What would happen to banks? - page 3.

asus09

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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

Bank have both function so far as loan and saving money, many member use bank as loan and saving money because afraid if save money put under below, they will choose safety way how to save money in the bank because very safety, with bitcoin have know by many people possible save money become bitcoin or altcoin than saving in the bank.

youdacapt

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Quote from: teosanru on October 30, 2019, 01:53:11 PM

1. Investments: banks would not invest in Cryptocurrencies due to a very simple reason which is volatility. Cryptocurrencies encounter high volatility which is why central banks would never choose to allow it as an investment option.
2. Currency: For using it as a mainstream currency instead of dollars we need governments to authorise such a thing which looks grim because why would a government dishonor their own National currency.
3. Loans: loan recoveries are much more difficult in case of Cryptocurrencies as no person has control over a person's wallet than the person himself.

Banks have a safe point as a counterweight and mediator of fiat-crypto transactions, so this is where their strategic investments can be placed to strengthen the network so they remain confident in securing the value of the national currency. They can actively use their own crypto coins with the same usage as usdt. So the role of banks will develop as a real exchange dominator and only serve exchanges that are connected with legally designated exchanges. Matters related to loans, etc., can be included in adjustments in the periodic system.

teosanru

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1. Investments: banks would not invest in Cryptocurrencies due to a very simple reason which is volatility. Cryptocurrencies encounter high volatility which is why central banks would never choose to allow it as an investment option.
2. Currency: For using it as a mainstream currency instead of dollars we need governments to authorise such a thing which looks grim because why would a government dishonor their own National currency.
3. Loans: loan recoveries are much more difficult in case of Cryptocurrencies as no person has control over a person's wallet than the person himself.

Faxmate

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Quote from: AGroose on October 29, 2019, 03:02:30 AM

Banks will not disappear but will exist along with cryptocurrency. But at the same time, they will earn much less, because commissions will decrease tenfold. in addition, the state will always support banks and the centralization of money

I doubt it, in the upcoming months, bank will forsee the potential of cryotocurrencies in the future, so they will consider it and would take this as an advantage as added income to their business. Banks are known to be the greedy business, they will not waste this kind of opportunities.

Banks want money. They want sources of generating huge money without paying back much. If banks adopt digital currencies especially bitcoin, they will cash out profits in millions without paying any kind of percentage to customers of the bank. Banks can also offer wallets for bitcoin and earn profits from clients’ bitcoin. Soon banks will be considering this opportunity.

AjithBtc

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Nothing is gonna happen on the increasing usage of cryptocurrency. Banks forms the basic financial infrastructure, and it is hard to collapse with the existence of any innovation. When the cryptocurrency usage keeps growing banks and cryptocurrencies will combine. This means people will get an opportunity to choose whether to use fiat or bitcoin, but the process will be done by the banks.

dillpicklechips

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Well as if bank will get extinct though, it would never phase out because of the fact that lot of people want their profit to be somehow controlled by them, since bitcoin is decentralized and since it's a very volatile lots of people would react. There be lots of cons and pros, you see fiat can somehow change but its a very-very long time to change it prices depend on the supply and demand too. But on bitcoin there a lot of high risks that if a person invest and decide to keep them, its either their win or they would lose since bitcoin has ups and downs so I think it bitcoin would remain as a short term to long term investment still depend.

Bezobraznike

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Quote from: AGroose on October 29, 2019, 03:02:30 AM

Banks will not disappear but will exist along with cryptocurrency. But at the same time, they will earn much less, because commissions will decrease tenfold. in addition, the state will always support banks and the centralization of money

Crypto-currencies are in early stage, and it`s impact on banks is still very small! Current crypto-currencies market capitalization
is 247 billions, just JP Morgan market capitalization is 368 billions, and where are other banks!?
What will happen in the future is hard to say, Blockchain can replace banks or at least it will transform the banking system. It`s
to early to say anything, Blockchain is a new thing for all of us! With Bitcoin most of us started to learn about decentralization,
decentralized markets could be a potential threat in long-term to everything that`s centralized.

imstillthebest

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Quote from: AGroose on October 29, 2019, 03:02:30 AM

Banks will not disappear but will exist along with cryptocurrency. But at the same time, they will earn much less, because commissions will decrease tenfold. in addition, the state will always support banks and the centralization of money

I doubt it, in the upcoming months, bank will forsee the potential of cryotocurrencies in the future, so they will consider it and would take this as an advantage as added income to their business. Banks are known to be the greedy business, they will not waste this kind of opportunities.

that already happen before . crypto before were started to hyped and slowly entering the mainstream , for sure bank already noticed that and they should have feel a little bit threatened that time but how much more today were cryptos are already growned alot ? but look at the banks , they are also doing thier best to stay on shape . some did even start to adopt crypto just because they are afraid to become obsolete . they are advance thinkers tho .

cutesgirl

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Quote from: Visbay on October 29, 2019, 02:51:25 AM

Quote from: agentx44 on October 28, 2019, 01:47:54 PM

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

Banks are already regulating people's money way longer than the existence of cryptocurrency. We cannot really remove banks in the system, instead we should study on how cryptocurrency and banks may work in harmony in the future. As to what was said, banks wull adapt the new monetary system if ever crypto gets its spot in the future. The processes in the banks will be very different from the usual when that time comes but it would be a good thing if banks would really stay and regulate fiat and crypto together for a better global economy.

The place where we store our money calls out bank so long ago people were not having any other way to keep their money safe but now it is 2020 so we have more options than this crypto is making the need and the use of banks so little, some banks are applying blockchain system in their banks as we know when talking about safety so blockchain comes in mind.

If there are still not available using bitcoin as legal transaction like many store do not accepted bitcoin payment, bank keep exist for long time and many people keep saving money in the bank, many people still use cash money for every transaction and always need bank to cash out their money for buying or selling something,when bitcoin have adoption for every transaction maybe bank will left by many people and move to crypto.

AGroose

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Banks will not disappear but will exist along with cryptocurrency. But at the same time, they will earn much less, because commissions will decrease tenfold. in addition, the state will always support banks and the centralization of money

Visbay

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Quote from: agentx44 on October 28, 2019, 01:47:54 PM

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

Banks are already regulating people's money way longer than the existence of cryptocurrency. We cannot really remove banks in the system, instead we should study on how cryptocurrency and banks may work in harmony in the future. As to what was said, banks wull adapt the new monetary system if ever crypto gets its spot in the future. The processes in the banks will be very different from the usual when that time comes but it would be a good thing if banks would really stay and regulate fiat and crypto together for a better global economy.

The place where we store our money calls out bank so long ago people were not having any other way to keep their money safe but now it is 2020 so we have more options than this crypto is making the need and the use of banks so little, some banks are applying blockchain system in their banks as we know when talking about safety so blockchain comes in mind.

AlaBy

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It seems to me that over time, banks will simply work directly with cryptocurrency. Already today, many banks practice this. Depends on regulators. The faster cryptocurrencies approve, the faster banks will be able to process cryptocurrencies.

agentx44

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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

Banks are already regulating people's money way longer than the existence of cryptocurrency. We cannot really remove banks in the system, instead we should study on how cryptocurrency and banks may work in harmony in the future. As to what was said, banks wull adapt the new monetary system if ever crypto gets its spot in the future. The processes in the banks will be very different from the usual when that time comes but it would be a good thing if banks would really stay and regulate fiat and crypto together for a better global economy.

akmal1984

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Very interesting review. Right as you explained here, banks will still be there later and most likely they will even use blockchain technology. But as a company they will still become banks as we have known so far.A company that has existed for generations from time to time, I think, will remain as long as it can provide benefits to many people

NeironixNV

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Quote from: Peashooter on October 25, 2019, 08:16:35 AM

Definitely the banks will just go to the flow when the cryptocurrency dominates, then the banks will also operates some cryptocurrency in their system so that they can cope up on the new world banking or technology. They will cope up with the new trend because they will do all of the thing that has been mentioned in order for them to earn and not stop their banking operations.

I agree with u, that banks will not disappear anywhere, they are already trying to adapt to the new emerging digital economy and are creating their own stablecoins prototypes.

AicecreaME

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Quote from: Peashooter on October 25, 2019, 08:16:35 AM

Definitely the banks will just go to the flow when the cryptocurrency dominates, then the banks will also operates some cryptocurrency in their system so that they can cope up on the new world banking or technology. They will cope up with the new trend because they will do all of the thing that has been mentioned in order for them to earn and not stop their banking operations.

The banks should be afraid once people started to notice how better it is when their money is not on the banks, even if they adjusted to fit in the new technology or community we will have in the future with cryptocurrency, whatever they will do will be be all useless. The worst case scenario is they could vanish without any tracks remaining and all of the people will not remember anything about them.

Once cryptocurrency dominates the world, cryptocurrency will be alone and will don't need a bank or a third party.

Peashooter

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Definitely the banks will just go to the flow when the cryptocurrency dominates, then the banks will also operates some cryptocurrency in their system so that they can cope up on the new world banking or technology. They will cope up with the new trend because they will do all of the thing that has been mentioned in order for them to earn and not stop their banking operations.

BartS

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Quote from: Tylev on October 24, 2019, 12:52:44 AM

Banks may not respond at all to the emergence of cryptocurrencies and nothing will happen to them, because the banking system is fully protected by the state. However, banks will use cryptocurrency in the event that it is beneficial to them. With the advent of cryptocurrency, banks will lose a little in the number of their customers and nothing more. However, they will have enough work and they will receive no less profit.

If this was true then banks will not feel threatened by bitcoin and many other cryptocurrencies, they know very well that bitcoin is superior to them since it allows each person to be their own bank.

What we do not know is what they will do to try to still be relevant, and what comes to my mind is that they will try to deceive people into not adopting cryptocurrencies, which is what they are doing now, but once that fails they will adopt cryptocurrencies assuring they can take better care of your coins than yourself.

SaShiRaJaVu

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Quote from: Aying on October 21, 2019, 07:08:38 AM

(I will reply on OP's title's question) If banks wouldn't improve by time that crypto currency are needed. then they will be dissapeared, but that thing would be happen? not for sure, because banks are in observation of popularity of crypto. they wont accept that they will left behind. they will improve as crypto bank and make their own strategy to avoid of disappearing.

The major misconception here is that nothing will replace the banks and we do not want crypto banks, people have to understand the difference between different markets rather than incorporating everything, banking is improving as everything is digital in the banking sector now a days and what more improvement do you expect from them. If the entire population shift their transaction to the crypto market then we might not need the banking sector altogether and that will not happen Tongue

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ovcijisir

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🐪

Quote from: asus09 on October 24, 2019, 03:22:52 AM

Quote from: whyrqa on September 30, 2019, 04:59:55 PM

Quote from: spike420211 on September 29, 2019, 03:02:07 PM

I don’t think it’s profitable for banks to issue loans in cryptocurrency, except at a huge interest. Indeed, in the event of a running race, those who took out a loan will be able to repay it very quickly and remain at the same time in a big plus, I do not think that banks will allow this. Most likely the course will be fixed. But this is all of course guesswork.

Can you tell how many percent of the total number of people on the planet use cryptocurrency now and how many people will use it in 10 years? The community of cryptocurrency users is still very small and I doubt very much that banks will issue loans in cryptocurrencies to ordinary people, because it will not be oil of character and no one will rebuild the entire financial system of banks for this. Nevertheless, banks will be able to very actively use cryptocurrency for cooperation with big business.

When bitcoin or altcoin have adoption as legal payment transaction I think many people move money from bank become bitcoin assets, saving in the bank money never increase little but when move to bitcoin can increase value of their money, there available bank want to stop for make bitcoin legal transaction and government try to banned bitcoin or altcoin as investment assets.

Yes but Bitcoin price growth can't be forever, it will stop when enough people start using it.

But for now the more people use it the more price growth will be.

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