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kartaggen
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February 12, 2016, 12:01:26 PM |
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Why is that? Banks are way to powerful to go away. They controll every market because they control the payment systems. I don't see any bank dissapear because of the power they have both economical and political.
People said the same when science challenged religion, see where its gotten us now. I think honestly do not think that can happen. Because many people do need a bank. And many people also know its not even know what Bitcoins are. That's true looking at the present scenario I don't think that bitcoin can make banks disappear, and if it does, it will take a long time for that, but banks are basic necessities of many people around the world, banks would be their first choice. |
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According to NIST and ECRYPT II, the cryptographic algorithms used in
Bitcoin are expected to be strong until at least 2030. (After that, it
will not be too difficult to transition to different algorithms.)
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bitlost
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Activity: 63
Merit: 10
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February 12, 2016, 12:11:17 PM |
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IMHO, with the existence of bitcoin people have started to say that banks are useless, I don't agree as banks are also important for individual and businesses, as businesses are totally dependent on the banking system and they will need support from banks for sure, for an individual I believe bitcoin is a better option comparing to all this stuff.
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bestluck
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February 12, 2016, 12:11:28 PM |
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No it will not disappear bitcoin as banks are not currency with which bitcoin is in competition and the banks will sooner start working with bitcoin as the banks job is to work with currencies and bitcoin is a currency.
And may be Bitcoin itself require the need of banks if it took physical shape.
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Zaun
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February 12, 2016, 02:02:42 PM |
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That can not happen. For many older people need banks.
Especially the older people do not even know what Bitcoins. And it's hard to explain to them what Bitcoins are.
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fravia
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February 12, 2016, 02:08:06 PM |
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after few decades maybe, but definitely not in the near future, banks are really strong right now and a lot of people have their money there so i dont think that the bitcoin is strong enough to do that
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Mitchow
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February 12, 2016, 02:17:42 PM |
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after few decades maybe, but definitely not in the near future, banks are really strong right now and a lot of people have their money there so i dont think that the bitcoin is strong enough to do that
That's true, people have more faith in banking system as compared to bitcoin, as they are using banking system since its inception, comparatively bitcoin is still new to many people, So I don't think bitcoin can affect banking system in near future. |
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angryrob
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February 12, 2016, 04:36:28 PM |
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We can't say anything at present, things might change in future if bitcoin gets on mainstream an becomes a primary currency then anything is possible, same was when internet took birth, many said it won't survive but it is a necessity now.
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Supercrypt
Legendary
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Activity: 1554
Merit: 1054
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February 12, 2016, 06:55:35 PM |
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Why is that? Banks are way to powerful to go away. They controll every market because they control the payment systems. I don't see any bank dissapear because of the power they have both economical and political.
People said the same when science challenged religion, see where its gotten us now. What do you mean by that? Religion doesn't exist today? I don't see the relation here but banks will always exist unless people want to borrow money from their friends or take loans from people today. When there were no banks earlier there was a lot of inequality that exists with people charging their own rate while lending and if it happens in future, bitcoins would be owned by only those who mine coins and users would have to take a loan when their coins get over. This should never happen. |
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JAyThaRevo
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February 12, 2016, 09:24:12 PM |
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It's hard to believe that bank can disappear in future, banks are the most traditional and trusted institution for the people, and it is very difficult to divert the mindsets of people from banks to digital currency, hard but not impossible.
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CryingMidget
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February 12, 2016, 09:51:29 PM |
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It's hard to believe that bank can disappear in future, banks are the most traditional and trusted institution for the people, and it is very difficult to divert the mindsets of people from banks to digital currency, hard but not impossible.
May be both will be there or Bank will accept bitcoin as a mode and currency. but not sure bitcoin will replace the bank and all. |
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CryptoBjorn
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February 12, 2016, 10:21:40 PM |
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It's hard to believe that bank can disappear in future, banks are the most traditional and trusted institution for the people, and it is very difficult to divert the mindsets of people from banks to digital currency, hard but not impossible.
May be both will be there or Bank will accept bitcoin as a mode and currency. but not sure bitcoin will replace the bank and all. The bitcoin will replace the bank, its easy and bitcoin has more power because its controlled by yourself. It will take some time of course that's one thing that is true. |
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HardFlaccid
Member
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Activity: 84
Merit: 10
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February 12, 2016, 10:27:26 PM |
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My guess is no!
Banks have different roles with bitcoin, as reliable storage for public money, the making of money, and borrowing money in the real world and if the bank does not exist, there may be economic damage to all involved.
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aardvark15
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February 12, 2016, 10:31:03 PM |
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I don't think banks will disappear, but they are going to need to change if bitcoin becomes big.
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n0ne
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February 13, 2016, 12:11:12 AM |
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My guess is no!
Banks have different roles with bitcoin, as reliable storage for public money, the making of money, and borrowing money in the real world and if the bank does not exist, there may be economic damage to all involved.
That's true, bank can never disappear as bank involves the savings of the society and society is used to banking system since its inception, so its hard to believe that people would leave banks and switch to bitcoins. |
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DeDordtenaar
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February 13, 2016, 12:16:58 AM |
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Why is that? Banks are way to powerful to go away. They controll every market because they control the payment systems. I don't see any bank dissapear because of the power they have both economical and political.
People said the same when science challenged religion, see where its gotten us now. yeah power of bank its too great they control all management money. bitcoin will not doing like bank |
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reputedchain
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February 13, 2016, 01:24:17 AM |
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Why is that? Banks are way to powerful to go away. They controll every market because they control the payment systems. I don't see any bank dissapear because of the power they have both economical and political.
People said the same when science challenged religion, see where its gotten us now. yeah power of bank its too great they control all management money. bitcoin will not doing like bank Yeah, banks will rule the people and their money in future too, people would start using bitcoin in future but they will also use the services offered by the banks, as people want to grab all the benefits they are getting from everywhere. |
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jethrorn99
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February 13, 2016, 02:01:45 AM |
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It's hard to think that banks will dissapear in the future.
For now, fiat is still the mainstream currency, so it wont happen anytime soon
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jokerrj
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February 13, 2016, 03:41:01 AM |
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It's hard to think that banks will dissapear in the future.
For now, fiat is still the mainstream currency, so it wont happen anytime soon
Yes, its difficult to believe that banks will disappear in future which is quiet impossible, as banks are more powerful as compared to bitcoins at a moment, and it will continue to rule the society for many years to come. |
Looking for a long term signature campaign. Pm me
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mickiya
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February 13, 2016, 09:15:21 AM |
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It's hard to think that banks will dissapear in the future.
For now, fiat is still the mainstream currency, so it wont happen anytime soon
Yes, its difficult to believe that banks will disappear in future which is quiet impossible, as banks are more powerful as compared to bitcoins at a moment, and it will continue to rule the society for many years to come. The banks will be much stronger and powerful when they use the bitcoin and bitcoin technology (block chain). It will cut a lot of costs. |
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Whosdaddy
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February 13, 2016, 02:25:23 PM |
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No it will not disappear bitcoin as banks are not currency with which bitcoin is in competition and the banks will sooner start working with bitcoin as the banks job is to work with currencies and bitcoin is a currency.
And may be Bitcoin itself require the need of banks if it took physical shape.
Absolutely true. Users here make use of bitcoin wallets whether online or offline but these also are online banks. We need a place to store those coins and these are called banks which would exist forever. |
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