Topic: What would happen to banks? - page 27. (Read 13949 times)
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.
As some banks have already started implementing blockchain technology to optimise their traditional infrastructure in order to survive this transformation phase. However, I don't think that banks will die any time in near future because the literacy rate is not up to the mark especially when it comes to the technology on a global scale so not everyone will be in a position to use cryptocurrencies. That means, banks will still have a huge number of people to sell their traditional stuff. On the other hand, there is no option for banks to adopt new technology down the road.
It is true that even if the awareness of bitcoin has grown in the last years, things are not so simple, people have not adopted bitcoin as fast as we want but this is because people still do not see a point to do so, but when the economy of the world weakens people will understand that they cannot trust fiat to store the value of their hard work and will begin to use bitcoin to protect it.
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.banks are surely going to take same directions and other forms of banking which still let them be in the system of banking
I think both crypto and banks can exist together. In fact banks can use crypto in a number of ways.
Nothing bad happen, they will transform. Bank is a trust business. Conventional bank already around for a long time and people trust them. As soon as digital currencies take over the fiat, they will be there and people will use their services. More profit maybe, because they will need less employee.
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
I believe, that banks are having two options to go well right now, or they will transform into something else that will support the upcoming economic system, or otherwise they need to start providing a blockchain services and cryptocurrency deposits. 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
Banks will still be banks, hy will just adopt what is new and what is in. So i think bank will still operate and include things like cashless or crypto currency in their. Fiat will not just easily extinct but it will in many years more.
For sure they would have to adapt, but i dont think this will happen since making changes in such big structures is close to imposible. A new version of banks will occur that will be agile and prepared for the world, we just need to wait for the legislation to clear.
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
Banks are a definitive, so you're off-base. The administration are the ones that controls banks on the planet and they are the ones with the power in their grasp. Try not to believe that they are going to simply give Bitcoin a chance to obliterate everything. Government isn't completely in help of Bitcoin, that we are making utilization of Bitcoin today is on account of they enabled us to do as such. 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
I`m not an economic expert, so I don't know. But probably would be needed any more cryptocurrency will take the place on the market, because banks are offering loans and deposits, especially in my country.
If the NOKIA was not helped by Microsoft, it would have perished of the surface of the planes long ago. Microsoft introduced the main features that were demanded in the market however the market was captured by iPhone and Samsung when they launched their smart phones. But banking system is different and it works for government like an institution and perform many jobs that interest the government so I do not think the advancement of crypto would outshine the banks and even if it happened, it would be after a long time from now.
Of course, the banks will not disappear, but I think that with the expansion of the crypto currency, their functions and their quantity will be significantly reduced.
true in the sense of bank buildings will not go anywhere but still the bank as a medium to save the local currency is not the currency crypto because it is clearly different technological blockchain with banking
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
Banks are the ultimate, so you’re very wrong. The government are the ones that controls banks in the world and they are the ones with the power in their hands. Don’t think that they are going to just let Bitcoin destroy everything. Government is not fully in support of Bitcoin, that we are making use of Bitcoin today is because they allowed us to do so. 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
If the government decides to end Bitcoin they can do it at anytime. Haven’t you hear of countries where the citizens are not allowed to make use of Bitcoin?
It would be very great and helpful if banks will realize the importance of cryptocurrency and perhaps enter into crypt. They can provide their usual services to customers and also provide services in cryptocurrencies, such as investment, savings and loans, shares buying with cryto, and a lot.
Banks will still have place in our economy even though cryptocurrency is going to dominate every country because people will still use fiat to buy physical needs.
Banks will not be obsolete even crypto will be used globally. I agree with the op's points specially #4. Many people still want security for their money, I believe that banks will go with the flow of crypto tech and will adapt with the changes that will be caused by crypto. However lets see what will happen as we all know what happened to postal services when tech took over.
As some banks have already started implementing blockchain technology to optimise their traditional infrastructure in order to survive this transformation phase. However, I don't think that banks will die any time in near future because the literacy rate is not up to the mark especially when it comes to the technology on a global scale so not everyone will be in a position to use cryptocurrencies. That means, banks will still have a huge number of people to sell their traditional stuff. On the other hand, there is no option for banks to adopt new technology down the road.
My presumption is that the status of the banks will decline since our currency, which is Philippine peso, will lower its value in the world market. Likewise, our banks are associated with the "Bangko Sentral ng Pilipinas" since our stream of cash are in centralized form of banking, which means there's a national bank that controls the stream of cash of alternate banks.
Maybe they are preparing for that situation. I believe what happened to the post offices will never happen to them. They will upgrade also buy I wonder how they will going to handle it? I mean, we know that bank is centralized and most of the cryptocurrency is decentralized. Maybe they are going to build their own blockchain and their token can be duplicate with unique code in each token.
Banks are continuing the work and function of the bank with the state with workers and as far as I would expect the bank to have a more active and open look with bitcoin.
Banks will just have a decrease of users in the next few years if the cryptocurrency will get into more people in the world because if there will be more people looking at bitcoin then it means that more and more people will realize that bitcoin is such a great cryptocurrency and it doesn't make sense to just put money and effort in banks.
Banks are too strong an institution to simply disappear.
Even if bitcoin were to become the main currency, traditional money and a range of services would still be needed.
I still think that even if bitcoin becomes really big, institutions like banks and governments will not change that much, what it will happen is that those institutions will have to adapt, after all banks only care about one thing and that is to make money and if they can make money with bitcoin then they are going to accept bitcoin users, since I really do not think that a lot of people are going to try to avoid using fiat and institutions linked to fiat, only a minority will try to do that. Even if bitcoin were to become the main currency, traditional money and a range of services would still be needed.
Jump to: