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umaOuma
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October 17, 2016, 08:23:06 AM |
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The banking system is too stable that bitcoin take its place. I was thinking about the contrary, that bitcoin wouldn't survive.
Bitcoin will survive. Mainly because of the fact that there is a need for something like Bitcoin. It's a multi purpose tool that people love. It's a currency too, investment tool, store of value too, it allows you to avoid dealing with banks and governments, etc. Only benefits. There is no doubt that bitcoin offers us multiple benefits and we are making best use of it but there are many people who are not aware about it and are comfortable in using traditional banking system. |
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madwica
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October 17, 2016, 08:57:50 AM |
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The banking system is too stable that bitcoin take its place. I was thinking about the contrary, that bitcoin wouldn't survive.
Bitcoin will survive. Mainly because of the fact that there is a need for something like Bitcoin. It's a multi purpose tool that people love. It's a currency too, investment tool, store of value too, it allows you to avoid dealing with banks and governments, etc. Only benefits. There is no doubt that bitcoin offers us multiple benefits and we are making best use of it but there are many people who are not aware about it and are comfortable in using traditional banking system. Agree with you all bitcoin wallet has great offers using bitcoin, using bitcoin is a benefits already we can do lot of things that we never do before specially in online transaction it is like online bank transaction anywhere you are just have an internet and smartphone you can do a transaction. |
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drwtsn32
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October 17, 2016, 09:02:55 AM |
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Bitcoins can never make banks disappear as banks are the strongest financial institution that we have which are running since long time and also have support from the Government, comparatively bitcoin lacks recognition at a moment.
The bad thing about this is that even if bitcoin can go to the top, the government won't allow it because it is decentralized and you know, government always wants to control everything. |
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1Referee
Legendary
 Offline
Activity: 2170
Merit: 1427
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October 17, 2016, 09:05:16 AM |
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The banking system is too stable that bitcoin take its place. I was thinking about the contrary, that bitcoin wouldn't survive.
Bitcoin will survive. Mainly because of the fact that there is a need for something like Bitcoin. It's a multi purpose tool that people love. It's a currency too, investment tool, store of value too, it allows you to avoid dealing with banks and governments, etc. Only benefits. There is no doubt that bitcoin offers us multiple benefits and we are making best use of it but there are many people who are not aware about it and are comfortable in using traditional banking system. It's not a problem that people continue with using their banks since I do the same as it's not all that bad, but I am quite sure that the further we are with Bitcoin, that more and more people will appreciate Bitcoin for the features that it offers. People not yet knowing about Bitcoin only shows that we can gain plenty of ground in the world. |
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Roboabhishek
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October 17, 2016, 10:03:21 AM |
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No I don't think that bitcoin will make banks to disappear because banks provide security according to currency however bitcoin can't do this as it has no static price like currencies have to spend locally.
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8Habits
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October 17, 2016, 10:37:45 AM |
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No I don't think that bitcoin will make banks to disappear because banks provide security according to currency however bitcoin can't do this as it has no static price like currencies have to spend locally.
Bitcoin is not designed to eradicate banks, it was designed to give people alternative ways to transact money online - this way, with bitcoin crypto money and not the fiat one. Of course, in order for it to gain attention by people, it created added features that is really revolutionary in nature, it introduces privacy in financial transactions without giving identifications. |
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ashiqdey
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October 17, 2016, 10:40:44 AM |
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no bitcoin can't make banks disappear because we need many offline works and for that we need established institutions to control the flow of money within the country and among international countries.
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8Habits
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October 17, 2016, 10:45:38 AM |
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no bitcoin can't make banks disappear because we need many offline works and for that we need established institutions to control the flow of money within the country and among international countries.
You are correct. Bitcoin is just an alternative. In my case, I have paypal for my salary and withdraw that paypal money to my bank and use it to pay bills and buy basic needs using fiat money. I also have bitcoin wallets that I use for my online transactions - gambling, crypto trading, and investing. Hence, we can use both bitcoin and banks altogether without even necessary to eradicate the other. |
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sobsitesearch
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October 17, 2016, 10:49:26 AM |
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Bank will never disappear because of the currency, because bank will adopt all currency in their system they will take the opportunity of higher value of one currency they can make more profit on that.
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croutonhexagon
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October 17, 2016, 10:54:52 AM |
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No bitcoin serves different purpose and bank serves different. We need both the service to live and make our life complete. So bitcoin can't remove bank. But well bank could adopt bitcoin system for automated transaction and faster.
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8Habits
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October 17, 2016, 11:03:11 AM |
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No bitcoin serves different purpose and bank serves different. We need both the service to live and make our life complete. So bitcoin can't remove bank. But well bank could adopt bitcoin system for automated transaction and faster.
That is correct. They are available for our consumption. We can use either bitcoin or banks in certain circumstances that is favorable to us. Example, if we want to gamble, we can use bitcoin because it is very easy to get in - it takes few minutes to create account on that online casino compared to using fiat money where there are many identification and other requirements. |
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jaweria khan
Member
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Activity: 68
Merit: 10
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October 17, 2016, 12:13:47 PM |
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to me it is not possible in near future but after decades when all the people of the world will start using bitcoin then it may be possible.
