Can Bitcoin make Banks disappear?

[rickbig092]

I don't think -even with bitcoin flourishing- that banks will disappear, banks will always be on top of the economical chain and that would be the primary option of the people, many people will start using bitcoin, but as a secondary one, as banks are also important for businesses and for lending (which is the fuel of economical development) and bitcoin offer no solution to replace that.

[Reid]

Basically no, because bitcoin and banks is very different thinks in its cores but the competition between them serves the people

Competition. Do you think we could compete with banks who are being hold by the government or of course their on that side.
Bitcoin users will need something to give out to those crocodiles if we want it to change.
Without tax or any payment that will be dealt then there will be no change.
Banks will stay and bitcoin will also do.
But in terms of which should stay in case there is something to be chosen. Banks will win.

[8Habits]

Basically no, because bitcoin and banks is very different thinks in its cores but the competition between them serves the people

Competition. Do you think we could compete with banks who are being hold by the government or of course their on that side.
Bitcoin users will need something to give out to those crocodiles if we want it to change.
Without tax or any payment that will be dealt then there will be no change.
Banks will stay and bitcoin will also do.
But in terms of which should stay in case there is something to be chosen. Banks will win.

They, both bitcoin and banks, should not be look at a competition to win over the other and eventually eradicating one over the other. Bitcoin should be looked at as a good alternative for payments that accept bitcoin as one of the modes of payment.

[DoublerHunter]

Basically no, because bitcoin and banks is very different thinks in its cores but the competition between them serves the people

Competition. Do you think we could compete with banks who are being hold by the government or of course their on that side.
Bitcoin users will need something to give out to those crocodiles if we want it to change.
Without tax or any payment that will be dealt then there will be no change.
Banks will stay and bitcoin will also do.
But in terms of which should stay in case there is something to be chosen. Banks will win.

They, both bitcoin and banks, should not be look at a competition to win over the other and eventually eradicating one over the other. Bitcoin should be looked at as a good alternative for payments that accept bitcoin as one of the modes of payment.

Yeah i agree with you, we don't need to look at bitcoin as a competitor of the banks but a unique kind of money and also alternative for banks. Bitcoin is not yet stable so it is not like full secured currency so we need to still diversify our money both in bitcoin and banks so the risk is not high enough to make us to lose something. Bitcoin and Banks should work together and not to compete to each other so we can have a brighter feature of financial system.

[ophyrim]

I don't think bitcoin can make banks disappear. People will always need banks. For credit cards, for mortgage, for many kinds of credit like vehicle credit, education credit, agriculture credit etc... and also many people use them for the safety of their money. They don't want to save at home. They prefer banks. Banks also have interest which is a good income for many people.

[LostWords]

Banks will start wars between countries, races, religious to obtain more power, let alone what they would do for not losing their existince. Unfortunately, they will always exist.

[Fatanut]

Without banks there will no regulatory body that will control the circulation of money which is the main thing we need to buy bitcoin.

That's just the case right now. But if the money (fiat money) was gone, it's alright because bitcoin doesn't depend on it at all. We just use fiat money to put value on bitcoin because fiat money is the leading monetary system right now. If, for example, there's another money called xCurrency and it's the leading one. Then bitcoin's price will be based on that but if both fiat money and xCurrency disappears, it's totally alright with bitcoin. The prices of things will just be based on the bitcoin.

If you are worried that you can't have bitcoins anymore because all fiat are now invalid, you should know that it's your fault because you trusted fiat as a store of value. You could have bought gold, at least. Either way, you can still sell your possessions to get bitcoins.

[BitcoinMarshal]

Banks will start wars between countries, races, religious to obtain more power, let alone what they would do for not losing their existince. Unfortunately, they will always exist.

You are right they change many lives and systems just for survival and kills thousands of innocent peoples they can do every thing because they are controlling all things around us many small countries are cannot survive without them and bitcoin is not going to compete with them

[ubitcoin]

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.

What you're saying is true because people will also exchange btc to fiat in order to buy things that can only be bought by means of fiat money. But what everyone saying here is what if many countries began accepting btc as a payment ( as we all see they began regulating btc ), and what if many people are using btc let's say 60% btc 40% fiat currency, I wonder if the banks will accept the fact that btc is the new age and they will bought a lot of btc in order to replace their money into digital currency which I think if they don't do some companies will begin launching other cryptocurrencies banks and the older banks will fade, which I think this will have a lot of contradictions regarding fiat to cryptocurrencies to Central banks and to online banks and to government and it's people who use cryptocurrencies. This will be a long haul of hearings and New laws will be implemented in the payment system of cryptocurrencies.

Your assumptions are valid but it is far from happening anytime soon because our financial industry, which banks are in, are regulated by the government and they can control and implement policies for the thriving of these banks.

