Topic: What would happen to banks? - page 21. (Read 14001 times)
Banks have a strong position in a country as it has government support, cryptocurrency simply cannot replace fiat currency neither bank roles in the economics of scale. It's the matter of acceptance obviously if bitcoin gain support from the government to become means of payment such as in Japan, it will be a different story. Volatile and scale problem may become two tough obstacles for bitcoin in order to achieve such position in the economy, still a long way to go.
I personally do not consider banks going extinct because of cryptocurrency. Mostly in my locality people didn't even care much about cryptocurrency and if they do it would only account to a few people because more are investing to get real money everyday on businesses that involves marketing of products which cryptocurrency might not be used for selling and buying due to possible loses out of volatility.
Yes you have a point, you are right that crypto maybe will not affect banks as banks are there for many years now even if cryptocurrency will be live and popular in the coming years.
Nothing would happen to banks since banks have such a control of the financial system that they would allow cryptocurrencies to go mainstream only if they can profit accordingly.
I personally do not consider banks going extinct because of cryptocurrency. Mostly in my locality people didn't even care much about cryptocurrency and if they do it would only account to a few people because more are investing to get real money everyday on businesses that involves marketing of products which cryptocurrency might not be used for selling and buying due to possible loses out of volatility.
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?
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...
Same happened with mp3 and music industry...
In my own opinion, banks will never die and it will always exist because not everyone is capable of earning cryptocurrency and most of the people still prefer to use fiat but maybe in the future bitcoins and other cryptocurrency might dominate globally if they will be legalized on different countries.
Banks will not suffer much because of crypto currency. They will be able to find their role in the provision of services.
It is not that easy, one of the best business of banks is to give loans and charging for each transaction that you make using their network, now their business of loans is being taken away from many other business, for example car dealers are taking that business away from them and bitcoin promises to take away the charges they get for each transaction, so make no mistake banks like any other businesses are struggling right now. One close friend of mine is working in the bank system on a high position and she said that in our country banks are not concerned about cryptocurrencies at all because all of them are thinking that it is a bubble.
Maybe your friend nit aware if what is the crypto currencies because many people don't have knowledge about it just they keep repeating the words saod hy someone.It is not a bubble we can see that the prices are increasing again.
Saving money in a savings account is like putting money in a pocket with holes. Banks only give you interests that are lower than the inflation rate. It‘s how they make money. You are better off investing in ventures that give a return higher than the inflation rate (Crypto currency).
The points are quite true. I am sure the banks are also monitoring the cryptocurrency situation and looking for ways in which they can exploit or take advantage of it too. They may not loose out completely.
To me I think that currently it not look like to. I think currently banks are trying to defame bitcoin and so that their banking should not be disturb, but I think that they are not going to succeeded in their mission and will very soon accept the importance of bitcoin.
I believe that the current banking system is probably going to continue as it is because the interest structure is already completed and derivatives are under way. Because it's too big to crush.
What other coins are there besides the Ripple that banks are ready to use?
Bitcoin can replace bank, if it will be ready to maintain a good security means and help to reduce the hackability.
More so, the internet must have gone farther to the extent at which no one will be deprived of earning.
Then, withdraw/ exchange should be easier.
More so, the internet must have gone farther to the extent at which no one will be deprived of earning.
Then, withdraw/ exchange should be easier.
Actually banks at bitcoin use difficult. but now bitcoin is a much big cryptocurrency. and now it uses many banks development official works.
It is too hard to say anything regarding the future of the banking system for now as there are so many people who have already started withdrawing their money from the banks as they are now interested in investing their money into different crypto coins. The future of the banks will be in serious trouble the moment the governments will declare these crypto coins as legal currencies.
They will find something else you can do. They are like leeches everywhere.
Banks will not suffer much because of crypto currency. They will be able to find their role in the provision of services.
Banks will be useless in the end because people wants a new technology that will brings fast,secure transaction and not only on that. Blockchain technology would do that everyone will be engage on a cashless society in the future.
These are all loud words and nothing more. Banks serve the economy of the country and the financial side of the state as a whole. Therefore, banks will exist as long as there are states. They will always be protected by the state. This means that if the crypto currency begins to threaten the existence of banks, then the state will immediately intervene and will limit, and if necessary, also prohibit the crypto currency. However, this will not happen, since decentralized crypto currency does not pose any threat to the banking system.
I think the bank will get a lot of benefits when it comes to financial systems like blockchain, meaning that they can provide cheap services to customers and there is no distance limit to make transactions, of course people will also choose services that are cheap but not cheap, this will also have a good impact on Crypto currency price movements
As i think banks never be obsolete by cryptocurrency we know in every business always have an improvement or updating every new technology appears like cryptocurrency we thinking that banks will remove and they are afraid because digital money is here but some of banks adopting the new technology like here in my country some of banks embracing bitcoin so that they are improving and they can never remove just updating.
They also upgrade and compete to exchanges site's because other banks now are observing the crypto society if they get a profit or not, so banks now are getting in touch by crypto soon because of that they will not be beaten as easy of that.
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