Banks are joining the party so don't worry about them as they won't go anywhere. You think that if Bitcoin goes to 100k$ , bitcoin will disappear ? This won't happen because the percentage of people using Bitcoin are so low compared to percentage of people using banks and this won't change even in 10+ years.
What will truly happen with banks will be the fact that most of them will implement the blockchain tech and they will migrate to coins like ripple which I hope will not be the case as ripple could bankrupt the investors any time.
Topic: What would happen to banks? - page 6. (Read 14001 times)
The bank disappearance is a very wide spread misconception in crypto community and especially in this forum.
As the author of this thread mention there are several function of banks which can not be replaced by cryptos that easy or even ever.
On of the most important operations is loans which are complex and involves a variety of laws and this is why banks will never disappear.
While it is true that bitcoin cannot easily replace the functions of banks especially when it comes to loans, at the same time in my opinion the economy has too much debt so I do not know how useful it can be in an economy filled with debts to issue even more loans, it is important that the economy moves away from this, if this cannot be done then an economic crisis will appear soon enough and at that point bitcoin despite its problems will begin to replace banks. As the author of this thread mention there are several function of banks which can not be replaced by cryptos that easy or even ever.
On of the most important operations is loans which are complex and involves a variety of laws and this is why banks will never disappear.
Bank keep exist because without bank we can cash out bitcoin with cash money, bank and bitcoin have special connection each other and we can lost one of them bitcoin or bank, we have support bank to be exist to cash out our money.
It will be really impossible for banks to be replace by cryptocurrency because banks are supported by the governments as well as fiat currency, and banks have been existed for too long than cryptocurrency, that is why there are less chances for banks to be obsolete if cryptocurrency will start to take over the world.
He's not talking about replacing banks or making banks obsolete, but he's talking about banks getting forced to adopt cryptocurrency into their system as their medium besides fiats. He's saying that banks in the future will co-exist with cryptocurrency, and will offer different options just like a traditional bank.Which by the way makes no sense imo. A centralized system adopting a decentralized system and trying to manipulate bits of it to be centralized is utterly ridiculous.
It will be really impossible for banks to be replace by cryptocurrency because banks are supported by the governments as well as fiat currency, and banks have been existed for too long than cryptocurrency, that is why there are less chances for banks to be obsolete if cryptocurrency will start to take over the world.
He's not talking about replacing banks or making banks obsolete, but he's talking about banks getting forced to adopt cryptocurrency into their system as their medium besides fiats. He's saying that banks in the future will co-exist with cryptocurrency, and will offer different options just like a traditional bank.Which by the way makes no sense imo. A centralized system adopting a decentralized system and trying to manipulate bits of it to be centralized is utterly ridiculous.
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
Many people says that banks would have some take advantage when it comes to cryptocurrency because this would become there platform to earn some money, and that will circulate to the entire economy system of one country.Banks will become the platform of many people for there savings. This would be their pocket to hide and keep theit bitcoin and if they need them, they would easily withdraw some money out of the banks. 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
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
I agree! What banks need to do is to adopt. Like what you have mention a lot of business are adopting the changes in the society so that they can survive. Banks must apply what entrepreneurs do, they are keep on innovating and upgrading their products base on the society, they are continuosly adopting their environment so that they will not extinct.
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
I agree! What banks need to do is to adopt. Like what you have mention a lot of business are adopting the changes in the society so that they can survive. Banks must apply what entrepreneurs do, they are keep on innovating and upgrading their products base on the society, they are continuosly adopting their environment so that they will not extinct.
Perhaps the biggest question I have is? Is it possible if crypto will be used worldwide and reimburse the Bank? Of course, I think that it is very difficult. I always thought that as in my country that the government clearly stated that Bitcoin could not be a currency and should not be used as a means of payment.
So the Bank certainly will not happen anything and will continue to run as usual.
So the Bank certainly will not happen anything and will continue to run as usual.
