Bitcoin Forum

A bunch of blockchain tech founders debate the question here: https://bitnewstoday.com/opinion/will-blockchain-kill-banks-or-financial-sector-can-use-this-technology-to-improve-its-efficiency/

James Song, founder of exsulcoin , is featured too. He's showing up everywhere these days.

I think traditional banking will not get killed by the presence of blockchain, some of them still need traditional banking and the state also needs it to reach the whole

Maybe crypto currencies will takes the place of banks in future but it can't be replaced 100% so the traditional banking will be there always but less people will going to use banks in future than now.

I think it will because you find big organisations are slow to react and wait for the system to be perfect. I think they will adopt it but by then it will be strong and up and running.

You'd have your point, but I somehow incline on the negative. I think established banks won't be killed off, instead I see them adjusting and enabling their present system to cater to block chain technology and crypto currencies.  Many banks are in that process already while some have implemented it at least on its primary stages.

blockchain, bitcoin or another crypto curency never kill traditional banking
i think use blockchain technology tradional banking can improve performance about fast transaction

Traditional banks will embrace blockchain technology, in fact, they are doing now. Banks will not dissapear, but people will have the ability to be less dependent on banks

Actually for me i use that both for more safety and i stock also some money in my house so it's triple ways to save your money,I think don't rely in one place or things to save our money because there's no assurance in anything.I think also you need to rely more on bank than btc because the money in btc is so volatile but still it has good value.

I think that blockchain startups are a serious threat to the entire financial services industry. At the moment, they are comfortable and earning way too much money with doing things as they have always done. They could afford to do that because innovative startups always had a huge disadvantage: lack of capital. Well, that problem is solved now.

I've worked with banks and have consulted them on innovation, they tend to be very conservative. Many might be too slow too react once blockchain startups and their solutions have reached the mass market.

The banking system will not disappear and the crypto world will coexist with it. What is going to happen the banks will have less influence and maybe fewer clients than today.

The banks will embrace the blockchain technology to save on fees and upgrade their system.

Banks will use blockchain technology. Don't think that banks will be totally destroyed by crypto.

Well, when talking about traditional banking, you are talking about the whole financial system with trillions of dollars circulating and millions of jobs. At the moment, the whole world economy depends on it.  That banking system has been developed since centuries and it is still evolving.
Meanwhile, blockchain is a great new invention, but it should not and will not kill traditional banking.   Those two will definitely compete  and the users like us will be benefited in both ways.  

That might be for the nearest future.  It's a gradual process and no it won't not everyone will embrace it so there will still be need for banking services. The time is not yet ripe.

I am rooting for the second one. Blockchain can improve the services currently being rendered by the traditional banks. This is already being championed by some corporations, even IBM

Traditional banks already use crypto currency as a means of transactions, for example, if anyone does not know. Many banks switch to a chain of blocks.

Not only will banks be disrupted, but also Wall Street. Saw a project the other day called Polymath that's building a platform for launching securities. Then those securities will be able to traded. Revolutionary stuff that's been going on. https://polymath.network/

I think that won't be enough to disrupt the banks. Instead block chain tech will improve what system banks currently have now. I am sure they will try to use blockchain tech one way or another after they discover the benefits they can get in using it. As far as I know there are already some banks that uses blockchain tech to improve their banking system and services.

Not happening in the near future. We are still fiat dependent even now that cryptocurrency are blooming. There are very few places you can spend your bitcoin directly without going through 3rd party or fiat. And traditional banks handles fiat.

Maybe in the far future if we can spend bitcoins and other crypto currency directly, then we can render banks useless.

its coming for its neck,in 5 to 10 years time is gonna be full  throat

my opinion may not be destroyed, but added to complement the lack of traditional transaction systems. I think our world needs a better development. we can not survive without development

Yes, eventually no need for the central dangerous money graping middle man.  Anyone can be paid get a loan or sent money with proper blockchain tech.

Yeah I doubt they'd disappear as well. If anything, they'd probably try and adapt to blockchain tech and try to give crypto loans or something like that. ;D

I think not. Because traditional banking is more reliable banking to those people who want to deposit and withdraw money even the transaction within is more hazel and to slow. Traditional banking is much more safer than digital banking although digital banking is much faster and less hazel than traditional banking and even digital banking is much profitable than traditional.

No it will kill but it will take more time than we are expecting. Because the basic infrastructure for all the people around the world to adopt bitcoin or any other crypto currency might need more time to get setup. Until then we cannot expect our blockchain technology will be killing traditional banking system. But it will happen one day are other as the entire world is moving towards newer technology which will be making life more convenient and supporting people for their time saving.

If you look around the world people are switching over to smart phone with high-speed data connectivity which are the basic requirement for anyone to switch over to crypto based banking system. Surprisingly it is already happening in many part of the world and I do see it is the first step for killing traditional banking system.

This is could be happen in the future but at this times will hard that happen, because adoption of crypto still difficult for many people. Now just about 1% understanding how cryptocurrency work because any barrier of adoption. So need very long times for that.

I think it is entirely possible, if the bank didn't blockchain and bitcoin pay enough attention to, so in the next blockchain and the bitcoin is entirely possible to replace the bank, they can completely replace the bank in now.

I think no easy to do it, because not all people understand what is blockchain and cryptocurrency. Just like in my village, just me and 1 my friends who know about Bitcoin and others people here never heard about that and dont understand it. So traditional banking will still exist because alot of people does not know how Blockchain work.

The traditional banking together with the financial system is a huge institution and in many ways it works rather inefficiently, but provide millions of employments. Banking industry is already adopting some of the blockchain technologies to improve efficiency, studying other for further use. Banks would likely to integrate blockchain technology to replace a certain operation to improve efficiency in a measured way. As most banks are more of a one stop platform, blockchain technology solution is more likely to work hand in hand with some of the traditional operation to provide a fast and humanly service to their customers.  

