Can Bitcoin make Banks disappear?

[Eternu]

Bitcoin is going very famous in future because bitcoin gave a lot of profits to people and it will have a great affect on bank because in future more people will start investing in bitcoin and saving money in bitcoins.

Yes, Bitcoin is becoming really famous and liked by a lot of people all around the world. But do you really think that big companies like banks will just stand by while Bitcoin is destroying them? Banks always go where the profit is, and with that known it is just a matter of time before they start dealing with Bitcoin too. They will offer credits in Bitcoin like in any other currency. Banks will not go down so easily, they will last long long time.

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[stompix]

A place to loan isn't necessarily a bank. There are loaning services out there that aren't necessarily owned by the government nor the banks at all.

Those loaning services are the crappiest things ever invented by the human race toppling even toilets.
Huge interest, huge penalties and they work in almost every country at the limit of the law. Harassing late payers, doubling your sum if you were late even with a day promising something and charging you ten times more, hidden services, and many more.

If that is the alternative to banks, then let's hope banks will never disappear.

I think the bank will not have it because if it does, it will block some of the features of bitcoin, which limits the bitcoin. Many users will not use bitcoin anymore

A bank can't block bitcoin let alone its "features".

Uniquely, bitcoin will not make the banks disappear. Just the time will come when all banks will understand that without the use of crypto currency they can not exist, therefore they either adapt or close. Well it's obvious, because you need to adjust to progress. Of course, the cryptocurrency is changing the entire financial market.

I somehow agree on this. The telephone companies didn't disappear when the mobile phones took place about a decade ago, same as the USPS when emails took place in the 90s... I guess the banks would join the bandwagon once they realize that majority of people are patronizing it.

Why would the phone companies disappear when they were the ones selling mobile phones and providing coverage?

The easiest analogy is with the banks themselves.
They worked with gold coins, they worked with silver coins, they worked with cash , they worked with digital cash they can switch to crypto.
Banks have adapted to the economic reality for centuries, they are not going to disappear so easily.

[Aganythe]

I believe its not possible, the bank are way to effective and they will never allow this occur at any time, they financial institution is also hating the bitcoin so they will never ever happen for that cause also.Even though its not impossible of program but if it can occur it will nonetheless consider calendar year prior to this is even attainable.

[Mr. Thang]

I believe its not possible, the bank are way to effective and they will never allow this occur at any time, they financial institution is also hating the bitcoin so they will never ever happen for that cause also.Even though its not impossible of program but if it can occur it will nonetheless consider calendar year prior to this is even attainable.

Bitcoin can never replace bank at the given point in time since the medium of exchange being used around the globe is paper money. There are also some countries that ban the usage of bitcoins and any other cryptocurrencies of the same nature and also, there are countries who do not know the existence of bitcoins. It may be ideal to think that in the future, everything would be virtual. But given the presumption of removing banks, this would never happen anytime soon.

[kenkoy]

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 has its advantage over Banks as the former is decentralized, no bank fees, no sole owner. Though. BTC is promising and a lot of investors are turning in to Crpto investing, it will take some time to oust the banks in the market. Banks have been in the market decades and decades ago, proven systems and there are billionaires behind it. Bitcoin will need to dvelop further the Blockchain tech to reach that point.

[MisterPrada]

Most likely, banks will try to do everything to control BitCoin. Meanwhile, the state will create laws in favor of banks.

[anhhung409]

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 that can not happen. By contrast, Bitcoin will make the bank grow. In addition to the era of digital money, we still need cash and a place of business where the accountability of our accounts is the bank, the role of the bank is necessary and It will never go away

[raisulmushfeq]

Why not imagine both of them cooperating together? When the bank accepts bitcoin fully and is a mean to store bitcoin safely. We would all benefit from that!
Still with the high transaction fee of bitcoin, I do not think it will be the only day to day currency of everyone.

[kuronokishi10]

according ti me bitcoin has a lot of potential to become such a crypto currency that it would be used completely by everyone and thus banks might come to an end.
but this not going to happen for at least another 25 years, bitcoin needs to start its journey by getting a strong grip over one of the influential countries to bring about a revolution leading to overthrowing banks

[Hishand]

occur to feel of bitcoin have the very same functionality as the income, if the bank does not suggest bitcoin make it, there is no lengthier a function of funds in this planet, as effectively as bitcoin. because bitcoin will undoubtedly be exchanged for money to buy something in the real globe

[Turiettly]

I consider people will nevertheless utilizing Banking companies and banking solutions due to the fact it is needed nowadays and Bitcoin nonetheless need to have far more usability to exchange it

[Morchid]

I personally think it is possible to some extent. Cryptocurrencies may not stop banks altogether but certainly, take down the majority of them. Once local and online stores start to accept cryptocurrencies in larger scale things will explode to our favor. Why use a merchant account to accept credit cards when there are so much credit card scams? Big companies lose money because people pretending they didn't get package even though it says delivered in tracking number they can still get away with it. It's things like this that will make businesses want to use a service that protects them from fraud, and that something is cryptocurrencies. There's a couple of good ones that provide anonymity which are Dash and Monero. However, there's another cryptocurrency that just came out called DeepOnion everyone should look into.

[qwertyup23]

I personally think it is possible to some extent. Cryptocurrencies may not stop banks altogether but certainly, take down the majority of them. Once local and online stores start to accept cryptocurrencies in larger scale things will explode to our favor. Why use a merchant account to accept credit cards when there are so much credit card scams? Big companies lose money because people pretending they didn't get package even though it says delivered in tracking number they can still get away with it. It's things like this that will make businesses want to use a service that protects them from fraud, and that something is cryptocurrencies. There's a couple of good ones that provide anonymity which are Dash and Monero. However, there's another cryptocurrency that just came out called DeepOnion everyone should look into.

Well, it is inevitable in the future that every country will adapt to the changes on the technology. Soon, our world will incline towards the digital aspect of currency, which gives an edge to bitcoin in terms of payment. But be reminded that in order to achieve this ideal future, each country must develop and adapt to the current system which I think that poses a problem.

Each country have their own social standing, whether they are developed or still at the developing stage. If we suddenly implement digital currency and remove fiat, this would create chaos regarding the economy. Bitcoin can never make banks disappear at its current stage as their are still countries that prioritize fixing their corruption rather than having internet access across.

[jerrison]

i guess its getting clearer how many people do away with banks since the inception of the bitcoin blockchain system,

[jerrison]

athough we still need the banks as that is the way we can convert our bitcoin funds to our local currency but then it just going to be until every part of the world accepts it

[cryptolerant]

Banks has two options in front of them. keep on fighting against btc and get lost or accepting that is the fact that they are beaten and see the ways to be aligned to crypto currencies.

[Hazaki]

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?

Traditional banking systems have been here for so long now and it will take to bitcoin more than having low fees and being decentralized to beat it and take it away from it's spot . People are superstitious specially those who aren't familiar with internet or who simply doesn't believe in new inventions . Adding that to the roller coaster that bitcoin's value is riding will be enough to make people very hesitant if not completely refusing to give up on banks and move their funds to bitcoin . Banks certainly do have to adapt but these two have to become bodies and coexist for their user's benefits .

[plucking23]

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?

its not impossible to happen.
but bitcoin can use bank from where they can invest money.
they can be partners in work for progression

[Larva14]

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 bank won't disappear that easily becuase of bitcoins. Many people are still skeptic in comes to the security of bitcoins (stories of hacking the passwords of some unfortunate users are all over the net). And even the banks won't adapt in the market of crypto currency, they would still survive. However, the competition between saving in banks and investing in bitcoins cannot be prevented.

[zoolz]

If banks continue to look down on bitcoin instead of adopting it then this technology could definitely in some ways replace traditional banks and it already is.