Can Bitcoin make Banks disappear?

[Finestream]

Right now there is no such thing the can challange the banks.  Their monopoly is just to strong.
Perhpas if some big wall street firms step in with bitcoin venture we can see this happeningMany people need some normal banks. Some people doesnt even know what Bitcoin is.
So how it is possible to make the banks disappear. First we must introduce Bitcoin to them and that it is maybe possible later in the future. Do you think so ?

I don’t think we are going to see any kind of open defiance against banks, they are too powerful and will try to crush any competition the only reason they cannot crush bitcoin is for its decentralized nature.

sometimes I think that banks do not have any hostility with bitcoin and they will also like accept bitcoin in their system but as it is not approved by the governments for their uses so they are unable to use it and that is why they want people to use only their own system for now until they adopt bitcoin.

Personally I see it from a very simple perspective, banks will not like any competition at all and since bitcoin is capable of covering a substantial part of their business I don't think they have any desire to embrace it.

Competition? Bitcoin is money, if they found a way to earn with bitcoin, they will do however the bitcoin marketcap is low and I think that big banks have more money than this. In the other side of the coin, they will just use the blockchain because bitcoin users don't like banks.

There's no competition for the two, bitcoin is just a currency that we can use specifically for online transaction, however bitcoin has no value at all without fiat, so we are just inferior with banks. I believe all users of bitcoins here knows about bank and most probably they also have deposits in banks.

If I ask an bitcoin enthusiast, would if be fine with you if you do not have fiat money and you spend your bitcoins online only?

[1714744100]

1714744100

[Fatanut]

-snip-

If I ask an bitcoin enthusiast, would if be fine with you if you do not have fiat money and you spend your bitcoins online only?

It would be foolish to just blindly accept your offer. Nobody will go such trouble just to prove it to you that he can do it without any prize. And I think your question can easily be solved by contacting someone you know in real life and making the guy buy things that you need. In return, you will pay him in bitcoins.

No matter how you put it, bitcoin is still a currency and it can easily be used to buy something in real life even without using fiat. People will always accept your offer (like buying groceries for you) as long as you pay them. So using only bitcoins to survive is possible.

[BitHodler]

How hard is it to understand for people that the only entity with the ability to change the financial system drastically is the government itself. Bitcoin won't make a dent into banks.

to me banks cannot make banks disappear, to me i think banks and bitcoins will work together and will try to promote one another. hope a time will come when banks will start adopting bitcoin,

Probably a typing mistake, but at least fix it.

And another thing, forget about banks promoting Bitcoin. Banks will never adopt something that goes against all their values. Just forget about it and focus on realistic targets.

bitcoin can make banks disapper but it wont because it does not here to  compete with banks it is aready an better version of it more sercurity more privacy and more freely ti manage money

Seriously, how can you get paid for such posts....

[Betwrong]

No bitcoin doesn't have that much strength to make banks disappear but bitcoin itself could get vanished someday because it's partially against government laws, like it doesn't have taxes and its decentralized. But one day banks could adopt digital money and use system like blockchain.

Also I think that the laws will adjust to the new reality, at least the laws in the democratic countries. It's a bit of a nonsense that such a thing as Bitcoin is outlawed in the "free world". But the banks will stay because people won't get rid quickly of something they get used to.

[sambaevida]

I believe that is it absolutely impossible that btc will destroy the bank system.
Beside its unpredictability, how could btc ever reach every country in the world? Think about the third world and remember: no internet no bitcoin.

[serjent05]

I believe that is it absolutely impossible that btc will destroy the bank system.
Beside its unpredictability, how could btc ever reach every country in the world? Think about the third world and remember: no internet no bitcoin.

this is what i am trying to say too.  for bitcoin to be accessed, people need internet, so automatically those who are i the remote are will not be able to use bitcoin.  Second,  even if bitcoin have replaced fiat money, there are several services of banks that cannot be replaced by bitcoin like storing important physical documents and many more.