Good read mate, but I think that banks, being a money and investment business entity, would not let that happen. Since many banks are also somehow connected and supported by their respective governments, it would not be easy for them to fall apart and close their business, especially the big ones. Therefore, what I am saying is that instead of being killed off, I think banks would shake their system and adjust to be able to make their business system jive and accommodate cryptocurrencies, knowing that it is a big business that they could score a lot of profit from, after all, like I said, banks are made to gain money and investments.

In my opinion it might. That's why so many banks are afraid of bitcoin as their natural competitor. But quite few of them already started implementing blockchain and more will follow

I would like to say that I am waiting for a day when we will get rid of the traditional banking system and we all get synced in decentralized money management. Cryptos are gaining popularity and this is why most of the governments have started thinking how they can regulate it or bring it in use to further enhance their economy. After I was introduced to Crypto I just started hating banks more and more each day. The system that we all are using for years and years have so many flaws and only because there was no alternative, we just lived with it; but now things are changing and it is changing for good.

Soon everyone will be their own banker.

Continue to spread the word about Crypto to your family and friends.

Banks will never be eliminated to the equation of financial industry because it is a big business and started way back the ancient civilization. If you look at the bank history banks only evolve and adapting to the current people’s life. In this regards, it is very safe to say that banks will survive and will finds ways to outsmart the cryptocurrency.

In the near future, blockchain will not completely replace banks.  Since many people and businesses continue to use banks.  But it is important for banks to start using blockchain technologies in their activities, then they have a chance to stay.  Their activities will be of course partially modernized and will change.  To completely disclaim the banking system will take a long time - at least 10 years.

I think i will. Because we don`t need so many people working in banks when we can have one big robot called blockchain working for all those people. That`s silly.

Of course, we are heading towards that era already. As blockchain based innovation continues to grow and expand, killing the traditional banking industry is not a huge task.

I do not think that it would be possible to completely eliminate traditional banking, but blockchain will definitely change it. Banks will adopt blockchain technology for their own purposes, for example to speed up international transactions.

No traditional bank can't be killed by blockhain but simply surpass them.Goverments would not allow blockchain to replace banks.In the first place why should be this be ask,i think its better to ask that what if banks starts to use the blockchain technology.

Blockchain technology is more that cryptocurrencies. The tech in itself can be used for a variety of stuff, like transparent ledger and accounting. Thus, I think the banks and other financial institutions at some-point will have to embrace it, especially when clients are demanding more transparency for the monies.

I hope it would become a reality some day but it's not our near future. Banks have power to discredit cryptocurrencies to prevent their use.

I like to say that blockchain will not kill traditional banking but they will collaborating, traditional banking will innovating and adapt to financial technology, then they both collaborating to give best services.

I don't think it's going to kill traditional Banks, blockchain because the chain of traditional Banks can adopt completely block technology, so they will continue to develop the business, if the bank does not accept blockchain, then the bank will be eliminated in the future.

There are no chances for the block chain technology to kill traditional banks as all the crypto currencies are still backed by traditional currency as the crypto currencies does not have a physical form those crypto currencies are converted to traditional currency through exchanges to the banks to convert to the local currency. Many Governments have accepted this block chain technology and they are infact, trying to implement this technology to the banking system for the ease of use world wide. As the world is moving to a digital world they banks should also change to attract more customers.

such a possibility is very difficult, especially in underdeveloped countries, people do not even know the blockchain.

I don't think so. Or maybe - not now. Maybe in a future. People are conservative and it is not easy force them change their habits. And cryptocurrence sphere is too young for it.

The bank will adapt to local conditions and change the existing model to adapt to the trend of internationalization. If traditional Banks can better use blockchain technology, they will greatly reduce their operating costs and enable Banks to develop better.

Rather they will adapt to the blockchain itself, stay with their traditional banking or create a new technology that will surpass this technology.

If the blockchain will be the innovative future system for monetary and other forms of business as we cannot tell if there is a possibility that this will be adopted in the near future, new ideas and changes are always subjected to our technologies and systems we cannot stop the evolution of technology, there would be a much better technology than the blockchain.

I honestly think that traditional banking will not go anywhere, as some of them don't want to be left behind with the disruptive blockchain technology. Like Unionbank of the Philippines for example, they have decided to ride the waves by integrating Ethereum to their system pretty soon.

There will be other banks to follow as well. If blockchain would overtake the traditional banking system, the only way for these banks not to be left behind is to adopt blockchain into their system. Even if they don't, we still need them for us to store fiat currency.

In my opinion blockchain Will never kill tradisional banking because tradisional banking have many function for example banks help people to get money loans. Bank and blockchain technology very helpful for people in the different way, so we need the both.

The blockchain technology will HELP banks, NOT kill them. Banks are strong and reliable entities which help governments for KYC and AML protocols. Banks are more than just an intermediary and it is a utopia to assume that they will cease to exist.

thinking that blockchain technology can make traditional banks more efficient and transparent.

Blockchain technology can't kill traditional banking instead traditional banks will embrace blockchain technology and little by little they are adopting it now.  I believe that banks will not disappear because they are the licensed gateways to traditional currency.  Blockchain technology  will help banks but will not kill them.

No, i see that the traditional banking and blockchain will combine in the near future. This two will help each other to run the fiat currency in the world. Blockchain is the future and the traditional banking will help the blockchain to deliver us to that future which is the blockchain. I think that the traditional banking will use the blockchain, hoping that someday or soon that banks and blockchain will help and use each other for the good of people.

Giving this a thought, I feel some Traditional Banks who are already making use of on line transactions shall along the line switch some of their operation to the Blockchain, giving Cryptos a leading head when such period arises, but can never and totally wipe away the existence of Traditional Banks because it is not everybody even as at then that can totally accept the crypto developments.

Either blockchain kills traditional banking system or traditional banking system kills blockchain. There are only two possible ways.

Cryptocurrency can not kill bank 100% but only less people will keep the money in the bank.
In my opinion, i am people who like risk to get high income. In the same time, we need to be wise also as human. Human can not life without food, so we need money to buy it. Put all money in high risk like this can be dangerous for our life so split the money to crypto and bank is much better idea.

