Topic: What would happen to banks? - page 20. (Read 13996 times)
If the crypto market develops strongly, there will be a big impact on the bank. Banks will not be able to collect fees when they transfer money overseas to different countries.
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
Banks play an important role in the financial status and economy of the country. The financial system of banks allocate funds from savers to borrowers in an efficient and effective way. These financial services help to make the overall economy more efficient especially if banks offer the local currency, loans, lending money and savings. Most of the time, people save their money in the bank to make sure that they money will be secure and safe. Banks take and offer the customer to deposit their investment or money in return for them, they must pay their annual interest payment. 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
if the bank is more careful and can study carefully then it is more profitable to invest in the crypto world, they can raise funds from the community and invest those funds in some crypto which clearly has credibility and consistency in value. I think banks will get bigger and more profitable if they want
As in the Op things can change when the mainstream usage of cryptocurrency keeps on increasing marking an evolution on the entire financial infrastructure. Already there were few banking network that has started using bitcoin as well accept bitcoin investment similar to that of the gold. The financial system functions in an effective manner if bitcoin adoption happens with entire banking.
Bank is the oldest form of Direct investment, been here from the very start when people started invest, trade, and transact business for loan from the Bank. my own opinion, i feel that the growing awareness for crypto currency digital transaction Still need to be address that Bitcoin can be considered/ accepted/adopted as mainstream currency for business transaction in the market.
I think banks will always remain but is evolved, because I think people behind banks would not let it die and do everything for it to still grow and continue to be on track. Also, when you want to save money, storing your money in banks is still a lot safer than in blockchain wallets.
This is why banks will remain, but not that stronger after the acceptance of cryptocurrency in every country. Its a lot more safe but there is still some cases of fraud so i think save wisely. The banking institution is very strong, its already part of the economic growth and for sure they will adopt this technology soon. 
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
It should be like that (as said OP). But in reality the government still does not recognize the existence of cryptocurrency so the government cannot implement cryptocurrency into their banking system, with the reason "because cryptocurrencies aren't controlled by the government".
Why this classic reason always appears in their words, they never seem to think that the benefits brought by cryptocurrencies are so extraordinary especially for the economy of its own citizens.
Majority of people still think traditionally and would choose bank deposits over crypto. Banks are not going anywhere.
Sorry to disagree, if you believed that banks will be obsolete then its just like you saying that fiat currency will be surely replace by crypto which is very impossible to happen too. Granted fiat was superseded by the Crypto but still banks can easily shift from fiat to crypto banking system because they are already used to digital transactions. Banks survived many centuries of catastrophes in which they are proven survivors of many issues for years.
Some points you mentioned are just fantasy. Banks and crypto currencies don't go together. They are the direct competitors of each other. Crypto currencies were made so that we can have financial freedom. Freedom from all third party institution that takes control of our currency. Now, all the points you mentioned, can be done with the regular fiat currency. Then why use crypto currency and make things more complicated such as giving out loans using crypto currencies and savings that you mentioned?
Right now there is not much need for those industries within this space but in the future once a great deal of the population begins to use bitcoin then things will have to change and a way to give loans will have to appear, also I really think that we will need to go back to no interest loans, in the past loans were given without interest because you loaned gold and then you received the same amount of gold back and since bitcoin is limited in supply as well I think that practice will need to make a comeback.
It would be very great and helpful if banks will realize the importance of cryptocurrency and perhaps enter into crypt. They can provide their usual services to customers and also provide services in cryptocurrencies, such as investment, savings and loans, shares buying with cryto, and a lot.
I think banks will always remain but is evolved, because I think people behind banks would not let it die and do everything for it to still grow and continue to be on track. Also, when you want to save money, storing your money in banks is still a lot safer than in blockchain wallets.
Of course, banks will integrate and use cryptocurrencies.It's just obvious and already known to many.Many European banks are already considering the legalization and introduction of cryptocurrencies.The future is not far off and we are looking forward to it.
Banks do not have to worry much about the impact of cryptocurrencies to the entire community because it does not really affect that much to their customers savings or loans. People need real money each day to put up business or for whatever profitable reasons and they need real cash as starting capital and not just any cryptocurrency so I think banks will not consider crypto a real threat but a good addition to services in my opinion.
Because banks are financial institution, when cryptocurrency are very famous then it will be legit, then the banks will not lose oppurtunity but to accept and join cryptocurrency for it is now the trend in the digital world.
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
This will probably the best way for the banks for them to go with the flow. Or maybe in able for them not to die. They need to adopt the changes that is going on, with that they can get benefit on what the bitcoin can do, or somewhat bank can earn more with bitcoin. Also with banks accepting bitcoin, transaction will be easier. Its a win win situation.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
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In case of cryptocurrency dominance in the world I think that banks would not be needed anymore but with the conditions that we have right now I can say that it would not be a case for 10 years from now at least.
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.
I really like this statement, the reviews are very good and interesting, if you can look at the number 3 point, the loan. a loan is one of the bank's products where the bank provides a sum of money to lend to customers, with interest. Now this interest calculation needs to be studied and because the speculative crypto value goes up and down
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
yes bank still a good institution and have a importany role in financial system. With loans they helping company to grow and also bank is good for savings money and people do need that things. I believe in future bank could become more digital and they will accepting to save the 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
In my opinion, the bank will collapse in a few years, maybe in a short time, the banking system will freeze, the crypto market will increase, and all investment and capital mobilization activities will focus on they.
With banks nothing bad can happen. They are in fact part of the state system. Therefore, if there is a real threat to the existence of the banking system, the state will quickly eliminate it, from whom this threat does not come. Especially, if the threat comes from the state's unnecessary decentralized crypto currency. However, in fact decentralized crypto currency does not pose any threat to the existence of banks. Rumors and reflections on this are too exaggerated.
As happened in Taxi and Uber, Ojek and Grab, if the banking world does not immediately prepare itself, there will be fierce competition where technology is always one step ahead.
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