What would happen to banks? - page 26.

Stuart_Shook

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Quote from: hatsoff2btc on July 28, 2018, 02:15:12 AM

Quote from: NeuroticFish on July 19, 2018, 01:51:31 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...

You are right about the advent of technology and its impact on the existing market but one should not forget that banks are the financial institutions set up by the government and follow the rules and regulations the federal bank sets for them which runs the government. SO in my opinion, banks will never perish just because of the arrival of crypto. It has been a decade since Bitcoin is rolling in the market but there are still lots of banks in Time Square NY and in my country.

Yeah they'll adapt. They are so deeply ingrained in society that they have no choice but to adapt. People depend on them, especially those who cannot handle their financial choices by themselves. It's like the hospital. Some people will go most of their lives without ever having to visit it because they will live very safe and healthy lives and take care of themselves independenptly. Some people will never go to the bank because all the money that they need is in their pocket, and when they need more, they go to work and put more in their pocket.

So banks will provide a similar service for those who want support with their crypto investments and day to day transaction needs. They'll be there to provide advice (which probably won't be very helpful) and to charge service fees for anyone who wants it.

hatsoff2btc

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Quote from: NeuroticFish on July 19, 2018, 01:51:31 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...

You are right about the advent of technology and its impact on the existing market but one should not forget that banks are the financial institutions set up by the government and follow the rules and regulations the federal bank sets for them which runs the government. SO in my opinion, banks will never perish just because of the arrival of crypto. It has been a decade since Bitcoin is rolling in the market but there are still lots of banks in Time Square NY and in my country.

yunzau

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yes any changes inevitably have an impact including banks, when taken over by crypto because of better systems such as decentralization and no duplication of money.

Kadal Ijo

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Although the use of cryptocurrencies continues to increase but I am sure that banks can always survive until whenever, this is because the government will protect the bank with various policies.

Altf4

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Banks will not be vanished even if the cryptos are still dominating the currency in the digital world , but banks as business and financial institution it will adopt on what is the latest dimension in the market, it would relly adopt the cryptocurrency transactions as part of business sectors of finance.

Argoo

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Even if the crypto currency completely conquers our world, the banks will exist without any problems. Banks have a lot of their own specific work, without which no state can manage. However, in my opinion, banks will not perform various operations with the crypto currency, such as accepting crypto currency for depositary storage, issuing loans in the crypto currency, and others, since such transactions will be too risky for them.

mornabo

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Quote from: Acsirp on July 27, 2018, 06:43:51 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.

The Bank will not be affected by any development of crypto, we know that governments will continue to use fiat as the main
currency, from that which the bank will continue to live as a money-storage and financial facility for the whole society

Snaic

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Banks are needed in any civilized society and in any state. Banks are already an attribute of any state. Therefore, banks will exist if not always, then for a very long time. Banks always have a job without a crypto currency. They credit the branches of the economy, various types of business and ordinary people, and generally serve the state plans for the social and economic development of society.
At the same time, I think that banks will not perform various operations with crypto currency, except for exchanging it in fiat on the contrary, because it will be too risky for banks. Banks will not take such a risk.

pallang

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Banks will stay because some people uses banks in their transactions and banks also offers loan to their clients like housing, business, car loans and also investment but with small amount of interest only not like investing in crypto you can double your money when you join a good ico.

PEDROMAP

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Banks will always be there, in fact they are already taking advantage to earn big money, they may lose in one way but as time goes buy they will benefict greatly

renc77

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Quote from: Scripture on July 19, 2018, 01:05:00 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

The assumptions are very certain and logical.

Based on the given presentation, I conclude that Bitcoin will become a big threat for lots of institutions. Cryptocurrency give rise for competition among companies.

This results for some formulation of new and developed systems of institutional capabilities. Hence, as the bitcoin serves as a threat for them, their development also grows continuously.

So, I would say that it is a win-win condition for both parties. Cheesy

Acsirp

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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.

Dread Pirate Roberts

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what I believe most is the bank and crypto system is very different. And each country also has certain regulations for national banks for their country.
but for your opinion that crypto can be a safe investment in a country may happen im quite agree and back again its depends of country it self .

Ailmand

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Quote from: NeuroticFish on July 19, 2018, 01:51:31 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 agree. I think more than dying, banks would try to take advantage of the cryptocurrency wave and make sure to actually get their systems adjusted with the cryptocurrency market to accommodate it. It's a big market after all, and surely, if they would do that, then it would surely help their businesses grow rather than just stick to the traditional means of doing business. Banks are money-generating entities after all, and they go after booming business that may innovate the business sector.

crypto success

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To the best of my imagination i do not see banks dying because of the presence of bitcoin rather i see banks buying in to crypto and even taking advantage of digital currency more than you and me

Dimon888

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The banking system has existed for a long time and will continue to exist for a long time. After all, banks manage finances and cash flows. They include all kinds of currencies in the world. hence they can serve in the future the entire system of crypto-currencies.

sky4242

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In the case of business, the discovery of new items in the market has to be expanded in old business. If it is not possible then it will automatically die from the market. Banks will use new progress in their work.

kolbalish

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Bank is the only financial place where people complete their transaction safely.With the need of modern civilization it update itself according to customers need.If crypto take place strongly then bank will collapse badly.

tiurminator

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If cryptocurrency would take over the world in the future, I think banks will change and take over the exist online wallet and digital currency exchanger too.

Binmado

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With the rapid development of electronic money as it is today, in the next few years, perhaps two years the banking market will be frozen completely.

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