There’s no doubt about it surely blockchain will bring all bank down in the future. As we can see today so many big name people realy interested in blockchain technology. This blockchain technology will bring down bank in the future and blockchain will take over the mode of payment in the future.

The cost of traditional Bank transfers is much cheaper than transfers in blockchain. The transaction price in Fiat is limited only by the degree of greed of bankers. I do not believe that banks will use the blockchain for transactions. Banks can use the blockchain only for the exchange of documents. We will not see these changes.

Well at least banks will have to adopt. They already transferring money electronically, but they will not have the same control as before.
And crypto will come in front as the new financial market.

Good luck with that!
So many big-name people are interested in block-chain not to bring the banks down, but to make money.
I don't think the banks will give it up so easy.

really what you say that I know the traditional banks have their own position among the people. blockchain only helps security in data storage used by banks.

Definitely not, this is two different spheres and they have a little common. It's like to tell "if tennis would become more popular would it kill rugby?"

The banks will be disappear one day. Blockchain technology is more useful, fast and secure. There will be no need for a bank in the future.

Definitely not in the next 20 years.

For one, the impact and practical application of blockchain is not thoroughly understood and developed. Also, banks are very powerful and do not just have financial power but political influence. They will likely adapt their businesses.

And finally, the INTERNET has not even been thoroughly utilized and has not even killed industries that it can replace yet. It has not killed newspapers or the radio (although it has done sufficient damage). Very few businesses are on the cloud. But in the dotcom boom, people were dreaming big things of the internet, that EVERYTHING will be online. That all things that are brick and mortar businesses will be rendered totally irrelevant.

I think that blockchain will find it's niche. At most, I think it will give banks a bloody nose and then find its place in our everyday lives.

I think it will not kill traditional banking because most people still believes that putting money in crypto currency is a great risk. But I think banks will also be adopting crypto currency for additional security and transparency.

This is incredibly a never-ending issue, since it opens doors for different notion. Traditional banking has been in the industry for generation. Traditional banking and Blokchain are from two different world,  it differs in terms of security, accessibilty, finance control, service, contact and more. Despite it's differences still both are beneficial in different scheme. In the presence of Altcoin in the market I don't think it's that easy for traditional banking to be eliminated in the industry, because first of all it is centralized, controlled and regulated by the government and not all people are internet savvy. Besides, traditional banking is not prone for hacking. The greatest challenge of virtual currency would be its security. Unlike traditional banking, blokchain is directly shared without central administrator.

I think traditional banks will simply change. These krahobory were always and will be in the future. They will adjust to the changes in the market. And if they can not defeat the crypt, they will simply lead it.

Blockchain killing traditional banking i don't think that it's possible. Blockchain can only exist alongside traditional banking. Some people depends and still believe in the way of old banking system. Though the tech will definitely change a lot of things so far it can stand the test of time. But i doubt that the government will allow it to defeat the banking system.

Blockchain will definetely reduce the role of traditional bank, it has already happened in some sectors especially in trading across Nation border and might be in a wider scale in the future. But i dont think that blockchain will totally replace the role of traditional bank because traditional bank also had overage that blockchain didn't

Now the state cannot exist without the banking system. The economy of the country can not be managed with the help of cryptocurrencies. Impossible lending companies in the cryptocurrency. So I think Fiat will always exist. Cryptocurrencies will exist only in a parallel system. But the weakest banks will not be able to compete with the cryptocurrency and will collapse.

IMHO cryptocurrencies have all chances to kill all this army of bankers. There is no need for all these people. This can be done just buy programmes and open for everybody.

I think some people are under rating some of these banks, some of them are more than 100 years old, if they have not adapted from time they would have die long way, what I see about big banks is that they don't just jump on the hype, they take time to understand how a new tech would benenfit their business and how best they can best deploy it, not just anything goes mentality.

I don't think blockchain is going to kill traditional banking. Some banks are already using blockchain. I would think that blockchain may kill credit cards, but not banks.
It is easier to go to the bank and take out your cash than transfer your coins/tokens to an exchange, and the exchange then send you the cash on your bank account.
If one day we don't have any cash in circulation, it may be possible that the cash will disappear. But i don't think the banks are going to disappear so easily.

Also, a lot of people are still suspicious about the blockchain coins and tokens. And it is also not so easy to do a transaction on the blockchain.
You sometimes need to type by hand the destination address of the receiver. You also need to keep your private key safe, and also should know how to import it.
You also need to take in account the transaction fees which may change. As it depends of the price in USD and the number of transactions of the coin.
You don't know how much time your transaction is going to be delivered. Can be 2 minutes to some hours/days.
Some coins have only a wallet on a pc. They don't have a wallet on every operating system.
You also need to keep a lot of password and accounts on every exchanges. Also need to keep the 2FA safe.
There is also a lot of scammers on the internet.

It is very complicate to stay safe on the internet.

This is a new technology and therefore it will take a lot of time when it will be perfect, so it is a direct competitor for banks, but it will not be able to push them completely.

The reality is: every payment on a blockchain network is a settlement, and the cheaper these transactions, the more widespread uses the platform will find...

I also disagree to the idea that blockchain will kill traditional banking because I believe that even bitcoin will approve worldwidely and also implemented worldwidely the operation of fiats in different countries will continue and bitcoin has nothing to do to suppress those fiats transactions because they are the usual currency that a one nation used all over their country. Let's just be happy if bitcoin will accepted in our country.

Yes sure it will if the cryotocurrency can hold for 10 more years in the world.But the traditional banking system is not useful as the cryotocurrency and they are making money from our money so why we let someone to control our money anymore,we are the owner so we have to control our money.

Absolutely no way it's gonna happen in our lifetime.You may see Cryptocurrency getting used more often and get mainstream adaption soon but to replace traditional banking is really difficult and of anything I feel banks will adapt cryptos if such a case arises

Its not gonna happen. Traditional banking comes from many many years before. People used to  trust tradition process. Maybe a lot of years later can kill.

