What would happen to banks? - page 23.

matchi2011

sr. member

Activity: 1456

Merit: 267

Buy $BGL before it's too late!

Quote from: BitcoinCommodor on August 03, 2018, 03:48:50 AM

Quote from: SirLancelot on August 01, 2018, 02:16:33 AM

Quote from: Kusnechik on July 21, 2018, 05:47:47 AM

If in the banking sector the blockchain is implemented, then the labor of many employees will not be needed and they will be fired.

Exactly because banks are not just limited to the financial transaction and in offering saving accounts. There are lots of other duties they do for the government like tax collection and meeting the accumulation of required reserves. Besides, the government also helps them by giving them loans on low interest rate so I do not think crypto particularly Bitcoin can outshine banks. They however can reduce the money these financial institutions make.

The need of banking system is only valid till the time there are regular currencies in this world. The moment the usage of the paper money will be reduced or the government will start supporting the crypto currencies rather than fiat, then there are likely chances that this banking system will no longer be there and that crypto currencies will start ruling the world and will be preferred by the people.

We never know when exactly that time will happen, as far as currency is in stake banks will dominate this industry nothing will change and it still
far from reality that crypto or another digital currency will dominate, bank business are already established and will still continue to do that.

AllCryptoplus

newbie

Activity: 54

Merit: 0

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.

ordeath

member

Activity: 228

Merit: 10

I think that most likely banks will adapt to a new existing economic system that will bring up cryptocurrencies, and they will function and provide their Services based on the cryptocurrency in order not to lose their earnings.

dogohagra

newbie

Activity: 9

Merit: 0

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.

Actually, the bank will not disappear and will always be there, but its popularity has declined with the development of the crypto world. I'm sure the bank will not go extinct that will decline over time. because the possibility of traditional society will never become extinct despite modern times.

dewisidik19

newbie

Activity: 26

Merit: 0

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.

it is true for many people the needs of traditional markets and should grow anywhere because those who do not know the world of crypto are those who do not want to go forward and develop, but for those who have intelligent thinking will choose crypto because it is more profitable than the bank. but to achieve high profits, there is a big risk. this is where the big successes have to dare to take big risks as well.

BitcoinCommodor

full member

Activity: 504

Merit: 106

Quote from: SirLancelot on August 01, 2018, 02:16:33 AM

Quote from: Kusnechik on July 21, 2018, 05:47:47 AM

If in the banking sector the blockchain is implemented, then the labor of many employees will not be needed and they will be fired.

Exactly because banks are not just limited to the financial transaction and in offering saving accounts. There are lots of other duties they do for the government like tax collection and meeting the accumulation of required reserves. Besides, the government also helps them by giving them loans on low interest rate so I do not think crypto particularly Bitcoin can outshine banks. They however can reduce the money these financial institutions make.

The need of banking system is only valid till the time there are regular currencies in this world. The moment the usage of the paper money will be reduced or the government will start supporting the crypto currencies rather than fiat, then there are likely chances that this banking system will no longer be there and that crypto currencies will start ruling the world and will be preferred by the people.

BaraxLo

hero member

Activity: 910

Merit: 512

Quote from: ?? on ??

Quote from: superving on July 19, 2018, 09:44:02 AM

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.

Yeah I agree with you. If banks didn't adopt crypto currency they will surely not good to them. We are already in modern world, that's why people are engaging and adopting themselves in the world of technologies. Banks should learn to innovate.

Banks are not working independently like the way these crypto currencies are working as banking system comes under the governance of the government and that none of the bank can adopt any of the crypto currency till the time the government will not allow them to do so. Moreover, these crypto currencies might also affect the banking system as people will start trusting on crypto currencies more than banks.

Phantomberry

full member

Activity: 588

Merit: 103

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.

katrimans

hero member

Activity: 882

Merit: 500

Quote from: imapd on July 30, 2018, 08:01:19 AM

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.

kolsernik

sr. member

Activity: 722

Merit: 258

Yes, I do agree with you.Banks have one way out-to start synchronization with cryptocurrencies.The Bank that will understand this before anyone else will be the most successful Bank.

Rumayanhi

newbie

Activity: 238

Merit: 0

The bank will not die, all workers are paid their wages in the bank, and I highly doubt that all workers and the world government will accept that their workers receive their wages in the crypto. The same thing happens with loans. People use banks to provide loans and I doubt this system is lost because the loan system has a plan to use flat interest rates as well as fixed prices. If I use crypto I can't imagine it for now.

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

Quote from: ?? on ??

Quote from: superving on July 19, 2018, 09:44:02 AM

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.

Yeah I agree with you. If banks didn't adopt crypto currency they will surely not good to them. We are already in modern world, that's why people are engaging and adopting themselves in the world of technologies. Banks should learn to innovate.

Banks are a business and they are only going to adapt as much as necessary so if bitcoin is never adopted widely around the world then banks will not have a reason to adapt but if bitcoin is adopted as much as we think it can then banks will adapt but at that point we will need to ask ourselves, why do we need banks at all? And the most likely answer is that most bitcoins users currently in the forum will have no need for banks.

concept2

sr. member

Activity: 750

Merit: 258

Quote from: Impulseboy on August 01, 2018, 04:19:32 AM

That is an interesting thought, however, I think that banks will not give up easily. Even though cryptocurrency is getting more and more popular and a lot of people are starting to use it now. Banks may even get into crypto or develop their own to compete with bitcoin. It will also be a long and process to transition from traditional banking to bitcoin if this happens.

Well I think this thought is worth my reconsideration about what would happen to banks when cryptocurrencies take the lead. I totally concur that banks would do great in providing security to crypto coin accounts and savings and they would probably be the right man in giving crypto loans. And I agree that banks would have to change somehow rather than fight against bitcoin to ensure their existence when so many people use cryptocurrencies. But that the nature of cryptocurrencies is relatively opposite to it of banks raises doubt that whether banks would perfectly incorporate cryptocurrency when people can do most of these things by themselves and how banks would control these activities when the crypto market is anonymous. It's just my opinion.

Impulseboy

jr. member

Activity: 196

Merit: 4

That is an interesting thought, however, I think that banks will not give up easily. Even though cryptocurrency is getting more and more popular and a lot of people are starting to use it now. Banks may even get into crypto or develop their own to compete with bitcoin. It will also be a long and process to transition from traditional banking to bitcoin if this happens.

lungu113

newbie

Activity: 30

Merit: 0

Quote from: Janation on August 01, 2018, 03:02:12 AM

Quote from: Umkar on July 31, 2018, 01:28:40 PM

Even if the crypto currency is fully legalized throughout the world, the banking system will continue to exist. Banks have a lot of their specific functions, in addition, they serve the financial side of the state. Therefore, banks will exist as long as there are states.

Banks will really continue to exist in the world even if the cryptocurrencies are legalized. As you have said they have their specific functions the reason it will really exist maybe forever.

What will only happen to the banks are improvement and development. Since cryptocurrencies might be legalized in countries, they will find a way to develop their securities and their services for that.

This could not affect banks if cryptocurrency will become popular in the world. First bank is a big industries which most of all people used it and store their money in there.

Janation

hero member

Activity: 1722

Merit: 528

Quote from: Umkar on July 31, 2018, 01:28:40 PM

Even if the crypto currency is fully legalized throughout the world, the banking system will continue to exist. Banks have a lot of their specific functions, in addition, they serve the financial side of the state. Therefore, banks will exist as long as there are states.

Banks will really continue to exist in the world even if the cryptocurrencies are legalized. As you have said they have their specific functions the reason it will really exist maybe forever.

What will only happen to the banks are improvement and development. Since cryptocurrencies might be legalized in countries, they will find a way to develop their securities and their services for that.

SirLancelot

hero member

Activity: 2506

Merit: 582

"CoinPoker.com"

Quote from: Kusnechik on July 21, 2018, 05:47:47 AM

If in the banking sector the blockchain is implemented, then the labor of many employees will not be needed and they will be fired.

Exactly because banks are not just limited to the financial transaction and in offering saving accounts. There are lots of other duties they do for the government like tax collection and meeting the accumulation of required reserves. Besides, the government also helps them by giving them loans on low interest rate so I do not think crypto particularly Bitcoin can outshine banks. They however can reduce the money these financial institutions make.

Umkar

member

Activity: 364

Merit: 10

Even if the crypto currency is fully legalized throughout the world, the banking system will continue to exist. Banks have a lot of their specific functions, in addition, they serve the financial side of the state. Therefore, banks will exist as long as there are states.

SolomonSollarsNSense

full member

Activity: 462

Merit: 100

Quote from: Acsirp on July 27, 2018, 07:43:51 PM

I believe banks will always be there, for this a financial institution , the time the cryptos will be popular around the world and will be used by many as currency, then the banks should adjust and accept any transactions which the programme related to running a cryptocurrencyvin the banks because banks are business financial institution so banks would really join cryptos.

I still think Banks are the biggest companies in the whole world and it would be impossible to dethrone them unless they collapse themselves. The collapsing of banks will not come from somewhere outside disrupting them like some silicon valley startup or whatever and certainly not bitcoin and crypto in general.
However if they keep going this greedy themselves and deal with derivatives and gamble on TRILLIONS of dollars, in the end they will end up with the short stick (which kinda what happened in 2008) so maybe not in 10 years but in the future we are moving too fast with technology and humanity, in 100 years or 200 years who knows what could happen.

Pab

legendary

Activity: 1862

Merit: 1012

Nothing will happen at that time.Banks are lords of that world
Even Dods-Frank regulations has been removed because banks are paying for congressmen
election campaign.Corruption they are choosing political leaders they are laundering money
Does any banker went to jail for his frauds
And crypto as for now they are making additional money on btc

Topic: What would happen to banks? - page 23. (Read 13949 times)