What will happen to the banks if people uses cryptocurrencies more than fiat? - page 9.

Apple Mac

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Quote from: bei on January 04, 2018, 07:13:46 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.

1Referee

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Quote from: shikon_shard on February 10, 2018, 09:26:30 AM

-snip-
There's a chance banks wouldn't be completely against cryptos
The link above. Austrailan banks allowing costumers to purchase crypto.
As btc rises to fame, some banks manage to find use for it rather than criticizing it.

Note: that's how it would be if the news about australian banks are true

What a nonsense. I think you should open your eyes and actually read the articles spreading these stories. The only thing the banks there are saying is that you are allowed to buy crypto with your money. Meaning, you are allowed to wire money to an exchange, and that's really it. I don't understand why people act like this is something groundbreaking. In other words, the banks there will give you the 'freedom' to do with your money what you want. I never knew this was something worth cheering for? Roll Eyes

It's another sign that as long as people let their wealth be controlled by financial institutions, that people's financial freedom will be more and more limited.

Carlsen

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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.

jovs

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Quote from: Don Pedro Dinero on January 04, 2018, 07:22:59 AM

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.

Since digital money or cryptocurrencies and physical money have some similarities in terms of usage and functions, It is easier for banks to adopt in that revolution you are talking about. Banks may introduce system that is accessible by both fiat and cryptocurrencies. Even though digital money ca not be control totally by banks because of its decentralized property. Expect further studies and regulations from government economist and financial expert because this adoption will certainly affects the economy and major market industries.

shikon_shard

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https://bitcointalksearch.org/topic/bank-on-australian-allow-customers-to-purchase-cryptocurrencies-2914228

There's a chance banks wouldn't be completely against cryptos
The link above. Austrailan banks allowing costumers to purchase crypto.
As btc rises to fame, some banks manage to find use for it rather than criticizing it.

Note: that's how it would be if the news about australian banks are true

shikon_shard

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Quote from: davis196 on January 04, 2018, 08:19:47 AM

Quote from: bei on January 04, 2018, 07:13:46 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.

Hmm. If bitcoin would allow loans....
For example, if u're loan was to be paid for 1year, im guessing you would have to take in to account btc price everyday. If the amount to be paid was based on the loan date's btc price, and because of volatility there's a chance that u can fully pay it for few days or weeks. Somehow. I hope u get me, I'm confused too. XD

I'm thinking about it and it's a bit complicated and u'll thank spreadsheet for being there xD.

Bobby park

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The bank will incorporate cryptocurrency as their new system. I think that if they will not integrate cryptocurrency with them, banks will eliminate soon because people in the future did not need a fiat and banks to store their money. Cryptocurrency will be the reason behind banks crash.

virasisog

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Quote from: Sendibere on February 10, 2018, 05:32:57 AM

The cryptocurrency is growing so fast. A cryptocurrency is a form of payment which is similar to the currencies commonly used such as United States Dollar or the British Pound. It is decentralized. No central government to print more of them out to cause inflation. In fact, cryptocurrencies have been formulated to gradually decrease in production as time goes by.

I get it but where is the banks or what will happen to them? Even they can't print bitcoins they will going to build bank using blockchains instead of money it is digital money like some of the ICO's recently that they are going to build it. What i see is banks will go over bitcoins some will take advantage on it and some will continue banking but through the blockchain process.

Capt00

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Quote from: bei on January 04, 2018, 07:13:46 AM

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

Obviously it will affect banks economical stability cause it will lessen the number of clients which normally make them transactions. But this thing may won't totally make banks to disappear. It could be the best thing to do is to change their system by adding or accepting cryptocurrencies as another mode of payment aside from fiat.

Sendibere

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The cryptocurrency is growing so fast. A cryptocurrency is a form of payment which is similar to the currencies commonly used such as United States Dollar or the British Pound. It is decentralized. No central government to print more of them out to cause inflation. In fact, cryptocurrencies have been formulated to gradually decrease in production as time goes by.

torch2121

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The revolutionary trading ecosystem

For me what I see is a big competition will happen between cryptocurrency and fiat. We are going to see a lot of promos and added services for bank to patronize fiat.

