Can Bitcoin make Banks disappear?

[saiha]

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...

Base on my own understanding, he is telling that if the bank will forced the people to deposit their money to the banks.

Then we or those people who are not like this type of system will also be forced to switch into bitcoins. And we are going to look for some other options so that we can avoid the banks disclosure to us.

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[mirakal]

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.

Banks will be more progressive I guess if the bitcoin will be more popular because people will still use bank to buy and to sell their bitcoins. It will increase on the transaction of the bank as we primarily rely on the bank or in fiat. They will have a good volume while we will have a good adoption rate.

[deadpoolx]

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

Well, Bitcoin and banks both have obvious differences and offer different possibilities for customers, but they are competitors with regard to providing users an alternative to store value. And Bitcoin, being decentralized, provides a possibility that gives more control to the users. I do not think one will make the other disappear, anyway, at least not very soon.

[carlfebz2]

Theres no chance for a digital currency  in placing a   fiat currency. We all know  that  fiat  is  being  used  by all people  all  over the world and  it already  established  its  name and  its uses  worldwide  and  for bitcoin  no matter  how  it flies  , it cant still  place  fiat currency , so this means  banks  would be  still there because  fiat  do store  on banks.

[Blitzboy]

Theres no chance for a digital currency  in placing a   fiat currency. We all know  that  fiat  is  being  used  by all people  all  over the world and  it already  established  its  name and  its uses  worldwide  and  for bitcoin  no matter  how  it flies  , it cant still  place  fiat currency , so this means  banks  would be  still there because  fiat  do store  on banks.

I agree with you, bitcoin and bank is two totally different concept, bitcoin's existence doesn't have anything to deal with banks and the fact that no matter how high bitcoin can grow or how low it can get, banks aren't affected by any of them. Therefore, bitcoin certainly can't replace banks, not to mention make them disappear.

[gtraah]

Theres no chance for a digital currency  in placing a   fiat currency. We all know  that  fiat  is  being  used  by all people  all  over the world and  it already  established  its  name and  its uses  worldwide  and  for bitcoin  no matter  how  it flies  , it cant still  place  fiat currency , so this means  banks  would be  still there because  fiat  do store  on banks.

Neither fiat currency nor banks are going anywhere as majority of the population across the globe are dependent on it and using it since its inception and in that scenario its really hard to believe that it will get replaced with bitcoins as at this stage there are very few people who are aware about bitcoins.

[bitcoinsforall]

Both the crypto and fiat are different from each other and so will not make much difference but can be helpful to each other  in some ways

[izlevinv]

Both the crypto and fiat are different from each other and so will not make much difference but can be helpful to each other  in some ways

Fiat is basically used for offline transactions and we need fiat for our day to day expenses, so even if we hold huge amount of bitcoins we need to convert them to fiat or transfer it to our bank accounts and till this situation continues I don't think that banks can ever disappear and bitcoin will always be dependent on banks and fiat currency.

[wxa7115]

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

Right now we are not forced to put our money in any bank, depending on where you live you can avoid them if you like and second while bitcoin is without a doubt better than any bank we are not anywhere the level of adoption needed for the average person to move to the bitcoin network.

[LilibethSantos]

If Bitcoin really becomes the defacto currency, banks will only adopt them and remain rich. Business is business to them.

[stadus]

If Bitcoin really becomes the defacto currency, banks will only adopt them and remain rich. Business is business to them.

Banks do business but they still comply with the basic laws of the government, they are a business of trust and they want everything to be transparent. Bitcoin is under their watch list as we can transact here without giving enough information and we can do illegal activities, with banks they will not allow that.

[millgates]

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?

I do Not think that bitcoin can make bank dissapear, people may more like decentralization than centralization. But country still need bank, bank is foundation of world economy. Bitcoin and bank is still needed.

[delliaerd]

If Bitcoin really becomes the defacto currency, banks will only adopt them and remain rich. Business is business to them.

Banks do business but they still comply with the basic laws of the government, they are a business of trust and they want everything to be transparent. Bitcoin is under their watch list as we can transact here without giving enough information and we can do illegal activities, with banks they will not allow that.

Yes, even If bitcoin is the same worth as gold, bitcoin will not make bank dissapear, I am really Sure, so many reach people and goverment will support bank. anyway I do not problem with bitcoin and bank existance , becouse I need both of them. I need Bitcoin as currency and investment, I also need bank to save most of my money, becouse bank give me guarantee of my money security. bitcoin Give me chance to make an investment and good experience to use digital money.

