Can Bitcoin make Banks disappear?

[SamsungBitcoin]

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.

Point of bitcoin is to eliminate banks? i do not think so, bank for fiat is still standing even bitcoin would be more popular in the future, real bank is much secured that online bank like bitcoin. Your money in bitcoin has a big risk or loosing it because you only hold is your security pin and not all the system.

[1715650027]

1715650027

[1715650027]

1715650027

[1715650027]

1715650027

[Naughtid]

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.

Point of bitcoin is to eliminate banks? i do not think so, bank for fiat is still standing even bitcoin would be more popular in the future, real bank is much secured that online bank like bitcoin. Your money in bitcoin has a big risk or loosing it because you only hold is your security pin and not all the system.

Banks can also provide service based on bitcoin. In fact that will make them more profit as the cost is lower.

[doomloop]

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.

you are right that bitcoin can make their own banks but cannot disappear the fiat banks because the popularity of bitcoin is not as much as fiat, many people in any area or country only aware about fiat, they don't have any knowledge about bitcoin, so if the Banks disappear then what will do that people.

[DoublerHunter]

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.

you are right that bitcoin can make their own banks but cannot disappear the fiat banks because the popularity of bitcoin is not as much as fiat, many people in any area or country only aware about fiat, they don't have any knowledge about bitcoin, so if the Banks disappear then what will do that people.

Bitcoin doesn't need banks for their storage because as long as you have bitcoin wallets even it is online,hardware,paper or anything but connected or can be call as a bitcoin wallet is already considerable by bank. When you created an account of bitcoin wallet you already a bank because you can control of you money and you have storage also.

[Rostadom]

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.

If we're going to talk about the gained interest, bank is nothing but garbage in that game. They can give us about 0.5% for 90 days and that's really really low. If you bought bitcoins in 2016, your money has already doubled by now. That's the good thing about something that doesn't have a stable amount. You can cash out whenever you want or even set an exit point.

Many company trust the banks because it has been the traditional way of having transactions. Supposed that bitcoin came in before the banks, people will also trust bitcoins. It's just a matter of seniority.

[tosmartak]

A likely consequence is that large financial firms will take an interest in the cryptocurrency business, looking to diversify their offerings and broaden their client base. The earlier they start adopting cryptocurrency and integrating it into the banking system, the better for them. It is here, widely accepted and there is nothing that can be done about it. The worst that could happen in any country is imposing strict laws on the usage of cryptocurrencies and last time I checked, that isn't even a problem.

[Bionicgalaxy]

Bitcoin probably cannot make banks disappear simply because bitcoin is not owned by the government that they approved bitcoin for exchange to the banks. But bitcoin can make their own banks to store their bitcoins there and that is not illegal.

[asdalani]

Bitcoin could only make banks disappear if they accept Bitcoin and then the price per Bitcoin drops down to zero.

[mackenzied]

Bitcoin could only make banks disappear if they accept Bitcoin and then the price per Bitcoin drops down to zero.

No, with the current situation, it is difficult to bitcoin to zero, bitcoin is growing and more accepted by the people. However, to accept bitcoin is a difficult thing for banks. The bitcoin technology will be very complex for the bank to switch and accept it.

[Mumbeeptind1963]

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 dont think so, maybe not cause not all people are interested on it. It depends on the interest of the people. Maybe some other wants to stay their money in banks because they can go to the banks whether they like it, and they can instantly withdraw their money.

[ice098]

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?

bitcoin has a high value currency but it differs in banks. banks are the only storage of money that gets a profit after a months , we can differentiate it any many ways. They are different.

[abel1337]

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?

bitcoin has a high value currency but it differs in banks. banks are the only storage of money that gets a profit after a months , we can differentiate it any many ways. They are different.

Bitcoin price changes rapidly that you can earn unexpected profits by converting it into the currency you want. If you stored money on banks the percentage of your deposit will be your profit and it is fixed earning , most of it are being earned on a year or two. Both are good investment but it is depending on you on which you will pick

[nasipadang]

Bitcoin could only make banks disappear if they accept Bitcoin and then the price per Bitcoin drops down to zero.