Investment on the Bank just giving little profit and investing money in bitcoin or altcoin getting much profit but have faced with big risk when bitcoin or altcoin price dump, how ever bank and bitcoin investment have positive and negative side, ready your self before take one of them.
All people are still depending on paper money that even its been a while now since Bitcoin existed but still most of us are preferred to use the money. In fact most of us are in this crypto environment is because we want to earn more fiat therefore if we continue to appreciate the existence of money then the banks will be always here for us.
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. 
The bank disappearance is a very wide spread misconception in crypto community and especially in this forum.
As the author of this thread mention there are several function of banks which can not be replaced by cryptos that easy or even ever.
On of the most important operations is loans which are complex and involves a variety of laws and this is why banks will never disappear.
As the author of this thread mention there are several function of banks which can not be replaced by cryptos that easy or even ever.
On of the most important operations is loans which are complex and involves a variety of laws and this is why banks will never disappear.
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.
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.
1) I would agree on banks investing in cryptocurrency eventually, but it's only and only for the Banks and not with the clients.
2) This I can see in the future, banks being intermediary between clients and the blockchain, like any other online exchange. Could be very convenient for the mass.
3) I'm skeptical about this. It's very risky to use Cryptocurrency as Medium for Loans. Also, this is what the majority of people disliked, being centralized.
4) I'd rather save my Cryptocurrency on my own storage rather than "entrusting" my money to a third party who by the way will probably have access to my personal information. And the worse thing that could happen is being stolen by hackers.
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.
I don't think that the banks will issue loans through cryptocurrency because with the volatility of the cryptocurrencies in the market right now it is not a worth it type of action for them. If ever that they will think about getting into cryptocurrency, they will just stick with their traditional way of being a bank which is accepting deposits with slightly higher interest and using those cryptocurrencies to make more money faster than the fiat currency.Also, cryptocurrency does not pose any threat to banks; in the future, although they will compete, they will nevertheless be forced to coexist.
The government and banks lost the fight the moment Satoshi wrote his white paper.” ~ John McAfee
I think Banks are absolutely terrified of Bitcoin and what is has to offer. Its either theyll be phased out or include crypto in the banking industry.
I think Banks are absolutely terrified of Bitcoin and what is has to offer. Its either theyll be phased out or include crypto in the banking industry.
That's for sure they are terrified. Bitcoin and all of the cryptocurrencies doesn't need a bank, we have hardware wallets, online wallets, and portfolio's to store our treasures, I don't trust banks because they are stealing our money in their own way, and most of you guys didn't even know about it and still saving your money on your bank account, goodluck to that. I'm sure that cryptocurrencies will never let banks take advantage of them, even if bank's successfully do it, I would never trust my cryptocurrencies to them.
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.
Banks has a great contribute to our economic system.Banks will remain stable and progessive even bitcoin continue to become popular and useful in many ways. Even though bitcoin is a digital currency who knows banks can used it for their investment in the future or they will use crypto to attract more people to engage and use banks. Banks already know the modern technology used in cryptocurrency and there is a possibility that banks accept crypto in the future.
Yes, I agree banks will continue progressing even bitcoin become very popular because banks are a part of the economy. Yes, it's been ten years seems bitcoin more ap to the world and this issue is repeating, I think some most banks are still analyzing the possibility of accepting bitcoin, and yes banks already know the modern technology. I think they are just waiting if their government will inevitably legalize bitcoin as a new form of currency so that they can introduce it as they new improve.
Banks has a great contribute to our economic system.Banks will remain stable and progessive even bitcoin continue to become popular and useful in many ways. Even though bitcoin is a digital currency who knows banks can used it for their investment in the future or they will use crypto to attract more people to engage and use banks. Banks already know the modern technology used in cryptocurrency and there is a possibility that banks accept crypto in the future.
Before bank can ever be out of relevance, crypto currency must have been manifesting general acceptability as a medium of exchange. And even at that, I think there will still be those who will be incharge of supplying the fiat or like an ATM for those who will need physical transactions and before this will be achieved universally, it will take some time.
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