Can Bitcoin make Banks disappear?

[magmar]

Certainly not. Bitcoin will never destroy banks as people needs bank to use bitcoin to purchase stuffs which bitcoin can not be used as paying schools, groceries, buying house, and etc. Bank provides legalization though we don't have a choice as it's in the law.

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[youdacapt]

Certainly not. Bitcoin will never destroy banks as people needs bank to use bitcoin to purchase stuffs which bitcoin can not be used as paying schools, groceries, buying house, and etc. Bank provides legalization though we don't have a choice as it's in the law.

Conventional banks will not disappear, unless bitcoin makes rival banks in the future, the best way to predict this is to think of the possibility of banks to officially adopt bitcoin, so there is no significant difference and bitcoin is not against the flow. The global economy.

[aryana42]

Existence banks not be disappear by bitcoin. Because banks facilitate all kinds of financial transactions that have been applied by government. With bitcoin, makes it easier for peoples in the world to transactions because they have alternative choices.

[Fatanut]

Bitcoin make bank dissappear? In my opinion, bitcoin has now achieved its success at a very high price and is recognized almost worldwide. But in my opinion bitcoin will not be able to replace the bank because the bank is a financial institution as well as a very important to economic world

Surely bitcoin has quite a decent price right now. This is the highest price bitcoin has ever had. On the other hand, this is far from the bitcoin "success" that we actually want and need. Bitcoin's success will include major merchants and even small ones accepting bitcoin. It will also consist of a world where you can pay most people with bitcoins just like how often they accept fiat as payment. Comparing to the potential bitcoin actually has, the price of bitcoin and the recognition that it gets right now is very far from that.

Although your whole point is correct. Bitcoin cannot replace the banks because it's a very important part of the economy. Apparently, even that can be replaced by bitcoins if the government would allow to do so.

[Rostadom]

I think that it bitcoin will not make banks disappear because due to that we still use money in for the future. Same as gold, gold was the way of exchange before in centuries but now got replaced by money but still gold is still available. I do think it is just the same concept it might happen but that will be in a very far future. It is gonna be a lot of challenges that will be encounter when that happen but for me it is a possibility. 

That's the past and it's genuinely irrelevant to what's going to happen to bitcoins because they are totally different things in different times. Gold was replaced by fiat because it's pretty hard to transact gold. It's heavy. Fiat was made but it used to have a gold equivalent. Every fiat back then can be converted exactly to the amount of gold available. After the Nixon shock, that's not the case anymore. Fiat has just become paper. The concept of money has become visual.

Now, get this. You're just holding literally paper if you're holding paper money. If everyone's educated enough about economy, they'd realize that right away and switch to something that's actually built with supply and demand or has an actual purpose in this world like gold. Bitcoin has a value because of its use, gold has the same reason although both of them have different applications.

tl;dr: Fiat can easily be replaced by bitcoin if people are educated about economy enough to realize that they are currently just holding paper.

[CarnagexD]

I think, banks will not be disappear. Instead, they'll start using bitcoins instead of fiat currency with some regulations like in fiat.

That has a possibility to happen but making bank disappear that is impossible. Bitcoin is not that powerful to make that happen. But if you want to save your money like in a bank you can used different wallet.

[Xester]

I think, banks will not be disappear. Instead, they'll start using bitcoins instead of fiat currency with some regulations like in fiat.

That has a possibility to happen but making bank disappear that is impossible. Bitcoin is not that powerful to make that happen. But if you want to save your money like in a bank you can used different wallet.

Yes I agree.  Bitcoin cannot make banks disappear.  Like what you said, maybe they will try to adopt and open their banks to accept bitcoin deposits and withdrawals.  Things that fiat money can do.  You can loan bitcoin and invest.  But it is hard again because of its unstable price.

[Lizzie_Girl]

I think, banks will not be disappear. Instead, they'll start using bitcoins instead of fiat currency with some regulations like in fiat.

That has a possibility to happen but making bank disappear that is impossible. Bitcoin is not that powerful to make that happen. But if you want to save your money like in a bank you can used different wallet.

Yes I agree.  Bitcoin cannot make banks disappear.  Like what you said, maybe they will try to adopt and open their banks to accept bitcoin deposits and withdrawals.  Things that fiat money can do.  You can loan bitcoin and invest.  But it is hard again because of its unstable price.

With time when people realize giving themselves the power instead of letting the bank have it is a far better way to live. The bank will just take you money and loan it out making fat interest on it yearly.

[stompix]

I think that it bitcoin will not make banks disappear because due to that we still use money in for the future. Same as gold, gold was the way of exchange before in centuries but now got replaced by money but still gold is still available. I do think it is just the same concept it might happen but that will be in a very far future. It is gonna be a lot of challenges that will be encounter when that happen but for me it is a possibility.  

