What would happen to banks? - page 25.

Lorence.xD

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Quote from: oegarod on July 19, 2018, 02:09:25 PM

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 will stay, it maybe old system of investment, Saving Deposit, and other money transaction in the business community, this will be hard to replace it yet even with the new technology, it is the culture of acceptance by which people should be aware of, not to mention the Level of Trust of every investors whom are used to the old system of business transaction.

cryptocurrencyguru

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in future banks will be adopted to blockchain based banks more transparency and more adaptability for customers blockchain is new disruption for banks

neite99

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the banks have been in the world for so many centuries and have their roots strongly deep in this world. A new technology which is not even ten years old can`t overcome banks so easily, rather banks would adopt this new tech and use against it as it happens with so many innovations.

Umkar

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Quote from: kolsernik on July 28, 2018, 03:26:57 PM

Already now there are crypto banks in symbiosis with traditional banks.This is a very good trend.Now you can take a loan in cryptocurrency.Here is one of the projects that offers loans in cryptocurrency https://moneytoken.com/

I see that the reference refers to the ongoing ICO, whose team is going to issue loans in the future in the crypto currency. I recently read that in Estonia, CoinLoan has already begun to work and conclude deals. It is an intermediary in transactions of lending to fiat on security of crypto currency. This is a slightly different type of lending involving crypto currency.
I still think that ordinary banks will not give out loans, where at least somehow the crypto currency will participate. For banks, these transactions will be too risky.

Cult

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Quote from: ngalamunan on July 29, 2018, 02:58:17 PM

Quote from: NeuroticFish on July 19, 2018, 02:51:31 AM

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...

I do not think it will die, maybe the business will go down, because new technology has been launched and sometimes people are choosing the latest technology as well. so the quality of the business can go down.

There is no reason for banks to die. They will just change their business models and the selection of services they offer.

ngalamunan

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Quote from: NeuroticFish on July 19, 2018, 02:51:31 AM

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...

I do not think it will die, maybe the business will go down, because new technology has been launched and sometimes people are choosing the latest technology as well. so the quality of the business can go down.

mahfuj7779

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Everything is digital so people are looking for comfort Everyone wants to use when something new arrives. It is not possible for everyone. More about the future of the bank for some of the future.

Will.Smith

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All of the banks linked together with central bank and with Federal Reserve System. If you don't know much about it
https://en.wikipedia.org/wiki/Federal_Reserve_System

And most of the money, as well as most assets and property already own by bankers. These guys aren't stupid they can handle with crypto. They control a lot of governments, so they can control any area of our life that depends on money.

swaggerkeme

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The banks will still exist even if crypto takes over the world as the world topmost currency. Over the decades, anytime a new technological development comes about, the banks adjust to accommodate. The banks will still be in operation.

Emigham7

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Banks will remain in the system so long as fait money exist. Even if fair will be outdated with digital currency, not now. It will be in future. Bank might also diversify and enter into cryptocurrency

djgtr

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Quote from: zakariajaki on July 19, 2018, 03:05:32 AM

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

it is true that your opinion, the bank must give in otherwise it will be only passive, although it certainly will not happen with the impact of so much but can be predicted roughly when the form of investment also savings will prefer crypto as an alternative, can be predicted in the future when the function of banks is reduced much in the crypto community in addition to the circulation of money and the place of borrowing money or credit and I think no more than that, and predictable the existence of banks will be less and more reduced, but the economic turnaround that occurs in the community will continue to run without impact lethargic by the practice of digital transactions, may be useful and successful for all of us

It is hard to happen that banks will give in but some maybe. It is because their are many people who invested and look at it for peogression. Though we can see that bitcoin and ICOs can be a real thing to happen and a good investment as well. The relaxation is very different.

kolsernik

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Already now there are crypto banks in symbiosis with traditional banks.This is a very good trend.Now you can take a loan in cryptocurrency.Here is one of the projects that offers loans in cryptocurrency https://moneytoken.com/

iv4n

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Quote from: South Park on July 28, 2018, 02:46:18 PM

Quote from: ecnalubma on July 27, 2018, 10:51:23 AM

I doubt that banks will disappear in the future, I think that there will a mutual benefit between banks and blockchain technology. If the banks disallow transaction between fiat and crypto then financially cryptocurrency is useless for it is not so established that much. I think the banks will evolve for years to come and speed-up every transactions same to other establishments.

That can last for some time that is true but at the end bitcoin will become a replacement for the banks, some people are already using bitcoin for all their purchases despite the lack of adoption , what do you think it is going to happen when bitcoin can be accepted in almost every store in the world? People will no longer see any need to convert their bitcoin to fiat and that will be the moment when the banks will be at a huge risk of disappearing.

You can doubt in crypto, but in the end crypto will replace banks. I don't see any other outcome. Peoples didn't have alternative like they have now with crypto, first wave was all about people and from people to people, next wave will be when small and medium companies adopt it, they wish to skip using banks to and to find direct line to customers, that's what they need, and third wave will be heavy industry adopting crypto.
Banks will be a thing of history, sooner or later is hard to say. I see that for a long time, since I'm here. Maybe I didn't believe in that from first days, but after a while I started to and I didn't stop until now.

