Can Bitcoin make Banks disappear?

[ApocalypseNow]

No. I think only a few banks will be left operating in the future once blockchain takes over everything. It's either they accept the new system of crypto or they disappear. So if a bank is operating on weak economies like those who are on the dirt poor countries, I doubt that they'll able to survive with blockchain.

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[Keeping Up]

As of now for me bitcoin still doesnt have the capablity to make it happen.  Maybe someday but now it is not yet possible since there are only few of the world population uses it.

[Nerman]

No i do not think that bitcoin will replace banks  but it is highly possible in some future that bitcoin will be accepted in banks. Since blockchain technology is rising most of them will adopt to these changes.

We may also see banks creating their own coins. This technology is unstoppable and government will either ban it or accept it.

[tengek37]

I think that is impossible because we still need the bank as a medium to withdraw funds from bitcoin wallet against the legal currency in our own country. However, if bitcoin is legalized all over the world, the bank may still exist but bitcoin can enter as a recognized currency in the bank and can be used for direct transactions.

[Sithara007]

I think that is impossible because we still need the bank as a medium to withdraw funds from bitcoin wallet against the legal currency in our own country. However, if bitcoin is legalized all over the world, the bank may still exist but bitcoin can enter as a recognized currency in the bank and can be used for direct transactions.

Why do you need bank as a medium? You can convert Bitcoin to fiat cash online, using any of the exchanges. Or you can use pre-paid debit cards and load them with BTC. Once this step is complete, you can either use the funds for shopping, or you can withdraw the money using any of the ATMs. Banks are not needed at any point of time.

[daserpent]

I don't think banks will ever disappear because a lot of people don't trust themselves, so they like to put their money into someone's hands under a contract, so they manage their money for them so if they screw up they can have someone to blame to but them, of course then when the government take their money and they can't do nothing about it they will complain.

[Botnake]

I don't think banks will ever disappear because a lot of people don't trust themselves, so they like to put their money into someone's hands under a contract, so they manage their money for them so if they screw up they can have someone to blame to but them, of course then when the government take their money and they can't do nothing about it they will complain.

Banks will not disappear but bitcoin will dominate, bitcoin is unstoppable and banks are already threaten about the market bitcoin will get.
People will surely adopt because ti's a good investment and a better currency, if they are smart they are already investing now so in the future they can get profit. Banks will always be centralized but decentralized are better.

[MancyZz]

I don't think banks will ever disappear because a lot of people don't trust themselves, so they like to put their money into someone's hands under a contract, so they manage their money for them so if they screw up they can have someone to blame to but them, of course then when the government take their money and they can't do nothing about it they will complain.

Banks will not disappear but bitcoin will dominate, bitcoin is unstoppable and banks are already threaten about the market bitcoin will get.
People will surely adopt because ti's a good investment and a better currency, if they are smart they are already investing now so in the future they can get profit. Banks will always be centralized but decentralized are better.

true and bank will not dissapear because people still need to save money use payment by fiat money and transaction with bank, because not all people know bitcoin today

but in future maybe people more interest in bitcoin than bank or fiat money

[minthit]

With bitcoin alone, I don't think so. When come to think about this, bitcoin alone is a place where we store our money, how we do our transaction, etc. It is a bank in a way. It's not money yet. What if there's no money backing bitcoin. Then it's also a bank that's out of service. While there are too much money in financial institutions, it will be really difficult for current banking system to come to an end. Only when all the billionaires were into bitcoin, banks will end. Even so, don't worry. Banks will still try to adapt to such events. I've already seen some news about banks trying to adapt with this, like Swiss banks testing out cryptocurrency. It won't be easy though.

[quarkyplum]

I think that is impossible because we still need the bank as a medium to withdraw funds from bitcoin wallet against the legal currency in our own country. However, if bitcoin is legalized all over the world, the bank may still exist but bitcoin can enter as a recognized currency in the bank and can be used for direct transactions.

Why do you need bank as a medium? You can convert Bitcoin to fiat cash online, using any of the exchanges. Or you can use pre-paid debit cards and load them with BTC. Once this step is complete, you can either use the funds for shopping, or you can withdraw the money using any of the ATMs. Banks are not needed at any point of time.

