Bitcoin Forum

It's a good example.
Every thing is in development.
Internet and telephone make the communication easier for people all over the world. But postal companies still exist. There are many works they do.
Also, bitcoin can make the transactions easier for people. But banks will exist forever.

I admit the postal industry is gradually becoming irrelevant but I believe for the banks they will come have to come up with new ideas to co-exist with Bitcoin and other altcoins in general.

I agree to this bro, if cryptocurrency and email or technologies developes i think it'll not kill bank and postal industries or anything. They will still be part of the world. That comes the point where humans make profit upon the service of technologies such as AI cryptocurrency and stuff. The point is manpower is still needed and can cowork intechnology.

I dont agree, banks will not be wiped out, they will also eventually
use blockchain technology just like bitcoin.

Email hasnt totally wiped out surface mail yet either.

This is so possible but still postal does exist until now. Banks will also be the same. Bitcoin may continue to conquer the virtual world and eVen ours but banks will also keep on doing its functions.

No one can stop the technological progress. All that people can do, is to try to delay it, but at the end they will always lose. That happened with email and postal industry, and same thing will happen with blockchain technology (crypto) and the things that it could replace. Newer and better things will always replace obsolete ones. But changes doesn't come without effort. And that is where we are now, struggling to show other people what Bitcoin and Blockchain technology could accomplish. Also, who can blame us if we want to make small profit while we struggle right.  ;D

This is true about postal industry, they have gone to extinction. They were made to finally pack up by the use of email after being inactive and redundant.

Times have really changed, even the email use to be difficult to sign up with and the companies were very few or just one (that I don't want to mention the name before others started joining.

Also, the email address has been over shadowed by the phones etc

Bitcoin has been around for more than 8 years, and if you compare it's adoption rates with adoption rates of some other products like social media or smartphones, it really wasn't that great. You still can't walk down the street and spend Bitcoin at shops around you - "bitcoin accepted here" signs are really rare. Bitcoin still needs to improve a lot before it will start to seriously compete with banks, and  there's always the risk that the government will try to ban it when banks will be scared of competition.

I don't know where you live, but what you said is not correct. There are still postal companies all around the world, which still works. Not everyone has access to email and other services that technology of this day and age can provide. Also postal industry doesn't only deal with mails, there are other services that postal industry is providing. Postal industries and banks will never die, they will only adapt to new, better and easier way of doing things. But adapting is not choice, they will have to do it or they will perish.

For the record, I hate e-mail. It's so flawed and outdated you'd think there'd be a replacement. If it isn't going the way of the postal industry soon I'm going postal.

Its true that bitcoin has made the banks revenue which they got by transaction fee low.But still banks would survive as they have the main sector of lending loans and people would continue to get loans which bitcoin could not affect anyway.

They will still be part of the world. That comes the point where humans make profit upon the service of technologies such as AI cryptocurrency and stuff. The point is manpower is still needed and can cowork intechnology.

I'm not sure they are mutually exclusive. Banks offer a level of security and peace of mind who's existence will be many years from now in the world of Crypto. I think governments are the entities that will be changed more.

i wish emails would have been successful though burocrats in germany still annoy me with paper letters.

Every process and development has to start on something and every technological innovations take advantage of the primitive platform in order for it to exist! For the postal industry, it was considered that sending mails through a post-office takes too long for a person to receive such message (not to mention the cost!). With the existence of the internet, the postal industry became slowly obsolete as sending mails were replaced by the electronic mail (also known as e-mail).

In connection with bitcoins replacing bank, I doubt it. Banks, headed by our respective central banks, were created for the regulation of currency and inflation control. The term 'currency' is the standard payment used in transactions since every country accepts and views it as something that has value depending upon the gold reserves of each country. For bitcoin, its value is determinant upon the law of supply and demand and is very volatile in nature.

Though I doubt that cryptocurrencies would replace banks, there is still the possibility of such scenario happening in the future especially when we discover and maximize the use of the blockchain technology. Perhaps in the future, we may utilize the blockchain technology for replacing our current payment system into a digitalized form of transaction.

Banks will exist as long as there is a state and as long as there is a need to regulate the country's economy. The fulfillment of the budget of each state is possible only through banks and bank control. In addition, banks perform a monetary function, which is not inherent in the crypto currency. This is a very important function and it should not be forgotten. The banking system will be rebuilt taking into account the appearance of the crypto currency and will use its blockchein technology, which is already done through the digital coin ripple. Therefore, banks will exist forever.

Banks will not die because of the massive introduction into our lives of crypts. This opinion is not true. There are many functions of banks, which can not be replaced by crypto currency. Including because of its high volatility, it is generally not able to replace the existing money in the economy. Planning the country's economy in the crypto currency is impossible. Banks will gradually introduce blockchein technology into their system and will adapt to the crypto currency, but they will remain. Without them, the state can not exist.

It will but only in transaction function and not to override the banking system. Email only enable people to message easily and without any fees however people still need to use postal industry for item delivery because email only do electronic mail system and not item delivery and that will also happen towards bank, people will still use bank for safe deposit and such but they will also lower their interest in using bank for money transactions and instead turn into bitcoin.