It is hard to kill traditional banking instead of killing them why not unite with cryptocurrency we can use both of them in having a smooth transaction, I am okay and nothing against blockchain but I wanted also to have bank as it is good way for us to save money, as it is hard to save if you are handling your money.

It really can,the cryptocurrencies would be our new money when the future comes and these fiats will be replaced by the altcons that we have today.There will be surely some people will stand against cryptocurrencies but the blockchain technology will find its way to eliminate the banking system of these centralized banks.

I don't think just because the blockchain tech is better than that of the traditional banking, that it'll kill traditional banking as a whole.

Even if it's 100x faster,  I don't think banks/people will still adapt to it because they're not familiar with the tech.

Most likely it is, I think that blockchain will become the basis for other banks that integrate this technology into their banks. Because blockchain is a very remarkable and promising technology.

I think that blockchain will kill traditional banking eventually.
BUT will NOT kill the banks. Banks will adapt and adopt the technology and will make even higher profits from that.

Well , the era of cryptocurrencies has changed everything in the field of money. And thanks to him, the transactions of money became so simply and easily and no taxes, and contrary to what happens in the transactions of banks In which the users are fully exploited. Furthermore,  the existence of Blockchain led to financial losses in some banks  and consequently,  some of them ( big banks) have invested huge money in some digital currencies and they made a some digital currencie ( like : Ripple).
As a matter of fact,  Blockchain became more successful so in my opinion, if the governments will not recognize digital currencies, then it is very expected that in traditional banking there will be a major financial crisis.

I don't believe it will kill it. Blockchain will transform traditional banking....

As far as I can envision things Bitcoin won't kill traditional banking but I can only envision 10 maybe 20 years into the future. In 50 years from now there could be no banks and we could only have blockchain tech, we don't know this. But what is more interesting to me is can they kill traditional banking? The answer to that question is most certainly yes and I would actually love it, if the traditional bankers thought no for the next 20 years. The more ignorant they remain, the better chance they get overthrown. Remain ignorant and stagnant, for you won't remain on top forever silly bankers :).

The vast majority of the world doesn't even know what bitcoin is

A 15% change in value is a normal day for bitcoin

No one accept bitcoin as payment

The bitcoin network can process 7 transactions per second tops

Eventually banks will embrace Blockchain and use it to their advantage (don't know about BTC specically tho). But blockchain will require a HUGE increase in efficiency before it becomes commonplace.

Blockchain and Crypto are offering a lot of things than banking but not fully.
I mean, in the banks if the owner of the money dies then the immediate family or the beneficiaries can get his/her wealth but it is not possible on Crypto if the owner didn't pass it over his/her family.
That's why I do pass my private key to my sister because if there's unfortunate things happened to me then they could enjoy my Crypto Assets.
Holding Cryptocurrency in your wallet is just like trusting your money in the banks but your Crypto Assets are right there on your wallet and you could use it anytime anywhere, whereas in banking, you can't access them fully if the office is closed.

i think yes, but not with BTC price transfer

Banks should be greatfull that Bitcoin creator gave them blockchain technology. Not embracing it is kind of a cherrypicking culture that does not contribute towards its developments.

No, if anything they will adopt it so as not to not go the way of the dinosaur.

I think that the blockchain technology will not only change the traditional banking system but everything else. It is used in all branches of the economy and represents the future.

Banking will never die. Just there will be a choice of conducting calculations:
1. In the traditional way through bank;
2. By means of cryptocurrencies.
Well and of course at cryptocurrency of an opportunity will be much wider.

I agree with the statement. Banking will adapt blockchain into their banking services because In the future we don't need banks to secure our money because our assets will be right on our digital key files and or hardware wallets.
even the world is adapting fully into blockchain but certainly there are still more reasons why we need the banks especially on money loans so that we could get capital for our business and personal projects.

for sure it going to kill traditional banking, because blockchain have fastest trancastion and very safe. no one can hack it, i think if bank doesnt want to die it will adapted blockchain and it will be huge things for bitcoin rise up :)

For me and depending on the real situation that i can see, blockchain has no problem yet with banks and they are still in peace.
The real war between banks and crypto hasn't started, it may start in the future and i think that gold and silver will be watching :)
Let's hope for our benefit, let's live the dream! :D

There are certain things that banking could offer that isn't available in blockchain.
Like, cash loans as used as a capital for businesses or personal projects like home renovations, buying a new car and other services.
Although some blockchain are offering lending Cryptos to people but the local banks could offer more to their clients especially on KYC requirements.
Blockchain can replace the banking system but not fully. There are still huge gap between banking and Blockchain.

Yeah thats very possible because the cryptocurrencies will replace the fiat in the future and the banking system would be replaced by the blockchain technology.That is why these banks doesnt allowed any transactions from cryptocurrencies in their banking system,or the users account who has cryptocurrencies transactions are being closed.

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The financial sector will always have some kind of regulating authority, just because no one wants to inadvertently fund terrorism or child sex trafficking, so we need laws and enforcement to prevent that from happening. Will it kill banks? Maybe. It's a possibility. We've been trying to kill off banks for years. The ATM was supposed to remove tellers from the equation, but now there are more tellers than ever before, because we seem to need the human component. When we figure that out, banks will disappear.

Blockchain technology is still developing, yet a large number of population is unaware about blockchain technology. So it has no chance to kill traditional bank. Blockchain can consist along with traditional bank as many big people are involved in it, but replacing it is not possible because both is important in their prospective.

Right! With the blockchain technology bank system will not be needed anymore. Even now banks are becoming less popular.

I don’t think that banks will disappear in a near future. It isn’t seemed so. I predict closer cooperation between bank system and cryptocurrencies, technologies they represent. First of all I mean blockchain.

i think crypto currencies will takes the place of banks in future but it can't be replaced 100% so the traditional banking will be there always best but less people will going to use banks in future than now.

The fact is that the technology of the block of chains is already being fully implemented in the banking system today, because today something is happening that you are talking about. The banking system has always been able to go With the times and today is not an exception.

if this happens, then very not soon. the traditional banking business was formed over the years. so far, the crypto market is not strong enough to kill this process

I am sure that sooner or later the blockade will exactly change the perception of the world that is habitual for all. I think in about 10 years we will be able to fully store our money on a basis based on crypto-currencies.
Only banks will not go anywhere, they too will pass to crypto-currencies and at the expense of it will remain actuality. But this is my opinion, maybe I'm wrong.

i think traditional banking will always exists.however they will improve with this technology also. when cryptos being global they will join in this.

The banking system can not disappear through the introduction of crypto currency. Banks are necessary to serve the economy of the country and it is unlikely that any state will risk planning its economy with reference to the rate of the crypto currency, say, bitcoin. That would be suicide. With the strengthening of the positions of the crypto currency, the importance of banks will decrease slightly, but they will use the crypto currency in their activities and in their calculations.

tradition banking will not last long if they do not use blockchain technology in future .
there are many project coming which trying to make payment more faster and almost free .
also storing your own money in your hands make you feel safe .
banks have only option to change the system and change with time and tech .
but instead of improvement , they are trying to ban crypto purchase ..

Might be in the future? when most of the government or countries has fully adopted the cryptocurrencies,it can really replace the fiat and the centralized banking system if and only if these people will allow it to happen but it needs a lot of time so that people will understand how the blockchain will work,transparency would be better with each transactions.

In this regards, it is very safe to say that banks will survive  banking is much more safer than digital banking although digital banking is much faster and less hazel than traditional banking and even digital banking is much profitable

No, anywhere. A lot of project's on blochkain are failed, and this technology isn't so good to kill traditional banking. Maybe in future it can be competitor with it, but not now.

I think blockchain technology will replace the traditional bank system because, with a transparent blockchain technology, people will switch from conventional banks to blockchain systems. even with faster blockchain delivery with no other business

I do not know, I think without needing to read the links you give. I'm sure, blockchain will not interfere with banking. yes, because after all banking is needed by all levels of society. if possible the blockchain system will be adopted. not mean will turn off at the traditional bank.

I think blockchain will not kill traditional banking because even them are starting to adopt this innovation. Also, not all areas in each country has an easy access on the internet so they will still need the traditional banking system. Blockchain will only lessen the clients of traditional banking in the future.

that statement does not make sense, with the blockchain of the bank, it will not be hacked because humans are unlikely to use crypo money completely in their lives, because crypo money is very risky if used entirely in human life for example in very fluctuating prices ups and downs

I do not think so, I think a lot of news says the blockchain system will be adopted by banks in some countries.
the possibility is very small to kill traditional banking. and that too will be much debated many circles.

It seems to me that this is just a matter of time. Over time, a blockchain can replace everything. He has already penetrated almost every sphere.

Yes, i agree traditional banking system could not be taken away  because it has proven its value over the years and many medium to large scale businesses rely on banks. Maybe the blockchain will grow more and made its own legend but it doesnt mean traditional banking will evaporate anytime soon.

No it's not because it will be needed for our economy to grow like our government they need those money to do what ever they need to do on our different countries. Unless our government really support blockchain technology and that what's happening in the future and they will use cryptocurrency as their money, we will see those traditional banking will be erased.

that questions answer is: never blockchain will not kill traditional banking, because prople need stability and they want trade with calm, there are so many frequent in crypto market. but it can used only for pay and forgot system, that people can pay and their clients receive and change into fiat in less than 1 hour.

I think startup blockchain is a serious warning to the whole financial services industry. now they feel comfortable and make a lot of money by doing things as usual. They are able to do that because innovative startups always have huge losses:

I think it is impossible (in the near future)
Blockchain is very good but Internet is not 100% of population.
Technical infrastructure is also a factor.

Block chain technology will be applied to the bank's business, and cooperate with the bank!

That's what XRP does. Banks and XRP, win-win!

I think this is also a new direction of block chain technology development!

blockchain technology has indeed very rapidly and safely. even blockchain was covered so perfect compared to the others. traditional banks going forward if you want to apply the concept of a system of this kind but if you do not want to then it can just be left out.

Banks are getting outdated with the use of cryptocurrencies and blockchain technology. They must evolve soon and adopt blockchain so they can catch up with rapid changing technologies of the future. Presently, some banks started to develop their own kind of cryptocurrency and other supported ripple, a kind of coin that is said to bethe fastest and most scalable asset that enables real time global payment anywhere in the world. Ripple is best suited for bank purposes as it offers banks and payment providers a reliable, on-demand option to source liquidity for cross border payments. So blockchain will not kill traditional banking but it will modernize it instead if the bank will adopt the technology of the future.

I think that blockchain startups are a serious threat to the entire financial services industry. At the moment, they are comfortable and earning way too much money with doing things as they have always done. They could afford to do that because innovative startups always had a huge disadvantage: lack of capital. Well, that problem is solved now.

Of course not. Traditional banks continue to operate with
fanatical customers respectively.
They keep their assets in the bank for security.
While in vip bitcoin only for tradeng to increase the assets they have. So between traditional banks and trading vip bitcoin fixed the way.

I agree with this so i would not be sure if the blockchain can kill traditional bank.
They are both can walk together and support each other since it will be good combination.

I also think so, every country in this world has differences in facing the global development especially in the financial system or banking. Many countries still centralize their banking system in the traditional system. However, it doesn't rule out the possibility in some certain countries to use the blockchain technology instead of the traditional banking. However, to kill the traditional banking system, it is quite difficult for now.

Future block chain technology development may be better for banking services!

The block chain with technical application can get people's recognition!

As a part of the financial system, Banks can not be eliminated by the new technology.

There are a bunch of possibilities in this technology era. But, I also personally agree that the blockchain technology will not kill the traditional bank system. It may be possible to use the technology of blockchain to support the performance of the traditional bank. But it does not mean to kill the system. Each country must have their policy in this term.

Traditional banking will never get killed. But Blockchain will grow and develop even more than these days. Some banking companies might join or create their own block chain technology  for the benefit of the investors and at their company also.

Blockchain and banks need to support each other.
Combination between those two will be good one.
Bank cab adopt blockchain as its system which is fully more fair.

Blockchain and traditional banking systems might just be combined to work together, Blockchain technology will increase the efficiency of the banking system, but  not totally face out the traditional banking system

maybe,when blocchain develops and become popular,with clear and nobody can control blockchain,nobody can hacked,i hope one day blockchain can replace bank,everyone can use one common currency

Impossible as of now. "We don't need banks, we need banks' services". This won't change in a glimpse of the eye, nor in 5 years in my opinion. Just think about mortgages? Crypto lending system have many downsides as of now. I wouldn't trust sending money to anyone. Salt, Ethlend... they have still many flaws.

Actually, blockchain creation is not a way of killing old banking system, instead it help them to be more productive a day business process. Taking much long in a line it's gonna be a waste of time neither, and with these it build up something to fasten the way we've been working for. This is a development, changing from old fashion ways to a better one.

No, I dont think  blockchain kill traditional banking.
I think that traditional banks will use the blockchain and apply it at a certain level, but it will not let him widely push it away.
And government agencies are not willing to see this.

I have the same idea, and i add that. it will correlate with each other.
man needs the fiat money to. and some government ban cryptocurrency.
And blockchain is founded by banking chains/methods/steps. So not one
will kill another in banking and blockchain relationship hence they'll support
one another.

I think blockchain technology helps reduce transaction costs and change the form of payment. Some tech-savvy people will probably use blockchain technology. In addition, many people who do not know about technology will still use traditional banking to trade. So, in my opinion Blockchain will be developed in parallel with the traditional bank, helping people flexibly, increase the efficiency in the transaction.

I think traditional banking won't disappear even if blockchain is around. Banks have many ways to produce their income so even if the digital currencies  have gone pass ahead of them they still have other source of income.

I believe the invention of blockchain technology is not meant to kill traditional banking, instead I believe the technology is here to encourage banks to improve their system and services by implementing the blockchain technology to their organisation, that is the right way for banks to provide better services to their customers in the future.

Definitely, just a matter of when. Personally I would say 3 years.

banking will remain , but the blockchain will take away part of the market , and bankers in turn will do a lot of nasty things , because they take away the bread

Blockchain would not kill traditional banking but it will enhance it.  IBM already proposed to use blockchain to enhance their system.
New technology should not be considered to kill or destroy the traditional but it will enhance rather.

Blockchain has incredible abilities which are:
-enabling creation of tokens of value (eg. cash, currency) without central creator and regulator of supply
-enabling creation of binding contracts which could be automatic and enforceable by themselves
-frictionless, authentifyable, uncontrolable exchange of information, value and agreemnt between actors of the market.
-prevents counterfeit and hazard.
With all of this, it is clear there is no need for any kind of central entity to issue or confirm information or value. It’s up to anybody to create a new blockchain with a set of rules which will enable predictable and stable supply, exchange and usage of the currency or other asset.

Banks have expensive and slow system for users. Cross-border transactions, from payments to letters of credit created 40 percent of global payments transactional revenues in 2016.
Blockchain technology will offer a payment system with higher security and lower costs as a way of sending peer-to-peer(P2P) payments and will require no intermediary. There is no need for third parties to verify transactions. The new technology will give people access to cheap, fast, and borderless payments. So think it will replace banking in the future.

Banking and blockchain will exist together. The blockchain is revolutionary no doubt, but banking has been around for as long as we have. The only way for blockchain to survive is to exist in addition to the banking system, that, of course, can change to become less corrupt. Here is a promising project that understands the sweet spot between decentralization and centralization.

https://bitcointalk.org/index.php?topic=3085831.0

I believe that blockchain will help banking operate more smoothly, not totally killing it, because a [Suspicious link removed]bined with smart devices could let real estate investors track the condition of their investments and know, for instance, that equipment is being repaired and replaced on a schedule.

Yes, because blockchain technology can play the role of a central bank - provided other technical aspects are in place (namely that the other banks the given central bank services and interacts with are blockchain-capable in all applicable ways, and so on)

Bitcoin will make banking better and cheeper

Eventually it will kill traditional banking. Probably in 5-10 years. Because blockchain technology provides efficiency in every aspect and banks would definitely want to adopt it to cut costs.

I don't think so, mostly Banks may adopt blcokchain technology.

I agree. Traditional banking may never be destroyed, but somehow most of them will and has to innovate and may use blockchain to keep up with the changing world we live in. Coz i strongly believe that blockchain and crypto is the future.

Yes it will kill it, but banks will find a way to become intermediaries between low end users and BTC ecosystem.

 blockchain will not kill traditional banking, it will however improve the transaction speed and efficiency, some people will still chose to use the traditional banking systems.

No, I think that new technology will be just a supplement or reform the existing system. While the old system provided a larger profit margin many institutions will no doubt feel that they will gain more customers by adopting blockchain systems since the new technology is quicker and cheaper.

Essentially, cryptocurrency can serve to regulate the monetary supply based on algorithms and policies, in the place of a central bank. Cryptocurrency cannot play the role of “central banker”, supporting and regulating banks and acting as the government’s bank.

No, for two reasons:
1. It takes up far too much computing power, exponentially rising the more it is used.
2. An essential role of central banks is to limit and add to the stock of money in circulation.

this is still a question of many people and I think maybe yes Blockchain will kill the old bank system,
we are in the transition period.

Yes there is a lot of possibilities that blockchain based cryptos can replace banks and other intermediates.Saving a huge amount of time and other paper work for the customers.

Depends on what you consider the function of the bank to be. --> Do you consider the bank a place to store and transfer money? Then, yes.
Do you consider the bank a place to get loans and other financial products? -->  Perhaps, although it will be incredibly difficult without some bank like entity.

Out of question in current scenario, It is true that blockchain is getting popularity and gaining its foot hold in the market and finance regulation but how come without being under an accepted regulation it can replace the banking system. To replace banking, blockchain needs to accepted as a proper system world over.

Cross-border transactions from banks are expensive. When blockchain comes up, it would help them to improve and reduce the transaction costs and change the form of payment. Also, banks are still remain in the world, and would not disappear any more. Blockchain would replace some business and increase the convenience and efficiency.

I don't block-chain will kill traditional banking. I don't think that the banks will give it up so easy. I think banks will find a way to stay on top.

As far as I know of, traditional banks are testing Blockchain as remittances alternative to swift. Therefore I don’t think Blockchain will kill traditional banks. However, fintech startups such as crypto banks might have a chance to overtake and eventually kill the banks.

Traditional banking is not an easy sector to me. The reason is quite simple; we should be constantly attached to them. Whatever it is, do not forget that in daily life the antagonism is constantly coming out of banks. Everyone, from the one who wants to enter the crypto money world to the person who wants to invest, transfers his money through this bank and starts getting his services. Blockchain technology is very robust, but I do not think it will destroy the traditional banking system. It does not seem to be possible at least for the present day.

If it is seen the function of the Bank is needed to serve the economy but in taking the risk of its economic reserves with keywords at the level of crypto currency, say, bitcoin. It will kill yourself. The system can not be lost through the introduction of crypto currency. With the strengthening of the crypto currency position, banks will decline slightly

In the far future, yes I think it will. In the next 10-20 years, I don't think so. I think people still latch on to banks and don't want to let go because it is what they were raised to use. I don't personally trust banks based on a lot of things I read and how they take advantage of users. The blockchain is completely trustworthy though and all of the fees are clearly provided up front. I think eventually people will realize the blockchain is superior. Once widespread adoption happens, I think banks will be useless.

Blockchain will not "kill" traditional banking, but i believe that it will definitely decrease bank operations worldwide.

The traditional banks are here to stay (at least the big firms) they will obviously adapt to survive

The blockchain technology will help banks, not kill them. It is true, the banking system was designed decades ago and doesn't keep the rhythm of current technology evolution, but they will adapt fast, as the market strongly demands that.

Banks will integrate or adapt. Also as we're seeing, the crypto space is creating its own intermediaries and layers.Blockchain technology will revolutionize systems and eliminate a lot of middlemen.

I think blockhain will not kill traditional banks, it is precisely today many traditional banks are beginning to adopt blockhain technology and this is good for technological advancement and improvement of the current service

Bitcoin is one application of blockchain, while blockchain is one type of distributed ledger technology.Banks as we know them are dead, Bitcoin and the Blockchain fundamentally kill how current banks operate with fiat money and fractional reserve lending. However, banking itself is not dead it just needs to be re-invented.

Blockchain can actually help the banks while transferring money from one country to another in fraction of seconds rather than waiting for days in our country through the normal banking process. This changes in coming time will be bound to happen and also things may change a bit for banking process as well.

I really hope so, all banks are subject only to the central bank in each country. I think that this already says that the entire structure should not be hidden. It should have a more open scheme of work.

as displacing use with the customs of expends with spares on limit as distributing unit of funds and resource with the manage of tasks with the moderation of message as use with the anchoring,
with the different type of priors with the strategics as investors to gains with the contrast on returns with the value to deliver constant with the following entrance as extending shifts on works with the moderation to confines of one with the finest of option to goes as displacing unit of assessment with the table of exchange with the market.

i think not. not so soon. banks have many services exept changing and saving fiat. They will make services working with crypto. Always there will peples who will have bad knoweledge about crypto but will want to use it.

the some local banks in my country have embraced blockchain technology to their system.
i noticed that the system will not kill each other but can support each other. so it will be perfect

indirectly the system from Blockchain technology has begun to kill traditional Banks slowly,
more appropriately called the system renewal of the old transactions (Traditional Bank) to the new way of a transaction (Blockchain)..

Even If blockchain will replace traditional banks, It'll not be anytime soon. Because current blockchain solutions are not up to standard for such capacity. High transaction costs, slow transaction confirmations and other issues are a big turn off. Imagine exchanging  $200 (in BTC)  to fiat will require a fee of about $30 ~ amounting to around N10,000 in my local currency. That's high. The average bank fees are N50.

Well, it is not possible to completely kill the banking system. However, it is quite possible to exist together. For example, bank transfers small amounts by common methods and transfers by blockchain of large amounts. However, everything depends on the cost of the commission. This is the only thing that interests the average user. Where the commissions are cheaper there will be all the money. If banks are able to compete, then they will not go anywhere.

I am wondering how will block-chain kill the traditional banking? If the block-chain technology become so popular, then the banks will find a way to make it work for them. They have been around for centuries, they have all the money in the world and all the influence they want. The best we can hope is change the world a little bit, because if we try to change it completely, we will lose for sure.

Only time will tell if blockchain will kill old banking sector or gets adopted by banks and makes all their processes efficient. It will take years before any major changes are there.

I think the traditional bank will not be killed by the blockchain.

I think it will not kill traditional banking, it may compete with it though. In terms of popularity and
the amount of people investing and participating. It's too early to speculate but on a personal note
I believe a lot of traditional bankers are gonna make the transition to cryptocurrency, it favors them
having exceptional knowledge, skills and connections. They might have already done so, doing both
at the same time. Blockchain and traditional are almost identical in concept but are in 2 different
worlds with the technology and system implied and utilized.

Blockchain technology its future. In banking industry blockchain will make revolution and transactions become fast and cheap.

of course , everyone want to freedom for finance .
everyone want to government dont know about finance netizen.
because blockchain have system open source.

