Can Bitcoin make Banks disappear?

[wangxiaoyan600]

This is unlikely, bitcoin technology may be widely used in the banking sector, but it is unlikely to replace the position of the bank

[shezu007]

Bitcoin can compete with the world bank as more and more people use it as a medium for transactions all over the world. Bitcoin is not a threat for banks for they are different but have some similarities. Bank owners and investors won't allow their banks to be bankrupt and once bitcoin has overcome all the means of transactions, I bet they will start to accept bitcoins in order to keep up with the demands of the people. I don't think banks will disappear because the government relies on it to improve the economy and once bitcoin overcomes banks, they will start to ban it.

according to my opinion it is not possible that bitcoin will disappear bank because bank is an old system and its strong area for trading with other countries and also for saving and investing money but yes it is possible that bitcoin will reduce the customers of bank up to some extent.

[Isaacck1]

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?

Individuals must choose between limited options to secure their cash, banks has ensure till a sum reinforcement by the nation, bitcoin has potential, however beyond words or later nobody knows, so on the off chance that I need to pick I would go into both as I consider and have confidence in bitcoin potential and I would prefer not to banks to continue taking the expense to they loan my cash to others, they should pay me to get my cash and not the turn around.

[cryptoriches13]

i believe both factions will come to a compromise to adapt to each other strengths. we can't really disregard one or the other at this point, since only through cooperation will they bring out the best in each other.

[_noname_]

Bitcoin can compete with the world bank as more and more people use it as a medium for transactions all over the world. Bitcoin is not a threat for banks for they are different but have some similarities. Bank owners and investors won't allow their banks to be bankrupt and once bitcoin has overcome all the means of transactions, I bet they will start to accept bitcoins in order to keep up with the demands of the people. I don't think banks will disappear because the government relies on it to improve the economy and once bitcoin overcomes banks, they will start to ban it.

according to my opinion it is not possible that bitcoin will disappear bank because bank is an old system and its strong area for trading with other countries and also for saving and investing money but yes it is possible that bitcoin will reduce the customers of bank up to some extent.

yes i agree with you bank system is very old and very strong system and no country will leave without bank system because its the main place of saving and transferring money with in country or out of country.

[subSTRATA]

This may happen in the future when bitcoin becomes the main means of exchange in commercial activities. If the bitcoin rate increases, then the bitcoin transaction will be extremely hot. The bank is likely to close.

i dont think so at all; banks are more than a place to put your money into nowadays. they offer so much more that 99% of the posters in this thread are ignoring. investment plans and funds, credit / debit cards, etc are all valuable services that banks provide. even if bitconi or another cryptocurrency does go mainstream and becomes the primarily used form of value of in exchanges, the need for these services will always be present. are you going to make every payment manually? or could you use the bank's card to use coin from your balance and not worry about losing whatever device you use for your day to day transactions? and before you can even say 'ill just carry around my bitcoin on a smartphone wallet or something,' the great majority of people do this already. rarely do you see people carrying around a wad of cash to pay for their groceries or whatever, they just slide their card to pay instantly. no matter what, the financial institutions will adapt to meet the needs and wants of a new financial system.

[nz_sana]

I think there is a lot of reasons behind the disappearance of a country's bank. But the banks are not always invisible because they change their services over time. One day, banks will start using bitcoin instead of currency like Fay and Fitter.

[CamilleGrammer]

I think Bitcoin's cannot result in the banks disappear a minimum of in our nearest future, because banking institutions are having already a very big neighborhood using and supporting it is solutions until now. But in time it's possible that Bitcoin is going to be utilized greater than banking institutions

[big_bounty]

I think there is a lot of reasons behind the disappearance of a country's bank. But the banks are not always invisible because they change their services over time. One day, banks will start using bitcoin instead of currency like Fay and Fitter.

It seems to me that this will not happen. Banks are based on a centralized currency. They can not completely change their structure in order to use the crypto currency

[pinkv0dka]

I think its not possible, the financial institution are way to powerful and they will never let this occur actually, they bank is also hating the bitcoin so that they won't ever occur for that reason as well.Even though it is not impossible obviously but when it can occur it will nevertheless consider year before is even possible.

[zenrol28]

Maybe not. But banks might change its system to be more competitive to bitcoin's p2p trustless characteristics.

[pimvinken]

Bitcoin has developed too much that it is threatening banks existence, but i dont think bitcoin can really have a chance to replace banks, because banks nowaday are developing to against bitcoin, they bring us more hot deals and fast transactions on internet, make us can not deny banks’ benefits.

[q835197677]

I think there is a lot of reasons behind the disappearance of a country's bank. But the banks are not always invisible because they change their services over time. One day, banks will start using bitcoin instead of currency like Fay and Fitter.

It seems to me that this will not happen. Banks are based on a centralized currency. They can not completely change their structure in order to use the crypto currency

I am not sure if Japanese banks are allowed to deposit bitcoins. But in the future, the bank may open the Bitcoin deposit business. Banks should be the most unlikely to disappear.

[bebejhen]

I don't think bitcoin can make banks disappear. It can never replaced our current currency because it is just a cryptocurrency. There's a lot of altcoins today but they are just for online use. Without internet I think it is non sense. You can't use your bitcoin without internet. You can't work for it. You can't exchange it to paper. I think it is really hard to replaced our current currency. It will take decades before you do that. And there's a lot of things that current currency can do than cryptocurrency.

[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?

I think as time goes on bitcoin will grow and grow

[sajjadkhan]

Banking is a mechanism that has existed in one way or another for a long time. I don't think we would completely get rid of it but what Bitcoin will make apparent is inherent flaws in the banking framework. I predict bitcoin will revolutionize how we digitally transact but banking will stay for certain activities. Over time, as most of the world becomes fully digitized bitcoin will become the standard of transactions. Hope so that happens quicker than we think.

[ruslango]

As all here know banks making an attempt to make  their personal blockchain,to conserve the substantial fees they spend,soo probably be a issue of time until they commence to accepts payments of bitcoins ,as purposes with bitcoins ,converted to fiat benefit on the working day ,and increasing as btc and not fiat.

[musbeto]

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?

Of course when everyone turns their money into altcoin then all the banks will turn their eyes because no one else has the need to store it in the bank anymore.

[ankurguta87]

I dont think it is possible. Because the moment a country will see that BTC is dominating over the currency of the state they may restrict the usage of the BTC.

[timcheerful1]

Banks will change or go under but they won't go away. They will always find some service to provide that someone else will want to buy.

I agree bank can only change or go under