Dainye_dyep

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Quote from: bei on January 04, 2018, 07:13:46 AM

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

Actually, nobody knows what will happen to banks if people will tend to use cryptocurrencies rather than fiats but more probably, I think banks will just do adaptation in which they will offer to accept cryptocurrency exchanges or services such as storing or making themselves to be an outlet for purchasing cryptocurrency coins since people tend to buy crypto coins every single time and for sure there will be people who will still tend to do exchange or convert their cryptocurrencies into cash and that will be a great service that banks can do since they are basing their services into fiat or simply cash.

Nerman

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Quote from: davis196 on January 04, 2018, 08:19:47 AM

Quote from: bei on January 04, 2018, 07:13:46 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.

roxbit

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Quote from: llyfee4u on January 16, 2018, 05:44:17 PM

I think it’s a matter of when, not if. Crypto is the currency of future because fiat will fail at some. Like many have said, banks will probabaly resist as much as they can but you better believe that banks already have contingency plans on how and when to adopt crypto. Banks and their shareholders love money, whether it’s fiat or crypto, it doesn’t matter much to them. The only reason why they are resisting and will continue to appear so is to buy time to figure out how to take control of crypto space.

Different banks in different countries have different issues on bitcoin as a digital currency. Off course, they want to regulate currencies to avoid money laundering and any form of crime.The guardians of the global economy have two sets of issues to address. First is what to do, if anything, about the growth of the private cryptocurrencies that are grabbing more and more attention for a host of reasons: security concerns after a $500 million exchange hack in Japan, volatile price moves and in the case of Bitcoin, at least their introduction on regulated derivatives exchanges. The second question is whether to issue official versions. While The European Central Bank has repeatedly warned about the dangers of investing in digital currencies. Basically fiat against digital currency they wouldn’t want digital currency to become a preferred currency of the people around the globe if that happened in the future all banking institution will die.

llyfee4u

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I think it’s a matter of when, not if. Crypto is the currency of future because fiat will fail at some. Like many have said, banks will probabaly resist as much as they can but you better believe that banks already have contingency plans on how and when to adopt crypto. Banks and their shareholders love money, whether it’s fiat or crypto, it doesn’t matter much to them. The only reason why they are resisting and will continue to appear so is to buy time to figure out how to take control of crypto space.

Tenderino

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Very unlikely that banks will let become cryptocurrencies the basic mode of exchange in the future and they will of course try to attack it the more famous it will become. You have also to realize that the $800 billion crypto market cap is nothing compared to the countless trillions fiat money.

paul00

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If it happen that cryptocurrencies will be used more by the people rather than the fiat money, I think banks will be just like how they operate nowadays since the use of bitcoin as mode of payment is like using credit/debit card as well. Also, banks will surely make a way on how they can merge their opearation with bitcoin.

nightxglow

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If that happen, then real money won't be used as much as it is now. People tend to use cryptocurrency instead, and maybe change all their money to coins.
Bank will be short of money. It won't fullfil the minimum reserve cash, it'll be hard for bank to make use of the money, like giving credits, or such since people don't like to save their money there too.
Then i think it will be the end of the banks soon, since it lose its function already.

natka

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Quote from: bei on January 04, 2018, 07:13:46 AM

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

People get used to everything. Until recently, I generally thought that bitcoin is something supernatural. To date, I'm absolutely normal in responding to bitcoin. So in the future if you have to cryptically replace the banking system, people will get used to and calm down.

Xzhyte

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Blockchain with solar energy

Due to the mass adoptation of cryptocurrency, the banks or the government would try to stop or ban it from their country. Some banks may build their own system that would allow cryptocurency as mode or transaction. I think, its a good thing ig banks would be able to accept crypto and fiats at the same time.

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