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.
Topic: What would happen to banks? - page 4. (Read 13949 times)
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.
That's how solid the bank state inside each countries. Due to government protections and people who are already engaged by using the system banks will still remains as the main access for financial system, even crypto will flourish the use of banks will still be there. We need to considered the old types of transactions are also being used by many businesses that will not shift into any new innovations as long as there's no full implementationsfrom the government that jurisdict them.
yes I agree with you OP even though cryptocurrency has been adopted en masse. the bank will still be there because the bank is a government agency to control money if there is no bank, the government will not be able to control the circulation of money. and now the bank already has many members so the bank won't be lost. to support crytocurrency the bank will adopt blockchain technology. so in my opinion the bank will also support cryptocurrency in the future.
Bank become first saving money and thousand transaction kind have been in Bank with thousand member, if crypto popular with higher price bank never could be replace by bitcoin or altcoin. Bank keep exist and never change with everything new in the world, but working bank and bitcoin or altcoin is possible because bank and bitcoin have the same vision how to increase our money.
in my opinion the bank is the financial controller in the country and the bank will not disappear certainly the bank will follow the changing times and technology if it cooperates with crypto currencies of course there will be a development of a better banking system and transparency of course along with the development of the era and technology
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.
Yes, rather than fight, it's better to take advantage by working together. The most viewed functions of banks in the future are loans and deposits, both of which have always been of interest to the community. So that the bank will not go out, it depends on whether the bank intends to visit digital currency technology or even adopt it.
The future of Banks is quite clear looking at the trend with which clients are opting for more convenience. The digital and mobile banking will revolutionize the entire banking sector and here, since many cryptocurrency users will be available, the banks will then integrate cryptocurrency into their services in order to meet the needs and expectations of their customers.
I think is the same as yours. It is unlikely that Crypto will take overpayment from the bank. Because the crypto is anonymous while the bank is not.
Crypto may be large but can not replace the bank in the future.
Neither banks can replace crypto currencies nor are crypto currencies going to take over banks completely. We shall rather try to somehow join both together in a system so that maximum people can use both. If banks start offering nice profits over holding bitcoin or other popular currencies in them, definitely banks are going to have massive increase in customers. Crypto may be large but can not replace the bank in the future.
Bank become first saving money and thousand transaction kind have been in Bank with thousand member, if crypto popular with higher price bank never could be replace by bitcoin or altcoin. Bank keep exist and never change with everything new in the world, but working bank and bitcoin or altcoin is possible because bank and bitcoin have the same vision how to increase our money.
in my opinion the bank is the financial controller in the country and the bank will not disappear certainly the bank will follow the changing times and technology if it cooperates with crypto currencies of course there will be a development of a better banking system and transparency of course along with the development of the era and technology
I think is the same as yours. It is unlikely that Crypto will take overpayment from the bank. Because the crypto is anonymous while the bank is not.
Crypto may be large but can not replace the bank in the future.
Crypto may be large but can not replace the bank in the future.
(Reply to OP) - I do agree to some points. However, we'll tend to sacrifice privacy and anonimity for security of our personal funds. They will surely impose KYC, identification of addresses, and would be able to track their own cryptocurrency's network blockchain, which would not be feasible for other users. But sacrificing those privileges we get from the most cryptocurrencies, we'll get in return security if ever thefts or scams might happen. We may also be able to retrieve funds from deceased family member, or those sent on the wrong address. All of these are going to run under a centralized system though.
Bank become first saving money and thousand transaction kind have been in Bank with thousand member, if crypto popular with higher price bank never could be replace by bitcoin or altcoin. Bank keep exist and never change with everything new in the world, but working bank and bitcoin or altcoin is possible because bank and bitcoin have the same vision how to increase our money.
in my opinion the bank is the financial controller in the country and the bank will not disappear certainly the bank will follow the changing times and technology if it cooperates with crypto currencies of course there will be a development of a better banking system and transparency of course along with the development of the era and technology
(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.