I beg to differ. Banks will continue to exist as far as there are people/government here on earth. Like in my country there is no ATM where you can withdraw the bitcoin worth of local cash. Beside, the bank is still needed to make the payment to get initial bitcoin for those that are just starting the business.

Banks are very important when it comes to holding up the economy of a country which is why it will not be obsolete. Like it or not people need banks as not everyone can properly secure their money themselves without the help of others. it will take a while but cryptocurrency banks will be coming as well. Banks are not going anywhere, we need them.

This is a good one i would want to believe this might happen in the future. For now i think its very unlikely. Banks are doing so much to kill bitcoin but in the procress, it made bitcoin stronger. What email did to post office is it made our mails reach the recepient faster, instead of 1week it became immediate. Communication has improved and it really helped a lot. Banks on the other hand process money transfer for a couple of days and the transaction fee is just so high. With bitcoin it makes transfers real time and maybe transsction fees will become lesser, hopefylly someday then i think in no time it will replace banks

BTC can only do to bank what email did to the postal industry if it grew to the level where the world’s people adopted it with trust that cannot be said of the banking system.  The power of the banking system has been a combination of the people’s trust and the lack of other alternatives to use besides it. Systems of loans be it for school, homes, cars, or business, create the sticky web that the majority of citizens find themselves entangled in.

The best comparison.  ;D

The banks will still be there but not of much usage.
The government will need them for they could make them money out of nothing.  ;D
Better to be invested with bitcoin first than being late and getting it into an expensive price. That tells it all, it will be more valuable someday.

Maybe before you say this kind of thing again you should think about it first. There is no way Bitcoin can beat banks, it is just an asset. And even if it does affect one bank, it can’t affect the others; it will favor some banks and not favor the others. And when any government finds out that Bitcoin is destroying their banks and affecting their country’s economy, it may lead to banning Bitcoin from the country for good, cause Bitcoin can’t impact negatively on all banks, it will impact negatively on some and also impact positively on the others. Those that it affects negatively won’t take it lightly with it.

Sad but truth. That is nearly exactly what happened when China banned crypto trading and some other things which involve crypto. Their economy was affected by crypto so the first thing they did was to shut down everything, until they come up with a solution and decided to regulate crypto. Only after than they allowed it again. So what you said is truth and have been proven as such in the past.

Bitcoin will eventually win the banks over, first the blockchain technology,then bitcoin as a currency to be used a basic exchange medium, like dolla and pounds in fiat..

I just love this analogy. Everything is just with matter of time.Soon banks will begin to beg customers to keep junk of cash with them. A good investors should understand that money isn't meant to be stored in a room or vault but move around from hand to hand. More reason the rich always get richer. With Bitcoin and Cryprocurrency at large, everyone has got the ability to make good digital Currency. Let the Bank industries just keep watch and better step up their games else they would be left on the dark.

thats wrong, postal industry just changes, package delivery maybe in the future also by droids, letters wrote on paper are safe from hackers...

etc

let us go back to pass!
what fiat do to barter? what e-mail do to snail mail?
this will happen now, we are just getting resistance with acceptance of different country.
well as of now i am still against like them as many people still dont have fine connection with internet.

Nah, that is not possible. No matter how much we don't like what banks do and how they make money out of other people misery, there are advantages in having banks around.
Ask yourself... if there was not for banks, where would people leave their valuables? Or should people hold whole their savings in their houses maybe... Nah, banks are necessary evil in this world.
With bitcoin and blockchain out there, they will not die, they will merely adapt and everything will continue.

laughing , this is sad but true so really the onus is on these banks to now sit and see how they can incentivize and re-tailor them selves to adapt to the changing market so that they can remain relevant and "in control". truth is we need banks to enter and exit the crypto world so they should use this to their advantage and stop trying to eat all the "cheese" themselves.

Banks will change, because they have to change, if they want to stay on the market... On the short run, it's only money transfer which is affected by the cryptos, using the blockchain, but the other services of the banks are untouced, and will be untouched for the long run also.
This means that banks will have time to think it over, what they want to do in the future and how they want to do it. They will have time to develop themselves again, if it's needed, and they can afford to hire the best IT staff, if it's about their future.
So I think the two things (banks and cryptos) will live next to each other for a long time

I still send postcards and Hallmark Greeting Cards instead of emails or from social media flatforms. Nothing beats old school. It still cheaper to send packages thru the US Postal Service than UPS or FedEx. I think banks can coexist with cryptocurrency. Those bankers will think of something. They’re not gonna let those MBAs from Ivy League schools go to waste.

Very interesting topic for discussion, in my opinion, I think so and it will happen as the author said, bitcoin can really destroy the banking system, since in the bitcoin system there is no place for corruption

Yes, albeit most appropriately cryptocurrency. This speculation is not far fetched if one understands the history of banking and money. It is no longer a question of "if" cryptocurrency could disrupt conventional banking , but a question of "when", how soon this would happen. Technology has affected virtually every aspect of live and money won't be left behind. People would prefer to sit at home and transact/complete deals with anybody around the world at ease, to going to the bank to queue up and pay charges.

yes you are right bitcoin can be used for all kinds of transactions and it seems bitcoin is still there but it will start to decrease because it will if from the bank does not follow developments and do not follow the technology it will lose some of its customers because the customer is thinking more profitable if saving assets its in cryptocurrency like this bitcoin.