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Noctis Connor
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October 17, 2016, 12:30:12 PM |
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Bitcoin provides a service, but cant remove anything, and banks are the most powerful companie that has country support and people, soo be sure this wont happen never.
Yes bitcoin provides a services but banks can do much more good services in people and many of companies and working or partnered with banks and they are supporting each other if banks will died then how much more in companies? |
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randy8777
Legendary
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Activity: 896
Merit: 1000
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October 17, 2016, 12:34:46 PM |
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to me it is not possible in near future but after decades when all the people of the world will start using bitcoin then it may be possible.
this time will never come. there is no way that all people in the world will make use of something. that's not even happening with gold and the dollar. so how can you expect that to happen with bitcoin? that doesn't really make sense to me. |
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jaweria khan
Member
Offline
Activity: 68
Merit: 10
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October 17, 2016, 02:31:51 PM |
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to me bitcoin cannot make banks disappear as in present time as majority of the people do not know about bitocin therefore it is not good to say that bitcoin can disappear banks.
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carlfebz2
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October 18, 2016, 05:20:37 AM |
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to me bitcoin cannot make banks disappear as in present time as majority of the people do not know about bitocin therefore it is not good to say that bitcoin can disappear banks.
It is really impossible if we are going to talk about this because the government is not going to allow this to happen and bitcoin does a very unstable price so they are not going to entrust the banking system in bitcoin and people needs bank even though bitcoin is going to give us good service and convenience upon using it. Very true, government wont let this thing to happen because fiat is one of the foundations of the economy of a certain country. No matter how bitcoin would be succesful in the future but still it wont have a chance against fiat and banks would still remain. |
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Tyrantt
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October 18, 2016, 06:31:16 AM |
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to me bitcoin cannot make banks disappear as in present time as majority of the people do not know about bitocin therefore it is not good to say that bitcoin can disappear banks.
It is really impossible if we are going to talk about this because the government is not going to allow this to happen and bitcoin does a very unstable price so they are not going to entrust the banking system in bitcoin and people needs bank even though bitcoin is going to give us good service and convenience upon using it. Very true, government wont let this thing to happen because fiat is one of the foundations of the economy of a certain country. No matter how bitcoin would be succesful in the future but still it wont have a chance against fiat and banks would still remain. As long as there is a big majority that uses banks, there will be banks. Bitcoin is too unstable with the price to be making any huge impact, that same unstable price is the main reason of some businesses not to implement it as a payment option. |
Need some spare btc for a new PC that can at least run Adobe Dreamweaver.
BTC - 19qm3kH4MZELkefEb55HCe4Y5jgRRLCQmn ♦♦♦ ETH - 0xd71ACd8781d66393eBfc3Acd65B224e97Ae1952D
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mirakal
Legendary
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October 18, 2016, 06:36:14 AM |
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to me bitcoin cannot make banks disappear as in present time as majority of the people do not know about bitocin therefore it is not good to say that bitcoin can disappear banks.
It is really impossible if we are going to talk about this because the government is not going to allow this to happen and bitcoin does a very unstable price so they are not going to entrust the banking system in bitcoin and people needs bank even though bitcoin is going to give us good service and convenience upon using it. Very true, government wont let this thing to happen because fiat is one of the foundations of the economy of a certain country. No matter how bitcoin would be succesful in the future but still it wont have a chance against fiat and banks would still remain. As long as there is a big majority that uses banks, there will be banks. Bitcoin is too unstable with the price to be making any huge impact, that same unstable price is the main reason of some businesses not to implement it as a payment option. In short it cannot replace bank as we are just using an alternative currency a not regulated one. Bank is the major entity that creates money and control the total money in the circulation and we are dependent with bank in every transaction we will do. |
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danherbias07
Legendary
 Online
Activity: 3122
Merit: 1119
Leading Crypto Sports Betting & Casino Platform
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October 18, 2016, 06:50:05 AM |
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to me bitcoin cannot make banks disappear as in present time as majority of the people do not know about bitocin therefore it is not good to say that bitcoin can disappear banks.
It is really impossible if we are going to talk about this because the government is not going to allow this to happen and bitcoin does a very unstable price so they are not going to entrust the banking system in bitcoin and people needs bank even though bitcoin is going to give us good service and convenience upon using it. Very true, government wont let this thing to happen because fiat is one of the foundations of the economy of a certain country. No matter how bitcoin would be succesful in the future but still it wont have a chance against fiat and banks would still remain. As long as there is a big majority that uses banks, there will be banks. Bitcoin is too unstable with the price to be making any huge impact, that same unstable price is the main reason of some businesses not to implement it as a payment option. In short it cannot replace bank as we are just using an alternative currency a not regulated one. Bank is the major entity that creates money and control the total money in the circulation and we are dependent with bank in every transaction we will do. Yeah dependent and will still go until many more years. I dont think we can change it easily. This story about changing the way banks moves will just make chaos to the financial industry. |
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romero121
Legendary
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Activity: 3164
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October 18, 2016, 07:17:51 AM |
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Making banks get disappear is really hard, because most of the people consider banking to be the primary means for financial administration. This needs to change, and for such a change our bitcoin needs to travel long years. Also most users consider bitcoin as a good investment rather than a currency which also needs to change to replace banks.
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