Can Bitcoin make Banks disappear?

[batang_bitcoin]

I think anything could happen, depending on market conditions, when there is no bank customer and everyone switched to the bitcoin and then bank will disappear soon.

Anything could happen but I doubt that it will happen with bitcoin. As we know banks are powerful and they are with the government. This type of scenario is not going to let happen by the superiors because big income tax will be slashed to the annual tax income of the government because of bitcoin.

In future, if all people in the World use Bitcoin (or an Altcoin) as a currencies important and cannot replace it, this can happen, but I not think it can do that easy, because Cryptocurrencies very hard managent and cannot tax fee, it not easy like as banks

The government can still tax bitcoin transactions but the disadvantage of it for the government is it doesn't have stable value. And that's why banking sector will have hard time to determine on how much will it be close to the needed taxation for each bitcoin user. Also another thing is the decentralization, they can't control the supply and demand of it, there's no way for them to reproduce btc.

[1714893271]

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[virtualkeybuyer]

It is impossible for bitcoin to disappear the bank, the bank is one of the important instruments in the economy, the bank is where we keep the money and they will distribute or rotate the money so that the economic flow will continue to run. But maybe someday the bank will receive bitcoin as one means of payment

It is also the point that banks also work for other field of economy other than storing the money of people and giving profit so for maintaining that other things the banks will remain among us and bitcoin will also be with us.

[Pab]

No why,banks can integrate bitcoin,i know from my spanish friends that thay can exchange btc in banks money machines,Spenish can withdraw his funds in almost all over the Spain three banks are offering that kind of service

[megynacuna]

I think anything could happen, depending on market conditions, when there is no bank customer and everyone switched to the bitcoin and then bank will disappear soon.

But then what if the banks integrated the Bitcoin into their system and have their customers save and withdraw bitcoins from them then? Does that mean Bitcoin cannot make the banks disappear?

[Flodemaga]

No, banks are already thinking into some way to use bitcoin technology to save them a lot money over their inside transactions. Bitcoin isnt a real problem for banks, they provide a usefull thing the loans for over 2 years up to 50 years, the max period you will lend your coins will be for maybe 2 weeks with colateral. Besides those the world economy does use banks, and they wont change it at all, soo bitcoin isnt a problem to banks at all, even with some people using it, the money will return to banks in the end.

[stompix]

No why,banks can integrate bitcoin,i know from my spanish friends that thay can exchange btc in banks money machines,Spenish can withdraw his funds in almost all over the Spain three banks are offering that kind of service

Can you please name those banks?
It might be that you're mistakenly thinking exchanges are banks.
Just because they operate an atm that doesn't make them banks.

As far as I know there is no bank doing any kind of bitcoin to fiat conversion or transaction.

I think anything could happen, depending on market conditions, when there is no bank customer and everyone switched to the bitcoin and then bank will disappear soon.

Just let us know if banks disappear and their place is taken by bitcoin ... where will you go to take a loan?
People of then have the wrong impression that banks just process transactions and take deposits.
Surprise... there is more.

Bitcoin and banks can work together without one "killing" the other

[kelseydustin]

I think anything could happen, depending on market conditions, when there is no bank customer and everyone switched to the bitcoin and then bank will disappear soon.

But then what if the banks integrated the Bitcoin into their system and have their customers save and withdraw bitcoins from them then? Does that mean Bitcoin cannot make the banks disappear?

No one is insane enough to put their bitcoin in a bank because bitcoin is based on the decentralized system while banks are centralized. Therefore, there is no way for banks to integrate bitcoin in their system. And in the future, both of these features will exist because they have their own weakness and strength

[carlerha]

I think anything could happen, depending on market conditions, when there is no bank customer and everyone switched to the bitcoin and then bank will disappear soon.

For certain, it will not be sooner mate because banks have already established in our regulated financial institution. Government can easily trackdown financial transactions in fiat money versus bitcoin.

but to me the survival of the banks are only depending on the interest of the people, if people are interested in banks so banks will survive and when the interested of the people about banks will become lower then banks will not remain no more affective. but in fact banks are providing us such facilities that we currently cannot expect from bitcoin and therefore people are still preferring banks to use instead of bitcoin

[calandra78]

No. It can however make banks adopt the Blockchain as technology to give us a better and much faster banking experience. I think at some point in the future we will be given instant transactions within a certain country, and perhaps worldwide. That's the power of the Blockchain.