That's the past and it's genuinely irrelevant to what's going to happen to bitcoins because they are totally different things in different times. Gold was replaced by fiat because it's pretty hard to transact gold. It's heavy. Fiat was made but it used to have a gold equivalent. Every fiat back then can be converted exactly to the amount of gold available. After the Nixon shock, that's not the case anymore. Fiat has just become paper. The concept of money has become visual.

Now, get this. You're just holding literally paper if you're holding paper money. If everyone's educated enough about economy, they'd realize that right away and switch to something that's actually built with supply and demand or has an actual purpose in this world like gold. Bitcoin has a value because of its use, gold has the same reason although both of them have different applications.

tl;dr: Fiat can easily be replaced by bitcoin if people are educated about economy enough to realize that they are currently just holding paper.

Well , let me see if I get this right.
I hold paper money which by your view it's plain paper.
But I can use that useless paper to buy gold and bitcoins, groceries and cars.
Does that mean I'm buying useless stuff and bitcoin and gold are just numbers and metals with no value?
Of course not.

Paper money even if it is fiat as long as it has a value it is valuable.
If you consider it otherwise please mail me all your useless fiat.

And I promise you I'll be using a part to buy bitcoins if that makes you happy.

[malami]

I think, banks will not be disappear. Instead, they'll start using bitcoins instead of fiat currency with some regulations like in fiat.

That has a possibility to happen but making bank disappear that is impossible. Bitcoin is not that powerful to make that happen. But if you want to save your money like in a bank you can used different wallet.

Yes I agree.  Bitcoin cannot make banks disappear.  Like what you said, maybe they will try to adopt and open their banks to accept bitcoin deposits and withdrawals.  Things that fiat money can do.  You can loan bitcoin and invest.  But it is hard again because of its unstable price.

With time when people realize giving themselves the power instead of letting the bank have it is a far better way to live. The bank will just take you money and loan it out making fat interest on it yearly.

Only if peer to peer technology replaces the loaning facilities that banks provide to users will they disappear. Most people don't store their money in banks already, but they do use them for home mortgages and business loans and the like.

[8Habits]

I think, banks will not be disappear. Instead, they'll start using bitcoins instead of fiat currency with some regulations like in fiat.

That has a possibility to happen but making bank disappear that is impossible. Bitcoin is not that powerful to make that happen. But if you want to save your money like in a bank you can used different wallet.

Yes I agree.  Bitcoin cannot make banks disappear.  Like what you said, maybe they will try to adopt and open their banks to accept bitcoin deposits and withdrawals.  Things that fiat money can do.  You can loan bitcoin and invest.  But it is hard again because of its unstable price.

With time when people realize giving themselves the power instead of letting the bank have it is a far better way to live. The bank will just take you money and loan it out making fat interest on it yearly.

Only if peer to peer technology replaces the loaning facilities that banks provide to users will they disappear. Most people don't store their money in banks already, but they do use them for home mortgages and business loans and the like.

Correct, due to the massive info campaign that it is not ideal to save money on bank because it will be defeated by inflation, people tend to invest their money instead of saving it on banks. But there are still who prefers saving money to banks so it can be ready for use at anytime they needed it.

[Lumada]

I think, banks will not be disappear. Instead, they'll start using bitcoins instead of fiat currency with some regulations like in fiat.

That has a possibility to happen but making bank disappear that is impossible. Bitcoin is not that powerful to make that happen. But if you want to save your money like in a bank you can used different wallet.

Yes I agree.  Bitcoin cannot make banks disappear.  Like what you said, maybe they will try to adopt and open their banks to accept bitcoin deposits and withdrawals.  Things that fiat money can do.  You can loan bitcoin and invest.  But it is hard again because of its unstable price.

With time when people realize giving themselves the power instead of letting the bank have it is a far better way to live. The bank will just take you money and loan it out making fat interest on it yearly.

Only if peer to peer technology replaces the loaning facilities that banks provide to users will they disappear. Most people don't store their money in banks already, but they do use them for home mortgages and business loans and the like.

Correct, due to the massive info campaign that it is not ideal to save money on bank because it will be defeated by inflation, people tend to invest their money instead of saving it on banks. But there are still who prefers saving money to banks so it can be ready for use at anytime they needed it.

its indeed not a good decision since we knew btc and we do know that btc can do bank task more advance and less hassle.

[FlightyPouch]

I think, banks will not be disappear. Instead, they'll start using bitcoins instead of fiat currency with some regulations like in fiat.

That has a possibility to happen but making bank disappear that is impossible. Bitcoin is not that powerful to make that happen. But if you want to save your money like in a bank you can used different wallet.

Yes I agree.  Bitcoin cannot make banks disappear.  Like what you said, maybe they will try to adopt and open their banks to accept bitcoin deposits and withdrawals.  Things that fiat money can do.  You can loan bitcoin and invest.  But it is hard again because of its unstable price.

