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Topic: What would happen to banks? - page 13. (Read 13949 times)

full member
Activity: 658
Merit: 102
December 13, 2018, 05:04:44 AM
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.
full member
Activity: 405
Merit: 105
December 13, 2018, 04:28:47 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

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.
newbie
Activity: 23
Merit: 0
December 13, 2018, 04:13:02 AM
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.
full member
Activity: 658
Merit: 102
December 12, 2018, 01:02:48 AM
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.
Nothing happens to the banks anyway. They were, are and will be as long as the state will exist. Even if the banks did not work with cryptocurrency, they would still feel great. Cryptocurrency will not have such a serious impact on the financial activities of mankind, as many imagine it. Cryptocurrency will always have a secondary role compared to the usual currency and will never replace it. It will be used primarily by citizens, and not by states and their bodies. Even business structures are unlikely to massively use cryptocurrency due to its high volatility and poor documentary evidence of ongoing transactions before tax services and audits. Still, banks are better suited for business structures.
member
Activity: 588
Merit: 11
November 12, 2018, 08:13:14 AM
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.
newbie
Activity: 75
Merit: 0
November 10, 2018, 03:05:16 AM
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.
member
Activity: 1764
Merit: 10
October 23, 2018, 04:20:58 AM
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.
jr. member
Activity: 182
Merit: 1
October 23, 2018, 04:17:29 AM
it is easy for banks to adopt blockchain technology and conduct services with it, while forcing his cryptocurrency
member
Activity: 196
Merit: 10
October 21, 2018, 03:56:00 AM
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.
sr. member
Activity: 882
Merit: 251
October 21, 2018, 03:46:38 AM
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.
full member
Activity: 504
Merit: 100
October 20, 2018, 11:23:43 AM
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.
full member
Activity: 490
Merit: 101
October 18, 2018, 08:00:23 PM
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.
full member
Activity: 1106
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★777Coin.com★ Fun BTC Casino!
October 18, 2018, 03:24:29 PM
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.
sr. member
Activity: 560
Merit: 250
October 18, 2018, 03:09:32 PM
Blockchain technology will take place of traditional bank system. Since this technology brings many advantages people start to use crypto.
member
Activity: 336
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Harmony for One and All
October 18, 2018, 02:18:21 PM
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
full member
Activity: 1004
Merit: 111
October 18, 2018, 02:01:44 PM
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.
hero member
Activity: 980
Merit: 500
October 18, 2018, 01:45:34 PM
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.
hero member
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Leading Crypto Sports Betting & Casino Platform
October 18, 2018, 12:04:01 PM
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. 
It is right that crypto exchanges are going to eliminate banks from the world but it is not so easy and will take long time. I am sure that in the future banks will start exchange in cryptocurrency because people will use only cryptocurrency and all other currencies in the world will disappear from the market and fiat as well. There would be no need for fiat in the far future.
You're right cause there's possibility for crypto exchanges site to overthrow banks but if banks could upgrade their services and crypto currencies to their system services then there chance for them either to still be in business. Remember, some banks are working with ripple.
jr. member
Activity: 64
Merit: 2
October 18, 2018, 08:48:18 AM
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. 
It is right that crypto exchanges are going to eliminate banks from the world but it is not so easy and will take long time. I am sure that in the future banks will start exchange in cryptocurrency because people will use only cryptocurrency and all other currencies in the world will disappear from the market and fiat as well. There would be no need for fiat in the far future.
member
Activity: 770
Merit: 12
Trphy.io
October 18, 2018, 03:01:45 AM
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
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