South Park

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Quote from: ecnalubma on July 27, 2018, 10:51:23 AM

I doubt that banks will disappear in the future, I think that there will a mutual benefit between banks and blockchain technology. If the banks disallow transaction between fiat and crypto then financially cryptocurrency is useless for it is not so established that much. I think the banks will evolve for years to come and speed-up every transactions same to other establishments.

That can last for some time that is true but at the end bitcoin will become a replacement for the banks, some people are already using bitcoin for all their purchases despite the lack of adoption , what do you think it is going to happen when bitcoin can be accepted in almost every store in the world? People will no longer see any need to convert their bitcoin to fiat and that will be the moment when the banks will be at a huge risk of disappearing.

Xenoph0bia

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Quote from: Cosbycoin on July 28, 2018, 06:26:26 AM

Quote from: audaciousbeing on July 20, 2018, 03:21:53 AM

Quote from: dothebeats on July 19, 2018, 08:25:59 AM

If ever the world is to shift to cryptocurrencies, I for one thinks that this is not the end of the banks. State-issued cryptocurrencies will still be regulated, manned, and controlled closely by banks and if anything, they can do things easier and quite effortlessly since they only need to change some figures in the code and voila! Magic internet money is created out of thin air, a few clicks and a few inputs! Banks would be the kings of a centralized cryptocurrency, just like what they are already doing in the realms of a fiat-powered world today.

I can say based on the knowledge I have, if there is any industry that is moving rapidly in terms of technology, its the bank and they are doing it aggressively. The reason for that is they finance any project that comes their way and you don't get to finance from them without first giving them your idea they in turn have the money to hire the best programmer and software specialist who will develop the idea into something they themselves can incorporate into their activities without any stress.

The point it, banks will still continue to be relevant and even rely on the blockchain to increase their penetration by the time they launch, they would come up with new slogan about how safe it is to use the blockchain for banking transactions.

No doubt if they work on it and make a fine system for its use besides banks then there will be no issue which will affect both. Now the cryptocurrencies are also a benefit for economy too so governments may accept it and may not however developed countries are going well with the Bitcoin so other countries should also learn from them how the Bitcoin is working there which will be helpful.

Banks will continue to function in the future.Banks are an important part of our economy.Each and every person,every governemnt store their money in banks only.Banks are the safest option to keep money.Banks also give interest on your money.The main thing is banks are centralised.So they are supported by the governemnts and the nations too.Banks have established themselves from traditional time period.Cryptocurrencies have just started and are no match to banks in any aspect.

Cosbycoin

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Quote from: audaciousbeing on July 20, 2018, 03:21:53 AM

Quote from: dothebeats on July 19, 2018, 08:25:59 AM

If ever the world is to shift to cryptocurrencies, I for one thinks that this is not the end of the banks. State-issued cryptocurrencies will still be regulated, manned, and controlled closely by banks and if anything, they can do things easier and quite effortlessly since they only need to change some figures in the code and voila! Magic internet money is created out of thin air, a few clicks and a few inputs! Banks would be the kings of a centralized cryptocurrency, just like what they are already doing in the realms of a fiat-powered world today.

I can say based on the knowledge I have, if there is any industry that is moving rapidly in terms of technology, its the bank and they are doing it aggressively. The reason for that is they finance any project that comes their way and you don't get to finance from them without first giving them your idea they in turn have the money to hire the best programmer and software specialist who will develop the idea into something they themselves can incorporate into their activities without any stress.

The point it, banks will still continue to be relevant and even rely on the blockchain to increase their penetration by the time they launch, they would come up with new slogan about how safe it is to use the blockchain for banking transactions.

No doubt if they work on it and make a fine system for its use besides banks then there will be no issue which will affect both. Now the cryptocurrencies are also a benefit for economy too so governments may accept it and may not however developed countries are going well with the Bitcoin so other countries should also learn from them how the Bitcoin is working there which will be helpful.

satana_igor666

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Banks are able to adapt, they will find how it will be possible to earn on bitcoin. I heard that they want to open a point where you can buy bitcoin and sell it there. Probably they will do it.

Madara_Uchiha

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Exactly suppose that bankers will make it very difficult. But I am confident that they will be able to make sure that they remain at a profit.

bozicso

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The main problem of the coin is volatility. If a small volatile coin is made, then it is enough to use crypto cards and banks are past. Of course, this is a demanding job, but whoever will succeed in the holy Grail in their hands.

I would not advertise anyone, but these from my signatures are closest by my opinion. Still, it's still up 2 months to their cards start work, so we can say something more. But they are working on the problem of sending banks into history

SaraMartin1212

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Its intrinsic electronic money cannot be controlled by banks around the world, with this, exchanges, bitcoin deals or other electronic money that will cause banks to lose. Their control of the part of the economy, the banks will lose revenue about their revenue.

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