Bank become first saving money and thousand transaction kind have been in Bank with thousand member, if crypto popular with higher price bank never could be replace by bitcoin or altcoin. Bank keep exist and never change with everything new in the world, but working bank and bitcoin or altcoin is possible because bank and bitcoin have the same vision how to increase our money.
in my opinion the bank is the financial controller in the country and the bank will not disappear certainly the bank will follow the changing times and technology if it cooperates with crypto currencies of course there will be a development of a better banking system and transparency of course along with the development of the era and technology 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 don't think so too, banks wouldn't go extinct if ever crypto take over the whole world. There would be a large possibility that banks would just upgrade to a more digital one but it will still keep on running since it is our traditional way of investment. If not, maybe banks and crypto would work in harmony for everyone. We can all use crypto whenever we want to and transfer some of our crypto in the bank so that we can practice holding if ever the coin's value we are investing to is quite low. Let us just hope banks would still exist because it add up convenience and extra income for many. 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 continue to exist because it has the full backing and support of the governments. However, the Banks will have to undergo a revolutionary change where it will integrate Blockchain and cryptocurrency services into its services in order to meet the expectations of clients some few years to come as the adoption of crypto gradually sweeps its way into the homes of people.
Banks are never going to change their purpose and their goals, whatever they do is only going to be an attempt to keep themselves relevant in the revolution that will come through bitcoin and the blockchain, but make no mistake they have no intention of changing more than it is necessary to remain in power.If they could somehow destroy bitcoin you can be sure that they will do it, it is only because they can't that they are willing to adapt.
Banks will continue to exist because it has the full backing and support of the governments. However, the Banks will have to undergo a revolutionary change where it will integrate Blockchain and cryptocurrency services into its services in order to meet the expectations of clients some few years to come as the adoption of crypto gradually sweeps its way into the homes of people.
Banks are never going to change their purpose and their goals, whatever they do is only going to be an attempt to keep themselves relevant in the revolution that will come through bitcoin and the blockchain, but make no mistake they have no intention of changing more than it is necessary to remain in power.If they could somehow destroy bitcoin you can be sure that they will do it, it is only because they can't that they are willing to adapt.
This is in fact a very difficult question for which it is difficult to find an answer. global banking didn't find a way to control Bitcoin/blockchain, thereby all the banks are doing now is lobbying the governments to regulate and tax the shit out of Crypto investors and companies so they can steal blockchain for themselves. in my opinion, eventually banks will embrace Blockchain and use it to their advantage. Bankers are not stupid, most money are belong to them. they're probably hoarding bitcoin and control Crypto market from dark corner. the last bull/bear run is probably their works.
That's not how it works.
The government thought Blockchain was just that simple, they've tried (which in this case, to take control--as they always do) but to no avail. And I don't think banks can do such a thing either--anonymity in blockchain, so your identity is not transparent.
Banks make a lot of money through interests, so I don't think they would have an "interest" (no pun intended) in investing Bitcoin or any cryptocurrency, they can associate with exchange sites but that's it.
Where do these accusations coming from?
I agree and this is true that banks can never be obsolete because they can easily shift from fiat to crypo currency if they want too because they always mean business.
Banks are already making so much money, why would they even need to (in your case) shift to Bitcoin, and what(?) makes a lot of losses? Considering how volatile Bitcoin is (cryptocurrency in general), Banks probably won't care as much.
This is going to be great not only for crypto currencies but also for banks if they make their collaborations with crypto projects official. All people with mind know that bitcoin is even supported by the strongest organizations of the world because they also need money. They also want some fascinating mode of making money with complete control.
Wait, what?
What happened? How ever bitcoin become popular around the world but investor or trader of bitcoin have use bank for cashing out bitcoin for the money, without have bank how to buy some thing in our live using money when bitcoin still not legal transaction payment, I always cash out my bitcoin balance to the bank and keep hold it for using with many transaction.
The fact is that banks serve the money that we use in everyday life. There are no structures that would do the same with cryptocurrency. There are no intermediaries, and this is the main difference. We exchange cryptocurrency for ordinary money, which we then spend.
As long as there is this cycle, as long as there is fiat, banks will exist.Something can change only if the whole world switches to cryptocurrency.
Banks will no longer be the ideal place to store your money when cryptocurrency will take over in the near future, people will choose to store it rather on a hardware wallet than to store it in the bank, it is good to have a "bank" on your own. People are just storing their money still in the banks because they are lacking in important information about cryptocurrency and having doubts about it as of now.
But once we fully adopted cryptocurrency, banks will be useless and they will be forced to shut down their business in the future (I guess)
Yep, banks are managed by the government, cryptocurrency will not replace banks, instead banks can develop blockchain technology and create their own digital currency. As we know that cryptocurrency is volatile, then because of its volatility the experts assume it will not be suitable to make it an alternative currency. I agree if the bank uses blockchain technology instead of having to fight the technology, using the concept of stable coin. For regulations that should be with the regulation of the level of fraud will further fall because guaranteed by the government.
Jump to: