What would happen to banks? | Bitcointalksearch.org

BartS

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Quote from: Ozero on December 24, 2019, 01:14:08 AM

Nothing will happen to banks primarily because they are under the reliable protection of their states. In addition, banks are now adapting well to new market conditions and the emergence of cryptocurrencies. Some banks have already switched to using the ripple network with blockchain technology. In the future, banks will have to work together with cryptocurrency, I do not see another scenario for either banks or cryptocurrencies.

The greatest support of banks comes not from the governments but from the ignorance of the people, they have reached that position of power because people have slowly gave away their freedoms and they have capitalize on that.

But once people wake up to the fact the banks have been stealing from them for centuries they are not going to be too happy about it and banks will lose an important part of their power and that power will be transferred to bitcoin.

kotik085

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Banks can accept bitcoin, but this takes time and I think that bitcoin will be on a par with fiat. What will give privileges.

keeee

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Quote from: alisonwonder on December 12, 2019, 02:47:39 AM

Quote from: GideonGono on December 12, 2019, 01:35:33 AM

Quote from: HarmonyA on December 11, 2019, 07:23:35 PM

Banks won't be obsolete, they have lots of functions that would complement cryptocurrency. This include lending and servicing of loans etc.
Banks have survived several setbacks, and they are the oldest financial institutions. So when they are ready to join blockchain Technology, they will come prepare to create a system that will be trusted and to maximize the potential across the platform.

There are also don't agree to crypto and must prepare to use bank by it's reliable and safe money than the information of bitcoin that there has a number of news from hacking.

Bitcoin can't defeat Bank from eliminating but from reducing on it's performing the use of some information, the bitcoin does.

so far, yes, there are no banks that agree with crypto, but they only agree and adopt the technology, such as blockchain. sometimes the bank also has a bug with some lost customer funds.
yes bitcoin will never beat the bank, because the equality of the bank is quite extensive, while bitcoin is still limited.

banks will not adopt crypto currency because it was volatile which means once its value change it will have a big effect on them. Crypto currency and banks have their own role in the economic world and I dont see them together because of what characteristic they have. Government will surely secure the currency that cannot affect the economy of their country.

Ozero

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Nothing will happen to banks primarily because they are under the reliable protection of their states. In addition, banks are now adapting well to new market conditions and the emergence of cryptocurrencies. Some banks have already switched to using the ripple network with blockchain technology. In the future, banks will have to work together with cryptocurrency, I do not see another scenario for either banks or cryptocurrencies.

BartS

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Quote from: kro55 on December 12, 2019, 01:44:00 PM

Like it or not, Banks are going no where. They have served mankind for centuries. I don't think we are in a position to say that they will be replaced by CC. CC is still very new and is facing criticism from central governments. Crypto fate as legitimate payment system in a country is still doubtful.

I think so as well, many are predicting that cryptocurrencies are going to destroy banks and their monopoly but bankers have not reached that position by being unable to adapt to the world, what most likely it is going to happen is that cryptocurrencies are going to be slowly adopted by the population then we are going to see the banks attacking cryptocurrencies.

And finally we are going to see cryptocurrencies overcoming that attack but being unable to destroy banks and we will use both of those systems for a very long time.

Kevondo

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Quote from: alisonwonder on December 12, 2019, 02:47:39 AM

Quote from: GideonGono on December 12, 2019, 01:35:33 AM

Quote from: HarmonyA on December 11, 2019, 07:23:35 PM

Banks won't be obsolete, they have lots of functions that would complement cryptocurrency. This include lending and servicing of loans etc.
Banks have survived several setbacks, and they are the oldest financial institutions. So when they are ready to join blockchain Technology, they will come prepare to create a system that will be trusted and to maximize the potential across the platform.

There are also don't agree to crypto and must prepare to use bank by it's reliable and safe money than the information of bitcoin that there has a number of news from hacking.

Bitcoin can't defeat Bank from eliminating but from reducing on it's performing the use of some information, the bitcoin does.

so far, yes, there are no banks that agree with crypto, but they only agree and adopt the technology, such as blockchain. sometimes the bank also has a bug with some lost customer funds.
yes bitcoin will never beat the bank, because the equality of the bank is quite extensive, while bitcoin is still limited.

