Can Bitcoin make Banks disappear?

[MTBTT]

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

I think crypto also included so bitcoin currency has the possibility to be able to shift fiat currencies, I think if it happens it will eliminate bank

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[whizter]

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

yes i am also agree with you. i also think that bitcoin is not going to disappear banks, i also think that both will work together and a time will come when banks will accept bitcoin for depositing and withdrawal, and for os many other purposes.

[jangloos]

Bitcoin can not make banks disappear because it has not parallel system to replace all the things what banks are doing and services they are providing. Bitcoin has controlled a large portion of banking services mostly online related things already and that is sufficient to keep focus on. They will exist in working together atmosphere continuously.

[papa_snurf]

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.

Bitcoin makes some bank functions obsolete, but not all of them.

From the top of my head: bitcoin cannot do the following:
-lending & borrowing
-letter of credits
-chargebacks

[Raimonn]

Bitcoin could replace banks on storing your money, but for now it can make them disapear. But banks will need to improve its services because other fintech companies could replace them on lending, and other services.

[knightkon]

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.

Bitcoin makes some bank functions obsolete, but not all of them.

From the top of my head: bitcoin cannot do the following:
-lending & borrowing
-letter of credits
-chargebacks

I would have to disagree with you that you could not make those services disappear when it comes to bitcoin and a bank.  There are lenders out there for bitcoin which would cover the lending situation.  Letters of credit could be easy if you were storing your BTC in an interest bearing BTC account of sorts, and there is no need for charge backs  If you are doing a transaction, make sure you are not getting ripped before you do the transaction.  The lack of chargebacks is one of the great things about bitcoin.

[coinsocieties]

Bitcoin could replace banks on storing your money, but for now it can make them disapear. But banks will need to improve its services because other fintech companies could replace them on lending, and other services.

I do not want banks to improve their service, I would rather bitcoin take over for them, because they charge so many fees it is unreal.  Did you know their lending laws in the USA allow them to loan out 1,000% of what you have in savings with them.  So if you deposit 100k into the bank, they will give you 2% if you are lucky and they will be able to loan out 1 Million dollars that the government will back at the average interest rate of 11.3%.  So for the $3thousand you make, max, in interest per year, they make an average of 110k!!  Anyone else like banks to satay around?

[Selly Arumsari]

Banks will change or go under but they won't go away. They will always find some service to provide that someone else will want to buy.

ya , right i agree to you .. sophisticated and popular as any bitcoin , it has not been able to replace bank

[20kevin20]

Banks won't disappear unless we'd get past the governments seeking nothing but total control over us. We're using them because it's easier and maybe even a necessity, but if you think about banks throughoutly you'll find out you don't agree with banks either. They are like the evil disguised in angel.

[Zadicar]

Bitcoin could replace banks on storing your money, but for now it can make them disapear. But banks will need to improve its services because other fintech companies could replace them on lending, and other services.

I do not want banks to improve their service, I would rather bitcoin take over for them, because they charge so many fees it is unreal.  Did you know their lending laws in the USA allow them to loan out 1,000% of what you have in savings with them.  So if you deposit 100k into the bank, they will give you 2% if you are lucky and they will be able to loan out 1 Million dollars that the government will back at the average interest rate of 11.3%.  So for the $3thousand you make, max, in interest per year, they make an average of 110k!!  Anyone else like banks to satay around?

Well, all of  banks  not  only  on US do make   this  kind  of  business.  All  banks  do such thing and  we cant really do  anything about it  because  we do  use banks  on  storing  up  our fiat currency. You  like it  or  not  they  really do  benefit  from it and also,  no matter  how  bitcoin would fly its  wings  on the future. It  would not replace or make banks  disappear  because government  would not  let this things to happen.

[cryptothinker]

It's something unlikely to happen in this decade or the next. But at some point, when Bitcoin becomes mainstream, people will lessen dependence on banks.

[altcoinnxt]

This won't gonna happen because bitcoin and bank are not related to each other. Bitcoin server purpose of transaction without fees I mean less fees and bank charges heavy transaction fees but generally we use bank to store our money because it centralised and problem with decentralized is that if system get hacked then no one will come to give back my money.

[stomachgrowls]

It's something unlikely to happen in this decade or the next. But at some point, when Bitcoin becomes mainstream, people will lessen dependence on banks.

