Can Bitcoin make Banks disappear?

[katarin2030]

I don't think so, still majority of people's are depending on Bank's for their transactions. Bank's are traditional way of doing transaction.

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[Klausi]

bitcoin has so may advantages that can be a good currency to make banks disappear, and we are always know banks are being threaten by digital currencies, so they have no choice but evolve themselves and be come better to against bitcoin or they will be eliminated in the future.

Yes it is true that the banking system is threaten by the bitcoin existence but bitcoin cannot make the banks disappear because bank can shift from Fiat banking business to bitcoin banking business in which they are already exposed to digital transactions.In addition,the disappearance will just happen if the fiat will be totally replaced by bitcoin in which it is impossible to happen because of some poor societies issue.

[Paul stuart]

I think both can coexist, it would be just more equitable.

[xbl1008]

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?

for me bitcoin cannot make banks disappear because we still need banks and people are also relying heavily on fiat to do their business transactions

[Cofee.BLUE]

There is a tendency that banks can be lessen because of bitcoin, but not really disappear, because even bitcoin is known and many of countries takes bitcoin, still there are many people that only trusts is the banks and they think that bitcoin is an illegal.

[jityap]

yes,bitcoin works like the bank and ATM.if want make transactions we no need depend on the banks,we can make direct transactions through the bitcoin address.the people who face problems with banks can happily change to bitcoin.banks transaction charges is very high,so bitcoin is best options to transfer and receive online payments.

[Senja Kemuning]

yes,bitcoin works like the bank and ATM.if want make transactions we no need depend on the banks,we can make direct transactions through the bitcoin address.the people who face problems with banks can happily change to bitcoin.banks transaction charges is very high,so bitcoin is best options to transfer and receive online payments.

And the main point is bitcoin is more secure than the bank, there are many cases that like money theft in the bank and credit card is very vibrant, this is what we have to watch out for all we have to switch to bitcoin.

[Cremeboy]

Banks won't disappear. But the method of banking would change significantly compared to what we have today

[Nana21]

It is impossible. That cant happen. Many people use their normal money and they need their normal banks too.
There are so many people that dont even know what Bitcoin is so that cant happen.

[KClever]

I suppose that might be a long procedure. No financial institution may wish to pass away because of bitcoin (which does not need any financial institution you may already know). And so i guess banking institutions will undoubtedly try to quit bitcoin from rising further.

[Ipwich]

Banks won't disappear. But the method of banking would change significantly compared to what we have today

I think so, bitcoin has inspired the banking industry to make their own blockchain but it's going to be centralized which is opposite
from bitcoin. They will create their blockchain and that is good as long as they will not destroy bitcoin to make people bitcoin adopters use their system.

[specsmuluk]

for now slowly banks will be able to disappear because of BITCOIN, now it has many enthusiasts and users therefore why I convince BITCOIN make banks disappear based on information from my senior and teachers BITCOIN ...

[blackr15]

for now slowly banks will be able to disappear because of BITCOIN, now it has many enthusiasts and users therefore why I convince BITCOIN make banks disappear based on information from my senior and teachers BITCOIN ...

my advice and my opinion is almost the same as you, it's a little different from me if in my opinion, not as fast as it will disappear, take a long time to get rid of banks, because a lot of people who need banks in other countries ...

[Xenoph0bia]

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’s true that bitcoin has come a long way since it had started and has gained immense amount of popularity and users in its journey. But still I don’t think that bitcoin will be able to replace banks and banks will disappear. This is because firstly bitcoin is decentralised whereas banks are centralised. Then bitcoin is less stable than cash which is regulated by banks. Bitcoin requires a stable internet connection for it to run and still there are many places on earth where internet is not available. On the other hand banks don’t need any internet to run.

[zhuangxingyue1]

May overlap in some functions, but the replacement is impossible, after all, the bank's business scope is still very extensive.

[shendeaz]

Bitcoin does not make the bank disappear. Bitcoin is just a currency. The role of the bank is not merely to store money. Banks also have many functions that Bitcoin can not provide and influence. So Bitcoin will not let the bank disappear.

[milandres0207]

I think not that easy to make bank disapear by the bitcoin. because as of now bitcoin is not popular as what other bank is. That things will happen i think when the bitcoin is legally accepted by more countries especially for those who banned bitcoin.But for now it is not easy as what others think.

[teejayrichard2]

This funny question but rather interesting. Except government comes up with a way to collect tax and monitor money they can't allow banks disappear completely. They rather have bitcoin disappear. You know government always want something they can control. Bitcoin is going global but for now We really can't tell if it can take over banks and make banks disappear.

[MotulDiesel]

In my opinion, banks is impossible to disapear because bitcoin is virtual money, it can not replace real money at least in general or near future. Banks is the most important parts of countries economy, it is not only just doing stuff about money but also doing many in many subject. In future, bitcoin will become popular and it can be seen as a real money but it still need banks to do trade and exchange if it case can happen. Bank is the symbol of country economy and money so that bitcoin need to deal with bank not replace it.

[Eugenar]

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 really think that it can and it will. Bitcoin is now on mainstream and that's a fact. But still, it is not yet legal to most of the countries and is not supoorted by most of the governments since it is an open source system and is decentralized. Laos, cash played a huge role in our lives so banks will still be used in the future because cash will be still used together with Bicoin for those who does not want to convert their money into cryptocurrency.