What will happen to the banks if people uses cryptocurrencies more than fiat? - page 8.

z38630610

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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?

It is simple. They have to keep in step with cryptocurrency. They can update their economical strategy according to cryptoworld. For example in my country one of banks bought bitcoin website that many users invest on that website. It is a kind of update I mean.

shield132

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To be fair it's the most logical question which I have read here recently.
Very hard to answer because will that ever happen? Credit cards will be in use in future, there is no doubt but it will be like xapo, bitpay and etc. I think banks won't make it to happen, they prefer fiat because it's not risky for them. I think they will make credit/debit cards for crypto customers and this service will be offered by most banks.
Since bitcoin's value is determined in fiat, I have no idea why will people use crypto more than fiat.

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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?

it is certain that it will trigger a rise in the price of cryptocurrency that the bank uses to replace fiat money and it is certain it will make the development of digital currency growing.

romecheo

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That will happen very soon, every transaction in this world will change to crypto currencies. Time will come that Fiat are no longer necessary in transaction, it will soon end up as last option.

All those bank who haven't any plan to adapt crypto currencies are going to vanish.

The Monkey King

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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 banks will not be eliminated if cryptocurrency will be embrace as the new basic mode of exchange in the future because bank is still a need for every individuals who take loans for their business. And if ever, it is favorable to have these cryptocurrency while there are still banks because I believe that these banks will also accept these cryptocurrency in the future. Banks will stay as well as bitcoinn as cryptocurrency.

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Quote from: Kizaki on February 15, 2018, 10:52:24 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 if this happens, bank will start on making their way into cryptocurrency. There's no way that bank would just close just because people are starting to use crypto instead on saving their money on banks. Banks would even think of ways to be part of the crypto currency market.

I doubt that banks can become members of the crypto market. The banking system is fully established for the use of Fiat. Banks cannot exist in the crypto economy. For this reason, we see resistance on their part. I think that cryptocurrencies will always exist separately from the economy of Fiat and banks.

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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 if this happens, bank will start on making their way into cryptocurrency. There's no way that bank would just close just because people are starting to use crypto instead on saving their money on banks. Banks would even think of ways to be part of the crypto currency market.

adolf512

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Crypto currency is very popular, and almost all countries of the world pay attention to them and are concerned about the further development of events, but at the moment real money and the banking system are still under control and crypto-currencies will be hard to change.

YinShuiSiYuan

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If there ever is such a situation, it certainly will not be a big deal. Banks will probably adapt to the existing situation and will still find a way to earn money.

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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 most likely answer is that the bank will shift to crypto currencies banking business in which thru local paper money to digital currencies. Shifting to crypto will be favorable to them because they are already used to digital system and transactions in which the process on how crypto currencies works.

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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 it will only have a minor impact to the banks, because the goverment will issue some policies to prevent any problems from this

NJB18

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How I wish it will happen asap. But this seems not beneficial to governments, let alone banks so a possible crackdown happens. But if governments will accept decentralized currencies and will just regulate them then there has to be a good way that they can also benefit with it like the imposing of taxes.

bitbunnny

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Another question related to banks and crypto.
Rememer that no cryptocurrency, including Bitcoin, don't have the power to replace banks, they will continue to exist.
And when you look at numbers how small percentage of overall number of people everywhere in the world uses Bitcoin and cryptocurrencies you will realize that eliminating banks is mission impossibe.
It's much more likely that in certain stage banks will accept Bitcoin.

owlman

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I believe that in the future, crypto-currencies can change the banking system as a whole and the economy of the country. The government of some countries understand this and act pragmo now by regulation or bans.

outsider99

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which is clearly the interest of people who invest into banks is reduced if it happens. But some banks have been adopted to XRP which is considered to be the currency of the bank every bank in the world will also do the same.

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Quote from: Carlsen on February 10, 2018, 08:51:28 AM

I do not think that crypto currencies will ever be used more than the local fiat.
One reason is that a majority of the people will never make the step in the crypto world. To them it seems too risky. So all of their money stays out of crypto currencies.
Another thing is that even everybody who has crypto currencies won't have all his money in that form.

I agree as long as Fiat Currency exist Banks won't be threatened to Bitcoin and other cryptocurrencies as their main business will still exist. Additionally almost everyone now knows that banks only serves us our security for our money nobody is expecting to earn from their deposits anymore, people who just want to use banks to keep their money safe will just use banks instead of storing all their fiat currency in a wallet which they themselves will handle. Banks also have other means of earning money and that is lending and offering out loans to people with interest which Bitcoin cannot offer.

sserge009

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Banks will have to adapt to new conditions. their system has not been reformed for centuries and they will either have to adopt new rules (decentralization, non-regulation, etc.) or they just dissapear.

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Quote from: Apple Mac on February 10, 2018, 09:57:41 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?

Probably the banks will stop for a while and sooner will acquire the new system, cause if they dont do it, they will fall down, one of the factors to make your business successful is to acquire the latest thing in the society, if the latest thing is crypto they should do it.

Banks ofcourse will find a solution if people will already use cryptocurrencies than the bank. That's what I can see they will adopts the changes swift into blockchain technology. If they will not do anything they can have a big loses on this matter.

Jessica2009

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Nothing will happen to the Banks if people uses crypto currencies more than fiat, because hardly less than 1% of the worlds population uses cryptocurrencies and there are not much shops that accepts Bitcoin payment . If this happens the banks will seek a better options. In order to continue the Banks will adopt blockchain technology and start using and accepting cryptocurrencies. But we need Banks that accumulate deposits and give loans to eligible business owners and ordinary people. Still banks would exist, as money lending loan is the main sources of income.

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Quote from: Nerman on February 10, 2018, 04:14:02 AM

Quote from: davis196 on January 04, 2018, 07:19:47 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?

What will happen?I would say... nothing.The banks will adopt blockchain technology and start using and accepting cryptocurrencies.Unfortunately we still need banks,because we need institutions that accumulate deposits and give loans to eligible business owners and ordinary people.We still can`t automate this process.
Perhaps in the future,we could create a smart contract based system that will work as a crypto bank.

I agree, if you cant beat them join them. I think this will be the strategy of banks. With their money most likely they will develop their own coins.

Banks come under the control of the government and till the time government will not be willing to use crypto currencies and to declare them as legal currency, it will not be possible for the banks to go for usage of crypto coins. However in case this thing happens, this will change the dynamics of the world in a very significant manner and the existence of the paper money will be at the stake.

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