Banks have been there for centuries and bitcoin is hardly a score old. Even in that short time it has managed to grasp the attention of masses and people have in real shifted their maximum funds into bitcoin in order to have high profits. Bitcoin also performs functions of banks, it keeps your money and give you profits but more than that of banks. Banks are more common because people don’t need internet or advanced technologies to use them not because they are better than bitcoin.

kro55

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*STOP NOWHERE*

Like it or not, Banks are going no where. They have served mankind for centuries. I don't think we are in a position to say that they will be replaced by CC. CC is still very new and is facing criticism from central governments. Crypto fate as legitimate payment system in a country is still doubtful.

xen1oph

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I think that people in the future will realize that this is all nonsense.
And they will begin to live so that money works for people, and not vice versa. Because money is just a temporary measure of the value of some deals, things, products etc.

Amel

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Quote from: Chrystora123 on December 11, 2019, 05:48:00 AM

I think they (banks) will survive in the future when cryptocurrency is used in people's daily lives. Why? because no company wants to lose their assets and customers. So I think they will innovate and start implementing cryptocurrency and blockchain in their services.. For example, in my country some traditional banks have started to develop their own blockchain and cryptocurrency technology.

If the bank implements blockchain technology in the future in my opinion it might be possible, but if the bank implements cryptocurrency in the future, I think I still have not found many strong reasons about it. As we know blockhchain technology is not only about cryptocurrency, but blockchain is able to develop in various aspects and fields in a system.

Karmakid

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Quote from: alisonwonder on December 12, 2019, 02:47:39 AM

Quote from: GideonGono on December 12, 2019, 01:35:33 AM

Quote from: HarmonyA on December 11, 2019, 07:23:35 PM

Banks won't be obsolete, they have lots of functions that would complement cryptocurrency. This include lending and servicing of loans etc.
Banks have survived several setbacks, and they are the oldest financial institutions. So when they are ready to join blockchain Technology, they will come prepare to create a system that will be trusted and to maximize the potential across the platform.

There are also don't agree to crypto and must prepare to use bank by it's reliable and safe money than the information of bitcoin that there has a number of news from hacking.

Bitcoin can't defeat Bank from eliminating but from reducing on it's performing the use of some information, the bitcoin does.

so far, yes, there are no banks that agree with crypto, but they only agree and adopt the technology, such as blockchain. sometimes the bank also has a bug with some lost customer funds.
yes bitcoin will never beat the bank, because the equality of the bank is quite extensive, while bitcoin is still limited.

Satoshi Nakamoto created bitcoin not to beat the bank but to give an option to the people to choose if they will still get themselves tied up with the centralized system or if they are going to seek for freedom and stick to decentralized cryptocurrencies. Banks will continue to exist even after hundred years because it already established a reputation and it is a must have in a country.

Shasha80

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Until whenever cryptocurrency will not be able to beat the bank, because the bank always has the full support of the government.
To now cryptocurrency is very difficult to be accepted by the government. Not to mention banks have superior products, namely
credit loans. What is now for people to have loans to banks is normal. So that will happen in the future of cryptocurrency will only
be an alternative payment from fiat, and also as a digital asset. Because I'm sure the bank will adapt to the start using blockchain
technology for its transaction system. So I as a cryptocurrency fan must recognize the role of banks difficult to beat by cryptocurrency.

alisonwonder

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Quote from: GideonGono on December 12, 2019, 01:35:33 AM

Quote from: HarmonyA on December 11, 2019, 07:23:35 PM

Banks won't be obsolete, they have lots of functions that would complement cryptocurrency. This include lending and servicing of loans etc.
Banks have survived several setbacks, and they are the oldest financial institutions. So when they are ready to join blockchain Technology, they will come prepare to create a system that will be trusted and to maximize the potential across the platform.

There are also don't agree to crypto and must prepare to use bank by it's reliable and safe money than the information of bitcoin that there has a number of news from hacking.

Bitcoin can't defeat Bank from eliminating but from reducing on it's performing the use of some information, the bitcoin does.

so far, yes, there are no banks that agree with crypto, but they only agree and adopt the technology, such as blockchain. sometimes the bank also has a bug with some lost customer funds.
yes bitcoin will never beat the bank, because the equality of the bank is quite extensive, while bitcoin is still limited.

GideonGono

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Quote from: HarmonyA on December 11, 2019, 07:23:35 PM

Quote from: Scripture on July 19, 2018, 02:05:00 AM

Many says that banks would become obsolete if cryptocurrency would take over the world in the future, but i guess not. Here are some of my assumptions on what would be the situation of banks in the future with cryptocurrency.

1. INVESTMENT
Banks will take an advantage to cryptocurrency using it as their main source of investment. They say, if you cant beat them, join them and bank owners would do everything to fit into new society of financing to find clients on the new generation and still earn from them. Instead of UITFs or mutual funds, they would go for crypto investments.

2. CURRENCY
Or perhaps i would say a dollar account. As far as i know, banks offers a local currency account and a dollar account which can be used for international transactions such as shipment or travel. On the cryptocurrency era, there would be a local currency, dollar , and cryptocurrency account which probably an electronic account. Dollar wouldnt be a big hit that time because crypto can function the same and more effecient to do.

3. LOANS
Who can say that you can only loan fiat on banks? When the time comes, bank can offer crytpocurrency loans which can be used as an investment, business or buying something on cryptocurrency market. Im sure all items can be purchased using crypto that time including cars and real estates. So getting some cryptoloan wouldnt be a problem.

4. SAVINGS
ofcourse, the most wanted of them all. Who.doesnt want any security for their treasured cryptocirrency earnings? Banks which has the main function of keeping your money secured would offer crypto savings which produces interest over time. Preventing scams and hackers that we all afraid of.

As you see, banks would rather adopt than being extinct. Its like those businesses who innovates when society changes. If cryptocurrency overpower the economy, they should go with the flow to survive

Banks won't be obsolete, they have lots of functions that would complement cryptocurrency. This include lending and servicing of loans etc.
Banks have survived several setbacks, and they are the oldest financial institutions. So when they are ready to join blockchain Technology, they will come prepare to create a system that will be trusted and to maximize the potential across the platform.

There are also don't agree to crypto and must prepare to use bank by it's reliable and safe money than the information of bitcoin that there has a number of news from hacking.

Bitcoin can't defeat Bank from eliminating but from reducing on it's performing the use of some information, the bitcoin does.

HarmonyA

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Quote from: Scripture on July 19, 2018, 02:05:00 AM

Many says that banks would become obsolete if cryptocurrency would take over the world in the future, but i guess not. Here are some of my assumptions on what would be the situation of banks in the future with cryptocurrency.

1. INVESTMENT
Banks will take an advantage to cryptocurrency using it as their main source of investment. They say, if you cant beat them, join them and bank owners would do everything to fit into new society of financing to find clients on the new generation and still earn from them. Instead of UITFs or mutual funds, they would go for crypto investments.

2. CURRENCY
Or perhaps i would say a dollar account. As far as i know, banks offers a local currency account and a dollar account which can be used for international transactions such as shipment or travel. On the cryptocurrency era, there would be a local currency, dollar , and cryptocurrency account which probably an electronic account. Dollar wouldnt be a big hit that time because crypto can function the same and more effecient to do.

3. LOANS
Who can say that you can only loan fiat on banks? When the time comes, bank can offer crytpocurrency loans which can be used as an investment, business or buying something on cryptocurrency market. Im sure all items can be purchased using crypto that time including cars and real estates. So getting some cryptoloan wouldnt be a problem.

4. SAVINGS
ofcourse, the most wanted of them all. Who.doesnt want any security for their treasured cryptocirrency earnings? Banks which has the main function of keeping your money secured would offer crypto savings which produces interest over time. Preventing scams and hackers that we all afraid of.

As you see, banks would rather adopt than being extinct. Its like those businesses who innovates when society changes. If cryptocurrency overpower the economy, they should go with the flow to survive

Banks won't be obsolete, they have lots of functions that would complement cryptocurrency. This include lending and servicing of loans etc.
Banks have survived several setbacks, and they are the oldest financial institutions. So when they are ready to join blockchain Technology, they will come prepare to create a system that will be trusted and to maximize the potential across the platform.

Lottoshi

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Banks would never disappear as long as there’s government

Williams_Leo

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Quote from: Chrystora123 on December 11, 2019, 05:48:00 AM

I think they (banks) will survive in the future when cryptocurrency is used in people's daily lives. Why? because no company wants to lose their assets and customers. So I think they will innovate and start implementing cryptocurrency and blockchain in their services.. For example, in my country some traditional banks have started to develop their own blockchain and cryptocurrency technology.

Of course, I don't know what the connection is between crypto and banking to make banks problematic in the future, a lot of people inside crypto say that banks will disappear by crypto and blockchain technology but whether technology and crypto can replace the value of banks or not. It does not take too much time to think, people will definitely say no when banks are helping people store and transport accounts very well, interest rates are not less and quite confidential, they will not let go of the bank to take risks from the use of crypto and blockchain

Fappanu

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indeed, Because banks will only keep pace with the development of crypto as the government will not be able to control it especially as it has good economic impact.

