Topic: What would happen to banks? - page 9. (Read 13996 times)
Banks will still be very much around and they are going to better position themselves for the task ahead because they know their war against cryptocurrency is a long lost battle. Maybe some of the banks will become a crytocurrency custodian, they will start leading out again.
Nothing will happen, they will still work as always but only if governments will want to change something then yes something will change but until then nothing will happen.
banks and governments cannot be separated as possible as along with the development of the era and technology banks will also follow the system and the government will also support the development of banks in my opinion like thatYes, you are right, now we have completely depended on technology in which many cases we are using technology-based equipment and in the same with the way, If they find potential in blockchain and it will really help the blockchain technology to Banks, then definitely governments and banks will implement those.
banks and governments cannot be separated as possible as along with the development of the era and technology banks will also follow the system and the government will also support the development of banks in my opinion like that
It will never separate.
That is one of the bodies that will never be separated for a long time. Decentralization will not be a thing for the government but in the future, while the internet is little by little eating our world, it will be developed and will be more sought by the government and the people. Internet age will come, decentralization will be inevitable and I know banks will cope up with this.
Banks have been facing massive loss after the existence of cryptocurrencies. This is all because of the increased usage of bitcoin into large volume transactions which once took place through banking services fulfilling steps of instructions and increased charges. This is the core reason for the opposition from banks, and they weren't against technology. Some countries have begun to adopt blockchain technology, and the same might make a change as they can set themselves to provide aeev similar to cryptocurrencies in the later years.
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...
Same happened with mp3 and music industry...
I agree, as technology evolve some business may become obsolete and same goes to banks that is why some business for example Visa is starting to adopt to cryptocurrency and they try to incorporate it with their services for them to survive once the technology will be embraced by most people in the world.
Nothing will happen, they will still works as always but only if governments will want to change something then yes something will change but until then nothing will happen.
banks and governments cannot be separated as possible as along with the development of the era and technology banks will also follow the system and the government will also support the development of banks in my opinion like that 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. A perfect example of this is Japan. Cryptocurrency did not consider by the government as a threat. Instead, they legally adopt it and be a legit form of payment. I salute how they become opened for this change. No wonder Japan is a developed country.
quite simply, if many people who begin to know the benefits of storing their assets in cryptocurrency can be safer, can be more profitable and can be saved without a monthly tax, it will make the bank afraid of losing its customers.
Broadly speaking, what you say is true, but it all depends on the government and all the currency developments are dependent on the legality and the investors themselves become banks and crypto currencies in the hands of the government.Such scenario is a long long way down the road. And I don't see it in our horizon yet. The existence of banks will still be here as long as many of the problems dealing with crypto is not yet fully addressed. Crypto is a very high risk investment. Though it resolves issues of speed of transaction and fees involved, yet, we are not ready to embrace it fully in our daily living. The traditional banking system will not be phased out anytime soon.
we always need a banking system for the finance that we have. although cryptocurrency can facilitate all transactions and even avoid taxes, the government certainly will not remove the traditional banking system. in the future these two technologies will continue to be developed and received special attention by the government because they will always be needed by the community
quite simply, if many people who begin to know the benefits of storing their assets in cryptocurrency can be safer, can be more profitable and can be saved without a monthly tax, it will make the bank afraid of losing its customers.
Broadly speaking, what you say is true, but it all depends on the government and all the currency developments are dependent on the legality and the investors themselves become banks and crypto currencies in the hands of the government.Such scenario is a long long way down the road. And I don't see it in our horizon yet. The existence of banks will still be here as long as many of the problems dealing with crypto is not yet fully addressed. Crypto is a very high risk investment. Though it resolves issues of speed of transaction and fees involved, yet, we are not ready to embrace it fully in our daily living. The traditional banking system will not be phased out anytime soon.
Its a very difficult question as all economy in the world was made on it so just cut of them with crypto is very difficult we have a big way to go until crypto can be instead of banks and their options and maybe most of that options will not be needed in future.
Nothing will happen, they will still works as always but only if governments will want to change something then yes something will change but until then nothing will happen.
Bank will still run fine but with the widely global acceptance of bitcoin, banking sectors will have to implement blockchain at the long run maybe in future to maintain their standard. Because Crypto has a potential figure to overthrone bank with this daily growth.
Nothing should happen to banks. They will always work in their normal mode, since the spread of cryptocurrency can not significantly affect the banking system. Banks themselves will choose services that they can provide in cryptocurrency and so that both the risk is moderate and the bank has its material benefits. Even if they have fewer customers, they will find work for themselves all the same. 
quite simply, if many people who begin to know the benefits of storing their assets in cryptocurrency can be safer, can be more profitable and can be saved without a monthly tax, it will make the bank afraid of losing its customers.
Bank will still run fine but with the widely global acceptance of bitcoin, banking sectors will have to implement blockchain at the long run maybe in future to maintain their standard. Because Crypto has a potential figure to overthrone bank with this daily growth.
We should not worry for the bank as they themselves are not worried. What we have to worry is the future of crypto as whether it fails or succeed, banks will still be here.
This world will remain as normal, fiat currency will still be dominant and crypto is just another option where minority of the popular has the potential to use it.
Bank will still run fine but with the widely global acceptance of bitcoin, banking sectors will have to implement blockchain at the long run maybe in future to maintain their standard. Because Crypto has a potential figure to overthrone bank with this daily growth.
Bitcoin in this year can't spend money banks, because bitcoin's income is declining, now I have never taken money in the bank from the results of bitcoin, now I am experiencing a lot of losses
But even Bitcoin was in declined period this is just temporarily only. We just don't know when it will rise again in term of its price value.
Though, just like I never input any money in banks so far. But in my assessment bank will never be disappear instead I think they will do some innovation about their strategy about in cryptocurrency or bitcoin.
Of course, the banks will not disappear, but I think that with the expansion of the crypto currency, their functions and their quantity will be significantly reduced.
chances are the bank will use the economic system on a blockchain and it is possible that the development of the crypto currency will be even better with cooperation with banks but requires time and process
If we look at the future, when the cryptocurrency replaces the current money, the need for banks will decrease very much, but it will not disappear. And it will not disappear, because one should not forget about gold and other physical expensive resources.
Of course, the banks will not disappear, but I think that with the expansion of the crypto currency, their functions and their quantity will be significantly reduced.
chances are the bank will use the economic system on a blockchain and it is possible that the development of the crypto currency will be even better with cooperation with banks but requires time and process Bitcoin in this year can't spend money banks, because bitcoin's income is declining, now I have never taken money in the bank from the results of bitcoin, now I am experiencing a lot of losses
Most investors are experiencing the same fate as you but this is not the end. Bitcoin will rise again this year. Good news are gradually hitting the market - Binance announces its new adoption where credit cards can be used to purchase tokens via its Simplex Partnership, Iran in talks with 8 countries for use of cryptocurrency in Financial transactions etc. Jump to: