Can Bitcoin make Banks disappear?

[bhadz]

Some places maybe

In what particular place you think? Well, i think thats imposible. Banks has an important role on national currency, even if all country will switch to digital currency, banks will never dissapear. Money needs control, and only bank can do that. And many people defends on bank, saving on bank or the old tradition of saving money on bank will never fade even digital currency will introduce to all.

I don't even think that bitcoin will replaced the banks for it is a very important establishment world wide. A country without bank will experience most of the time inflation and if they will allow this to happen. How the government can regulate bitcoin if it is only limited and decentralize. For sure they will just making another problem to their economy.

[1714716690]

1714716690

[Searing]

No. 

But the IRS can try to call you a bank and make you comply like one. ie Coinbase.

https://www.google.com/amp/s/mercury.postlight.com/amp%3Furl%3Dhttps://fee.org/articles/the-irs-just-declared-war-on-bitcoin-privacy/?client=safari

[RoomBot]

I'm afraid that Bitcoin is making Banks APPEAR -- in the form of the IRS  

Apparently the IRS wants to ID me and every other CoinBase User since 2013.

https://www.owler.com/reports/coinbase/the-irs-wants-to-id-every-us-coinbase-user-from-20/1479503880150?utm_campaign=ep&utm_source=snapshot&utm_medium=articlelink&source=snapshot_events_page

[springgers]

I'm afraid that Bitcoin is making Banks APPEAR -- in the form of the IRS  

Apparently the IRS wants to ID me and every other CoinBase User since 2013.

https://www.owler.com/reports/coinbase/the-irs-wants-to-id-every-us-coinbase-user-from-20/1479503880150?utm_campaign=ep&utm_source=snapshot&utm_medium=articlelink&source=snapshot_events_page

For sure banks will find a way to profit with Bitcoin, they aren't fool and that's why they have all this power. Let's wait for this bomb arrives.

If they can't destroy the blockchain, they will tax, ban exchanges, and things like that, nothing new.

[mirakal]

I'm afraid that Bitcoin is making Banks APPEAR -- in the form of the IRS  

Apparently the IRS wants to ID me and every other CoinBase User since 2013.

https://www.owler.com/reports/coinbase/the-irs-wants-to-id-every-us-coinbase-user-from-20/1479503880150?utm_campaign=ep&utm_source=snapshot&utm_medium=articlelink&source=snapshot_events_page

For sure banks will find a way to profit with Bitcoin, they aren't fool and that's why they have all this power. Let's wait for this bomb arrives.

If they can't destroy the blockchain, they will tax, ban exchanges, and things like that, nothing new.

They will but the only hindrance to their success is their nature, bank are centralize while bitcoin is decentralized. That reality cannot be change, they can have their system but they cannot gain the trust of the people who chooses to have their way to achieve freedom.

[RoomBot]

So Bitcoin can make banks' facade of integrity disappear!  Now the People have a choice.

Bitcoin can make banks' monopoly disappear.

[Naughtid]

So Bitcoin can make banks' facade of integrity disappear!  Now the People have a choice.

Bitcoin can make banks' monopoly disappear.

That is right. But the banks can also adopt the bitcoin and people still have a choice to use the bank or not.

[goinmerry]

So Bitcoin can make banks' facade of integrity disappear!  Now the People have a choice.

Bitcoin can make banks' monopoly disappear.

I think that is the real purpose. To give people an option. We know banks just made their foundation because they started way back and people dont really have a choice specially when looking for some place or to whom they will borrow some money. Now there is one more other way and also they could invest in it which gives them the position of a manager also.

[olubams]

I dont see how Bitcoin will make Bank disappear because the banking industry has been evolving for centuries to be deeply rooted among us with lots of development, regulations, controls etc. and even still developing the highest I see happening is collaboration for the system behind Bitcoin to be adopted in the banking sector aside that I dont see any disappearance of Banks as a result of Bitcoin...

[pereira4]

People constantly complain about losing bitcoins in accidents like losing passwords, losing hard disks and what not, because let's face it, most people can't take care of their own money, they depend on others and can't face the responsibility of managing your own money, so I think banks will always exist, even if banks are dealing with bitcoin.

[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.

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 are correct in the sense that if we invest ourselves our money we could gain more money but you must understand many people don't want that kind of responsibility and want to forget about it, which is a mistake, but hey its their money.

[TheGreatPython]

Some places maybe

In what particular place you think? Well, i think thats imposible. Banks has an important role on national currency, even if all country will switch to digital currency, banks will never dissapear. Money needs control, and only bank can do that. And many people defends on bank, saving on bank or the old tradition of saving money on bank will never fade even digital currency will introduce to all.

I don't even think that bitcoin will replaced the banks for it is a very important establishment world wide. A country without bank will experience most of the time inflation and if they will allow this to happen. How the government can regulate bitcoin if it is only limited and decentralize. For sure they will just making another problem to their economy.

