Can Bitcoin make Banks disappear?

[adityakr56]

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 read a quote saying “Bitcoin will do to banking industry what emails did to the postal industry”.
In the past banks have playes significant role in financing in loans to the public. As gold and silver have been replaced with fiat currency,the banks have reached an almost omnipotent position.
More likely that governments will co-opt crypto and begin issuing their fiat money as a crypto.

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[8Habits]

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 read a quote saying “Bitcoin will do to banking industry what emails did to the postal industry”.
In the past banks have playes significant role in financing in loans to the public. As gold and silver have been replaced with fiat currency,the banks have reached an almost omnipotent position.
More likely that governments will co-opt crypto and begin issuing their fiat money as a crypto.

The fact that there are some countries that are already open to integrating blockchain is a clear indication that bitcoin is a no joke and indeed a very good investment to have.

[webdevmastery]

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 is possible that banks could disappear because of bitcoins but it was really hard to integrate this kind of concept since banks are already here when bitcoin is not yet on the mainstream and it will be a huge loss for different company if they immediately turn into virtual wallet.

[DIMKAZDS]

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 read a quote saying “Bitcoin will do to banking industry what emails did to the postal industry”.
In the past banks have playes significant role in financing in loans to the public. As gold and silver have been replaced with fiat currency,the banks have reached an almost omnipotent position.
More likely that governments will co-opt crypto and begin issuing their fiat money as a crypto.

The fact that there are some countries that are already open to integrating blockchain is a clear indication that bitcoin is a no joke and indeed a very good investment to have.

Bitcoin is a big threat to the normal banks in today's time because if people get to know that with bitcoin they can fully control their money and spend it whenever and where ever they want unlike banks which do no give any control over our deposited money.Moreover banks may create restrictions and limitations that prevents the person from using his own money.Once more people start feeling this difference, they will start abandoning banks and will use more of thr cryptocurrencies like bitcoin and other altcoins.No taxes can be imposed on them therefore people will use more of the crptocurrencies.

[Ipwich]

From the look of things right now, I don't think that will be possible but with time it can.

Maybe we need to wait forever to make that happen, banks are so powerful as they control our monetary system.
There is no way the government will allow this to happen, bitcoin could be a revolutionary investment but it's not strong enough to replace banks.

[8Habits]

From the look of things right now, I don't think that will be possible but with time it can.

Maybe we need to wait forever to make that happen, banks are so powerful as they control our monetary system.
There is no way the government will allow this to happen, bitcoin could be a revolutionary investment but it's not strong enough to replace banks.

Right, bitcoin may just use along with the fiat money and banks but not necessarily eradicate the other. The good thing is that there will be more options of people what to use.

[vegethegreat]

I dont think bitcoin can make banks disappear even being a huge competitor of banks, because bank is govern by the government.

[macchiato]

Its like another way of asking if bitcoins can replace fiat money and the answer is not any time soon. Paper money makes the economy run. It already existed way before e-moneys are created. It might take a lot of decades before e-money take over fiat money and if that ever happens, then technology during that time must be superb. Besides, not all country approves bitcoin as means of payment so as long as there are countries which do not approve bitcoin then btc won't be able to eradicate fiat money slash banks.

[Oldhinien]

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 read a quote saying “Bitcoin will do to banking industry what emails did to the postal industry”.
In the past banks have playes significant role in financing in loans to the public. As gold and silver have been replaced with fiat currency,the banks have reached an almost omnipotent position.
More likely that governments will co-opt crypto and begin issuing their fiat money as a crypto.

The fact that there are some countries that are already open to integrating blockchain is a clear indication that bitcoin is a no joke and indeed a very good investment to have.

Bitcoin is a big threat to the normal banks in today's time because if people get to know that with bitcoin they can fully control their money and spend it whenever and where ever they want unlike banks which do no give any control over our deposited money.Moreover banks may create restrictions and limitations that prevents the person from using his own money.Once more people start feeling this difference, they will start abandoning banks and will use more of thr cryptocurrencies like bitcoin and other altcoins.No taxes can be imposed on them therefore people will use more of the crptocurrencies.

I agree with you that bitcoin is a big thread for banks because banks know they will lose their clients to bitcoin if they know the reality and if they know they can control their own money this easily maybe in the future it could make  banks disappear but that only happens when almost 90% uses this.

[AwpDragonPoor]

I don't think that banks can disappear, as banks are supported by the government, and everybody needs them for loans.

[Reid]

Do we have some kind of a hate in the banks. This went on until 277 pages? 
Bitcoin will upgrade the banking system if they want to but that I doubt will happen.
There is this thing called risk and they will not try to take it as it may also ruin them.
Government affiliation will be their problem since they are connected with them. They might pay a large amount just so they could continue in using bitcoin.

[dvillier]

I don't think that banks can disappear, as banks are supported by the government, and everybody needs them for loans.

i don't think so that bitcoin will disappear the bank system because every country need a bank system through bank system different countries are doing business and also bank system is old system and the trust of people on bank will never end but there is only small issue of taxes only. so bitcoin will never become so develop that it will disappear the bank system but it can reduce the customers of bank.

[xvids]

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 thing is banks only accept money with physical forms. Now, imagine in the future when bitcoin and altcoins are the only currency that we have. What will be the use of bank by that time, when bitcoin and altcoins have no physical form.

[rickyleatham]

I dont think bitcoin can really make banks disappear easily, that will take a very long time for bitcoin to do that, cryptocurrencies is rising nowaday, so banks know that and have change themselves better to catch up with cryptocurrencies like  internet transactions, faster and easier for trading and investors.

[Papaczed]

well considering that our world is ruled right now by the bankers , let s hope it is not the bank who will make bitcoin disappear lol

I dont think so, banks will never dissapear in this wolrd, because banks have a many purposes for all human in this wolrd, and eventhough bitcoin wll be popular in the next few years, it will never ends the bank era, but they can do whats the banks can do or they can match the banks in the future.

[luigidosado]

Bank owners are smart enough to make their company survive against bitcoin. They won't easily let banks disappear. They can use bitcoin to sustain their bank. Either they put their investments on it or they will accept transactions through bitcoin and accept bitcoin as a form of currency. And also, with the power of the government, countries may block bitcoin to give way and prioritize banks that invests in their country.

[Joshapat]

Like most of you said. I really doubt it can makes them completely disappear, maybe in long long time. But it can take quite a big percent of their traffic and this is still a loot.

Banks have existed for hundreds of years and certainly have a way to survive, although bitcoin is used massively but I'm sure that bitcoin will not make banks disappear. maybe someday banks will receive bitcoin.

[francesyrus]

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 don't think so that banks will disappear because of bitcoin. We still need real fiat in everyday life for our childs daily allowance, paying of tuition, etc., Maybe time will come that many banks will also tie up to bitcoin exchanger sites so that we can easily transfer bitcoin to cash and vice versa.

[Zastria]

Of course bitcoin will not be able to make banks disappear because the bank has existed before bitcoin and everyone still needs or use the bank. I also use a bank to exchange bitcoin into real money

[Theo222]

I dont think regular banks will dissapear because bitcoin is just an digital currency but regular banks can operate both online and offline transactions.