Topic: What would happen to banks? - page 34. (Read 14006 times)

Banks are not going to die, all workers are paid their wages in banks, and I very much doubt that all the workers and governments of the world would accept that their workers receive their wages in crypto. The same has happened with the loans, People use banks to make loans and I doubt that this system disappears. Another very important thing has to do with security and heritage. The banks are legalized, they keep people's money and in the case of the death of the person banks give the money to the relative who is legally fit to receive the heritage, But the crypto wallet are not legalizades and no physical address has. how someone who has crypto die and his relatives will have access to that money? is a very complex situation.

Now the situation with bitcoin has greatly worsened. Therefore, every day someone comes up with new projects for crypto currency. Recently, I read the article and there the head of the bank of America said that he would not take into the economy a crypto currency. But I believe that the time will come and the banks will enter the currency and will be a new era of currency around the world.

I always use banks for investment and saving money. banks can also be used to transact. saving is my asset for the future. Ripple has worked with many of the world's largest banks. I think blockchain technology will be used on the bank system in the future.

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.

Majority of people still think traditionally and would choose bank deposits over crypto. Banks are not going anywhere.

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.

The bank will no doubt act in order not to quickly wear out in the future, hear so much that banks count so many cryptocurrencies as the most dangerous and unfit for investment or as a means of payment, I think it is a self-defense to convince everyone not to over-react against cryptocurrency, for me it's cunning and gaining authority in every country, banks will always be there because they are so important.

it is true that your opinion, the bank must give in otherwise it will be only passive, although it certainly will not happen with the impact of so much but can be predicted roughly when the form of investment also savings will prefer crypto as an alternative, can be predicted in the future when the function of banks is reduced much in the crypto community in addition to the circulation of money and the place of borrowing money or credit and I think no more than that, and predictable the existence of banks will be less and more reduced, but the economic turnaround that occurs in the community will continue to run without impact lethargic by the practice of digital transactions, may be useful and successful for all of us

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...

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