[wxa7115]

Right now there is no such thing the can challange the banks.  Their monopoly is just to strong.
Perhpas if some big wall street firms step in with bitcoin venture we can see this happeningMany people need some normal banks. Some people doesnt even know what Bitcoin is.
So how it is possible to make the banks disappear. First we must introduce Bitcoin to them and that it is maybe possible later in the future. Do you think so ?

I don’t think we are going to see any kind of open defiance against banks, they are too powerful and will try to crush any competition the only reason they cannot crush bitcoin is for its decentralized nature.

sometimes I think that banks do not have any hostility with bitcoin and they will also like accept bitcoin in their system but as it is not approved by the governments for their uses so they are unable to use it and that is why they want people to use only their own system for now until they adopt bitcoin.

Personally I see it from a very simple perspective, banks will not like any competition at all and since bitcoin is capable of covering a substantial part of their business I don't think they have any desire to embrace it.

Competition? Bitcoin is money, if they found a way to earn with bitcoin, they will do however the bitcoin marketcap is low and I think that big banks have more money than this. In the other side of the coin, they will just use the blockchain because bitcoin users don't like banks.

Yeah competition, a bitcoin wallet performs the very same functions as a bank account, you can invest from there, hold your savings, send transactions all over the world, of course it’s competition.

[Tyrantt]

Right now there is no such thing the can challange the banks.  Their monopoly is just to strong.
Perhpas if some big wall street firms step in with bitcoin venture we can see this happeningMany people need some normal banks. Some people doesnt even know what Bitcoin is.
So how it is possible to make the banks disappear. First we must introduce Bitcoin to them and that it is maybe possible later in the future. Do you think so ?

I don’t think we are going to see any kind of open defiance against banks, they are too powerful and will try to crush any competition the only reason they cannot crush bitcoin is for its decentralized nature.

sometimes I think that banks do not have any hostility with bitcoin and they will also like accept bitcoin in their system but as it is not approved by the governments for their uses so they are unable to use it and that is why they want people to use only their own system for now until they adopt bitcoin.

Personally I see it from a very simple perspective, banks will not like any competition at all and since bitcoin is capable of covering a substantial part of their business I don't think they have any desire to embrace it.

Competition? Bitcoin is money, if they found a way to earn with bitcoin, they will do however the bitcoin marketcap is low and I think that big banks have more money than this. In the other side of the coin, they will just use the blockchain because bitcoin users don't like banks.

Yeah competition, a bitcoin wallet performs the very same functions as a bank account, you can invest from there, hold your savings, send transactions all over the world, of course it’s competition.

Maybe they'll offer a better deal? or maybe buy a portion of some mining firm? you can never know what will they do but they will find some way do make bitcoin work in their use.

[krishna1]

when everyone is forced to put their money into a bank then they will surely gonna switch to bitcoin because firstly they will try the other avalible options and secondly they are adicted to banks for a really long time so they will surely find bitcoin network exiting and free with it really is

[hua_hui]

when everyone is forced to put their money into a bank then they will surely gonna switch to bitcoin because firstly they will try the other avalible options and secondly they are adicted to banks for a really long time so they will surely find bitcoin network exiting and free with it really is

I dont understand what you mean. If we are force to put money into the bank, we will look at the different function of the bank and not somewhere else where we have no money to use. So i will end up using the bank debt card, ibank, atm etc.

[Maxsumi]

when everyone is forced to put their money into a bank then they will surely gonna switch to bitcoin because firstly they will try the other avalible options and secondly they are adicted to banks for a really long time so they will surely find bitcoin network exiting and free with it really is

I dont understand what you mean. If we are force to put money into the bank, we will look at the different function of the bank and not somewhere else where we have no money to use. So i will end up using the bank debt card, ibank, atm etc.

I also do not understand this at all but the fact is indeed if this happen we will have banks but the bitcoin will than disappear..

[Ocalebeth]

I believe that is it absolutely impossible that btc will destroy the bank system.
Beside its unpredictability, how could btc ever reach every country in the world? Think about the third world and remember: no internet no bitcoin.

