Topic: What would happen to banks? - page 22. (Read 14001 times)
I think banks will still be there even if cryptos are already accepted almost every where and became legit, banks as financial institution would always upgraded their system when the time comes that crypto will ruled, then banks will also go into cryptos.
With cryptocurrency into existence it is found that a huge loss has been faced by the banking industry. This is quite a common factor, and to make themselves better, banks have come up with plans of adopting blockchain technology. To me banks will serve the human community while cryptocurrency will serve as a alternative to the banking needs.
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.
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.
It would be terribly nice and useful if banks can notice the importance of sepulcherocurrency and maybe enter into the crypt. they will give their usual services to customers and conjointly give services in cryptocurrencies, like investment, savings and loans, shares shopping for with crypto, and a lot.
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.
Banks will adapt, after all what it is stopping the banks from creating their own blockchain and accept payments as well, if you think there are a lot of cryptocurrencies now you have seen nothing, everyone is going to have their own crypto, from governments, banks, business like fast food chains and even physical casinos, so I predict a future where cryptocurrencies will be everywhere.
Actually banks at bitcoin use difficult. but now bitcoin is a much big cryptocurrency. and now it uses many banks development official works.
Contrary to what a lot of people believe that banks will suffer with cryptos emergence, let us all watch. Most of this banks are very smart, they may just look for a way to cash out of the crypto system, and before you know it, they will begin to offer crypto services like exchanges too.
According to some forecasts, the banks will disappear.
I honestly do not believe it: they are too powerful, even if the bitcoins win will surely find the way to maintain their power.
I honestly do not believe it: they are too powerful, even if the bitcoins win will surely find the way to maintain their power.
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
a business needs an innovation to survive also business needs a adaptation to the current trends in the industry for them to survive also if cryptocurrency will overtake that industry they also need to innovate something or just adapt for them to be still in the market. But banks are still banks many people and businesses still believes on it.
the bank will not be so affected by the crypto currency because there are still many who do not know about bitcoin and altcoin
I think the banks would remain as long as a currency of money that we know will exist, so in order to become a real threat to a bank system bitcoin needs to become a currency before.
Of course that is how it will go. Banks are the financial institutions set up by the government for carrying out various jobs and the advent of Bitcoin or any crypto currencies might upgrade the banking system but will not be able to outshine the banking system. Also banks deal with the money printed by the government and as long as the government is printing money and people are demanding it, banks will survive no mater how advance the crypto goes.
banks will no longer be needed because if we save money in a bank with a nominal that is not added in the past five years the value will decrease, even if it is cut out by monthly fees. While if in the past five years, saving Bitcoin with a nominal that is not added, its value will continue to rise, because in the past five years the value of Bitcoin soared.
The idea that cryptocurrency replaces banks would be a revolution. This is an alternative to the liquidity process that has been widely accepted around the world.
More than 90 central banks around the world are involved in technology research and development. Different platforms have been selected by banks to make their operations safer and more efficient. The Blockchain network can eliminate the high cost of financial services, provide a ledger to minimize the risk for banks, and enhance reporting on banking operations.
I totally agree. Maybe traditional banks will disappear but the new and improved ones will remain, even if crypto takes over the world, the banks will also start using cryptos or create their own ones. A financial institution like a bank will exist as long as we use money and work for money, no matter what their money is. Why should they close the banks when they can still make a lot of money. And if you look at it, most of the money the back uses is electronic anyway, from there to crypto is just a small step.
It has not been until today, but if crypto money and projects succeed, banks may wait for bad days soon.
cryptocurrency has been affecting relatively large banks, but that influence does not determine the future of the bank but depends on many factors such as people, economy, government, and the orthodoxy of cryptocurrency
I think banks are going to enter the cryptocurrency, they have to follow the current trend if they do not want to be left behind.
For cryptocurrency, central banks are facing problems when they are unable to control the source of cryptos. They also can not change the bitcoin and other encoding values. As cryptocurrency grows, they will directly affect their currency denominations.
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