With time when people realize giving themselves the power instead of letting the bank have it is a far better way to live. The bank will just take you money and loan it out making fat interest on it yearly.

Only if peer to peer technology replaces the loaning facilities that banks provide to users will they disappear. Most people don't store their money in banks already, but they do use them for home mortgages and business loans and the like.

Correct, due to the massive info campaign that it is not ideal to save money on bank because it will be defeated by inflation, people tend to invest their money instead of saving it on banks. But there are still who prefers saving money to banks so it can be ready for use at anytime they needed it.

its indeed not a good decision since we knew btc and we do know that btc can do bank task more advance and less hassle.

Less hassle? yes. But you need to be more patient. With the transactions and confirmations so slow these days, you don't know when will you receive your bitcoins.The good thing about these digital currency is that you can be a bank of your own money, you can manage it the way you want it.

[nod]

Bitcoin is bitcoin, Bank is Bank, people who use Bitcoin my not use Bank and one who uses Bank may not uses Bitcoin so that the grown of bitcoin can not make Bank disapper

[mastadonballs]

Bitcoin is bitcoin, Bank is Bank, people who use Bitcoin my not use Bank and one who uses Bank may not uses Bitcoin so that the grown of bitcoin can not make Bank disapper

I think so, Bank and Bitcoin is not related, people need Bank to take cash and Bitcoin is the way that can enable people to send money through the Internet

[8Habits]

Bitcoin is bitcoin, Bank is Bank, people who use Bitcoin my not use Bank and one who uses Bank may not uses Bitcoin so that the grown of bitcoin can not make Bank disapper

I think so, Bank and Bitcoin is not related, people need Bank to take cash and Bitcoin is the way that can enable people to send money through the Internet

Makes perfect sense. There will be people that will prefer bitcoins for online transactions and bank for fiat money. For me, I only use bitcoin for trading, investing to online casinos, and some sportsbetting, the rest are fiat money which of course involves banking transactions.

[GideonGono]

Bitcoin is bitcoin, Bank is Bank, people who use Bitcoin my not use Bank and one who uses Bank may not uses Bitcoin so that the grown of bitcoin can not make Bank disapper

I think so, Bank and Bitcoin is not related, people need Bank to take cash and Bitcoin is the way that can enable people to send money through the Internet

Makes perfect sense. There will be people that will prefer bitcoins for online transactions and bank for fiat money. For me, I only use bitcoin for trading, investing to online casinos, and some sportsbetting, the rest are fiat money which of course involves banking transactions.

In other words, bitcoin and banks will not make each other disappear but rather coexist in providing a diversified services to the people which gives them more options to choose from. Banks are for fiat while wallets are for bitcoin so basically that's it.

[8Habits]

Bitcoin is bitcoin, Bank is Bank, people who use Bitcoin my not use Bank and one who uses Bank may not uses Bitcoin so that the grown of bitcoin can not make Bank disapper

I think so, Bank and Bitcoin is not related, people need Bank to take cash and Bitcoin is the way that can enable people to send money through the Internet

Makes perfect sense. There will be people that will prefer bitcoins for online transactions and bank for fiat money. For me, I only use bitcoin for trading, investing to online casinos, and some sportsbetting, the rest are fiat money which of course involves banking transactions.

In other words, bitcoin and banks will not make each other disappear but rather coexist in providing a diversified services to the people which gives them more options to choose from. Banks are for fiat while wallets are for bitcoin so basically that's it.

That is correct my friend. They coexist with one another - giving great service and value to its clientele. Isn't it cool that we have several services to choose from with regards to our finances and investment?

[madwica]

Bitcoin is bitcoin, Bank is Bank, people who use Bitcoin my not use Bank and one who uses Bank may not uses Bitcoin so that the grown of bitcoin can not make Bank disapper

I think so, Bank and Bitcoin is not related, people need Bank to take cash and Bitcoin is the way that can enable people to send money through the Internet

Makes perfect sense. There will be people that will prefer bitcoins for online transactions and bank for fiat money. For me, I only use bitcoin for trading, investing to online casinos, and some sportsbetting, the rest are fiat money which of course involves banking transactions.

In other words, bitcoin and banks will not make each other disappear but rather coexist in providing a diversified services to the people which gives them more options to choose from. Banks are for fiat while wallets are for bitcoin so basically that's it.

Absolutely agree with you mate, bank will exist until there is a fiat, bank will always find a way to make them no. 1 money holder and also that is a business. Bitcoin is also exist in more decades if they adjust the transaction fee and the time of confirmation.

[Unknown Enforcement]

No bitcoin cannot make bank disappear i think bitcoin might need bank in the future to store paper wallets right?
And its the opposite of bitcoin "centralized" so we need to make it balance.