Can Bitcoin make Banks disappear?

[LuanX3]

Well i think bitcoin and bank has it's purposes .
All i am witnessed about bitcoin has a simple methods than the bank.
Like a transactions you will see that bitcoin have an easy way of transaction.
So if  i may say in time to come bitcoin will trunket the banks.

Yes, they are both different and they serve different purposes anyway, so I don't think there is really any inconsistencies with both of them. They can co-exist no matter what. Maybe we just have to realize both their potentials and not really compare their flaws. It's just a matter of perspective to it.

[1715698017]

1715698017

[Dimelord]

No banks would exist whether bitcoin becomes popular or not.But user volume would get considerably reduced for banks.Already,banks have started to face revenue loss which they used to get from transactions due to bitcoins.Global digital bank WB21 has started to accept bitcoins.In future,other banks may also start accepting bitcoins to survive in the market.

[Rostadom]

I think the probability of this happening, Bitcoin can make banks disappear but it only accounts for a small percentage. This only happens when Bitcoin dominates the world currency, it is considered as an official currency worldwide and widely used without any restriction. But that has not happened yet, bitcoin is now growing, value is rising but it still has some limitations. Many people still do not know Bitcoin, they still need cash to use spend, daily transactions and banks are still needed for the people

But don't you think that making bitcoins an official currency worldwide would make banks become obsolete? Bitcoin is a much better technology than the fiat currency. It will be absurd to open up a bank account and then put bitcoins in it. Why trust an organization to keep your bitcoins safe if you can do it all alone? Doing so does not inspire confidence.

When bitcoin has dominated the world currency, then banks are already out of the scene since no one will be using it. Bitcoin is about individuality. People will be holding their money by their own. They are not going to be needing any external help from the banks when the banks are just going to do the exact same thing as we are going to do. Make a cold storage of the wallet, never save an electronic copy of the private keys, etc.

[dearbesz1219]

We all know that banks and bitcoin are both different, Because according to what I read on this thread I just don't exactly where or what section that I read it, explaining that bitcoin is unregulated industry while Bank is a type of regulated industry where any government has a capability to control any banks except in Bitcoin, due to it can't be control, because of decentralization it has.

[Jewell]

I think the probability of this happening, Bitcoin can make banks disappear but it only accounts for a small percentage. This only happens when Bitcoin dominates the world currency, it is considered as an official currency worldwide and widely used without any restriction. But that has not happened yet, bitcoin is now growing, value is rising but it still has some limitations. Many people still do not know Bitcoin, they still need cash to use spend, daily transactions and banks are still needed for the people

But don't you think that making bitcoins an official currency worldwide would make banks become obsolete? Bitcoin is a much better technology than the fiat currency. It will be absurd to open up a bank account and then put bitcoins in it. Why trust an organization to keep your bitcoins safe if you can do it all alone? Doing so does not inspire confidence.

When bitcoin has dominated the world currency, then banks are already out of the scene since no one will be using it. Bitcoin is about individuality. People will be holding their money by their own. They are not going to be needing any external help from the banks when the banks are just going to do the exact same thing as we are going to do. Make a cold storage of the wallet, never save an electronic copy of the private keys, etc.

but to me i think the banks are waiting for the government approval and decision, if the government will consider bitcoin as legal currency then banks will also start accepting bitcoin for depositing and withdrawal and transaction purposes.

[Przemax]

In my opinion bitcoin can help banks to disappear, simply by being an alternative. Although a bitcoin cannot make anything. Its just a tool. Its the people that makes the decisions.

If people will be so pissed at the idea of the banks, what can happen after some huge financial crisis then having an alternative can hasten the demise of the banks.

[deppil]

No banks would exist whether bitcoin becomes popular or not.But user volume would get considerably reduced for banks.Already,banks have started to face revenue loss which they used to get from transactions due to bitcoins.Global digital bank WB21 has started to accept bitcoins.In future,other banks may also start accepting bitcoins to survive in the market.

maybe the government will do it to survive, yeah nothing can stem the rapid development of bitcoin. users will start using bitcoin bank and it will happen in the next few years

[madwica]

No banks would exist whether bitcoin becomes popular or not.But user volume would get considerably reduced for banks.Already,banks have started to face revenue loss which they used to get from transactions due to bitcoins.Global digital bank WB21 has started to accept bitcoins.In future,other banks may also start accepting bitcoins to survive in the market.

maybe the government will do it to survive, yeah nothing can stem the rapid development of bitcoin. users will start using bitcoin bank and it will happen in the next few years

Bank still will remain even bitcoin will start building up bitcoin bank in different countries. I think bitcoin would be other option for other people to out our money which is better for us.
And bitcoin bank will take more decades to start up i think government need to learn more in this currency before they approve or adopt bitcoin.

[HongKong]

Bitcoin is not that powerful yet that it can make banks disappear which are the biggest financial institutions we have and also banks holds support from the Government so Government will never allow bitcoin to replace the banking system.

It is not powerful then it can make the banks disappear? What are you trying to say? Let's say that bitcoin is not that powerful so it won't make the banks disappear. The government of a country is not going to agree if ever there's a threat of making the banks disappearing, because it is a very important body of a country.

That's correct Government will never support bitcoins as it can be threat to their national currency and no Government will be interested in seeing that any digital currency replacing its major currency and if that happens then Government will loose all their control from the money.

Don't say that government will "never" support bitcoin, there will be some exceptions that there would be time that they are going to support. But when it comes to threat of the whole nation, they are not going to show mercy on bitcoin. And I really can't see a chance that bitcoin will ever have the chance to replace banks in the circulation.

The Government might not accept Bitcoin as the only payment inside their Bank because the whole Bitcoin thing is kind of new to them. Since Bitcoin is doing many updating and bug-fixing from the users and the developers within Bitcointalk and other places, there should be a few Banks trying to have it added into their payment system to help it flow along with the regular Fiat within their Company. If there was Banks that only accepted Bitcoin they would really have to rely on the citizens of the world in order to survive.

[batang_bitcoin]

Bitcoin is not that powerful yet that it can make banks disappear which are the biggest financial institutions we have and also banks holds support from the Government so Government will never allow bitcoin to replace the banking system.

It is not powerful then it can make the banks disappear? What are you trying to say? Let's say that bitcoin is not that powerful so it won't make the banks disappear. The government of a country is not going to agree if ever there's a threat of making the banks disappearing, because it is a very important body of a country.

That's correct Government will never support bitcoins as it can be threat to their national currency and no Government will be interested in seeing that any digital currency replacing its major currency and if that happens then Government will loose all their control from the money.

Don't say that government will "never" support bitcoin, there will be some exceptions that there would be time that they are going to support. But when it comes to threat of the whole nation, they are not going to show mercy on bitcoin. And I really can't see a chance that bitcoin will ever have the chance to replace banks in the circulation.

The Government might not accept Bitcoin as the only payment inside their Bank because the whole Bitcoin thing is kind of new to them. Since Bitcoin is doing many updating and bug-fixing from the users and the developers within Bitcointalk and other places, there should be a few Banks trying to have it added into their payment system to help it flow along with the regular Fiat within their Company. If there was Banks that only accepted Bitcoin they would really have to rely on the citizens of the world in order to survive.

If I'm not mistaken there is a country and it's central bank is thinking or I don't have an update if they are actually accepting bitcoin for their banking service or payment. They might consider bitcoin as another payment method for those people that demands for it but remember that they aren't going to focus on it.

[NEWGOODOUBLE]

I have to say it is quite possible, if the bitcoin on legal by the government then the bank transaction will drop, everyone will switch to bitcoin because proven better than other payment systems including banks.

I know bitcoin have the possibility to make disappear the bank but the bank in favor by the government and the one thing that the government knows that bitcoin has that potential and certainly the government would never legalize bitcoin

[mornabo]

No banks would exist whether bitcoin becomes popular or not.But user volume would get considerably reduced for banks.Already,banks have started to face revenue loss which they used to get from transactions due to bitcoins.Global digital bank WB21 has started to accept bitcoins.In future,other banks may also start accepting bitcoins to survive in the market.

What if the government banned its own bitcoin, bitcoin development would be disrupted and may be many people who will not accept bitcoin as the prohibition of government?

[Yaupgitda]

No banks would exist whether bitcoin becomes popular or not.But user volume would get considerably reduced for banks.Already,banks have started to face revenue loss which they used to get from transactions due to bitcoins.Global digital bank WB21 has started to accept bitcoins.In future,other banks may also start accepting bitcoins to survive in the market.

What if the government banned its own bitcoin, bitcoin development would be disrupted and may be many people who will not accept bitcoin as the prohibition of government?

It is not easy to ban the actual use.

[vasrasus]

No banks would exist whether bitcoin becomes popular or not.But user volume would get considerably reduced for banks.Already,banks have started to face revenue loss which they used to get from transactions due to bitcoins.Global digital bank WB21 has started to accept bitcoins.In future,other banks may also start accepting bitcoins to survive in the market.

What if the government banned its own bitcoin, bitcoin development would be disrupted and may be many people who will not accept bitcoin as the prohibition of government?

It is not easy to ban the actual use.

and its not easy too to change what people been used in doing for a long time, there might have small changes or adaption to acquires but in the end they will still go on the things that does not require more technical process, they might always consider having banks for they trusted it for long that studying the system of bitcoin, we bitcoin users may be contented on btw can offer now that using built banks for we already knew the process ,so if not all were in use in bitcoin ,real banks will not disappear.

[Omega Weapon]

Cannot, the bank is the official institution that full supported by the Government's, all done through the bank such as economic policy. bitcoin can't possibly eliminate and make the bank disappear even though used en masse.

Correct and also the goal of bitcoin is not to make banks disappear, the goal of bitcoin is to allows to have an alternative to the banking system and that is something we can do already, although with some difficulties but as time passes it will become easier.

[Sarah08]

Absolutely no for me impossible to happened even bitcoin was so successful and we know that it is very cool to really have a bitcoin or maybe have a bitcoin wallet it is more cooler that a bank or else but many country dont accept bitcoins or it's currency maybe they know the risk of this government are aware of this can be use illegally . And we all know bank are connected to the government and that where money and exchange rate are being control.

[sobsitesearch]

Cannot, the bank is the official institution that full supported by the Government's, all done through the bank such as economic policy. bitcoin can't possibly eliminate and make the bank disappear even though used en masse.

Correct and also the goal of bitcoin is not to make banks disappear, the goal of bitcoin is to allows to have an alternative to the banking system and that is something we can do already, although with some difficulties but as time passes it will become easier.

But this time more users will makes bitcoin as their primary investment than banks, because we can see the opportunity to get much better income by putting money in bitcoin due to faster increase of value unlike in the bank you money will increase too slow because of lower interest of your savings.

[the rise]

Banks are making profit on bitcoin exchange in my country. I don't think it will dissapear, but the business model could be different after many years.

It's true, as all BTC we will turn into a fiat in exchange to the bank, but I'm more skeptical about this, because the exchange system looks so perfect and flawless, I think bitcoin will make their own bank, or forcing conventional banks to adopt licensing artificial them in the future. It looks nothing like a threat, but it will shake the world economy massively.

[mharz]

Banks are making profit on bitcoin exchange in my country. I don't think it will dissapear, but the business model could be different after many years.

It's true, as all BTC we will turn into a fiat in exchange to the bank, but I'm more skeptical about this, because the exchange system looks so perfect and flawless, I think bitcoin will make their own bank, or forcing conventional banks to adopt licensing artificial them in the future. It looks nothing like a threat, but it will shake the world economy massively.

I agree with that, maybe bitcoins can make their own bank. But I was not convince that Banks were disappear in the market place. Because first of all even without bitcoins they had already banks. Also many company were trusted to banks due to they gained interest in the banks. compared to bitcoin that the currency were fluctuating no stable amount.

[Vixmore]

Banks are making profit on bitcoin exchange in my country. I don't think it will dissapear, but the business model could be different after many years.

It's true, as all BTC we will turn into a fiat in exchange to the bank, but I'm more skeptical about this, because the exchange system looks so perfect and flawless, I think bitcoin will make their own bank, or forcing conventional banks to adopt licensing artificial them in the future. It looks nothing like a threat, but it will shake the world economy massively.

I agree with that, maybe bitcoins can make their own bank. But I was not convince that Banks were disappear in the market place. Because first of all even without bitcoins they had already banks. Also many company were trusted to banks due to they gained interest in the banks. compared to bitcoin that the currency were fluctuating no stable amount.

I definitely disagree, Bitcoin cannot make its own bank. The point of Bitcoin is to eliminate banks. We can already be our own banks with Bitcoin wallets.