It will not kill traditional banking now or in the next few years... well, probably in the future (since we cannot close that kind of idea), when the people are ready to welcome innovation and entertain change after they realize that blockchain is a lot better than traditional banking. But it would be really hard since private companies will not tolerate for such change to happen. But as people began to be more fond of digital cryptocurrencies and transaction online without those fees and the bank involved, well probably crypto may kill traditional banking little by little.

Blockchain will not kill the banks because they will adopt in  the technology but other altcoins and bitcoin will take a big chunk in financial sector. As  matter of fact Ripple and Stellar Lumen is one of their steps towards blockchain technology.

I think  yes,blockchain is a open source platform, that's why now everyone want to use blockchain technology. so that it is predicted blockchain kill traditional banking.

to kill traditional banks I do not think because the bank will adjust or even cooperate and certainly the bank will follow the development

I do not think that for that reason, banks will continue to exist because they get protection from the state, all countries think banks are a very important institution to improve the economy.

In my opinion It will not kill the traditional banking. I think the both will co-exist and work together  with the   traditional banking serving as off chain

TRaditional banking have been around for eons and have evolved and improved over the years, as technology updated, so as the banking system. With such thought, i don’t think blockchain will kill traditional banking. Moreover, traditional banking serves and reaches more people than blockchain does since the latter is a bit limited to the digital world.

Blockchain is a meere digital currency free from the centralization of local laws. However, there are still need for a banking institution in our daily lives. Loans, capital investment, business support etc. Banking is a necesscity in the current economic landscape. However, i would say, blockchain will work hand in hand with banking in the future. Not kill traditional banking. Banking will evolve and adapt blockchain.

I don't think so, I think with time the both will find a common balance or better still our traditional banks will move to implement and adopt their own blockchain to serve solely for banking industries and I see that happening in the near future.

The existence of a blockchain may reduce some of the bank's business, but it cannot replace banks. After all, people in society don't like risk. Some of them like stable income. Even if profits are low, they don't want to take the pressure.

the Government will not let the traditional banking is dead because each country still requires it. blockchain itself does have a great system but not yet applied in all countries and also not even all countries accept it. blockchain system itself seems thus will become advocates for traditional banking as their security systems and if true could join will certainly be better.

Banks will always be banks and it will remain even if cryptocurrencies are already dominating. It will just affect traditional banking in many ways but let's don't forget Ripple which is backed by big banks around the world.
In other words, banks are already embracing the blockchain technology and it will just make a new breed of banking which is a hybrid one.

Yes it is possible. From the term itself "traditional" traditional system serves Us well until the modern thing was discovered and much more advantage. So yes, blockchain can replace traditional system soon.

No one can predict the future. All we do is to assume but i thin its  really is so hard to destroy the traditional banking and Blockchain will be a good helping hand for those banks to improve their service and transaction speed. Blockchain was being recognized all over the world and even well known banks and business are now using it. Blockchain will evolve in time together with traditional banking system.

No it won't kill it, but I could see the 2 merging, and having traditional banks using blockchain technology.  There are to many problems that the blockchain has to limit it's success.  A huge one being hackers/scammers. 

The majority of people will choose the safety net the banks offer over any benefits switching over to a blockchain will give.

Traditional banks are an indispensable attribute of each state. Implementation of the plan for the development of the country's economy and financing of all projects of the country takes place through banks. Therefore, banks will always exist. In addition, the main function of banks - the issuance of loans at interest with the advent and introduction of crypto currencies into our lives will also remain virtually unchanged. Now more and more banks are switching to the use of a digital ripple coin with its advanced blockchein technology. That is, banks adapt to the technology of crypto currency and will exist in parallel with it.

Perhaps, as such, the banking system will not exist soon, but it is unlikely that we will see it. And the blockchain technology itself will soon be implemented in all sectors of the economy, not only in the economy. This is already happening now, they say little about it, but soon we will all see.....

Blockchain is not going to kill banking. There is also an adaptive phase that they can do to make their systems stronger in the economy.

I don't think blockchain will kill traditional banking. We still need the banks, you know? However, since blockchain has started to take over in the near future, the banks have no other choice but to ride on with the trend.

In the Philippines, one of the banks has decided to ride with the blockchain trend. They have partnered with Ethereum when it comes to blockchain payments using their platform. I believe that other banks around the world will slowly adopt to this trend.

Probably not in the near future. But it can be good alternative to classic payments. Because you are owner of your coins and no institution has access to it if you have it in your own wallet.

The Blockchain and the Banks operate on two different models, one is centralized whereas the other is decentralized. Each has a unique feature the other cannot provide. Replacement of the bank by blockchain seems quite impossible but the worst that can happen in the future is the banks coming to accept Blockchain technology and its cryptocurrency in its operations. Right now, what scares the banks is the decentralized nature of the blockchain which is capable of giving power back to the people in terms of financing(no authoritative third party interference).

Blokchan is a very young technology that is not so popular in the socium as banking. I think it's just not enough to introduce blockchain.

There are a lot of functionality that the blockchain technology could manage to cater what traditional banks is doing. This will definitely hurt the bank system and it may materially affect their operation. Some banks may close because of this but not basically all.

I doubt that traditional banks will die. I am sure that banks will start using blockchain technology and earn even more money.

I do not think that blockchain & crypto-currency will be able to replace traditional banking system completely. It is possible that they will exist in parallel. Today, crypto currency is more a commodity than money.

Blockchain technology will change the way the world handles things - not just banking. Concerning "traditional banking", I don't believe that it will be killed, it will just take another, weaker form, unfortunately.

Yes it is true blockchain technology has the high possibility that could destroy the traditional banking that's why a lot of banks out there participating here at cryptoworld printing as much as money as they can just to collect as much as they can the supply of Bitcoin and ETH. Right now they really aware what effect of blockchain technology can do to them.

I think that large Banks, banking systems, just do not see the point in the use of blockchain technology. In a few years, when the blockchain system will show itself from all sides, then it is possible that banks will think about this.