Can Bitcoin make Banks disappear?

[xzone]

We won't need to bank in 20 years later. In the future nobody use paper wallets.
Before 20 years ago, we didn't use banks. "We have to adapt to new things because time/times has changed."

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[Rnd2012]

Yes that will happen in the coming decades now some banks planning to adopt new crptos aside with thier system like ripple (XRP) more will follow XRP steps , but only difficultis deter that implementation is goverment rules .

[chesegrinder]

it seems that bitcoin are getting more popular than before but it doesnt mean it will out-take banks. it never in the future happens that bitcoin can make banks disappear as people still dependent into fiat money. but if it will happen there will be no physical business in the street and no malls, all will be revolving into cyber-world, things are just to be deliver direct in to you home, also food. everything will be digital. (if banks will disappear)

[erickkyut]

Bitcoin cannot make banks to disappear. It has been there since the beginning of the society of man. We also need the monetary system that is being regulated by banks. There are services that banks can provide and Bitcoin can't. I love Bitcoin but I don't think there is a need to set aside banks and make it disappear.

[ASHLIUSZ]

We won't need to bank in 20 years later. In the future nobody use paper wallets.
Before 20 years ago, we didn't use banks. "We have to adapt to new things because time/times has changed."

Maybe before 20 years we might have not used banks, but right now we could have not reached or got to such a development if banking system has not existed in the world. They served as the base for the entire financial administration and the same has led to the growth, so banks won't get replaced in my opinion.

[futile-resistance]

If bitcoin takes the attitude to form a physical bank into a competitor of a conventional bank, it is the same as a declaration of war. Right now bitcoin is true because it only uses virtual bank accounts, I also hope that peer to peer system technology is applied to the bank, at least it only needs to be accepted as a valid currency. Bitcoin is not a threat because it is an innovation that's not controlled by anyone.

Maybe we should take this the other way round by saying “can Bitcoin make other tech stocks disappear?”, which answer is probably to be YES. But for making banks disappear? No way! Even the bank won’t be adopting Bitcoin, unless they will be to regulate it. Bitcoin will stay on its own as a tech stock, and the best investment to make , while bank stays on its own too.

[Ljanesanti]

In my opinion physical money itself wont vanished just like that in accordance to this so do the physical banks. Lets say there's possibility but not in the near future. Besides let's say bitcoin reach its peak it will open opportunities as well for other types of banks which as of the moment i think we have already, the crypto or bitcoin banks.So ergo, and what I'm trying to say is that normal banks that we have today will not vanished  but instead will learn to adapt and evolve.

[leirou]

Yes BITCOIN can make banks disappear due to its advantages which is fast and almost effortless transaction. Banks (which runs in fiat money). But it will still take time for it to happen.

[Theb]

Yes BITCOIN can make banks disappear due to its advantages which is fast and almost effortless transaction. Banks (which runs in fiat money). But it will still take time for it to happen.

Well I have to absolutely disagree with what you said. Banks don't get money for its transaction speeds, mainly banks get their money from lending the money out of their establishment which is also know as loaning as they earn an interest depending of what type of load did you get. And can Bitcoin wallets give you loans? even on little amounts? I guess not as they are only wallets which only hold your Bitcoin. That is why Banks will still be there as they can adapt through change and will always find a way to profit from anything.

[cantika]

I don’t think so...
Bank has its own place in economy remember that so bitcoin and banks are catering different sections of our society.
Banks are present to safeguard customer’s cash holdings at a given time and lend them to those in need to collect revenue in the form of interests, that involves a central authority catering to needs of the public. They usually cater to specific locations and factors that decide their existence is the ratio between people having accounts/money in the bank to people willing to borrow money at set interest rates. Value of currency is subject to inflation. Tokens(Paper currency) aren’t capped and are issued by the government.

But 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. The system controls the number of tokens(21 million) that can be issued/revolved ensuring that rotation of Bitcoin shall only increase its value.

so bitcoin cant make banks disappear

[sj2199]

Yes BITCOIN can make banks disappear due to its advantages which is fast and almost effortless transaction. Banks (which runs in fiat money). But it will still take time for it to happen.

I don't think so that bitcoin can make banks disappear as majority of people depend on banks for their day to day transactions and have more faith in it as they feel its the best place to keep their money safe so even if more people start using bitcoins in future they will use banks too as you need fiat money for your expenses as you cannot use bitcoins everywhere.

[8Habits]

Yes BITCOIN can make banks disappear due to its advantages which is fast and almost effortless transaction. Banks (which runs in fiat money). But it will still take time for it to happen.

I don't think so that bitcoin can make banks disappear as majority of people depend on banks for their day to day transactions and have more faith in it as they feel its the best place to keep their money safe so even if more people start using bitcoins in future they will use banks too as you need fiat money for your expenses as you cannot use bitcoins everywhere.

You are right mate, banks is already established in our financial institution. And it takes quite long decades before people will slowly detach themselves from banks but to be honest, it is just not that possible - just for me though.

[Darklinkz]

No, bank will still be important because they have a good reputation so both of them will exist together.

[Kasabus]

No, bank will still be important because they have a good reputation so both of them will exist together.

Bank will remain, it's hard to beat the government and replace them in their position, the world is run by people whom we elected,
hence everything must be control by them. Whether we like it or not, we are still at risk when we are just holding bitcoin, it's not powerful than
a bank, we have to be realistic with that.

[carlisle1]

No, bank will still be important because they have a good reputation so both of them will exist together.

Bank will remain, it's hard to beat the government and replace them in their position, the world is run by people whom we elected,
hence everything must be control by them. Whether we like it or not, we are still at risk when we are just holding bitcoin, it's not powerful than
a bank, we have to be realistic with that.

it will take a long road to tackle before we will able to change that facts mate and we do need to accept the other side of bitcoin in anyhow its more than
easy to disappear than the banks which already been established since then, but we cant predict what will happen in the future just enjoy what is happening
now.

[8Habits]

No, bank will still be important because they have a good reputation so both of them will exist together.

Bank will remain, it's hard to beat the government and replace them in their position, the world is run by people whom we elected,
hence everything must be control by them. Whether we like it or not, we are still at risk when we are just holding bitcoin, it's not powerful than
a bank, we have to be realistic with that.

it will take a long road to tackle before we will able to change that facts mate and we do need to accept the other side of bitcoin in anyhow its more than
easy to disappear than the banks which already been established since then, but we cant predict what will happen in the future just enjoy what is happening
now.

I second demotion to just enjoy what is happening now and you will never go wrong having side income through bitcoin really feels good and with just few of your time in a weel, you can be able to accumulate some coins. Just never mind whether banks will disappear or not because of bitcoin just enjoy and have fun!

[ki1l1ki]

This is another extreme possibility that I don't really accept, Banks, despite being the "protocol" and what is hated for allot of people do serve important functions in today's economy, Let alone mortgage, lending, credit cards. Even for merchants, taking loans from banks is a very important part of their existence as businesses, and even interest for depositors.

[batang_bitcoin]

No, bank will still be important because they have a good reputation so both of them will exist together.

Banks are good for the people, to those who wants to secure their funds and let the banks use their money for the bank's intention. And I won't be thinking about this anymore as banks will not be replaced by any type of coin even bitcoin. They have a strong bond with the government and they are being governed and backed up by them.

[datodota002]

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 bank can't be disappear, but their maybe change their system become to more friendly with bitcoin, or change thier function from saving our money to save our valueable thing.

[Wa(t)ch_night()]

Bitcoin will not get the banks to disappear, because their owners will do their best to destroy bitcoin or introduce it into the banking system at the level with ordinary money.