[mirakal]

If Bitcoin really becomes the defacto currency, banks will only adopt them and remain rich. Business is business to them.

Banks do business but they still comply with the basic laws of the government, they are a business of trust and they want everything to be transparent. Bitcoin is under their watch list as we can transact here without giving enough information and we can do illegal activities, with banks they will not allow that.

Yes, even If bitcoin is the same worth as gold, bitcoin will not make bank dissapear, I am really Sure, so many reach people and goverment will support bank. anyway I do not problem with bitcoin and bank existance , becouse I need both of them. I need Bitcoin as currency and investment, I also need bank to save most of my money, becouse bank give me guarantee of my money security. bitcoin Give me chance to make an investment and good experience to use digital money.

People have no choice but to support bank because bank makes the money we are using. Using the money alone is already called we are supporting bank and for now since bitcoin is still young, we need to use bank no matter what. Almost all our transaction requires bank when it comes to bigger amount.

[wxa7115]

If Bitcoin really becomes the defacto currency, banks will only adopt them and remain rich. Business is business to them.

Banks do business but they still comply with the basic laws of the government, they are a business of trust and they want everything to be transparent. Bitcoin is under their watch list as we can transact here without giving enough information and we can do illegal activities, with banks they will not allow that.

Banks are very amoral, if it was not for the laws of the governments of the world I'm sure they will not care at all where your earnings come from as long as they were getting business out of it.

[MONKEYJUNK]

If Bitcoin really becomes the defacto currency, banks will only adopt them and remain rich. Business is business to them.

Banks do business but they still comply with the basic laws of the government, they are a business of trust and they want everything to be transparent. Bitcoin is under their watch list as we can transact here without giving enough information and we can do illegal activities, with banks they will not allow that.

Banks are very amoral, if it was not for the laws of the governments of the world I'm sure they will not care at all where your earnings come from as long as they were getting business out of it.

That's not the job of the bank do this but it's the job from government however the banks always will provide all infos about accounts/money/transactions to the government if it's required. However banks earn a lot of money from poor people and lend this money to "rich" people.

[hajimasan]

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?

In my opinion bank can never be disappear . Atleast in 40-50 year bank can never be disappear , because the main reason behind this phrase is that a big part of the population of the world is uneducated and this will take much time to became aware about this and use online payment .

[arransiv]

If Bitcoin really becomes the defacto currency, banks will only adopt them and remain rich. Business is business to them.

Banks do business but they still comply with the basic laws of the government, they are a business of trust and they want everything to be transparent. Bitcoin is under their watch list as we can transact here without giving enough information and we can do illegal activities, with banks they will not allow that.

Banks are very amoral, if it was not for the laws of the governments of the world I'm sure they will not care at all where your earnings come from as long as they were getting business out of it.

That's not the job of the bank do this but it's the job from government however the banks always will provide all infos about accounts/money/transactions to the government if it's required. However banks earn a lot of money from poor people and lend this money to "rich" people.

Banks are good in handling your money and different financing services so even they are not covered by the government law. Still they are business and business tend to give good customer service and satisfactory to their customers. And that's the reality of the banks they are using saved money for lending to businessmen. That's why bitcoin won't possibly make the disapperance of banks.

Is good in handling your money?

Do you know that if every person go to withdraw their money, the banks will have money to pay just a very small % of the people?

This is a big scheme that government agreed, something sick and that's why banks are unsafe, wait untill the next big economy crash.

[marleybobthedog]

Will in addition to banks paying interest if you save money not more b but at least they pay. banks also provide more protection to its customers, if you're fooled by a merchant. you can report the bank and they will freeze fraudsters wallet and your money will be refund in you bank that's cool but in bitcoin world situation is something else. All bitcoin services comes to loot money not to profit you.

[Barbut]

Will in addition to banks paying interest if you save money not more b but at least they pay. banks also provide more protection to its customers, if you're fooled by a merchant. you can report the bank and they will freeze fraudsters wallet and your money will be refund in you bank that's cool but in bitcoin world situation is something else. All bitcoin services comes to loot money not to profit you.

You are right about that, banks offer some better protection and if case of scam they can do something. Only its not like that in reality, scammers don`t have bank accounts, they in most cases don`t have nothing on their name, they know for all the tricks. Maybe with cold wallet and safe place of your own choice you can protect your money better then the bank.
It`s not true that bitcoin services are scams, there is good ones, and if people have a little brain they will come here and inform about some service before they give money. That is right thing to do, and you should do it and you will not be scammed.