Can Bitcoin make Banks disappear?

[groll]

Banks would not disappear. Maybe the way banking works might become different, but even that is a remote possibility.

What you need to remember is that banking is big business. If bitcoin were to cause the banking industry problems, the banks would fight against bitcoin. And they would wage that war through government; By using legislation to keep bitcoin from causing problems to their industry. And government would happily play along.

Yes, i agree!banks would definitely would not dissapear as long as the fiat did not dissapear. It is impossible to loss bank. Banks have an important role in the world. Although the born of digital currency do not need bank, still the world needs bank to control fiat. The bank can manipulate fiat and fiat needs control. Maybe a few changes from bank may happen as the digital currency enters but not to the point that we will loss bank.

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[Fireblade]

Banks would not disappear. Maybe the way banking works might become different, but even that is a remote possibility.

What you need to remember is that banking is big business. If bitcoin were to cause the banking industry problems, the banks would fight against bitcoin. And they would wage that war through government; By using legislation to keep bitcoin from causing problems to their industry. And government would happily play along.

Yes, i agree!banks would definitely would not dissapear as long as the fiat did not dissapear. It is impossible to loss bank. Banks have an important role in the world. Although the born of digital currency do not need bank, still the world needs bank to control fiat. The bank can manipulate fiat and fiat needs control. Maybe a few changes from bank may happen as the digital currency enters but not to the point that we will loss bank.

as currently bitcoin is still not accepted by any country therefore banks are not ready to accept bitcoin ad for transaction or for saving. but as soon as the states will accept bitcoin as legal currency banks will also start accepting bitcoins. and i think they will create online wallets for it, therefore to me bitcoin is not going to disappear banks.

[1Referee]

as currently bitcoin is still not accepted by any country therefore banks are not ready to accept bitcoin ad for transaction or for saving.

Why do you even think the government of whatever country will ever make an attempt to adopt something decentral, while they are thriving on being the central point of everything? Doesn't really make sense IMO.

but as soon as the states will accept bitcoin as legal currency banks will also start accepting bitcoins.

This will never happen. You are making yourself happy with an unrealistic thought. This will only end up in a big disappointment for you if you don't put these thoughts/hopes aside.

and i think they will create online wallets for it, therefore to me bitcoin is not going to disappear banks.

Regardless of Bitcoin, banks will not vanish as this is exactly how the current system is set up. It's part of the game where you are relying on entities that take away your financial freedom, squeeze every penny out of your pockets through tax, make you end up in a world of debt, etc.

[wxa7115]

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.

yes i agree for your opinion , i am believe that bank always used .. because bitcoin  not yet function like bank

Why would you want Bitcoin to function as a regular bank? More important, what is Bitcoin according to you missing since you want it to be like a bank? You can send and receive money 24/7 instantly without the need of a middle man, you own everything in full, it's a great tool to avoid interferene from banks and governments. Only benefits. That's why I don't understand what you are missing. Or probably.... You are not getting any interest on your coins as it is, is that what you are looking for?

I have always though that bitcoin is a great invention but it can also bring fear to some people since now you are completely responsible for your own financial success, when your money is in the bank there are some things the bank offers that bitcoin does not, like interest rates or savings protection, for people used to those things leaping into bitcoin may seem like a risk and even worst since you are on your own.

[stadus]

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.

yes i agree for your opinion , i am believe that bank always used .. because bitcoin  not yet function like bank

Why would you want Bitcoin to function as a regular bank? More important, what is Bitcoin according to you missing since you want it to be like a bank? You can send and receive money 24/7 instantly without the need of a middle man, you own everything in full, it's a great tool to avoid interferene from banks and governments. Only benefits. That's why I don't understand what you are missing. Or probably.... You are not getting any interest on your coins as it is, is that what you are looking for?

I have always though that bitcoin is a great invention but it can also bring fear to some people since now you are completely responsible for your own financial success, when your money is in the bank there are some things the bank offers that bitcoin does not, like interest rates or savings protection, for people used to those things leaping into bitcoin may seem like a risk and even worst since you are on your own.

The interest you are talking is not really beneficial to us because the bank will use our funds to lend to their clients and we are just paid a little interest in return while they get the big amount. What they do is they also risk the money that they raise so why not just for us risk our own money in bitcoin, at least here we have great return.