No one  really knows  on  what   would happen  on the  future. Technology is  upgrading fast   as we all know that  and   the  possibilities that  might  happen to bitcoin is there . Banks  would  be still there for sure  because  fiat  wont  die  so, banks   will not die  too.

[Aamir1]

It's something unlikely to happen in this decade or the next. But at some point, when Bitcoin becomes mainstream, people will lessen dependence on banks.

That is for sure going to happen if bitcoin reaches mainstream as many people already are stopping believing on banks and they are willing to have other ways of storing their money securely so if bitcoin reaches that place where people would believe it totally they would probably turn their faces towards it, but i'm afraid not everyone is going to do that.

[Blitzboy]

This won't gonna happen because bitcoin and bank are not related to each other. Bitcoin server purpose of transaction without fees I mean less fees and bank charges heavy transaction fees but generally we use bank to store our money because it centralised and problem with decentralized is that if system get hacked then no one will come to give back my money.

Yeah I have the same thought, banks and bitcoin are two different concept and bitcoin doesn't have anything to deal with bank's existence. And banks are under controlled by the government and they has become a major part in people's life so it's quite an impossible mission to make banks disappear.

[groll]

It's something unlikely to happen in this decade or the next. But at some point, when Bitcoin becomes mainstream, people will lessen dependence on banks.

No one  really knows  on  what   would happen  on the  future. Technology is  upgrading fast   as we all know that  and   the  possibilities that  might  happen to bitcoin is there . Banks  would  be still there for sure  because  fiat  wont  die  so, banks   will not die  too.

Yeah. Banks will continue if fiat will not die. And i think it will not happen since fiat is the main currency that is being used by the majority. There will gonna be some changes in the system of banking but i think banks wont disappear. For me bitcoin cannot make it disappear since bitcoin has its own system and standing in the community so as the banks.

[sabbirshm]

I don't think bank will go disappear because bank has it's own important. And many people don't trust bitcoin or don't true security of bitcoin.So, they feel safe to keep money in bank only.Again, Bank can support bitcoin & work together with crypto currency like bitcoin.This can bring more profit to bank.

[diegz]

I don't think bank will go disappear because bank has it's own important. And many people don't trust bitcoin or don't true security of bitcoin.So, they feel safe to keep money in bank only.Again, Bank can support bitcoin & work together with crypto currency like bitcoin.This can bring more profit to bank.

No doubt, banks will never disappear because of bitcoin, yeah you are right, the security is better in banks, aside from that your money there if stolen or robbed, it is insured, that means you don't have to worry much about your savings, unlike in bitcoin, if it was stolen, well you have nothing to do but cry and regret that you didn't make your bitcoin secure.

[The_prodigy]

off course can bitcoin not make banks disappear what will the world be like if there where no banks. Where do we all need to store our money i dont think it would verry save on earth on that moment.

I thought you are going to answer it YES because you agree with ofcourse then segway lol, anyways bitcoin can't really make banks disappeared even bitcoin will becoming more popular than bank, We are using banks since bitcoin not alive in that year and bank helps us to save and to earn money.

People have more faith in banks as they are using it since long time and there are many people who are not aware about bitcoins yet and even if they get aware they will continue to use banks and not bitcoins.

That's true more people are using banks than bitcoin so bitcoin will never make cash or bank disappear where we going to save our money in the future? We have big faith in banks where they sending our salary every month in business or anything else and bitcoin don't have banks too.

[LuanX3]

This won't gonna happen because bitcoin and bank are not related to each other. Bitcoin server purpose of transaction without fees I mean less fees and bank charges heavy transaction fees but generally we use bank to store our money because it centralised and problem with decentralized is that if system get hacked then no one will come to give back my money.

Yeah I have the same thought, banks and bitcoin are two different concept and bitcoin doesn't have anything to deal with bank's existence. And banks are under controlled by the government and they has become a major part in people's life so it's quite an impossible mission to make banks disappear.

                                             
                                                 
True, I think even if Fiat currency disappear and electronic currency or cryptocurrency ruled, banks will not disappear. Banks have a purpose in this world that is why they are still here. Banks pool money and lend it to people who need money. This makes the world go round. This is credit. The concept is to give people more wiggle room to transact.