Will banks disappear because of cryptocurrency? - page 41.

chocolah29

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Quote from: asdlolciterquit on July 19, 2018, 02:56:14 AM

Quote from: niublity on July 19, 2018, 02:32:48 AM

No, although the cryptocurrency is great, it will not destroy the bank already government, and in the future they will cooperate, and the bank may launch its own cryptocurrency.

i agree, even if i don't know if banks will launch their own cryptocurrency.

Maybe not for now because they're ain't ready for this however some banks are getting them selves in as Union Bank had been partnered in certain ICO so with this the possibility is endless. Though I'm not saying banks will disappear as it won't permitted by government by surely it will innovate.

Nonetheless, if this happen, anonymity might loss as banks will require doing kyc to prevent money laundering as submission in AML and many will oppose to this.

bagas79

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I think the bank will not disappear, because until now there are still many countries that have rules and restrictions on cryptoccurency. And because the role of the bank has a huge influence on the economy of a country.

buternasek

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Quote from: niublity on July 19, 2018, 02:32:48 AM

No, although the cryptocurrency is great, it will not destroy the bank already government, and in the future they will cooperate, and the bank may launch its own cryptocurrency.

I look forward to this, where banks issue their own cryptocurrency, I am sure that in the future they will come true.

BitcoinNewbie15

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Bitcoin isn't a bubble. It's the pin!

Cryptocurrency is all about decentralization and controlling your own private keys. Banks are about centralizing ownership of money. With the way that cryptocurrency is designed, it makes banks disappearing unlikely IMO. Unless storing and owning crypto significantly improves in terms of user-friendliness. You have to be fairly technically literate to be able to store crypto safely, as you need to secure it, store encrypted backups, and keep your PC clean at all times. Because of the technical literacy required for you to be able to store crypto safely and effectively, I believe there will always be a custodial bank-type service available for the technical laymen to store their holdings.

kiemnhieutien

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No, banks will never disappear but they will using blockchain technology and cryptocurrency in their services in the future. Right now there are many banks researching about blockchain technology to using it. Some of these banks are Barclays, BBVA, Commonwealth Bank of Australia, Credit Suisse, JP Morgan, State Street, Royal Bank of Scotland and UBS.

Cordwel

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Quote from: Mr.frost on July 19, 2018, 02:09:36 AM

This really what I keep on asking myself since we all know that cryptocurrency dominates the bank as time pass by. I wonder will it result to total collapse of bank industry?

Feel free to drop your comments here.thanks

I don't think so I think Fiat will be exsist forever. Ecause sometimes we still need it for transaction.just fir example if your little kid want to buy an Ice cream by himself I think you will never let him bring your smartphone or other device,but you will give him a little money

ShowOffoN

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My thoughts on this is a very futuristic one. See how the world is slowly turning into a virtual world? That said, I think, decades from now, everything will be digital including all transactions which means that, if that happens, there will not be a need for a physical bank anymore. Only cryptocurrencies will remain as the main medium of exchange and transactions. See this happening maybe 5 to 6 decades from now.

Fundalini

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Banks are still needed for the circulation of fiat. Without fiat, the world economy will be in shambles. Especially now that cryptocurrencies are not yet capable of doing microtransactions and instant transactions. Also, banks have been here since the beginning of civilization so it would be hard to uproot it now.

Solomon3158

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Quote from: Mr.frost on July 19, 2018, 02:09:36 AM

This really what I keep on asking myself since we all know that cryptocurrency dominates the bank as time pass by. I wonder will it result to total collapse of bank industry?

Feel free to drop your comments here.thanks

Bank industry is the major conversion of cryptocurrency to fiat currency so no matter how crypto might grow its strength it can't dominates the banking industry but I believe in some years to come Bank will adopt crypto to enhance their level of activities with the use of fin tech technology which embraces zero rate transaction and speed.

Yaddady

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Banks are an important part of the financial system of every country. Due to the volatility of cryptocurrencies, it will be difficult to rely on cryptos as the sole means of exchange or replacing fiat. I once had to carry out a transaction that involved paying in ETH. Within the space of about 45 minutes, due to the bad state of my network, the value of ETH dropped, and I had to pay more. This is one of many instances and reasons.

xysheeh03

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I think that cryptocurrency is not a reason for disappearing of a bank, nor it will not affects banks. Cryptocurrency can stand without emerging into banks and also banks can stand without emerging with cryptocurrency. And each of them has a role anr have similarities and difference as well.

Sephire

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This is not going to happen before mass adoption of cryptos in payments and transactions takes place. Even if banks do not fully disappear, their role will be very diminished.

flying_bit

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Quote from: Mr.frost on July 19, 2018, 02:09:36 AM

This really what I keep on asking myself since we all know that cryptocurrency dominates the bank as time pass by. I wonder will it result to total collapse of bank industry?

Feel free to drop your comments here.thanks

it's unlikely to happen for bank to disappear and replaced by cyrpto since bank have strong affiliation and relation with governments. What I think will happen is that bank and cryptocurrency will coexist. I think because of mass adoption and not wanted to be not left behind by technology, bank will accept crypto. I believe this is happening now behind the scene. Banks and financial investor into crypto but not just letting public know until they are able to figure out how to deal with it and be able to somehow control crypto.

batang_bitcoin

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Many the same questions has been asked before but to accept the fact crypto's will unlikely to make the banks disappear.

It's an industry that has government on its back and do you think that the government will allow this to happen? They have been there for a very long time and I don't think its going to be an easy thing for crypto's to remove them. But we can focus with other things by not thinking of this for this moment.

Bayonetto

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I don't think the owners of such huge entities could just disappear dropping all the progress they made over the years, they could definitely find a way to work along cryptocurrencies.

truemeren

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I think it should not. Although blockchain technology is constantly evolving, more and more countries and large enterprises are beginning to accept and apply cryptocurrencies, but banks have their own advantages. I think that in the future, cryptocurrencies will coexist with banks, and it is possible Banks will launch their own cryptocurrency

asdlolciterquit

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Quote from: niublity on July 19, 2018, 02:32:48 AM

No, although the cryptocurrency is great, it will not destroy the bank already government, and in the future they will cooperate, and the bank may launch its own cryptocurrency.

i agree, even if i don't know if banks will launch their own cryptocurrency.

Anyways, i think that fiat economy and crypto economy will survive both with always bigger connections.

adaseb

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This topic was discussed to death many times.

As much as pro Bitcoin people think that it will make banks disappear its not going to happen.

One reason is that Bitcoin is very volatile and wouldn't be a good way to get paid and store your money in it. Imagine getting paid earlier when BTC was $7500 and now its a few hundred lower.

Banks are needed because people need to borrow money to manage their business or to buy a car/home. With Bitcoin I don't think that would be possible, unless it was maybe with a smart contract.

Because in the past there was services where you can lend BTC however most of those turned into scams and people got their BTC stolen.

dollurs

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I don't think so. Even if it happens it will to take many years to happen that. Recently people have no a huge believe about the crypto currency. So first it will have to gain the trust of the people. But one thing can be said. Anything can happen in this world

niublity

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No, although the cryptocurrency is great, it will not destroy the bank already government, and in the future they will cooperate, and the bank may launch its own cryptocurrency.

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