Can Bitcoin make Banks disappear?

[Janation]

The way to make banks disappear is to organize boycotts and for business owners to cut banks out of their business.

Bitcoin wasn't developed to compete with banks in areas of loans or high speed transactions like credit cards.

Crypto isn't likely to replace banks anytime soon.

That is true. Bitcoin was never built to compete and much even eradicate banks. They are just alternative to online transactions. Banks will never disappear anytime soon and it may just adopt bitcoins along the way but not necessarily be eradicated.

You are saying that bitcoin will not eradicate banks or compete to it, but you are saying it will in the future but it will still not. The price of bitcoin will be exploding in the near future because of the users increasing exponentially. Though even if it is, banks and fiats will be still there to balance the physical and digital currency. If banks dissapear, it will be the same as the fiats.

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[izunna007]

 I highly doubt if Bitcoin can Make Banks disappear!

Bitcoin is a system that aims to facilitate transactions without the need for a bank.
People tend to overlook the fact that anywhere where one transacts value in different forms inevitably forms an economy.  Banks are just one of the factors that influence economy. Banks run within a different kind of economy. Banks are designed to safeguard people’s money, lend the same money to people that need them to collect interest and eventually have the money rotated within to generate maximum value per rotation.
Bitcoin is an investment similar system that isn’t controlled by a central authority, but instead controlled by consensus. Bitcoin can be accessed and obtained by anyone with access to the internet but does not cater to the needs of the general public on an ad hoc basis. Any changes to be made are made on a consensus basis.Bitcoin does have many advantages that physical currencies do not provide its users; however, it also has its disadvantages. This is mostly due to the fact that Bitcoin is still a relatively young and new currency.
Traditional banking services cherish the control that they have over the people and their money and will do everything within their powers not to let go.

[niisarearning]

The way to make banks disappear is to organize boycotts and for business owners to cut banks out of their business.

Bitcoin wasn't developed to compete with banks in areas of loans or high speed transactions like credit cards.

Crypto isn't likely to replace banks anytime soon.

Yes exactly i agree bitcoin is doesn't mean to compete with banks and it is not having capability of loans and also real time transaction like credit card and debit cards . Its may just effect foreign exchange.

[AngelSky]

The way to make banks disappear is to organize boycotts and for business owners to cut banks out of their business.

Bitcoin wasn't developed to compete with banks in areas of loans or high speed transactions like credit cards.

Crypto isn't likely to replace banks anytime soon.

Yes exactly i agree bitcoin is doesn't mean to compete with banks and it is not having capability of loans and also real time transaction like credit card and debit cards . Its may just effect foreign exchange.

I think you had not check the sections in the forum Exchanges and lending. This would give the answers for your view. Bitcoin can work better than money this admitted international banking system. Even yesterday sweden government has implement the test run blockchain technology.

[danherbias07]

The way to make banks disappear is to organize boycotts and for business owners to cut banks out of their business.

Bitcoin wasn't developed to compete with banks in areas of loans or high speed transactions like credit cards.

Crypto isn't likely to replace banks anytime soon.

Yes exactly i agree bitcoin is doesn't mean to compete with banks and it is not having capability of loans and also real time transaction like credit card and debit cards . Its may just effect foreign exchange.

It does have real time transactions now but with just some places. You haven't experienced it that is why you are saying this and that includes me too. But I have read a lot about it that it is already on going with some merchants.
Actually it is like the better of credit cards. Here you will use your smartphone and would do the transaction yourself. I think there is a video in Youtube now.

[nethan1btc]

The way to make banks disappear is to organize boycotts and for business owners to cut banks out of their business.

Bitcoin wasn't developed to compete with banks in areas of loans or high speed transactions like credit cards.

Crypto isn't likely to replace banks anytime soon.

That is true. Bitcoin was never built to compete and much even eradicate banks. They are just alternative to online transactions. Banks will never disappear anytime soon and it may just adopt bitcoins along the way but not necessarily be eradicated.

You are saying that bitcoin will not eradicate banks or compete to it, but you are saying it will in the future but it will still not. The price of bitcoin will be exploding in the near future because of the users increasing exponentially. Though even if it is, banks and fiats will be still there to balance the physical and digital currency. If banks dissapear, it will be the same as the fiats.

Don't get too advance mate, even we see bitcoin price to be beat the good price as always within the stable of $2000; it's not an assurance that we can always expect price to be exploding in the near future. Although we see it has higher advantages of soaring very high, we must not be too confident that it can make thr banks disappear, because we really needed the banks for our funds of fiat to be secured all the time and storing money is ensured with the trusted establishment.

[angrybirdy]

Banks have been in the finance world forever. And other banks try to innovate their services too in order to adapt to the continuous growth of technology. If you can see, a few banks have added btc to their supported products nowadays.

[8Habits]

The way to make banks disappear is to organize boycotts and for business owners to cut banks out of their business.

Bitcoin wasn't developed to compete with banks in areas of loans or high speed transactions like credit cards.

Crypto isn't likely to replace banks anytime soon.

Yes exactly i agree bitcoin is doesn't mean to compete with banks and it is not having capability of loans and also real time transaction like credit card and debit cards . Its may just effect foreign exchange.

It does have real time transactions now but with just some places. You haven't experienced it that is why you are saying this and that includes me too. But I have read a lot about it that it is already on going with some merchants.
Actually it is like the better of credit cards. Here you will use your smartphone and would do the transaction yourself. I think there is a video in Youtube now.

As the bitcoin is getting much popularity, there are already some merchants in the brick and mortar businesses who are accepting bitcoins as a mode of payments. This is really a good way to give people alternative on what payment channels are they going to use in any of their purchases or any financial transactions.

[Theb]

I'm sure one days bitcoin will make banks disappear and take over the function of fiat money.

Making assumptions or guesses without proper reasoning will surely make your statement invalid. How can possible a non-government controlled currency make banks disappear? Surely any country's government will surely take action before that happen. A cryptocurrency controlled country will surely have bad effects in many ways such as abuse of privacy and security.

[Boov]

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?

the digital world is advancing dramatically and has affected many including banking. But i don't think that cryptocurrencies can make banks disappear not in 2 or more decades. Without governing body and centralized regulatory board, it would be hard for a system to keep on running. It maybe possible in a very long time in countries with advance techs. It could eliminate some but not all banks globally.

[Finestream]

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?

the digital world is advancing dramatically and has affected many including banking. But i don't think that cryptocurrencies can make banks disappear not in 2 or more decades. Without governing body and centralized regulatory board, it would be hard for a system to keep on running. It maybe possible in a very long time in countries with advance techs. It could eliminate some but not all banks globally.

Not ever, banking industry will remain the leader in financial industry, bitcoin is decentralized digital currency but banks has first implemented the digital currency, there only difference is the control, banks are centralized while bitcoin is decentralized and people under a certain government will always choose what the government tells them to do.

[kevinn669]

The banking system will not disappear completely. But the crypto currency will make it change. Banks will be forced to change, because they will have a strong competitor - bitcoin. When many people understand the benefits of bitcoin - banks will get a strong blow

[8Habits]

maybe one day in the future... but today too many people don't know about bitcoin & old people don't want hear nothing about new payment methods, so I think that 50 years min.

Unless there will be some form of war or calamities where there will be chaos and everything, maybe - and only maybe that it will make the bank disappear. But to be honest, I am doubtful that it will really disappear banks. Bitcoin is a good form of investment and other side method to earn money for our family needs and wants. Hopefully, everyone takes advantage of the recent bitcoin price rising.

[Barcode_]

I don't think that would ever happen, because bitcoins are not legal tender and are not being controlled by anyone including government of all countries or banks. So there could be a possibility for bitcoin to be worthless but that is very unlikely to happen as bitcoins is a very establish and valuable assets now.

People would still put portion of their cash in banks and would only use some part of it to invest into bitcoins so I don't see a reason why banks would disappear just because of bitcoin.

[ethereumhunter]

maybe one day in the future... but today too many people don't know about bitcoin & old people don't want hear nothing about new payment methods, so I think that 50 years min.

maybe this will happen like you said, but i think it would be better if bitcoin can walk beside the banks and bitcoin will be like a bridge between the internet and real life so people which have work to do in internet can withdraw and not paying the high fee to this. and the banks will work like usual so bitcoin and banks will make a good relations and good works to help people.

[fullypak]

maybe one day in the future... but today too many people don't know about bitcoin & old people don't want hear nothing about new payment methods, so I think that 50 years min.

maybe this will happen like you said, but i think it would be better if bitcoin can walk beside the banks and bitcoin will be like a bridge between the internet and real life so people which have work to do in internet can withdraw and not paying the high fee to this. and the banks will work like usual so bitcoin and banks will make a good relations and good works to help people.

You are right the old people are not showing interest to digital money transfer. But now all the govt are making strict rules to do the only online transaction to track the record. So we don't need much time 50 years to implement bitcoin bank. Maybe within that, the BTC banks will appear in all over the world. This generation people entertain this digital currency then very soon we see those days.

[Kousei23]

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 think bitcoin will not be a threat to banks because we all know that bitcoin is a digital money. Yep it is just like our real money yet it will not overcome the banks because bitcoin can be used eventhough it is online because bitcoin is best in online transacions rather than  cashing out.

[alexsandria]

The banking system will not disappear completely. But the crypto currency will make it change. Banks will be forced to change, because they will have a strong competitor - bitcoin. When many people understand the benefits of bitcoin - banks will get a strong blow

I think yes bitcoin will not overcome the banks and make it disappears yet bitcoin will not be a major competitor of banks because bitcoin has it owns purpose and use and banks have it too.  Bitcoin will be develop tommorrow and tomorrow and just like it banks will do too. Bitcoin is a very good digital money as well as banks

[ASHLIUSZ]

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 think bitcoin will not be a threat to banks because we all know that bitcoin is a digital money. Yep it is just like our real money yet it will not overcome the banks because bitcoin can be used eventhough it is online because bitcoin is best in online transacions rather than  cashing out.

Bitcoin will never be a threat to the banking system. More and more banking service providers have started to invest into bitcoin indirectly. Though it has got all features similar to our real cash with only the virtual presence this will serve as an alternate solution for transaction and shopping needs.

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maybe one day in the future... but today too many people don't know about bitcoin & old people don't want hear nothing about new payment methods, so I think that 50 years min.

maybe this will happen like you said, but i think it would be better if bitcoin can walk beside the banks and bitcoin will be like a bridge between the internet and real life so people which have work to do in internet can withdraw and not paying the high fee to this. and the banks will work like usual so bitcoin and banks will make a good relations and good works to help people.

You are right the old people are not showing interest to digital money transfer. But now all the govt are making strict rules to do the only online transaction to track the record. So we don't need much time 50 years to implement bitcoin bank. Maybe within that, the BTC banks will appear in all over the world. This generation people entertain this digital currency then very soon we see those days.

Bitcoin in the future may have a bank too just like the real money today yet we will not know if that time were the times that the bitcoin will overcome the banks and make it disappears yet I think it will not because we all know that banks today are very useful and helpful and just like it bitcoin is also but bitcoin and banks isn't threat to each other.