Can Bitcoin make Banks disappear?

[Ziomuro27]

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?

Banks as WE know it may disappear, but banks generally will not disappear.

Yes Bank in purpose will disappear but in general I agree with you with this bitcoin I think can cause large in our society specially to the bank but also it helps people to keep their life okay. They need it to make a change and help themselves to have a happy and exciting life.

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[Borestabber]

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.

I don't think a online currency would make a bank disappear. Because bitcoin is a online currency and uses only online wallets to keep them. I don't see a reason why the banks should disappear for bitcoin.

[worldofcoins]

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.

are you serious, bitcoin cannot make bank disappear. Sorry but is like saying can democrats can make republicans vanish.  Banks are still useful for many things and not everyone in the world trusts bitcoin.  Im sure there is going to be a bitcoin bank solely for bitcoin holders.  banks exist even online without them being placed in physical locations in the world.  So I say banks will not disappear,  they will just adopt.

[Rudy_Third27]

I think that's impossible Since some people in the world are familiar with banks maybe when bitcoin gets popular they start switching to bitcoin but still they are still using banks to exchange tools from bitcoin to money.

[DimaS1574]

I think it is impossible by several reasons: first of all  banks are  the oldest financial structure in the world,  and it is not so easy to destroy   them, moreover  all process must be regulated, and banks regulat financial, even more  bitcoin will have a global influence bank  will transfer to another structure  but will exist.

[cryptoquality]

bitcoin and all the crptocurrencies together will make banks disappear one day soon.

[Minionnn]

Bitcoin can grow strongly but surely the bank will not disappear. The future will be a lot of people know and use bitcoin and maybe the amount of users going to the bank will decrease but the bank will still exist.

[yellowstorm]

No, banks have extreme power and it is not that easy thing the bitcoin can make banks disappear. But i think, banks really wants to have some profit from this crypto and its users. Because this is what they do.

[TIDOVEE]

Bitcoin is really doing a lot in make bank less busy but I don't think its aim is to make bank disappear, as a Matter of fact bank still have a lot to do in supporting bitcoin and other people who are not bitcoin users.

[madentopere]

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?

It can’t Because many trust in hard money more than .
but may be blockchain technology used mainly by banks in future 

[jammujuliana]

Bitcoin is a currency and you should not compare it with bank. Banks are playing in their own way and the way bitcoin is going on is different. Many country don't have a rule for regulation of bitcoin. The impact of deep web of transaction making many country worries about bitcoin, still there is no stop mark for bitcoin.

[oookova]

Oh, I think that banks can dissapear, but it will be not soon. Maybe hundret years should last to make all people around the world forget about paper money and start to use digital one. It's about 7,5billion people on the Earth. Many of them still don't have internet.... And even then, when digital money replace paper one, banks will exist, just in another guise.

[yasukata]

I think that bit coins and banks will coexist.

[Fretcy]

bitcoins are backed by fiat currencies so I think both bitcoins and banks will exist, the crypto currencies has brought a tremendous change in the financial market worldwide so there are high chances for banks to adapt this crypto technology which is secure, easy to transact and economical due to low cost of transactions worldwide. Moreover, duplication of cryptocurrencies is not possible and this can eliminate corruption from the country. May be after 20- 30 years the crypto world will be ruling this planet due to mass adoption of crypto technology and digitalization.

[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.

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.

In our way of thinking they are the most secured to store our money but what's even more secured? Is too put that on our vaults or chest and stay it there for years if you don't want the banks to take over of your funds and use them for their business. But you are also hoarding because there's also a limit in the supply of money in one's country. Businessman nowadays should have to educate themselves on how to get updated with daily current events especially to the innovative things and profitable investments like bitcoin.

[justyourkuya]

Banks as financial institution provide customers more options as to their personal savings or checking accounts, offer customer flexibility especially those who deal cash frequently, and make bank-goers' day to day financial tasks easier by having wealth management and investment services. Many people are engaging into this bank transactions. There may be changes in banks but I don't think it will disappear because bitcoin is in the competition now. Bitcoin and other cryptocurrencies perhaps can make a great dive and change in the marketplace.

[etraderhart]

I think banks would easily adapt to the blockchain technology before they run dry.

[cybersofts]

they most probably can not, at least not right now as banks are really strong nowadays and most people rely on them

i think that a lot of time will have to pass when uᴉoɔʇᴉq will be strong enough to change banks

Now or then replacing is a difficult process. Past days bitcoin grew when people were not much aware of digital currencies. Now when it popularized more users adopted it but has not avoided banking. In this way replacing of banks is highly impossible.

Indeed, but the fact is also that the bitcoin is digital and it has a good future a head but the banks are way bigger and a lot of people are depending on it.
Plus another fact is that I do not see people stepping over to the bitcoin itself, I even think that is highly impossible.
The last thing what also be a problem is elderly, elderly are not digital, so they will never step over, the new generation is fully digitized so it would take even years before it could happen because then everything is digital.

I don't think bitcoin will ever replace banks because government pay salaries, loans and contracts through banks. Banks control fiat circulations and savings by the general public. I think both bitcoin and banks have different roles to play in the future. I think bitcoin will rather make banks less important in the future than they are right now, because bitcoin is purely digital, fast, secure and decentralized. Bitcoin is acceptable worldwide while local currencies are not. 

[8Habits]

they most probably can not, at least not right now as banks are really strong nowadays and most people rely on them

i think that a lot of time will have to pass when uᴉoɔʇᴉq will be strong enough to change banks

Now or then replacing is a difficult process. Past days bitcoin grew when people were not much aware of digital currencies. Now when it popularized more users adopted it but has not avoided banking. In this way replacing of banks is highly impossible.

Indeed, but the fact is also that the bitcoin is digital and it has a good future a head but the banks are way bigger and a lot of people are depending on it.
Plus another fact is that I do not see people stepping over to the bitcoin itself, I even think that is highly impossible.
The last thing what also be a problem is elderly, elderly are not digital, so they will never step over, the new generation is fully digitized so it would take even years before it could happen because then everything is digital.

I don't think bitcoin will ever replace banks because government pay salaries, loans and contracts through banks. Banks control fiat circulations and savings by the general public. I think both bitcoin and banks have different roles to play in the future. I think bitcoin will rather make banks less important in the future than they are right now, because bitcoin is purely digital, fast, secure and decentralized. Bitcoin is acceptable worldwide while local currencies are not. 

Those are the many reasons and there are plenty more of why bitcoin will not going to remove banks in the finance picture. There is really no harm is co-existing one another as it will even be more of having choices among us as to what to use in any financial transactions - whether bitcoin or fiat money.

[dbrandz]

Maybe bitcoin banks will overtake fiat banks