Can Bitcoin make Banks disappear?

[ebliever]

My 2 satoshis.... this is the wrong question. It's not that bitcoin will make banks obsolete. But bitcoin is one facet of the new digital economy that _could_ make traditional banks obsolete.

For example, consider the role banks play in providing loans to new business startups. Thanks to the digital economy and technology we now have crowdfunding, which has the potential to make banks obsolete if crowdfunding proves to be a better and more efficient way for new businesses to obtain capital. And bitcoin may prove to be a better currency for crowdfunding than digital forms of fiat currency, particularly if some form of smart contracts can be brought to bear utilizing bitcoin.

In this case bitcoin would be playing a role in making banks obsolete, but it would be only a piece of the puzzle.

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[richardsNY]

It's not easy that Bitcoin make banks disappear because already banking services is used everywhere and needed even to convert and trade Bitcoin itself

We need banks in order to get fiat into the current Bitcoin exchanges to buy Bitcoin. We need banks for nearly everything in life. Banks and governments control every part of the economy. How can any one seriously think that something as Bitcoin can make banks vanish. It will never happen.

[nuevo]

It seems that experts say that Bitcoin 'Here to Stay,' But Banks Could Disappear.


"TheStreet: How do you think FinTech will impact the way banks operate?

Frank Schwab: Banks either react on, or they will disappear. Anyway, the consolidation of the banking industry accelerates as the behaviour of people changes. Some banks will benefit from [FinTech], some will be pushed to the back end, and some will disappear."
http://www.thestreet.com/story/13419089/1/bitcoin-here-to-stay-but-banks-could-disappear-says-fintech-expert.html

What's your read on that?

Fintech is magic and I spend all of my available time studying it because it's my passion. Will banks go away? Maybe or maybe not, but with technology I see the spread getting smaller and the playing field being leveled. I see people lowering the cost of operation through inovation, more customers, more market share.

I also see more people with access to banking or banking like services. Banking services or trustworthy banking services isn't available to everyone, but it will be

[RobFre]

I don't think so. Well, I think that the Bitcoin will spread and maybe it can change the banks, but I find very unprobable that it can make them disappear.

[JeWay]

Definitely yes, Bitcoin is more powerful than Bank. Bitcoin is used by so many people all over the world, that's what makes it more powerful.

[CAMOPEJB]

Banks are the worst enemy of all bitcoiners but also their best friend no one seems to understand that paradox in the bitcoin world.
Look if you don't embrace banks you will end up losing all your money when bitcoin drops.

[rekinthis]

Definitely yes, Bitcoin is more powerful than Bank. Bitcoin is used by so many people all over the world, that's what makes it more powerful.

i can not agree with that, most people are using fiat nowadays and they give the power to banks and bitcoin is powerless against the banks as most people still dont care about this currency at all

i think that bitcoins cannot make the banks disappear right now but after a few decades when more people will use it i believe it might actually be possible for bitcoin to replace banks and all the system

[Novalok]

I dont think banks will dissapear anytime soon. They are too ingrained in our economy and it will be a slow transition to alternative methods becoming mainstream.

[CryingMidget]

I don't think so. Well, I think that the Bitcoin will spread and maybe it can change the banks, but I find very unprobable that it can make them disappear.

Same here! Banks and bitcoin never worked together and I also do not agree if it happens because it can make a lot of difference in bitcoin, and bitcoin will be controlled by the bank and can not be free anymore....

[aron.t]

I dont think banks will dissapear, multi billion and since life exists cant be exctinted by new era anyway i would love they really dissapear from this earth (bloddydiscustingsuckers)

[Bestwishes745]

I dont think banks will dissapear, multi billion and since life exists cant be exctinted by new era anyway i would love they really dissapear from this earth (bloddydiscustingsuckers)

The banks are not only here to keep your money but they also have a number of other financial affairs, and are maintaining financial affairs of a number of organizations, companies and government etc.

[KennyR]

I dont think banks will dissapear, multi billion and since life exists cant be exctinted by new era anyway i would love they really dissapear from this earth (bloddydiscustingsuckers)

The banks are not only here to keep your money but they also have a number of other financial affairs, and are maintaining financial affairs of a number of organizations, companies and government etc.

If you examine the current statics of bank users. Almost every citizen has a bank account. Whether its been used or not, even some countries its been made mandatory to have a account to withdraw government funds transferred to citizens. Really very tough to make banks disappear.

[Imoote]

I dont think banks will dissapear, multi billion and since life exists cant be exctinted by new era anyway i would love they really dissapear from this earth (bloddydiscustingsuckers)

The banks are not only here to keep your money but they also have a number of other financial affairs, and are maintaining financial affairs of a number of organizations, companies and government etc.

If you examine the current statics of bank users. Almost every citizen has a bank account. Whether its been used or not, even some countries its been made mandatory to have a account to withdraw government funds transferred to citizens. Really very tough to make banks disappear.

Yes very true very difficult if not impossible to make bitcoin banks disappear. And some people still redeem bitcoin to cash and transfer to the account of banks. Banks in the financial world still very much needed and very difficult to remove.

[arwin100]

I dont think banks will dissapear, multi billion and since life exists cant be exctinted by new era anyway i would love they really dissapear from this earth (bloddydiscustingsuckers)

The banks are not only here to keep your money but they also have a number of other financial affairs, and are maintaining financial affairs of a number of organizations, companies and government etc.

If you examine the current statics of bank users. Almost every citizen has a bank account. Whether its been used or not, even some countries its been made mandatory to have a account to withdraw government funds transferred to citizens. Really very tough to make banks disappear.

Yes very true very difficult if not impossible to make bitcoin banks disappear. And some people still redeem bitcoin to cash and transfer to the account of banks. Banks in the financial world still very much needed and very difficult to remove.

All i can say bitcoin cant replace bank its impossible its very risky to put all your money in online wallets it is more attracting to hackers no system is safe for them. While mostly transaction and more big transaction are made in banks and big money is safer their if u put your wealth in banks.

[romero121]

I dont think banks will dissapear, multi billion and since life exists cant be exctinted by new era anyway i would love they really dissapear from this earth (bloddydiscustingsuckers)

The banks are not only here to keep your money but they also have a number of other financial affairs, and are maintaining financial affairs of a number of organizations, companies and government etc.

If you examine the current statics of bank users. Almost every citizen has a bank account. Whether its been used or not, even some countries its been made mandatory to have a account to withdraw government funds transferred to citizens. Really very tough to make banks disappear.

Yes very true very difficult if not impossible to make bitcoin banks disappear. And some people still redeem bitcoin to cash and transfer to the account of banks. Banks in the financial world still very much needed and very difficult to remove.

All i can say bitcoin cant replace bank its impossible its very risky to put all your money in online wallets it is more attracting to hackers no system is safe for them. While mostly transaction and more big transaction are made in banks and big money is safer their if u put your wealth in banks.

In terms of safety bitcoin has got lots of features if someone afraid of online hacking. Bitcoin as a digital currency has not reached most population, when usage increases the bank usage might get reduced.

[rektDude]

The chance is really small, there are a lot of people that is still using their banks and that is really important for them so that is not possible that it can make banks disappear.
But we all know that Bitcoin is becoming more popular but there are also a lot of people that dont even know what Bitcoin is.

[withche.07]

I think banks will adopt blockchains more and more.
So they won't disappear at all.

[umaOuma]

Its difficult to imagine that banks will disappear in future, banks will be more powerful in future and people who are satisfied with banking system will never switch to bitcoins.

[QuestionAuthority]

Yes, banks will completely disappear and no one in the world will ever buy a house, car or boat again. rofl

[sana54210]

When you exchange bitcoin to fiat money most of the time it goes through banks so you can't disappear banks.

I believe sooner or later people will stop converting bitcoins into fiats when they are able to directly use bitcoin for their spending purposes.

The same is also when buying bitcoins through your debit card or bank account it goes through bank.

When you are getting paid directly with bitcoins there is no need of buying it with your fiats.