Topic: What would happen to banks? - page 29. (Read 14006 times)
I still consider banks as a business given that private association controls it with the lead of central bank and businesses need to adopt in order to survive. If they oppose trend or innovation, people wouldnt patronize them anymore and find something who suits their pleasure.
if they want they just can buy all top10 coins and rule the market
It's not that easy. If we look at how splintered the market in its entirety is, one entity or a group of entities will need to extremely overpay for their coins in order to own even a semi large chunk of coins in the end. Another thing is that banks or other wealthy entities don't trust exchanges and will not participate in them; their only way is to accumulate coins through private deals, which is getting increasingly harder with so much OTC demand.
Miners have plenty of buyers to sell their coins to, mostly at 25-50% market premiums due to their virginity. Services connecting OTC traders have to deal with far more demand (ie, more buyers than liquidity providers). People holding Bitcoin don't really want to sell many coins anymore with how the price will be going up. It's not easy to obtain Bitcoin anymore, especially not in extremely large numbers.
Nothing bad will happen to banks, they own almost all money in the world and they already have many crypto coins too, if they want they just can buy all top10 coins and rule the market
For me it's cunning and gaining authority in every country, banks will always be there because they are so important. The banks would be the hero of a centralized crypto, but banks are not going anywhere.
crypto currency can take over the world in the future therefore the bank must cooperate with crypto currency, if the bank does not immediately accept crypto currency then the bank will be left behind. at this time already many people who switch to crypto currency.
In spite of the way that crypto and bitcoin is creating and may end up more noteworthy on the future banks will regardless proceed as before as an entry of trades, supervisor of save assets and limit of basic instrument in light of the way that before crypto rise bank is up 'til now the individual who interfaces the two for you to buy bitcoin you require fiat who is respected a genuine sensitive.
Despite the fact that crypto and bitcoin is developing and may become greater on the future banks will in any case continue as before as a passage of exchanges, manager of reserve funds and capacity of critical instrument in light of the fact that before crypto rise bank is as yet the person who interfaces the two for you to purchase bitcoin you need fiat who is regarded a legitimate delicate.
The bank will no powerlessness demonstrating all together not to rapidly destroy later on, hear so much that banks consider such endless sorts of money the most hazardous and unfit for hypothesis or as a strategies for divide, I think it is a self-defending to impact everybody not to over-respond against cryptographic money, for me it's precariousness and getting expert in each nation, banks will always be there in light of how they are so essential.
I think it is a self-safeguarding to influence everyone not to over-react against cryptographic cash, for me it's trickiness and getting master in every country, banks will constantly be there in light of the way that they are so basic.The bank will no vulnerability showing all together not to quickly annihilate later on, hear so much that banks consider such countless types of cash the most risky and unfit for theory or as a techniques for portion
Banks will be very much around for a very long time to come. They will need to revamp their policies and procedures in line with decentralization when there is a massive acceptance to crypto coin by the mainstream society
Many private banks in my country have already started to do that. They are focusing more on user experiences and providing a lot of features to make their banking experience easier. That is the primary reason they are able to compete with government banks.
But regarding accepting crypto, that is not possible because they are also governed by same laws.
Banks will live forever because people will always place their money on the banks since not everyone is capable of investing on cryptocurrency because the price is too expensive sometimes.
I could say that banks will live forever but in the future, the bank that we usually know will be gone. From the start of cypto currencies, Bitcoin and other cryptos can transact quickly and anonymously, there is also the blockchain, don't you think that they will let it pass? I guess they will be using it to improve their services to people.
Also, the technology is advancing way faster than before. We are in the digital age and the time where currencies and things with great values became digital is closing, just watch some videos where digital things, well it is exactly in-game items are being sold for a great price and from that you can tell that it will be in the future.
The are always staying waiting for some improvements ,if the time comes that every country will legit cryptocurrencies , then as a financial institutions and business ,the banks should shift to new dimentions which is cryptos then they will accept cryptos in to their banking business , because they will go into what is new in business so they will collaborate.
Banks will be very much around for a very long time to come. They will need to revamp their policies and procedures in line with decentralization when there is a massive acceptance to crypto coin by the mainstream society
Many private banks in my country have already started to do that. They are focusing more on user experiences and providing a lot of features to make their banking experience easier. That is the primary reason they are able to compete with government banks.
But regarding accepting crypto, that is not possible because they are also governed by same laws.
Banks will live forever because people will always place their money on the banks since not everyone is capable of investing on cryptocurrency because the price is too expensive sometimes.
This is how business was until the 21st century. But recently the way of doing business has changed and a lot of Technology is also upgraded honestly I do not want Bank and another old system which are ruling on us to survive. They can clearly adapt to this change but for this, they have to educate a lot of people which the way avoiding until this day. The government has to fulfill their responsibilities in all the third world countries so everyone is much more focused on education instead of planning for getting a job.
Banks as financial institutions , and a business sectors would not worry about new technologies like crypto currency, if it will be the legit currency the crypto or accepted in a certain country then ,the banks would easily transfer and accept cryptos and bitcoin transactions, like here in our country banks is slowly accepting exchange only of cryptos ,because it is not legit yet, but if it will be accepted by the government, banks would always divert immediately to cryptos.
your opinion is very precise
banks will never be silent because of this crypto system, they will try to survive or accept crypto and make their own coins according to the characteristics they want
banks will never be silent because of this crypto system, they will try to survive or accept crypto and make their own coins according to the characteristics they want
Banks will still grow in the future because people are always placing money on them but as soon as they knew cryptocurrency then they will soon to focus on trading bitcoins or investing.
Bank will become obsolete sooner or later. There are so many alternatives right now that are faster, cheaper and less expensive. People will get familiar with them and switch from Banks to financial service providers. Whether that will be crypto we'll have to wait and see
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
Actually you do get some points but most of them wont really be accepted nor would be adopted by those banks or into this industry. Why? They cant fully benefit and next, i doubt no person would able to use up their service on this case specially on storage one because we do already have our own wallet which its already enough to give out the best security of your holdings which you are not depending into any 3rd party.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 would definitely just stay yet there are things that crypto cant able to give out.
Banks are not going anywhere and that's for sure. They will adapt to new standards and technologies and will continue to live at the expense of people. Banks have a lot of power
Well, nothing will happen to Banks if Bitcoin grows to as high as $40,000,000. Why? This is simply because irrespective of how Bitcoins surges in price, there will still be a fraction of people who will be the majority that will still not like the idea of Bitcoin due to lack of knowledge, ignorance or personal stands. Those ones will still patronize the Banks as we crypto-enthusiast are making it big time from cryptos or Bitcoin, so to speak.
So, based on this fact, Banks will continue to operate until the conclusion of this system of things!
Merited for good information.
This is correct. They will have to just go with the flow.
Once the crypto industry explodes they will have nothing to do but get a coder that will enhance their program to receive and withdraw crypto currencies.
This might take long also since they are still backed up by the government and some of them dont agree with how the privacy is when it comes to crypto.
Private banks will adopt no matter what happens. Some of them are already in to it,
This is correct. They will have to just go with the flow.
Once the crypto industry explodes they will have nothing to do but get a coder that will enhance their program to receive and withdraw crypto currencies.
This might take long also since they are still backed up by the government and some of them dont agree with how the privacy is when it comes to crypto.
Private banks will adopt no matter what happens. Some of them are already in to it,
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