Topic: What would happen to banks? - page 15. (Read 13986 times)

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...

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 think bank will be close if the crypto will be known. Because if you see there is big different between bank and crypto thats why other people are now transfering to crypto because of high demand

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.

the thoughts that you convey can happen for the time being and the development of the times and technology will change all such thoughts, practically efficient and fast that will be needed in the future along with the development of the era and technology, especially the economy

I don't think banks will become obsolete or neglected regardless of how much cryptocurrency becomes accepted in the future for certain reasons;

1. A huge percentage of the world still cannot or can barely use Internet banking facilities and features appropriately, how much more of a more complicated technology such as blockchain.
2. People will still need to make use of banks when cashing in on or buying their crypto assets
3. Cryptocurrency is more of an Investments structure due to its volatility (with no assurance on what the outcome would be), rather than a savings structure.
 ...and more so, should cryptocurrency be officially endorsed and accepted widely across the world, Integrating cryptocurrency into the present day banking system wouldn't be such a hard thing to do..