Partially agreed with you because the business commitments will have to be monitored by banks and if there is chance of to disappear the banks then there will be very strong objections in legalizing the bitcoin currency in devoting countries. And to convince them to use bitcoin for their business it will take a lot of time and therefore we need to convince them gradually so that they can bitterly know about it.

[stompix]

Banks will start wars between countries, races, religious to obtain more power, let alone what they would do for not losing their existince. Unfortunately, they will always exist.

Banks are made by people run by people.
It's not the guns that kill it's the idiot who pulls the trigger.

You are right they change many lives and systems just for survival and kills thousands of innocent peoples they can do every thing because they are controlling all things around us many small countries are cannot survive without them and bitcoin is not going to compete with them

Who killed thousands of people?
The banks?
Let's compare how many people have the banks killed with how many have a few bright leaders who wanted to share the wealth of the evil rich guys with everyone. Let's start with Stalin and end in four leaps forward with Mao.

[batang_bitcoin]

Banks will start wars between countries, races, religious to obtain more power, let alone what they would do for not losing their existince. Unfortunately, they will always exist.

You are right they change many lives and systems just for survival and kills thousands of innocent peoples they can do every thing because they are controlling all things around us many small countries are cannot survive without them and bitcoin is not going to compete with them

I guess that's a conspiracy as I know banks are being controlled by a big person and richest organization in a country. And banks are not the one who are starting wars but those greedy people behind it, those that are controlling it. They are wanting to have more power but with bitcoin, I think they will still going to enter it but they won't allow banks to be gone.

[Lampaster]

Banks will start wars between countries, races, religious to obtain more power, let alone what they would do for not losing their existince. Unfortunately, they will always exist.

Banks are made by people run by people.
It's not the guns that kill it's the idiot who pulls the trigger.

You are right they change many lives and systems just for survival and kills thousands of innocent peoples they can do every thing because they are controlling all things around us many small countries are cannot survive without them and bitcoin is not going to compete with them

Who killed thousands of people?
The banks?
Let's compare how many people have the banks killed with how many have a few bright leaders who wanted to share the wealth of the evil rich guys with everyone. Let's start with Stalin and end in four leaps forward with Mao.

You do not underestimate the government's actions. None of the big Bank is not able to work independently. They are all controlled by the rich, and those in control of the government. More than that they are the government. It turns out banks are murderers, and customers of government.

[jonosutio]

Bitcoin can only make banks decrease in number if bitcoin eliminate the bank then all will be glass because many people need the bank and it is very important for them.

[Yakamoto]

i think banks will not disappear. many people don't know about it.

It really depends on too many variables and there is no way to be certain whether or not banks, in the way they exist today, are here to stay or if they will end up changing in the near future, or if they will exist at all. Everything from a breakdown of social cohesion and more divisions along with a bubbling economy and unmotivated work force might spell the end for financial systems as a whole, not just banks. A growing interest in Bitcoin could result in similar collapses, but in a less spectacular way since it would just require a shift of medium as opposed to any sort of major restructuring.

[jayc89]

Bitcoin can only make banks decrease in number if bitcoin eliminate the bank then all will be glass because many people need the bank and it is very important for them.

At that point people within that Bank will have to use Bitcoin since the price of their original currency would receive a harsh enough drop to where they wouldn’t get any profit from it if they cashed that money out.
Bitcoin can eliminate Banks, the question is when?

[raven7886]

Banks will start wars between countries, races, religious to obtain more power, let alone what they would do for not losing their existince. Unfortunately, they will always exist.

Exactly there are many trades has been done though banks. No one country will ever want to disappear any bank from a country. Suppose if bank is removed from a country. In a law if any bank default then you cannot get the money you have keep in a bank. If you take a loan from a bank. You are also free which huge disadvantage for a bank is. But one thing can happen Banks will allow bitcoins in a future as it is seeing.

[nominee]

This is not possible since banks are the Fundamentals of daily economics of our lives. Bitcoin is just a fantasy here compared with banking system and its components.

[daenarys_stormborn]

The bank will not be replaced, because the function of the bank not only as a place to save money, but also can make borrowing money, other than that the bank can also make purchases of houses, cars etc. And bitcoin still can not do all that

[stompix]

You do not underestimate the government's actions. None of the big Bank is not able to work independently. They are all controlled by the rich, and those in control of the government. More than that they are the government. It turns out banks are murderers, and customers of government.

I should not underestimate how bad can somebody write.
Bypassing the double negation, my aunt has a few (a bit more actually) shares in a bank.
So she and other are owning that bank. Does that make her a murderer?
You can press charges if you want, I'll give you her name and address.

[DentalFx]

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?

Fiat money replaced gold
Electronic money (eg paypal) still did't replaced fiat money
Bitcoin didn't replaced banks within your and mine lifetime.