Topic: What would happen to banks? - page 14. (Read 13996 times)
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.
When bitcoin become good investment for investor who have much money, I think bank is have more important way to get and make deposit with bitcoin investment. We have and need bank for getting our withdrawal and deposit money to bitcoin account.
I think bank will always be there just there way of trading will change. In the future banks will have to accept and trade in cryptocurrency; otherwise they will have to shut their door forever. Cryptocurrency is mandatory for their survival and they would never let their business crash. Banks play a vital role in our society and provide financial services to its customers.
If the bitcoin in its original form became the official world currency, theoretically the banks would no longer have reason to exist.
In practice, they will hardly cede their power, and simply will invent a series of services to continue to cheat and rob customers ...
In practice, they will hardly cede their power, and simply will invent a series of services to continue to cheat and rob customers ...
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.
There is no way that cryptos are going to make banks irrelevant in the years to come, Banks are very essential in the economy of every country and there is no way that any government will allow the banking sector to collapse considering the how it's going to impact the economy. 
I think banks will take advantage of blockchain technology to cooperate or they will use blockchain technology to serve the people. This is really a great technology but it is not being utilized in the right place. It is being exploited and I hope in the future there will be many big businesses paying attention to it.
Well I guess still on duty because Banks are anti scam of all. Because they hold fiat, no one can scam about that. Depends if they know the location or breach it. But banks still remain in the economy in our worlds.
right I agree with you. banks are still needed even though the cryptocurreny has taken over the world. because the function of banks in people's lives is very important. our bank to save money and also where to get a loan. the bank collects funds from the community and is managed again to be channeled to the community again. if there is no bank we will have difficulty finding capital loans. and I think banks and cryptocurrency can work together to support each other.
When a cryptocurrency exchange me all the facilities of keeping my money safe, transactions and easy withdrawal, then I do not need any bank for my money. When the local markets start accepting cryptocurrency and people nearby use their cryptocurrency in their local markets, the role of the banks will finish and it will be difficult for them to survive, eventually they will start crypto trade. 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.
I think the Banks will never die. it will just improve and maybe adapt the blockchain technology in their system. Banks will always find a ways to innovate and maybe we'll see that cryptocurrency and Banks will work together.
Traditional banks will exist always, and soon many of the crypto banks will appear. People think that their money can be in safety if they are held in these institutions.
The bank will still exist, and people still choose the bank to save their money because so far, they don't have any problem with the banks itself. Although people and the government accepting cryptocurrency, the bank will give their services to all people, but there might be a new way for the banks to implement the blockchain to their system. And if the banks can collaborate with the blockchain, I think this will bring something new for the financial system because all the transaction recorded in the blockchain and the banks will be more secure.
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
Actually, all of the mentioned statement you gave was true. The existence of banks in my perceptions will continue to run and do the services what they had started, if some other banks can have a capacity to accept crypto currency why not the other banks can do the same things. Like what I had read in some books which is " If you can beat them, join them "
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
All different types of business of the bank will be shutdown if bitcoin become primary use and source of currency but it is most probably continue being as a part of business of bitcoin as long as it is still usable for cash out if ever bitcoin machine are limited to the area.
Banks are still powerful institutions and I don't think they will be extinct for another several hundred years. Despite all the advantages of cryptocurrency, traditional banking is more convenient and understandable to most people that's why banking will be here.
Yes, I agree with you. Banks are now actually part of the state and serve the economy and the implementation of the country's budget. Therefore, nothing will happen to the banks. They will continue to work successfully and will always have their clients, since they will always serve the accounts of business structures. After legalization of cryptocurrency by the state, banks will also provide various services in cryptocurrency.
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.
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.
Banks will still exist but only few people will be using it, those are the people who dont have any knowledge about cryptocurrency. Crypto will overpower banks which may lead to people transferring to crypto.
Yeah I agree with you. If banks didn't adopt crypto currency they will surely not good to them. We are already in modern world, that's why people are engaging and adopting themselves in the world of technologies. Banks should learn to innovate.
A lot of crypto users anticipate the collapse of Banks some few years to come because crypto is gradually gaining roots as the people become more familiar with its concepts and significance. The banks have got the complete backing of the governments, hence its complete collapse is far reaching. The banks will rather coexist with crypto and integrate cryptocurrency into its services in order to keep the interest of the people as Blockchain grows in significance.
I think banks will survive by making their own crypto currency to experience the slice of the so called pie. I'd guess they will alao create blockchains for lending and loans and back it up with assests they already have. I think banks will survive the transition of Fiat to crypto currency in the near future.
Bank will still survive even after the legal adoption of this system, maybe the workforce will get reduced. Things will be based on AI and the other techs, like blockchain. But still bank or financial institutions will exist as I think a country will adopt crypto but totally based on there fiat currency, I mean to say they will create their own cryptocurrency.
I think the Banks will never die. it will just improve and maybe adapt the blockchain technology in their system. Banks will always find a ways to innovate and maybe we'll see that cryptocurrency and Banks will work together.
Traditional banks will exist always, and soon many of the crypto banks will appear. People think that their money can be in safety if they are held in these institutions.
The bank will still exist, and people still choose the bank to save their money because so far, they don't have any problem with the banks itself. Although people and the government accepting cryptocurrency, the bank will give their services to all people, but there might be a new way for the banks to implement the blockchain to their system. And if the banks can collaborate with the blockchain, I think this will bring something new for the financial system because all the transaction recorded in the blockchain and the banks will be more secure.
When cryptocurrency mass adoption happen, i am believe banks still survive and evolve their bussiness core. Banks have good infrastructure on finance and thats why economic growth depending on banks
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