But I think bitcoin can replace banks, if all the people of the word start using bitcoin, if you provide the facilities in all over the world to use bitcoin as fiat currency, then it is really possible as bitcoin is more convenience that fiat currency and specially for those who are using it for online services.

[Doamader]

Well if coinbase does provide all details to USA, this will end up with people removing their accounts and bitcoin from there, we love bitcoin because we are hidden unders adress, and not able to trace us, otherwise we would had some problems with whales. Its insane banks trying to take control over bitcoin, or blockchain this will make us hate banks instead use their services. Bitcoin cant replace banks, but looks like banks are scared about what bitcoins is doing and what can do in the future.

[BitSat]

I don't this this can happen as banks have their own value and they are doing too many services in many countries for peoples and bitcoin cannot provide this service to every one its just a digital payment system and banks have no problem with this

[1Referee]

Well if coinbase does provide all details to USA, this will end up with people removing their accounts and bitcoin from there, we love bitcoin because we are hidden unders adress, and not able to trace us, otherwise we would had some problems with whales.

You shouldn't only point your focus at Coinbase for doing so. Every legal exchange will hand over your details to the government if they demand it. Exchanges can't do anything other than doing what the government is forcing them to do. They will kindly supply the government will all the information they are asking for. Think about trading logs, coin deposit and withdrawal logs, IP's from where you have been using your account, fiat deposits and cashouts, etc. The government will make a calculation of what they think you owe them in unpaid tax, and send you the bill afterwards.

Its insane banks trying to take control over bitcoin, or blockchain this will make us hate banks instead use their services. Bitcoin cant replace banks, but looks like banks are scared about what bitcoins is doing and what can do in the future.

Of course they don't like Bitcoin. It's a potential threat to their way of doing business, how they control people's money, how they gamble with it on financial markets and make billions in profit, etc. Bitcoin gives the power and financial freedom back to the people. Governments and banks don't like that idea. They want you to be stuck in their system for ever.

[diegz]

I don't this this can happen as banks have their own value and they are doing too many services in many countries for peoples and bitcoin cannot provide this service to every one its just a digital payment system and banks have no problem with this

Banks has many function in the community, even bitcoin users benefit from its existence. Now, if there is no way that government is going to make it legal and stay as it is now, well, bank is very much useful to us bitcoin user. Day to day transactions when it comes to finance pass thru banks, and bitcoin cannot do that and probably won't in the coming years.

[Ziskinberg]

I don't this this can happen as banks have their own value and they are doing too many services in many countries for peoples and bitcoin cannot provide this service to every one its just a digital payment system and banks have no problem with this

Banks has many function in the community, even bitcoin users benefit from its existence. Now, if there is no way that government is going to make it legal and stay as it is now, well, bank is very much useful to us bitcoin user. Day to day transactions when it comes to finance pass thru banks, and bitcoin cannot do that and probably won't in the coming years.

Definitely true, therefore we cannot afford to lose bank in this word, fiat is created by the bank the we are using it everyday, we are lucky to have bitcoin  but it should not reach into the level that we should replace bank in the future.

[bhadz]

Some places maybe

In what particular place you think? Well, i think thats imposible. Banks has an important role on national currency, even if all country will switch to digital currency, banks will never dissapear. Money needs control, and only bank can do that. And many people defends on bank, saving on bank or the old tradition of saving money on bank will never fade even digital currency will introduce to all.

I don't even think that bitcoin will replaced the banks for it is a very important establishment world wide. A country without bank will experience most of the time inflation and if they will allow this to happen. How the government can regulate bitcoin if it is only limited and decentralize. For sure they will just making another problem to their economy.

But I think bitcoin can replace banks, if all the people of the word start using bitcoin, if you provide the facilities in all over the world to use bitcoin as fiat currency, then it is really possible as bitcoin is more convenience that fiat currency and specially for those who are using it for online services.

Even though, still the government is the one to decide if they will allow to make replacement of banks. And who do you think will be able to manage the banking sector? Bitcoins? No, bitcoin is decentralized and it cannot even be manage by an individual or itself won't be able to control the sector of banking industry.

[danherbias07]

I don't this this can happen as banks have their own value and they are doing too many services in many countries for peoples and bitcoin cannot provide this service to every one its just a digital payment system and banks have no problem with this

Banks has many function in the community, even bitcoin users benefit from its existence. Now, if there is no way that government is going to make it legal and stay as it is now, well, bank is very much useful to us bitcoin user. Day to day transactions when it comes to finance pass thru banks, and bitcoin cannot do that and probably won't in the coming years.

Definitely true, therefore we cannot afford to lose bank in this word, fiat is created by the bank the we are using it everyday, we are lucky to have bitcoin  but it should not reach into the level that we should replace bank in the future.

A good conclusion. It is not the bank that should be deleted but the way it is being handled. It is robbing a lot of money by loans and credit cards. Bitcoin is a good proof of it. I dont use banks but I hear a lot of stories into how they are putting percentage on credit cards and loans. This should be stopped and I think bitcoin is one of the best option to change it.

[hanksBTC]

Never! banks will be there as long as governments are there. both go together.