[mirakal]

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.

yes i agree for your opinion , i am believe that bank always used .. because bitcoin  not yet function like bank

Why would you want Bitcoin to function as a regular bank? More important, what is Bitcoin according to you missing since you want it to be like a bank? You can send and receive money 24/7 instantly without the need of a middle man, you own everything in full, it's a great tool to avoid interferene from banks and governments. Only benefits. That's why I don't understand what you are missing. Or probably.... You are not getting any interest on your coins as it is, is that what you are looking for?

I have always though that bitcoin is a great invention but it can also bring fear to some people since now you are completely responsible for your own financial success, when your money is in the bank there are some things the bank offers that bitcoin does not, like interest rates or savings protection, for people used to those things leaping into bitcoin may seem like a risk and even worst since you are on your own.

The interest you are talking is not really beneficial to us because the bank will use our funds to lend to their clients and we are just paid a little interest in return while they get the big amount. What they do is they also risk the money that they raise so why not just for us risk our own money in bitcoin, at least here we have great return.

You deposit your money in the bank but don't bother for the interest because it's not really that big enough to consider as income. Deposit for safe keeping while invest in bitcoin to increase your income, it's easy as that but you need to take risk if you aim high enough.

[MarvelousAQL]

Bitcoin being an E-curreny can't make bank dissappear; for one thing, here in our country Botswana, we get alot of power cuts, relying on online currency is a really bad thing. Its best to know that you have something physical to use even if the whole world goes internet dark.

[saiha]

Bitcoin being an E-curreny can't make bank dissappear; for one thing, here in our country Botswana, we get alot of power cuts, relying on online currency is a really bad thing. Its best to know that you have something physical to use even if the whole world goes internet dark.

That's the risk of digital money if the world will experience some unexpected scenarios such as mass power interruption.

Then it cannot be a good substitute for banking system for they still have the best system when this kind of scenario happens.

Unlike with bitcoin, it needs power,internet and computer.

[BitHodler]

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.

yes i agree for your opinion , i am believe that bank always used .. because bitcoin  not yet function like bank

Why would you want Bitcoin to function as a regular bank? More important, what is Bitcoin according to you missing since you want it to be like a bank? You can send and receive money 24/7 instantly without the need of a middle man, you own everything in full, it's a great tool to avoid interferene from banks and governments. Only benefits. That's why I don't understand what you are missing. Or probably.... You are not getting any interest on your coins as it is, is that what you are looking for?

I do believe he is saying about some services that banks does provide, which we cant get with bitcoin, like long term loans, bitcoin cant do it, if we do those we know we are likely donating our coins. Besides those service, there are few to invest, that may bring good results, bitcoin for other side has huge potencial and someday may achieve the top position as investment as bank safety, i do use bitcoin as my banks for investements.

There are several ways to get a loan in Bitcoin. It's either that you can ask for a loan here on this forum (assuming you have solid collateral), or you sign up at a lending site which we currently have a few of.

Of course I am well aware of the problems that people are facing when looking into certain lending sites, but if you don't like what they offer, you can start your own lending service.

The lending subject was just an example. Everything you "can't" do with Bitcoin, can be done through various other ways where you don't need an entity naming itself a Bitcoin bank. It's an open market. Everything is available.

[Labumi]

Bitcoin being an E-curreny can't make bank dissappear; for one thing, here in our country Botswana, we get alot of power cuts, relying on online currency is a really bad thing. Its best to know that you have something physical to use even if the whole world goes internet dark.

That's the risk of digital money if the world will experience some unexpected scenarios such as mass power interruption.

Then it cannot be a good substitute for banking system for they still have the best system when this kind of scenario happens.

Unlike with bitcoin, it needs power,internet and computer.

The thought is very good friends. Indeed the banking is a system that will always live despite the bitcoin as financial rulers of this world or as the master of the economy. Because without the banking system all the things there are in the world is not going to go well and the maximum. And also without banking each country will certainly be difficult to count all the finance they get in and do a calculation of each Fund to be used

[Doamader]

Knowing that several companies does work with banks, the loans they get to invest into the company, no other source a company can grow easy since there are others competitors, but the thing is banks with their services, being savings and loans in the general are in plenty control of the economy, since several people does use those services always.

[ashiqdey]

100% impossible because bitcoin is not accepted by all countries and there are many country which are against bitcoin. and bitcoin is not the safest form of money because it has limit of 21 million so this would definitely cause crisis.

