Topic: What would happen to banks? - page 13. (Read 13996 times)
The banks will continue to exist even cryptocurrencies are get their full adoption. They will never become obsolete and they will likely to evolve to a modern banking system to be at par with the cryptocurrencies. The blockchain technology is not only limited to some industries and services, it can also be use by banking sectors to modernize their systems. They can also create their own cryptocurrency or token so the people can have a wide choice in what kind of cryptocurrency they will going to use.
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
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
I agree to your point. The banks will have a choice it is either they adopt or totally end their business. In my opinion, I think it is the former. In order for the banks to be still at run, they would rather adopt the cryptpcurrency and learn the block chain technology than let their business goes down. They will do anything just to keep going.
Well, as soon as the cash is not supposed to vanish even when the cryptocurrency will be used everywhere widely, the banking system will be working also.
Trust me they are going to stay longer than you think. They are the government institutions and government control inflation by using the tool of the monetary policy. In case of Bitcoin, government might not be able to do that. 
Banks are going to stay but will eventually change significantly, guess to a somewhat extreme extent, totally unpredictable for now.
Once people start putting more power in crypto (i.e. laws of math) & each others and less in traditional mechanisms of trust between financial counterparties, a paradigm shift in society's mind would become inevitable.
In my opinion banks will have to accept cryptocurrency for their survival. If they do not use crypto in the future, they will disappear from the markets, because people are withdrawing their money from their bank accounts and putting in banks because banks use people’s money for themselves and give nothing or very small profit to customers.Once people start putting more power in crypto (i.e. laws of math) & each others and less in traditional mechanisms of trust between financial counterparties, a paradigm shift in society's mind would become inevitable.
The bank is the main facility for someone to save, invest, borrow, etc. I think the bank will still survive and it is difficult for Crypto to replace the bank, although crypto cannot be denied at this time.
Agreed sir, banks will survive the popularity of cryptocurrencies because they will continue to be supported by many merchants and ordinary people. Majority of the people will going to prefer banks because even it is not profitable like the cryptocurrenciess, it is less risky. But the banks can upgrade their services digitally and eventually they will adopt blockchain in the future.
Blockchain technology will take place of traditional bank system. Since this technology brings many advantages people start to use crypto.
So far the bank has a monopoly on financial transactions because there are no other choices. Now with the presence of cryptocurrency, payment of financial transactions does not need to use banking services anymore but can be directly peer to peer to the recipient's wallet in a short time and at a lower cost. So people have a choice whether to use a bank or cryptocurrency.
Nothing would have changed, because people worked with banks and will work, for people this is the most reliable place to get money and storage money, so I think cryptocurrency will simply become more popular if this happens, and banks will not go anywhere.
it is easy for banks to adopt blockchain technology and conduct services with it, while forcing his cryptocurrency
Good list, and sure, they could do all those things, but the question is, if they truly will. Can they be a true competitor to new, innovative companies, or they just vanish, like many giant companies in the past.
Business as usual. Banks are not there just to help its client for a convenience but banks are also deducting transaction fees for their service. This is why OP has seen in his/her post regarding on the banks. Anyway, whether we like this banks or not still we need their service for the safety of our money. Cryptocurrency could help as an alternative replacement for the banks service but there is no absolute that cryptocurrency could replace banks service.
As I see it, the banks will work as before. probably, nothing will be changed. Yes, they will know about the cryptocurrencies and even (maybe ) use them but it will not affect their main activities.
Well, as soon as the cash is not supposed to vanish even when the cryptocurrency will be used everywhere widely, the banking system will be working also.
There is the normal saying that, "if you can't beat them, join them". The banks all have the option of incorporating/adopting the blockchain and cryptocurrency modus operandum into theirs to facilitate operation and also make them ready and relevant for the future.
Blockchain technology will take place of traditional bank system. Since this technology brings many advantages people start to use crypto.
Yes blockchain technology will definitely take a changes in the economy and the uses of bank so it will definitely affect banks and other economical resources came out of the government that's why they don't accept it legally till now.
Blockchain technology will take place of traditional bank system. Since this technology brings many advantages people start to use crypto.
well i think the banks function will devaloping into crypto tech, or banks will going back like the old ways of bank using as an saving place to store money and withdraw or maybe still having function of mortage for people
Banks will move up, they can't do anything with blockchain and cryptocurrency.
Banks will never commit a closure on their property.
they will join the movement and will adopt the new technology in currency soon.
Banks will never commit a closure on their property.
they will join the movement and will adopt the new technology in currency soon.
Bitcoin progress and profit always affect banks progress and profit and because of this many country ban cryptocurrency in their country. Bitcoin provide its user safe, secure and fast transaction facility and also take low transaction cost from them and transaction through bitcoin are also uninterrupted and untraceable too and because of this many people use cryptocurrency like bitcoin instead of bank. And these things ultimately put negative effect on banks progress and profit.
In every business it's the same. When new technology comes up the existing businesses will evolve or die. And obviously new businesses will also rise strong.
Same happened with mp3 and music industry...
Banks will not be more efficient as of the past decades until a new era of currency system comes up. Crypto currency can hold and store money up to a such amount also it is more secured than what bank does, in synonymous manner banks and the new upcoming crypto's can be encrypted so we need to be much understanding. Same happened with mp3 and music industry...
In every business it's the same. When new technology comes up the existing businesses will evolve or die. And obviously new businesses will also rise strong.
Same happened with mp3 and music industry...
Banks will not be more efficient as of the past decades until a new era of currency system comes up. Crypto currency can hold and store money up to a such amount also it is more secured than what bank does, in synonymous manner banks and the new upcoming crypto's can be encrypted so we need to be much understanding. Same happened with mp3 and music industry...
In my opinion. if crypto currency has been inaugurated in all countries and can be applied and used by everyone. then the bank will participate using the crypto currency as an existing currency option. bank functions will remain the same as in general. and banking activities will remain the same, only the difference is the currency used. originally using concrete currency it will switch to using digital currency. and banking activities will be easier and more efficient.
right, crypto currency will be a companion to fiat currency. and certainly will not be able to replace fiat currency in the short term. we just wait for what kind of policy will be after government legalizes it Jump to: