Topic: What would happen to banks? - page 32. (Read 13949 times)
It is hard to eliminate banks because of bitcoin access and the popularity uses of bitcoin does not affect banking institutions, because also banks would adopt cryptocurrency business and for now many banks who currently study about cryptocurrency most especially about bitcoin, so therefore if bitcoin develops globally more banking institutions would adopt and use bitcoin on their business.
Everything depends on the market's conjuncture, on the financial state of the economy. If there is a force majeure in the world of finance, most banks simply can not exist without the support of the central bank. Will the central bank in this situation spend its reserves and help absolutely all banks? I think most of the financial institutions will be bankrupt.
Still be there as long as people are believing that saving money will also save for somebody's future then there will still be the need for banks.It will also be an advantage to them.
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
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
Our banks role would still be more important in our life in the future. We should try to collaborate with Banks and not going against them. They will still be useful in our lives even though some banks are against in crypto.
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 cant 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.
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.
I think the banking industry is growing in the world so if the crypto comes and it works stable then still banks will be there and if the blockchain designed a procedures for crypto then may be they will use it with cooperation wit banks.
I can`t agree with 2.Currency.In my country,the banks offer a local currency account and euro account. 
Not all banks will evolve and survive.Not all banks would want to adopt cryptocurrencies.Don`t theat the banks,as if they are all the same.The financial system is the biggest flaw of the modern economy.The banks produce more and more debt and no value for the average Joe.
Not all banks will evolve and survive.Not all banks would want to adopt cryptocurrencies.Don`t theat the banks,as if they are all the same.The financial system is the biggest flaw of the modern economy.The banks produce more and more debt and no value for the average Joe.
the bank will continue to function to save fiat money, and also onsite. because fiat money will still be needed for the traditional market economy.
Day by day technology is improved in the world. So companies are paid in Cryptocurrency automatically peoples are adopting the Crypto so all the shopping we can use Crypto. It is totally affect the banking but we will earn profit and secure our investment so majority of the peoples are supporting to Cryptocurrencies. Banking procedure is totally hard to understand compare to Crypto so as soon as possible Crypto will lead the entire world. 
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.
~ snip ~
~ snip ~
That's a bit far stretch, I don't think that crypto will make banks obsolete. Historically, banks has been with us for a very long time. And I'm sure that they will do everything at their disposal to fight back against crpyto (its obviously they are really doing it right now). Plus why don't we just take advantage of them? Having a banks and crypto makes sense and other government institutions rely on banks, so absolutely they will not die. As for your assumptions, some of them are feasible, but the ongoing battle will continue and there will be no clear winning at the end, but us, who learn to take the opportunity to our advantage.
Banks would still be banks. Banks have existed for decades, coping with every new trend it faces. Even if cryptocurrency takes over the world, legal tender on each country would still exist. In my opinion, cryptocurrency would not replace a country's legal tender/currency, but would rather co-exist with it.
Any bank is an organization which consist of professional finansists and I am sure that banks may be reorganized to to be a financial institute in the new financial era. Banks can also use crypto technologies very successful
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
C'mon man, what do you say, ohh. Bank and bitcoin loans? Are you joking? It's very ,very risky, this action has potential to bankrupt bank or do opposite but risks are so high, it even doesn't worths to try for one day. Why do you all adore bitcoin? It's popularity isn't only being a currency, it's a new payment method and to be fair it's more valuable here.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
Also without those list, banks already accept bitcoin services. There is no need to turn into bitcoin system.
It's very curious what you say, just imagine relationship of FED and USA banks on bitcoin.
banks are not going to disappear if that is what you are trying to say in here, so i do not think that something is going to happen to them if there is a mainstream adoption, which can take more than years to be fully acomplished to be honest
Without change and improvement, banks will become obsolete compared to the development of the world economy. So now there are a lot of banks pioneering the application of Blockchain technology to the banking system and transactions. 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...
Yeah, if you will not adopt the growing technology then your business have no place in the future. Banks will stay because they will slowly adopt the system, and continue to think for some other options in order for them to survive. I know banks will grow more in the future because of this technology. Same happened with mp3 and music industry...
There will always be some sort of use for banking institutions. Some big transfers need a 3rd party to be able to reverse transactions, perhaps big companies will be involved in bitcoin escrow in the future though. I think bankers were threatened at first but they are starting to invest in cryptocurrency themselves now.
Yes you are right, not every people can actually invest on cryptocurrency because not everyone has the good amount of knowledge on the market so fiat is still necessary and people will continuously use banks in the future.
I think in case that everyone use bitcoin or alternative coin for daily life needs ,saving , investment and ....etc , at that time truly we can say good bye to banks or fiat Money ($) . because the definition of money is a form acceptable worldwide with specific value where can be stored or invested in banks .
even though crypto and bitcoin is emerging and may grow bigger on the future banks will still remain the same as a gateway of transactions, keeper of savings and storage of important instrument because before crypto emerge bank is still the one who connects the two for you to buy bitcoin you need to have fiat who is deemed a legal tender.
They will only remain we keep fiat money, and why would we? Fiat money is worthless and enforced on us by our oppressive governments. If we switch to a better system based on cryptocurrencies we'll be able to skip fiat.
Think of it this way. You're getting paid in a cryptocurrency and are able to buy everything you need with it. You pay bills and taxes with it. Why would you suddenly want to buy fiat money? So that you can put it in a bank for 5% a year?
even though crypto and bitcoin is emerging and may grow bigger on the future banks will still remain the same as a gateway of transactions, keeper of savings and storage of important instrument because before crypto emerge bank is still the one who connects the two for you to buy bitcoin you need to have fiat who is deemed a legal tender.
banks are not going to disappear if that is what you are trying to say in here, so i do not think that something is going to happen to them if there is a mainstream adoption, which can take more than years to be fully acomplished to be honest
Jump to: