Can Bitcoin make Banks disappear?

[Zaduca]

Not at the current state. People are still dependent on banks to have access to paper money, because there are few places where you can get this through Bitcoin ATMs. In addition, there are few places where you can spend Bitcoin directly.

For the time being, that is the case. But when the infrastrucutre of the bitcoin is built, the banks will accept bitcoin.

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[dharkmadder]

I think bitcoin would change the way how economy work overall banks included, Wouldn't completely make them disappear but make there rule less and there impact less significant, World still needs banks but maybe in a different way than the typical ones.

[warwar]

Funny, foolish question, bitcoin can't make banks disappear because already many country had banned bitcoin and without paper currency government would not get taxes and without taxes country will ruin. And banks could adoption the technology for making the system transparent and more reliable then conventional system.

Banks are seeing the bitcoin as a threat to their business so within the powers of the government what the least they can do is to ban bitcoin to their country. In that way, then the bitcoin doesn't have a chance to penetrate into a country so if we are thinking that the bitcoin is going to make the banks disappear then that is not going to happen.

It is not literally a ban throughout the country. It is more of certain industries cannot use it. Examples are through banks or selling online, they would still prefer the usage of their own currency. Somehow you can see the patriotism in it. They love their country and they want it to grow so they will need to use their own currency for economic reasons.

Agree. It is for economic purposes because like in bitcoin it should also a cycle used it send it or give it so that it will roll all over our market And i think bitcoin cant threaten banks because bitcoin populations is just too small than the banks and all of the people uses their own currency not bitcon

[Btcschool]

Not at the current state. People are still dependent on banks to have access to paper money, because there are few places where you can get this through Bitcoin ATMs. In addition, there are few places where you can spend Bitcoin directly.

I would definitely agree with you. bitcoin can not disappear banks at this time nor in near future. because lots of people still don't aware of bitcoin and lots of people are know about it but don't want to use bitcoin as their primary money and payment system.
so it is hard for bitcoin to disappear banks.

[Zadicar]

Not at the current state. People are still dependent on banks to have access to paper money, because there are few places where you can get this through Bitcoin ATMs. In addition, there are few places where you can spend Bitcoin directly.

I would definitely agree with you. bitcoin can not disappear banks at this time nor in near future. because lots of people still don't aware of bitcoin and lots of people are know about it but don't want to use bitcoin as their primary money and payment system.
so it is hard for bitcoin to disappear banks.

Correct and you have a point, there no possibility that bitcoin would   make banks  disappear anytime soon in the future.  As you said  fiat  is already well established  in  how many decades already and bank are storage for  those fiats and theres no way to make it disappear. Its been used  almost all of  people.

[danherbias07]

Not at the current state. People are still dependent on banks to have access to paper money, because there are few places where you can get this through Bitcoin ATMs. In addition, there are few places where you can spend Bitcoin directly.

I would definitely agree with you. bitcoin can not disappear banks at this time nor in near future. because lots of people still don't aware of bitcoin and lots of people are know about it but don't want to use bitcoin as their primary money and payment system.
so it is hard for bitcoin to disappear banks.

Correct and you have a point, there no possibility that bitcoin would   make banks  disappear anytime soon in the future.  As you said  fiat  is already well established  in  how many decades already and bank are storage for  those fiats and theres no way to make it disappear. Its been used  almost all of  people.

Mostly they used it as a storage without knowing that banks are the one who are gaining a lot of profits thanks to their kept money. They give them annual addition percentage for their loyalty but still that aint enough. A larger portion of that percentage that they won from investment will again rotate until they got rich and the people just get a little of it. Aint fair isnt it?

[batang_bitcoin]

Funny, foolish question, bitcoin can't make banks disappear because already many country had banned bitcoin and without paper currency government would not get taxes and without taxes country will ruin. And banks could adoption the technology for making the system transparent and more reliable then conventional system.

Banks are seeing the bitcoin as a threat to their business so within the powers of the government what the least they can do is to ban bitcoin to their country. In that way, then the bitcoin doesn't have a chance to penetrate into a country so if we are thinking that the bitcoin is going to make the banks disappear then that is not going to happen.

It is not literally a ban throughout the country. It is more of certain industries cannot use it. Examples are through banks or selling online, they would still prefer the usage of their own currency. Somehow you can see the patriotism in it. They love their country and they want it to grow so they will need to use their own currency for economic reasons.

Agree. It is for economic purposes because like in bitcoin it should also a cycle used it send it or give it so that it will roll all over our market And i think bitcoin cant threaten banks because bitcoin populations is just too small than the banks and all of the people uses their own currency not bitcon

As of now we can say that the bitcoin population is still low but as the time goes by I believe that it is going to grow rapidly. Because many people are seeing the price increase of bitcoin and they are loving it. And that is going to tend them that they are going to be adopting bitcoins soon and this is going to threaten banks services.

[SquallLeonhart]

Funny, foolish question, bitcoin can't make banks disappear because already many country had banned bitcoin and without paper currency government would not get taxes and without taxes country will ruin. And banks could adoption the technology for making the system transparent and more reliable then conventional system.

Banks are seeing the bitcoin as a threat to their business so within the powers of the government what the least they can do is to ban bitcoin to their country. In that way, then the bitcoin doesn't have a chance to penetrate into a country so if we are thinking that the bitcoin is going to make the banks disappear then that is not going to happen.

It is not literally a ban throughout the country. It is more of certain industries cannot use it. Examples are through banks or selling online, they would still prefer the usage of their own currency. Somehow you can see the patriotism in it. They love their country and they want it to grow so they will need to use their own currency for economic reasons.

Agree. It is for economic purposes because like in bitcoin it should also a cycle used it send it or give it so that it will roll all over our market And i think bitcoin cant threaten banks because bitcoin populations is just too small than the banks and all of the people uses their own currency not bitcon

As of now we can say that the bitcoin population is still low but as the time goes by I believe that it is going to grow rapidly. Because many people are seeing the price increase of bitcoin and they are loving it. And that is going to tend them that they are going to be adopting bitcoins soon and this is going to threaten banks services.

Banks may face tough competition from bitcoins in future but that doesn't mean that banks will stop their operations or will simply disappear, there will be many people that will keep on supporting and using bank services even in future.

[amacar2]

Not at the current state. People are still dependent on banks to have access to paper money, because there are few places where you can get this through Bitcoin ATMs. In addition, there are few places where you can spend Bitcoin directly.

The number of Bitcoin ATMs may get significantly increased in coming days which may make bitcoin user less depended over usual bank's ATM to convert bitcoin into cash. However replacing whole banks and bank's ATMs will be almost impossible for bitcoin even after 100 years but it will surely gonna make government to atleast think about using blockchain tech for transparency and security in our traditional banking system.

[Mastsetad]

Not at the current state. People are still dependent on banks to have access to paper money, because there are few places where you can get this through Bitcoin ATMs. In addition, there are few places where you can spend Bitcoin directly.

So, what do you think more easily?
Places start to accept Bitcoin or a new altcoin made by banks?
Think about that! Bitcoin will never got this market...

An altcoin made by a bank wont be able to get as much success as bitcoin has got, because a bank would only be promote its coin into a single country because they cannot be international but every country has their own banks, but bitcoin is popular in all the world or it will be, so a coin made by a bank wont be able to compete with bitcoin.

[dunfida]

Not at the current state. People are still dependent on banks to have access to paper money, because there are few places where you can get this through Bitcoin ATMs. In addition, there are few places where you can spend Bitcoin directly.

So, what do you think more easily?
Places start to accept Bitcoin or a new altcoin made by banks?
Think about that! Bitcoin will never got this market...

An altcoin made by a bank wont be able to get as much success as bitcoin has got, because a bank would only be promote its coin into a single country because they cannot be international but every country has their own banks, but bitcoin is popular in all the world or it will be, so a coin made by a bank wont be able to compete with bitcoin.

Altcoin made  by bank would be  still useless  since people would  definitely  consider bitcoin as  the main crypto and   each country has its own bank  and  if they intend to  do  altcoins for their country  it would be still useless same as you said. They cannot compete with bitcoin for sure. Bitcoin cant make  banks disappear.

[Nimbulan]

Funny, foolish question, bitcoin can't make banks disappear because already many country had banned bitcoin and without paper currency government would not get taxes and without taxes country will ruin. And banks could adoption the technology for making the system transparent and more reliable then conventional system.

of course it cannot disappear in my opinion, i think that banks will be still around for a really long time

[bamboylee]

Funny, foolish question, bitcoin can't make banks disappear because already many country had banned bitcoin and without paper currency government would not get taxes and without taxes country will ruin. And banks could adoption the technology for making the system transparent and more reliable then conventional system.

Banks are seeing the bitcoin as a threat to their business so within the powers of the government what the least they can do is to ban bitcoin to their country. In that way, then the bitcoin doesn't have a chance to penetrate into a country so if we are thinking that the bitcoin is going to make the banks disappear then that is not going to happen.

Governments will do anything to keep their power and that is true fiat. If they let bitcoin take over the currency, governments will lose control and they will not let that happen.

[dhimasnk]

bitcoin make banks disappear? oh no. I think it will not happen because you also know that the bank is a financial institution that is very important for the economy, so the bank may not be disappear because bitcoin

[South Park]

At best bitcoin will force an evolution of banks basically banks as we know it may disappear but a new model will emerge and probably be as strong as always.

[pseexh]

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?

Banks hold very strongly the economy of the whole world. So I do not think that the banking sector will give way bitcoin.

[Alphagog]

At best bitcoin will force an evolution of banks basically banks as we know it may disappear but a new model will emerge and probably be as strong as always.

You might be right. The bank cannot rely on the central banks to save them in the future. They have to work hard.

[BitHodler]

At best bitcoin will force an evolution of banks basically banks as we know it may disappear but a new model will emerge and probably be as strong as always.

You might be right. The bank cannot rely on the central banks to save them in the future. They have to work hard.

Certain banks are so big and deep rooted in the world economy, that governments/central banks will always jump in to offer a helping hand when needed.

But then again, where is the limit of all this support? Will they just keep printing money to help financial institutions, or will they just help out the most important ones, and let others fail? No one knows yet.

Either way, Bitcoin can't and will never be able to make banks vanish. It's impossible and not even worthy of dreaming about.

[Dudeperfect]

I don’t think that anything like crypto currency can make banks disappear because we must understand the fact that there are still large number of people is using traditional payment method like fiat and the majority is more than 80% (even we are also using fiat) so there is no possibility that crypto can make banks disappear. At any stage of financial period, fiat will be there even after 50 years people will be using fiat but form might be different such as digital wallet.

[8Habits]

I don’t think that anything like crypto currency can make banks disappear because we must understand the fact that there are still large number of people is using traditional payment method like fiat and the majority is more than 80% (even we are also using fiat) so there is no possibility that crypto can make banks disappear. At any stage of financial period, fiat will be there even after 50 years people will be using fiat but form might be different such as digital wallet.

I totally agree. Well, unless the whole countries in this world will be progressive enough and even the remotest place in this planet have access to fast internet and latest technology then, maybe, cryptocurrencies will be dominating and making banks quite disappear. But you know, the example here is just an ideal thing - it is a utopia. There are still many individuals - actually millions of people that have no access to latest technology and gadgets due to financial constraint and they are using fiat money as their mode of commerce in their respective locations.