What would happen to banks? - page 17.

yanesna3

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Quote from: Kamote_1102 on October 08, 2018, 11:22:51 AM

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.

indrakusumaindra

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The Standard Protocol - Solving Inflation

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

Im agree, crypto do able to replace money and i do think it would happen in 4-5 years from now. Crypto could be the new way of market stock and also the goverment will start to embrace blockchain technology cause it would make them easier to track the transaction of the people for taxation

Layers318

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Due to the increase significance of the Blockchain technology and its usage, the banks will integrate crypto into their services some years to come in order to meet the interest of the people. With this, both banks and crypto will coexist.

ninokh

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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.

eSurge

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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.

Pinkris128

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Quote from: jikurpa on October 08, 2018, 10:05:36 AM

Quote from: timonig on July 19, 2018, 04:26:06 AM

Majority of people still think traditionally and would choose bank deposits over crypto. Banks are not going anywhere.

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

Even bitcoin was faster than bank when it comes to. Transaction still it was more convenient for people because they saw it as more secure since it was supported by the government. They follow more the rules and regulations on it regards with law that every country have.

Brama Jasa

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I think the bank will not die, because they are following the development of block technology, in my country many banks have learned the technology, and if cryptocurency is legalized in countries around the world the bank will certainly benefit, I read one comment that if crypto is legalize, then there will be a rule set in the transaction, so here is the bank benefiting from the cost of the crypto transaction, and later the bank is like a place of exchange

Seeker#9

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Banks will going to stay because most of them has the capability to adapt, upgrade or evolve when there are challenges that facing them. Some of the banks had started to upgrade their banking services by turning digital to meet the challenges posed by the cryptocurrencies and other might also accept and use the virtual currencies in the future. Most of the banks are not against cryptocurrencies, they only need more time to study it before accepting it eventually.

max fray

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JOIN THE NEXT MEGATREND IN CRYPTO!

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.

2. CURRENCY
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.

I mostly like this option being the possibility for businesses to use bitcoin (or any other alts) for their transactions. It's great that common people like you and me use btc for payments, but if BUSINESSES largely adopt bitcoin as a method of payment this will change the whole system. Certainly, some technical innovations will have to be done (like Lightning) to enhance the speed and quality of financial services provided, but I hope it will be just a matter of time.

Huskarls

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than the competition between the two things continues only because of the decentralized problems, why can't both of them be combined into a new form which of course can be accepted by many people ?

criza

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Cryptocurrency has becoming the trend in today's world of investment and economy. It definitely prove its worth already in the market and of course, at the same time, raise also a question especially what would happen to banks? Well, I guess that even though digital currency might be the trend, I still believe that banks will not be obsolete. Simply because in the businessmen's perspecrtive, adjustment and flexibility could be an option to this. Banks will always find a way on which they can turn different challenges into a positive output. They will not just settle for less. Moreover banks are really good in investing so their function I think will still remain. Lastly, cryptocurrency or any other currency in the world might not be that safe, and having said that, it is clear that bank is good at securing your properties.

yoseph

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Quote from: canej on October 08, 2018, 06:44:08 AM

I think that the banks will adapt and will start to cooperate with cryptocurrencies in pursuit of their own goals.

Being in business means that you should be kept abreast of the current technology in the business and though some banks in the past have been very critical of Bitcoins and the other cryptos, they are now finding out that they should change their minds concerning it and adapt.

Kamote_1102

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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.

Harkorede

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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..

jikurpa

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Quote from: timonig on July 19, 2018, 04:26:06 AM

Majority of people still think traditionally and would choose bank deposits over crypto. Banks are not going anywhere.

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

Ishiro5

copper member

Activity: 224

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As an ex banker i can vouch for the creativity of banks to evolve their ways around cryptos too and still make profit. Most bankers are really very creative and would always find a way around things especially considering the fact that they would still be having legal backing from government.

charlotte04

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Activity: 504

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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

I think if crypto would be a big thing in the future then we still need our banks to do our financial things for us like giving us loans and helping us with our mortgages.

wewe123

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🚀🚀 ATHERO.IO 🚀🚀

If the cryptocurrency will really be accepted worldwide and will be used as worldcurrency ,I think banks will also going to go with cryptos because as bank being a financial business , will go to what is the popular technology in currency, so the banks will always adopt this technology.

canej

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I think that the banks will adapt and will start to cooperate with cryptocurrencies in pursuit of their own goals.

Yaunfitda

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Quote from: Gabteb on September 16, 2018, 04:13:07 AM

They will join this revolution or they will die maybe it wouldnt happened so quikly but i think we alreday pass the Rubicon so nothing can stop crypto and all undestand it.

They will die? I doubt that banks will die just because of crypto.

We all know that they have been in existence for hundreds or thousands of years so I have doubt that they will become obsolete. Yes, nothing can stop crypto as this point, so what bank did is to embrace the technology behind, which is Blockchain.

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