I agree its not possible in my eyes due to the fact that the bank is way more powerful than the bitcoin itself on this moment.

[betohell]

I believe that is it absolutely impossible that btc will destroy the bank system.
Beside its unpredictability, how could btc ever reach every country in the world? Think about the third world and remember: no internet no bitcoin.

I think that it is also impossible, for fiat still rule the world, and of course the fiat will continue to live because it is assisted by the government, so it is impossible that the bitcoin could make bank disappear

[Doamader]

when everyone is forced to put their money into a bank then they will surely gonna switch to bitcoin because firstly they will try the other avalible options and secondly they are adicted to banks for a really long time so they will surely find bitcoin network exiting and free with it really is

No one is forced to deposit money at the banks, we do use them for saving purposes, as well to protect our money, that is something that we had adopted severals years ago, better then let the money at home and someone steal it. Now we do have bitcoin that can save our money as well, but has no power to replace banks.

[sempak]

when everyone is forced to put their money into a bank then they will surely gonna switch to bitcoin because firstly they will try the other avalible options and secondly they are adicted to banks for a really long time so they will surely find bitcoin network exiting and free with it really is

BANK network would not do it. but when bitcoin can provide better service, I believe users and communities in the world will slowly using bitcoin. bitcoin users will grow rapidly.

[stadus]

I believe that is it absolutely impossible that btc will destroy the bank system.
Beside its unpredictability, how could btc ever reach every country in the world? Think about the third world and remember: no internet no bitcoin.

I think that it is also impossible, for fiat still rule the world, and of course the fiat will continue to live because it is assisted by the government, so it is impossible that the bitcoin could make bank disappear

This is the reality that we can't change, fiat will still the most used type of currency and medium for different transactions. Even though there are online transactions or being paid by credit cards, still people will convert it to fiat and the banks are the ones who are responsible for doing that. So, bitcoin profits that needed to be sold and converted to cash, banks are needed for it so they will not be gone, they will remain.

That's true, we will not exist without banks, bitcoin is just a small part of a currency but it has not gain the trust of the majority, bank does. We have to be realistic and admit to ourselves that it will not happen that bitcoin will make Banks disappear. Instead we have to appreciate that bank and bitcoin gives us some comfort for our transaction having two options.

[Mr. Big]

when everyone is forced to put their money into a bank then they will surely gonna switch to bitcoin because firstly they will try the other avalible options and secondly they are adicted to banks for a really long time so they will surely find bitcoin network exiting and free with it really is

I don't get what you are pointing at...No one will force anyone to deposit their money to a bank, we are living in a free world and government is not forcing us to deposit our money to banks... Except if you mean that if everyone who deposit in the bank is exposing their money to the authority, well, there's nothing wrong with that, except if you are doing something illicit and not paying taxes and laundering your money... Bitcoin is a good option to store our money, but it will never replace banks functions...

[Pitchblackroom]

Well the thing is that a Bitcoin wallet could take over some parts of a bank but there are financial instruments that banks use that you are not able to do a trustworthy investment with Bitcoin.
Also you don't get interest on your accounts with Bitcoin also

[Conus]

I believe that is it absolutely impossible that btc will destroy the bank system.
Beside its unpredictability, how could btc ever reach every country in the world? Think about the third world and remember: no internet no bitcoin.

this is what i am trying to say too.  for bitcoin to be accessed, people need internet, so automatically those who are i the remote are will not be able to use bitcoin.  Second,  even if bitcoin have replaced fiat money, there are several services of banks that cannot be replaced by bitcoin like storing important physical documents and many more.

The question I would then ask is what is the point of the physical money?  There si no need for it as long as people can access the internet in some way to use the money.  There is no need to use physical money, sop lets just change to digital currency. 

[madwica]

Bank do not disappear even bitcoin would be more popular and the value was too high and also bank is the safe keeper of the money of people who are very trusted to put our money and also this is government business.