up outside of the establishment. I think in order for this to be accepted and main stream adoption to happen it will need to accept regulation.
As of the moment, it is really difficult to assess what changes would occur when bitcoin becomes more of use than the fiat money. I'm sure that prices of goods and services will definitely change sharply due to the people's less patronization of the fiat money over bitcoin or other cryptocurrencies. March 01, 2018, 11:48:51 AM
Maybe if this will happen banks will be forced to used also internet in their transactions so that they can coop up with the trends but they will still operate.
Of course, the government will side with the bank because they can get more taxes from banks because of crypto currency. and this will cause many banks to close, but before it can happen, the government will surely set the crypto currency or even ban its use.
March 01, 2018, 11:40:53 AM
I think hell will break loose if people try setting up outside of the establishment. I think in order for this to be accepted and main stream adoption to happen it will need to accept regulation.
March 01, 2018, 11:18:17 AM
Banks will still be able to survive as citizens will still need a proper and safe place to deposit their fiat cash, but banks might need to reduce their staff strength overall as more customers will transfer money to each other using crypto-currencies instead of going through bank due to the high fees charged by the bank.
In the real sense, yes! Because we cannot expect the whole fiat system to just be wiped out completely and I am sure some people and some set of citizens will always have a need for it.Even though, in the sense where we have more cryptocurrency users and apparently, for a place where there are lots of learned, it is possible, then we should believe this to be the case where banks will really just have to find some services to render in the cryptocurrency ecosystem as that would drain them completely. Let’s not forget though that the government will want to make sure salaries are pain in fiat.
March 01, 2018, 11:17:19 AM
the bank will change too.
They don't have choice but to embrace the changes and they have to adopt cryptocurrencies too. March 01, 2018, 05:37:55 AM
'' Perhaps in the future,we could create a smart contract based system that will work as a crypto bank''
I can go along with this quote as initially suggested. But at the same time , It is worthy of note that these Banks can never seize in totality, they can only be reduced to barest minimum, not forgetting that Banks services is not limited to Real currencies operation alone, some valuable items like Gold and other important valuables like important and confidential documents are still kept in their custody by many. And however, physical cash can not be easily eroded completely even with the advent of massive cryptocurrencies acceptability.
I can go along with this quote as initially suggested. But at the same time , It is worthy of note that these Banks can never seize in totality, they can only be reduced to barest minimum, not forgetting that Banks services is not limited to Real currencies operation alone, some valuable items like Gold and other important valuables like important and confidential documents are still kept in their custody by many. And however, physical cash can not be easily eroded completely even with the advent of massive cryptocurrencies acceptability.
March 01, 2018, 04:02:17 AM
No one knows for sure what will happen.
Maybe the bank will issue its own token at that time.
In the future, bitcoins and other passwords will coexist with fiat money.
Most of the banks are owned by the governments and the ones which are private banks also need to get approval from the government before taking any such kind of step. The thing is banks cannot start using crypto currencies until and unless the government does not allow then to do so. They really need to get approval first and if they manage to do so, then this will turn out to be the most dangerous thing for survival of paper money. Maybe the bank will issue its own token at that time.
In the future, bitcoins and other passwords will coexist with fiat money.
February 28, 2018, 01:57:49 PM
If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?
Banks has so many functions and strongly believe that even if crypto currency should be accepted world over banks will still be in existence. As we are all seeing crypto currency now it will take a longer time to be accepted world over as a means of exchange for goods and services. February 28, 2018, 01:46:56 PM
If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?
These changes wont happens immediately but day to day changes in life will lead to the changes as above. If that happens we people are lucky because we are already in to the crypto world. We will be a step ahead of others. If the world accepts the cryptocurrency then bank has no other option they should also accepts some of the cryptos to make profits or else bank cant survive. Bank can survive only for loan purpose to the people to fulfill their basic needs and nothing else.
February 28, 2018, 10:42:49 AM
The bank will remain strong despite on this thing, simply because they will use cryptocurrency and in the end people will still make transactions on the bank. Crypto will not replace banks, it will go beyond that but of course business tycoon will not let that things to happen.
February 28, 2018, 10:30:00 AM
There's nothing else they can do but to accept and make transactions involving cryptocurrencies. They will adapt this new innovation in technology as well as in currencies. They will be force to accept transactions with these cryptos or they will make their own cryptos that will be used by them and their customers in transacting and as an investment. This will be their best choice to keep pace with cryptocurrencies.
February 28, 2018, 10:12:35 AM
the bank will change too.
They don't have choice but to embrace the changes and they have to adopt cryptocurrencies too.They will change it into digital platform (digital bank) it actually happening right now that there is now a digital bank for a crypto holder who want to deposit their cryptocurrency.
It's happening but with digital fiat currency not with cryptocurrencies as for now they are still looking at it on the negative way because they don't fully trust it because its decentralized. February 27, 2018, 11:14:49 PM
No one knows for sure what will happen.
Maybe the bank will issue its own token at that time.
In the future, bitcoins and other passwords will coexist with fiat money.
Maybe the bank will issue its own token at that time.
In the future, bitcoins and other passwords will coexist with fiat money.
February 27, 2018, 10:26:58 PM
What will happen to the bank if people uses cryptocurrencies more than fiat? Will I think the bank will adopt the cryptocurrency too. The bank will adjust in what is happening in our society. And still early for thinking about that, I guess banks are aware in our industry and always ready for any problem they can encounter.. And it's possible that they already heard about cryptocurrency so maybe as of now they are trying to figure it out how they resolve the problem.
February 27, 2018, 06:40:40 PM
I'm dying to see Fractional-reserve banking with cryptos. One bank usualy use just one big fiat money to do his Fractional-reserve banking but I believe this will not be the case with cryptos becouse they are not bounded by boundaries, so it will be commom to one single bank work differently with each Fractional-reserve coin
February 27, 2018, 05:44:02 PM
Banks will still be able to survive as citizens will still need a proper and safe place to deposit their fiat cash, but banks might need to reduce their staff strength overall as more customers will transfer money to each other using crypto-currencies instead of going through bank due to the high fees charged by the bank.
I think that it is more secure to deposit your funds in the bank and just let the amount for investment be in online wallet. Bank will not lose people because there is crypto, there will happen that more people find it for the safety of they savings and let then save a fiat that is already a profit from investment. February 27, 2018, 04:37:44 PM
Of course they adopt changes that is the constant thing happen in the world, I think as of this time they have already an alternative plan if crypto become the mode of transaction in exchange of fiat.
February 27, 2018, 02:28:42 PM
If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?
Obviously, the banks will go down gradually if the patronage of cryptocurrency keep rising since either parties uses different mode of operation. The banks are centralized where as cryptocurrencies are decentralized, hence cryptocurrency works it way out all the time to give the people power and control of their financing and monetory dealings. I believe everyone loves to gain power, independence, and control over their financial lives. February 27, 2018, 08:47:04 AM
the banks will accept crypto then, and lead the mainstream, but thats a long way yet to go
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