Can Bitcoin make Banks disappear?

[Ingoats]

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?

Surely it won't make banks disappear. This is also the same with Bitcoin obsoleting regular currency which is also impossible. Banks are used in different countries through decades. Banks are also the strongest institution which is supported by governments in different countries unlike in Bitcoin which is an open source system and is also decentralized.

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[kissterhey]

I think it is possible, but actually it will be a long time, and I will wait until then....

[websoftwareengineer]

It's really hard that Bitcoin makes banks disappear, because simply people still using banking services a lot more than Bitcoin till now , and also even Bitcoin this banking services to get converted into fiat

But there are lot of chances that more people will use bitcoins in future. When more people for getting into bitcoin payments, the banking system will get isolated. When the true money concept of bitcoin will get into action of attracting more people, then they will start neglecting banking system.

probably more people will really use bitcoins in the near future because the value is constantly increasing but i think that the banking system will just stay the same as usual or maybe they will implement a function that will hold different types of coins and join the bitcoins industry.

[Hatuferu]

I think it is possible, but actually it will be a long time, and I will wait until then....

Let's just see what will happen in the future but I don't think it's going to be hard for bitcoin to replace bank.
We need someone to be trusted and the reason why we have the government is because we trust them to make laws for the benefit of all.

[Fulmand]

I think it is possible, but actually it will be a long time, and I will wait until then....

Let's just see what will happen in the future but I don't think it's going to be hard for bitcoin to replace bank.
We need someone to be trusted and the reason why we have the government is because we trust them to make laws for the benefit of all.

Certainly, it will never disappear banks because it was justifiable by the government before they make a legal action. If in case they will no longer to used the banks. But then banks have been there and the people are already used it. However banks will adjust just to compete whatever happen into a nearer future if cryptocurrency exist.

[eye-con]

I think it is possible, but actually it will be a long time, and I will wait until then....

Let's just see what will happen in the future but I don't think it's going to be hard for bitcoin to replace bank.
We need someone to be trusted and the reason why we have the government is because we trust them to make laws for the benefit of all.

Certainly, it will never disappear banks because it was justifiable by the government before they make a legal action. If in case they will no longer to used the banks. But then banks have been there and the people are already used it. However banks will adjust just to compete whatever happen into a nearer future if cryptocurrency exist.

you're right, it will never disappear, but banks can become partner of bitcoin, they will become the 3rd party to receive our money when we withdraw through banks. since bitcoin is money, im sure every banks will accept it.

[Slipknot79]

The main function of a bank is to lend money. This is how it makes most of its profit.

This will continue with the banks by using Bitcoin.

They certainly will not dissappear.

[cherryganda]

i think this will never happen as the world need FIAT because crypto is not available for those people who has no internet especially to those human up in the mountains and forest who still need the circulation ofthe world . and if we will erase those bank and fiat, and let the crypto revolve around the human life it is easy to erase the whole data by shutting down the internet world wide and also the electricity !

[Nilda]

I don't think so. Banks nowadays provide services other than safeguard and lend money. The big ones right now are already planning on how can they add bitcoin into their system. That shows how much potential they see in BTC.

[cherryganda]

Bitcoin will eliminate banks just like what Email did to the postal industry. But still we're using fiat money for a mean time and soon bitcoin will be useful by all levels of society.

letters! mail are read and stored and most of them are dumped ! this is different with currencies ! money are spend and the people you paid will store it 100% sure some at the bank or some will spend it again and will use by other people! if email will be gone because of iunternet issue it is ok ! but if the money will be gone because of that ! and becuase theres no more FIAT that will be on the bank what will happen then to our world ?

[tkamal]

It is impossible to make Banks disappear by Bitcoin. The money involve in banks the trust created by bank with people cant even shake it. One thing can happen Bitcoin may be in near future accepted by all banks for transaction.

[btccointalk]

I think bank will never disappear, rather they will come up with better features to meet the expectations of advancing generation.

[skyflakes88]

not really because some business really depends on what bank does, i really think banks can't disappear that suddenly due to super seeding of technology it may co exist with another and benefit each other through the need of the public and the demand this industry currently is creating..

[DoublerHunter]

i think this will never happen as the world need FIAT because crypto is not available for those people who has no internet especially to those human up in the mountains and forest who still need the circulation ofthe world . and if we will erase those bank and fiat, and let the crypto revolve around the human life it is easy to erase the whole data by shutting down the internet world wide and also the electricity !

That is right that the world needs the fiat currency because that is the traditional form of our money and we need it everyday or for daily basis because all the stores, places that we will go is they only accept one primary currency and that is fiat. The banks will not disappear and they will adjust their system to fit in this evolving technology which the cryptocurrencies like bitcoin is involved.

[Dmitry.Vastov]

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?

No. Bitcoins can’t make banks to disappear because firstly, banks are more popular than bitcoins. They are in more usage than bitcoin. Banks are more trusted by people than bitcoin. Banks regulate the money and provides them stability and does not let them collapse whereas bitcoin are not regulated and can collapse. Banks make the fiat money stable because of which their value does not fluctuate whereas bitcoin value fluctuate a lot.

[bitaltcoin]

I think its quite difficult to make banks disappear, as bank and its facility used by almost all people and banks are run by the governments so that rules and regulations will be framed by the governments by this reason it could be challenging to make replace or disappear

[sparveenat]

Making Banks disappear by bitcoin is not required one also it is impossible also. Bitcoin is very small % of the world currency cap. Banks are surviving more then 100 years so it has its own value compare with Bitcoin, Bitcoin is nothing but in future Bitcoin will gain more cap as day by day bitcoin users awareness increasing and traders also get attracted towards Bitcoin.

[q835197677]

A short period of time may be a myth, after all, any adult might feel that a bank is more reliable than bitcoin

[Heronzkey]

it is possible that Bitcoin can have their own bank so that the bitcoin currency transaction is easy so there is a currency exchange.

[elliottflz65]

Banks would only disappear if Bitcoin become mainstream and was the primary currency. I don't see that happening.