Yes I agree, certainly not because blockchain a better banking from the bank that processes it works longer than blockchain. it may be true if one day in the future we will be given instant transactions where we will use blockchain in a particular country and maybe even around the world will follow suit. the bank also will likely adopt the blockchain to support all transactions to make it more easy and fast.

[khobe19]

For me not . Bitcoin has own wallet . But banks can be safe Your Money not  like Bitcoin wallet may  be Hack..

[itsallpc]

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 could not make banks disappear.Banks would exist.But bitcoin would minimise the number of people who use banks.Banks have already started suffering from revenue loss which they got from transactions because of bitcoins.In future,bitcoin may be only used for lending loans.

[coynedterm]

No this is not possible for the Bitcoin to replace the bank or make the bank system dissapear , it is because the many people entering in the Bitcoin for the earning and after the earnings they sell Thier Bitcoin for bank money , so this is only the thing of bank money system .
People always working hardwork for the bank money .
And also here you can see that in the bank system we have the assurance of the money that will not get loss because money remain like the offline ( remain online ) but with the passbook and ekyc verification we have truth with the bank system .
Black system have many limitations in comparison of Bitcoin but still Bitcoin can't replace bank .

[dokinna]

No this is not possible for the Bitcoin to replace the bank or make the bank system dissapear , it is because the many people entering in the Bitcoin for the earning and after the earnings they sell Thier Bitcoin for bank money , so this is only the thing of bank money system .
People always working hardwork for the bank money .
And also here you can see that in the bank system we have the assurance of the money that will not get loss because money remain like the offline ( remain online ) but with the passbook and ekyc verification we have truth with the bank system .
Black system have many limitations in comparison of Bitcoin but still Bitcoin can't replace bank .

True, I see bitcoin more viewed as an investment tool than as a "money" or a tool of transactions of goods and services, and it will not make Banks disappear, if it can synergize between banks and bitcoins, it would be very profitable

[niisarearning]

Your saying banks will disappear because of bitcoin then your wrong do you think banks are running only because of fund transfer there is lots of purpose of bank where do you get loan if bank doesn't exist how about credit card how about your insurance schemes how about your savings . Yes banks will loose some of its profit but not it completely disappear

[stompix]

No one is insane enough to put their bitcoin in a bank because bitcoin is based on the decentralized system while banks are centralized. Therefore, there is no way for banks to integrate bitcoin in their system. And in the future, both of these features will exist because they have their own weakness and strength

Really?

https://blockchain.info/en/wallet/#/
13 Million+ Wallets

Seems like a lot of people are just using this v 2.0 bank.

How many here are keeping their own wallets on they computers and how many are using online services and online wallets?
I have the suspicion the percentages are the same with people keeping money in the bank and at home

[clarkgeneral86]

Your saying banks will disappear because of bitcoin then your wrong do you think banks are running only because of fund transfer there is lots of purpose of bank where do you get loan if bank doesn't exist how about credit card how about your insurance schemes how about your savings . Yes banks will loose some of its profit but not it completely disappear

Yes banks will loose some of its profit but not it completely disappear. Bitcoin is a part of finance. Bitcoin won't replace or eliminate finance because it can't.

[SoulBargain]

Your saying banks will disappear because of bitcoin then your wrong do you think banks are running only because of fund transfer there is lots of purpose of bank where do you get loan if bank doesn't exist how about credit card how about your insurance schemes how about your savings . Yes banks will loose some of its profit but not it completely disappear

Yes banks will loose some of its profit but not it completely disappear. Bitcoin is a part of finance. Bitcoin won't replace or eliminate finance because it can't.

Banks will stay despit the growing popularity of bitcoin. They may compete each other but nonetheless they provide services in different ways that is banks for fiats while wallets for bitcoin and other cryptocurrencies.

[OliynyK]

How many here are keeping their own wallets on they computers and how many are using online services and online wallets?
I have the suspicion the percentages are the same with people keeping money in the bank and at home

Most people are using online wallet services simply because they are finding it difficult to use those with light weight wallets and those who are holding just a few couple of hundred dollars,everyone who holds more than a bitcoin will be using a light weight wallet as it not advisable or safe to store your assets in an online service.Bitcoin is not here to take over banks,it is a here for a different reason and i am happy with it.

[anheqiaobei]

Big joke!!!
Bitcoin is a part of finance，Banks represent almost a whole of the financial system
Bitcoin cannot replace Banks

[rumex]

Banks may not disappear all but may evolve and follow the trend of whats is on that instant be it crypto currency or any other medium.Banks and owner will love to remain in business.