No, with the current situation, it is difficult to bitcoin to zero, bitcoin is growing and more accepted by the people. However, to accept bitcoin is a difficult thing for banks. The bitcoin technology will be very complex for the bank to switch and accept it.

Bitcoin is interesting and less possibility to be zero in my opinion, actually if bitcoin is accepted as legal payments we don't need a bank because we can manage bitcoin own like a bank

[Patinix]

For bitcoins to replace banks, the governments have to like bitcoins, but that is not going to happen.

[paul gatt]

Bitcoin probably cannot make banks disappear simply because bitcoin is not owned by the government that they approved bitcoin for exchange to the banks. But bitcoin can make their own banks to store their bitcoins there and that is not illegal.

You're right, bitcoin can not make banks disappear, but you're wrong if you think banks can legitimately accept bitcoin. In fact, when banks accept bitcoin, they have to accept risks that may occur when bitcoin fluctuates. In addition, banks can only accept bitcoins if the government legalizes bitcoin, otherwise they will break the law.

[geegaw]

I do not think bitcoin can make banks disappear, Bitcoin is a currency and the currency always depends on the banks, banks are places to hold and exchange different currencies, it does not affect Bitcoin and Bitcoin does not affect it. The bank is the place to help bitcoin development and trade in the future, many people say government and banks will not accept bitcoin, may be true in the present time but in the future they will surely accept, now their problem is they need a technology and a service to manage bitcoin, they need time to develop that idea

[Wesimon]

Bitcoin could only make banks disappear if they accept Bitcoin and then the price per Bitcoin drops down to zero.

No, with the current situation, it is difficult to bitcoin to zero, bitcoin is growing and more accepted by the people. However, to accept bitcoin is a difficult thing for banks. The bitcoin technology will be very complex for the bank to switch and accept it.

Bitcoin is interesting and less possibility to be zero in my opinion, actually if bitcoin is accepted as legal payments we don't need a bank because we can manage bitcoin own like a bank

If banks did accept bitcoin then dropping bitcoin's value to zero seems to be impossible. Acceptance of bitcoin would mean the increase in demand and the increase in demand would make bitcoin's value higher not lower.

But I have to agree that bitcoin to be accepted by banks is somewhat hard to imagine. I do not know how they will utilize bitcoin but the answer lies in the banks.

[Fatanut]

If banks did accept bitcoin then dropping bitcoin's value to zero seems to be impossible. Acceptance of bitcoin would mean the increase in demand and the increase in demand would make bitcoin's value higher not lower.

But I have to agree that bitcoin to be accepted by banks is somewhat hard to imagine. I do not know how they will utilize bitcoin but the answer lies in the banks.

It's pretty simple. They are going to accept it just like the same way they accept different fiat currencies. If they are going to allow you to withdraw your bitcoins in fiat form, they would have to convert it using the current sell price. This is basically what the exchanges are already doing. The banks will be the same as exchanges where you can put different types of currencies. Maybe even different cryptocurrencies as well like ETH.

And of course you should also have the ability to withdraw your bitcoins in bitcoin form. Meaning you would have to provide a bitcoin address.

[Xenophoto]

Bitcoin price changes rapidly that you can earn unexpected profits by converting it into the currency you want. If you stored money on banks the percentage of your deposit will be your profit and it is fixed earning , most of it are being earned on a year or two. Both are good investment but it is depending on you on which you will pick

Converting your bitcoin to the currency that you want alone wouldn't give you profits, let alone unexpected ones. The timing should be right. You should bought bitcoins at a much lower price and then sell at a much higher price.

Time depositing your money in the banks is kind of not recommended especially if you're going to invest all of your money in that method. First reason is the fact that the interest is extremely low. Second reason is that you might need money for emergency purposes. Since your money is in time deposit, you cannot withdraw it until the term has finished.

Personally, I would choose bitcoins even though there's no guarantee that you'll earn profit. After all, fiat is constantly inflating.

[Lecam]

We know that bank are no one can replace to it even bitcoin can not disappear bank.  Because bank are the major need of our government. And they stored money in bank for safety.