And actually, And it's been accepted in Europe and based on what I read in the article, you can store bitcoin at the bank.

Chrystora123

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Omicron is another FUD

I think they (banks) will survive in the future when cryptocurrency is used in people's daily lives. Why? because no company wants to lose their assets and customers. So I think they will innovate and start implementing cryptocurrency and blockchain in their services.. For example, in my country some traditional banks have started to develop their own blockchain and cryptocurrency technology.

cutesgirl

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Quote from: Webetcoins on December 10, 2019, 01:42:50 PM

Quote from: sapnu on December 09, 2019, 11:00:04 AM

Quote from: supercanada1 on December 09, 2019, 10:40:13 AM

Quote from: Visbay on December 08, 2019, 06:38:24 AM

Quote from: bitvestorhacked on December 07, 2019, 02:21:51 AM

Banks will add cryptos to the system, maybe they will even build their own app on blockchain system, everything will be changed, they either join or they perish.

I think banks will also join the blockchain system in their banks as I know banking is one way to store money but after the arrival of crypto I now people prefer to store their money in form of investment than storing money. I hope in a few years the entire banking system will start to adopt the blockchain system for making money storage its also helpful for the future of banks.

Implementing blockchain is a totally different case than acknowledging bitcoin and altcoins. Blockchain is the technology whereas bitcoin is one of its products. Blockchain developers can improve any existing system. All those banks that wish to provide better services to their customers must embed this technology in their business. Without accepting cryptocurrencies, banks really do not have any future.

There are now banks accepting bitcoin or cryptocurrency as their payment or investments, this is actually a good start for everyone to buy some tokens since the value of every token as of now is not that high which is the perfect time to buy a lot of it and hold it until the price comes up. We all know that cryptocurrency is volatile in terms of price and the value is changing as time goes by. There are online banks that supports cryptocurrency, it is indeed better because we can now convert our earnings into fiat easily. But maybe I think some countries than are not legalizing crypto is not like that.

It was in the beginning when crypto currencies were a threat to the banking system because people started to invest in these coins instead of relying on banks. No ne really admires the banking stems and their formalities. It became very clear after 2017 that bitcoin and potential altcoin are here to stay forever. So the best way for banks to survive was to accept them. This way, both banks and coins will exist together.

Almost bitcoin have been popular and adopted with many companies I think bank keep become most important part in my life, I can save my money in the bank, I can sent and withdraw my money from bitcoin to the bank, maybe I can't imagine how come and situation in the world if only available payment using bitcoin and altcoin if bank have been closed.

Webetcoins

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Quote from: sapnu on December 09, 2019, 11:00:04 AM

Quote from: supercanada1 on December 09, 2019, 10:40:13 AM

Quote from: Visbay on December 08, 2019, 06:38:24 AM

Quote from: bitvestorhacked on December 07, 2019, 02:21:51 AM

Banks will add cryptos to the system, maybe they will even build their own app on blockchain system, everything will be changed, they either join or they perish.

I think banks will also join the blockchain system in their banks as I know banking is one way to store money but after the arrival of crypto I now people prefer to store their money in form of investment than storing money. I hope in a few years the entire banking system will start to adopt the blockchain system for making money storage its also helpful for the future of banks.

Implementing blockchain is a totally different case than acknowledging bitcoin and altcoins. Blockchain is the technology whereas bitcoin is one of its products. Blockchain developers can improve any existing system. All those banks that wish to provide better services to their customers must embed this technology in their business. Without accepting cryptocurrencies, banks really do not have any future.

There are now banks accepting bitcoin or cryptocurrency as their payment or investments, this is actually a good start for everyone to buy some tokens since the value of every token as of now is not that high which is the perfect time to buy a lot of it and hold it until the price comes up. We all know that cryptocurrency is volatile in terms of price and the value is changing as time goes by. There are online banks that supports cryptocurrency, it is indeed better because we can now convert our earnings into fiat easily. But maybe I think some countries than are not legalizing crypto is not like that.

It was in the beginning when crypto currencies were a threat to the banking system because people started to invest in these coins instead of relying on banks. No ne really admires the banking stems and their formalities. It became very clear after 2017 that bitcoin and potential altcoin are here to stay forever. So the best way for banks to survive was to accept them. This way, both banks and coins will exist together.

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