What will happen to the banks if people uses cryptocurrencies more than fiat? - page 6.

Roachgo04

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Quote from: bei on January 04, 2018, 06:13:46 AM

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

The only reasonable thing that bank will do is to consolidate its operation and become efficient as much as possible. In order to survive from the rise of cryptocurrencry, many banks will do merging and even buying out the rival banks. They might also use a separate crypto division which will certainly challenge the existing coins and altcoins. If time come that more people use crypto the bank may engage open war to its rival.

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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.

batang_bitcoin

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Quote from: NJB18 on February 22, 2018, 09:17:58 PM

Quote from: batang_bitcoin on February 22, 2018, 12:17:09 PM

Quote from: jhamz03 on February 22, 2018, 11:55:56 AM

the bank will change too.

They don't have choice but to embrace the changes and they have to adopt cryptocurrencies too.

Quote from: jhamz03 on February 22, 2018, 11:55:56 AM

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.

I find it really difficult to imagine how a crypto bank works. I mean, it should be safe and secured which means our deposits are insured too. Is it really possible to insure crypto funds given the high volatility?

It will work like the usual banking system, deposit, withdrawal, ATM's, loans, etc. By the essence of being anonymous in this type of currency will be gone. You know how the banks are working right? They are requiring different identifications and other validity just for their depositor or someone who is in need for their service. Yes, it possible to insure crypto funds but I don't know on how they will make it and adjust to the matter.

NJB18

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Quote from: batang_bitcoin on February 22, 2018, 12:17:09 PM

Quote from: jhamz03 on February 22, 2018, 11:55:56 AM

the bank will change too.

They don't have choice but to embrace the changes and they have to adopt cryptocurrencies too.

Quote from: jhamz03 on February 22, 2018, 11:55:56 AM

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.

I find it really difficult to imagine how a crypto bank works. I mean, it should be safe and secured which means our deposits are insured too. Is it really possible to insure crypto funds given the high volatility?

batang_bitcoin

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Quote from: jhamz03 on February 22, 2018, 11:55:56 AM

the bank will change too.

They don't have choice but to embrace the changes and they have to adopt cryptocurrencies too.

Quote from: jhamz03 on February 22, 2018, 11:55:56 AM

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.

jhamz03

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If everything where change in the future like paper money into digital currency, and so as the bank will change 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.

removebeforeflight

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Obviously banks would shut down their business, that is the reason banks are forcing governments to ban Bitcoin with all their influence. Banks normally steal people's money in the form of fees, charges, interest rates and commission with people's money itself. But Bitcoin doesn't have a intermediate agency like banks in between people's money and profit earning which banks oppose.

However, Banks would adopt block chain technology and introduce their own crypto coins to sustain their position competing Bitcoin, example of one crypto is Ripple. We can expert more banking crypto coins coming in in future like Ripple.

rowel21

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all banks will make there own cryptosystem maybe or they will collide with cryptosystem just be cause they don't have any option left for now a lot of people is not exposé in btc so all banks cannot feel the side effect of crypto but sooner all of them will implement a cryptosystem cause people in future will learn to use digital wallet and this will left behind and the only costomer they have is those person who do t knew how to use mobile pbone

Noelbetty12

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Quote from: bei on January 04, 2018, 06:13:46 AM

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

Will given that nobody will use fiat currency doesn't mean there will be no more banks or they will be closing due to loses. As of now the only legal tender accepted in my country is fiat currency which means the fiat currency will still be backing the digital currencies. If it would happen that such idea will become a reality and total non usage of the real currency will happen, banks will not be lost but transforms itself to cryptobanks. So banks will always be banks. Nothing more and nothing less.

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Quote from: bei on January 04, 2018, 06:13:46 AM

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

I think use of crypto currencies will not vanish the banks or the financial institutions that we see in today’s world. The reason behind this is very simple, we can not really do whole transaction thing without banking attachments as that wouldn’t be allowed by them or the government itself. I’m looking at this with regulatory perspective and if you think the same way then you will understand that’s really impossible without banks involved into it. So may be in the future crypto currency will be used on large scale but mostly in collaboration with the banks and other financial institutions thus both the areas will get evolved simultaneously.

ganlianshifu1

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I don't think it will happen! Many cryptocurrencies are not popular in many countries!

Many people still use fiat money or legal digital money!

In the event of such a situation, the bank's trading profits have been huge shock! Many Banks may issue their own cryptocurrency to meet demand!

BUK2016

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Quote from: bei on January 04, 2018, 06:13:46 AM

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

Well Banks will still be in existence because it will be difficult for government to fully adopt crypto currency since they cannot manipulate it's existence as compare to the they manipulate fait currncy through there Central Banks.

Cryptophorus Columbus

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I think that banks and governments haven't still completely realized the revolutionary potential of bitcoin.
When they'll understand, they'll start a massive war against cryptocurrencies.
It will be a bloody war, you can bet. But I don't think they can win. We'll see.

millenniumcoin

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Yes if bitcoin becomes generally accepted in the future, i think it may affect bank drastically and may lead to many of the banks clossing business. This is one of the reasons the banks are not happy and even many governments of the word are going about creating unnecessary news about bitcoin to distract people attention.

queenlaurel

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If that should happen, that is bitcoin becomes the basic mode of exchange in the future? Banks will crash literally, that is if they dont start doing something about it now and people will go out of jobs in the banking sector. Well those individuals could be introduced to bitcoin.

s2sallbygrace

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Quote from: bei on January 04, 2018, 06:13:46 AM

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

bank will lose some of their clients, or worst they will end up into closing their bank due to bankruptcy. Banks together with the government will find ways to not let it happen and not to be affected by the cryptocurrency, for sure they have options and will come up with a better idea for them not to lose their clients.

Andrej Peiboski

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In case of general acceptance of cryptocurrencies, banks will lose a big part of their power, but we'll still need them for a lot of other financial services: for example loans, leasing, certificates, insurances, etc.
We'll see.

oaktree

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Banks will adapt. I can see a lot of them becoming online wallet providers. Sort of "hold your cryptocurrency at Bank of America's secure online wallet".

And what's more lots of existing bank account holders will go for that.

Faxmate

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Quote from: Freddie Aguiluz on February 20, 2018, 05:44:17 AM

Quote from: bei on January 04, 2018, 06:13:46 AM

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

I think banks will die if this happens. All banks will be on the internet and you will never see an establishments for banks. Today all things are being digitalized, communications and payments are the most common example of it. So it is not impossible for the cash to be extinct one day, all payments and bills will be payed digitaly.

Well it can happen but I think banks will remain the same in future as well for some reasons, but I guess banks will also accept bitcoin, I thing banks will have to accept the value and presence of bitcoin, as it has high value and demand for multi benefits that bitcoin have. As you said banks will be disappear without bitcoin so they will have to make the storage of bitcoin worthwhile. So in short the good deal that banks can do is to allow bitcoin growth at high rates and lessen the transaction fees of bitcoin, what can be the next move of bitcoin can be all about their strategy but they will have to work so hard to make people trust their service as compare to crypto currency.

wpc143

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I think many banks will bankrupt if all people uses cryptocurrencies more than fiat but probably they will find another way to continue their business. Or they will go with the flow of bitcoin and invest on it.

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