Can Bitcoin make Banks disappear?

[conected]

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?

We all know that nothing can replace bank no matter what. Even bitcoin is the most known and is in the mainstream these days, it can't still replace banks. Many people still refuses to believe in bitcoin so I think that bankers would still entrust their money in banks. Banks are banks we all know that.

- People just think bitcoin is a good investment, they never think bitcoin can replace the bank, people still trust banks than Bitcoin, and bitcoin needs banks to grow and become more popular around the world, so the problem that bitcoin makes the bank disappear is impossible. In addition, the government always supported the bank, and if bitcoin wanted to make the bank disappear, Bitcoin will need the consent of the government, of course, I believe that the government will not allow that to happen, Bitcoin still do not have the capacity to resist the government

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[Cammo01]

Personally I think some people will always prefer a bank.. hence they'll be around for a while- certainly my lifetime!

[dx_twisted]

Over the course of time, Bitcoin became a medium of exchange (like USD, Euro or other currencies). The difference is that with fiat money, you can hold it physically. For a person to have BTCs, one must purchase it by using physical money. Given with this scenario, there's a zero chance to make cash (fiats) obsolete. Thus, making Banks puts into a position to stay where it is. However, if more individuals, businesses and companies move into Bitcoins, the more Bitcoin will be used as a payment option for transactions and salaries. That makes physical cash less significant and will make a detrimental effect on the banking system. If this continues, there will be a low volume of cash circulating throughout, that will further eradicate the system of banking that we know today.

[ms.rose]

I think Bank will use Bitcoin as one of currency as dollar, euro... to exchange

[JohnBitCo]

There's no chance of banks getting disappeared for digital currency. There's no relation between banks and an online wallets. Banks are use for storing your money under Government's monitoring. Where the bitcoin's wallet gives zero guarantee. In order to disappear  bank,  digital currencies should replace paper money, which is impossible to happen.

[LTCendmanagement]

It may take a long time even impossible if bitcoin beat the bank, because we know banks are supported by their respective countries to run smoothly, banks are assets in the country, so the government will not remain silent if the existence of banks is threatened by bitcoin.

[Samj16]

Bitcoin users increases however it may takes a long process or run to make banks disappear. Banks have their own ways or strategies, and some other people are not yet educated about bitcoin.

[soy]

Impossible. Bitcoin derives its value from the fact that the banking system and currency fiat exist. A bitcoin without $ is unthinkable... Don't be fooled, Bitcoin will never become a universal currency

[Stanlymaker]

Of course not. The banking system can not completely disappear. But at the same time, it adapts to the crypto currency, and will use it on an equal footing with the usual money.

[ed_Berrington]

I think that banks will not disappear anywhere. the government trusts them more than Bitcoin.

[dbutp]

Bitcoin can thrive and exist for a long time but the bank is still here and bitcoin can not make the bank disappear. The bank has some benefits that bitcoin does not have.

[mmhaimhai]

banks provide some services bitcoin can't and also wont be able to in the future. stuff like a safe deposit box. they will most likely have to adopt to the new situation but they have enough time to do it, so i don't think they will disappear.

Bitcoin can even do, much better than banks, it is not only safe but also very secure not all people will be able to see your bitcoin balance and your amount of money from bitcoin it is just because of highly secret currency. You can put all your money in bitcoin and it will remain safe and safe, bitcoin will increase your money that banks cannot and in banks it will not grow in number but bitcoin grows.

But keeping money in bitcoins as investment has very big risk that that in time you can lost all your money once bitcoin crashed unlike banks what ever value of money you deposit whatever happens you would surely reciver your money plus a small interest earned unless you make a deposit in small banks that are prone to bankcruptcy.

[Trela]

banks provide some services bitcoin can't and also wont be able to in the future. stuff like a safe deposit box. they will most likely have to adopt to the new situation but they have enough time to do it, so i don't think they will disappear.

Bitcoin can even do, much better than banks, it is not only safe but also very secure not all people will be able to see your bitcoin balance and your amount of money from bitcoin it is just because of highly secret currency. You can put all your money in bitcoin and it will remain safe and safe, bitcoin will increase your money that banks cannot and in banks it will not grow in number but bitcoin grows.

But keeping money in bitcoins as investment has very big risk that that in time you can lost all your money once bitcoin crashed unlike banks what ever value of money you deposit whatever happens you would surely reciver your money plus a small interest earned unless you make a deposit in small banks that are prone to bankcruptcy.

I just only trust the national banking, I do not trust any personal or business bank, almost these banks will be bankrupt someday. In my opinion, as long as the government still manage the economy, they can not rob my money from national bank.

[bestluck]

Although bitcoin's follower and believer is increasing everyday,its still isn't enough compared to the number of people who trust banks and have their money rest in it. If banks will disappear,it'll be difficult to transact for people who don't have any idea what bitcoin is. However,bitcoin is inclined with technology,if the technology we have now would upgrade big time,then it might be possible that bitcoin will replace banks.

It will be difficult for a person who don’t knows about bitcoin. It is not a huge problem those people will knows about bitcoin soon depends on their interest. Talking about bitcoin will disappear banks. I think yes. In ancient time people use other ways instead of using money. May be in modern era people will use bitcoin as a money and for sure it will disappear banks.

[Bayrem]

yeah banks can disappear if they will not react about it because bitcoins is rising now and people are going crazy about it and everyone is trying to win some bitcoin to buy something with it

[aannnttoo]

It's really hard that Bitcoin makes banks disappear, bank have trust, trust is very important.
The banks are one of the most powerful things on the global globe in my eyes, bitcoin price is very volatile.

[Coyoteerex09]

I don't think bitcoin will make banks disappear. It will just make banks to adapt to bitcoins. Meaning, banks will accept bitcoins in the future.

[Shrinath]

The intention of BTC is not to make a financial institution disappear. It is there to improvise newer functions effective for the customers. Hence, they would not function as they do now. Rather it will help them to create a new fiat structures for newer banking procedures that will be financially beneficial for their cutomers.

[irienoodles]

The intention of BTC is not to make a financial institution disappear. It is there to improvise newer functions effective for the customers. Hence, they would not function as they do now. Rather it will help them to create a new fiat structures for newer banking procedures that will be financially beneficial for their cutomers.

I do agree with you. Bitcoin is just here to help us make other ways of transacting money or goods. as an example of it is transferring funds without charges, buying cellphone load, and others. Banks are still important as they regulate fiat money here in our world.
Also, bitcoin is not accessible to everyone yet. there are still constraints that hinder the use of it like technology. There are still places my country that don't have internet yet.

[Myfe]

Heh, only if bitcoin exchanges start paying interest on balances. The world is big, I think banks are here to stay.