[Xenophoto]

100% impossible because bitcoin is not accepted by all countries and there are many country which are against bitcoin. and bitcoin is not the safest form of money because it has limit of 21 million so this would definitely cause crisis.

Anyone can actually use bitcoin in any country as long as there's an internet connection. I haven't heard someone getting arrested because he used bitcoin in this forum or maybe I just haven't done research about it. Bitcoin is just not banned at all. Government just say that it's an unregulated currency and I don't hear in the news government officials talking about bitcoins.

If bitcoin didn't have that limit in its quantity, then I'm sure that 1 bitcoin would cost much less than what it is right now. It's a good thing that there would only be 21 million of them after all of the coins is in regulation because that would create scarcity and scarcity creates value.

[Tyrantt]

100% impossible because bitcoin is not accepted by all countries and there are many country which are against bitcoin. and bitcoin is not the safest form of money because it has limit of 21 million so this would definitely cause crisis.

Not yet and probably NK wont accept it ever. Yes, but since the bitcoin has a limited number, there can't be an inflation.

[Shiroslullaby]

Bitcoin being an E-curreny can't make bank dissappear; for one thing, here in our country Botswana, we get alot of power cuts, relying on online currency is a really bad thing. Its best to know that you have something physical to use even if the whole world goes internet dark.

This is a very important point.
Even in areas with reliable power, having everything based on a digital currency is very dangerous.
In the future, cyber warfare will become a greater threat. If an enemy is able to cut off power or internet, you would need to have some form of physical currency.
For this reason you probably always need some form of fiat in paper or coin.

[ged00u]

Bitcoin being an E-curreny can't make bank dissappear; for one thing, here in our country Botswana, we get alot of power cuts, relying on online currency is a really bad thing. Its best to know that you have something physical to use even if the whole world goes internet dark.

Yeah I totally agree with you, the existence of bitcoin which is online currency doesn't have anything to do with the existence of banks. I mean bitcoin is a result of the development of the internet, which is something quite unstable, so how can it make fiat money, which plays a major role in our life to keep us living. So it's impossible for bitcoin to replace what has been irreplaceable.

[Mastsetad]

100% impossible because bitcoin is not accepted by all countries and there are many country which are against bitcoin. and bitcoin is not the safest form of money because it has limit of 21 million so this would definitely cause crisis.

Exactly, the reason why it does not seem possible for bitcoin to make banks disappear is the limitation of it, because bitcoin has a limited amount while if it is accepted by even one country it may don't be able to cover the economy of it, so what if more than one countries accept bitcoin? There would probably be problems in this, only if the amount of bitcoin can be increased then maybe it can do something like that.

[tabas]

Knowing that several companies does work with banks, the loans they get to invest into the company, no other source a company can grow easy since there are others competitors, but the thing is banks with their services, being savings and loans in the general are in plenty control of the economy, since several people does use those services always.

So if bitcoin will make banks disappear many of the companies will not agree on this. Because many do still have doubt feeling with bitcoin and especially those company who have been working with banking loans and other services they give. And the most affected for this disappearance will be the government of a country that allows bitcoin to disappear banks.

[carlerha]

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.

yes i agree for your opinion , i am believe that bank always used .. because bitcoin  not yet function like bank

Why would you want Bitcoin to function as a regular bank? More important, what is Bitcoin according to you missing since you want it to be like a bank? You can send and receive money 24/7 instantly without the need of a middle man, you own everything in full, it's a great tool to avoid interferene from banks and governments. Only benefits. That's why I don't understand what you are missing. Or probably.... You are not getting any interest on your coins as it is, is that what you are looking for?

I have always though that bitcoin is a great invention but it can also bring fear to some people since now you are completely responsible for your own financial success, when your money is in the bank there are some things the bank offers that bitcoin does not, like interest rates or savings protection, for people used to those things leaping into bitcoin may seem like a risk and even worst since you are on your own.

but banks cannot give you such a good profit in such a short period of time and if you want to get interested on your saving in banks you have to put your money for years and only then you can get a good interested while bitcoin is in your hand every time and you can use it any time day or night  having no restriction on use of bitcoin.

[mikehersh2]

Personally i dont think they can. There will always be people who prefer the tradition method of using a bank, there is a large portion of the population who do not trust technology yet.