Why not? In my opinion, the banking system still has an important role for daily. If we have not the banks, we can not exchange our money. Of course, some people will say when Bitcoin become legal, we do not need to have bank in that time. But remember, on the world, there are have many people still do not know use Bitcoin, even Visa/Mastercard as my parent.

[shawn995]

I think that is impossible because we still need the bank as a medium to withdraw funds from bitcoin wallet against the legal currency in our own country. However, if bitcoin is legalized all over the world, the bank may still exist but bitcoin can enter as a recognized currency in the bank and can be used for direct transactions.

Why do you need bank as a medium? You can convert Bitcoin to fiat cash online, using any of the exchanges. Or you can use pre-paid debit cards and load them with BTC. Once this step is complete, you can either use the funds for shopping, or you can withdraw the money using any of the ATMs. Banks are not needed at any point of time.

Why not? In my opinion, the banking system still has an important role for daily. If we have not the banks, we can not exchange our money. Of course, some people will say when Bitcoin become legal, we do not need to have bank in that time. But remember, on the world, there are have many people still do not know use Bitcoin, even Visa/Mastercard as my parent.

Never, it is not possible that bitcoin when legalize then it will disappear bank. everything has his own role in the world just like that bank have a big role in our daily life without bank there are many works which are not possible. but it is true that when bitcoin legalize then it will down the value of banks up to some extent.

[Ayaancool]

In my assessment bank is not going to disappear . People considering bank as a secured investment area , which never get in to loss on their bank investment .So disappearing bank is never gonna happen, but there is a chance for accept bitcoin in bank as a precious investment .

[danielcansil]

Bitcoin can make banks disappear but it will take time because in this time, we are using digital curreny for trading, so we use wallet to keep bitcoin, so unless banks didn’t evolve themselves, bitcoin can make banks disappear.

[batang_bitcoin]

In my assessment bank is not going to disappear . People considering bank as a secured investment area , which never get in to loss on their bank investment .So disappearing bank is never gonna happen, but there is a chance for accept bitcoin in bank as a precious investment .

They will not disappear, they are strong type of business and the government will not allow anything, anyone to let the banks disappear. Many will be mad if this is going to happen and yet there are so many people that are still trusting and using the banking services so I really doubt it that there will be the time that people will be forgetting about the banks. They need us and we need them it's a give and take action.

[saira0j]

No, I highly doubt it.Bitcoin is a system that aims to facilitate transactions without the need for a bank.

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

Bitcoin is an investment similar system that isn’t controlled by a central authority but instead controlled by consensus

Interested in managing the bitcointalk announcement page? anyone who like to help us to manage our bitcointalk announcement page please contact us in our telegram handle @BoonTech.

[Joriecoinbit]

In my assessment bank is not going to disappear . People considering bank as a secured investment area , which never get in to loss on their bank investment .So disappearing bank is never gonna happen, but there is a chance for accept bitcoin in bank as a precious investment .

They will not disappear, they are strong type of business and the government will not allow anything, anyone to let the banks disappear. Many will be mad if this is going to happen and yet there are so many people that are still trusting and using the banking services so I really doubt it that there will be the time that people will be forgetting about the banks. They need us and we need them it's a give and take action.

Yeah, the government won't allow that to happen. Banks are the most secured way to store your money. Also, not every people are into bitcoin, not even the businessman.

[diagla]

Surely Bitcoin has the potential to make banks disappear, but it hasn't achieved it yet because the market cap is far too small.

[jirene21]

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?

They will not disappear. Because they will change or get some services on the other

[DoublerHunter]

Surely Bitcoin has the potential to make banks disappear, but it hasn't achieved it yet because the market cap is far too small.

Even the market cap will go up too high, it will not be enough to make the banks disappear because the banks are strong enough to resist those kind of things and makes bitcoin as a useless thing in their point of view. Banks will stay at the current stage of it and the cryptocurrencies will stay also and there will be just like a boundaries between them but none of them will be gone.

[cryptoalfs76]

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?

In my own opinion bitcoin cannot dissapper the banks, but there is tendency that it will working together the bank and the bitcoin in the future to achieve more investment,maybe someday if bitcoin will regulated. the banks transaction accept bitcoin and vice versa.bitcoin accept all transaction came from the banks .it look like stock market and digital currency collaborate each other.