Can Bitcoin make Banks disappear?

[nejibens]

i think yes...now a days bitcoins are gaining market...there is all chance that it would replace banks in near future!!....hot wallets are gaining now days....so hope for the best

I think that will not happen for the near future at least. Till now Bitcoin's wallets are used only online but people need money also offline and use banks usually for this purpose

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[morantis]

i think yes...now a days bitcoins are gaining market...there is all chance that it would replace banks in near future!!....hot wallets are gaining now days....so hope for the best

I think it would really take more time, maybe years from now or we might not see it anymore if it happens, banks are everywhere and fiat is in there, and fiat runs the economy, so if it will make banks disappear, where will we put our paper money...so I think it is far from happening at this lifetime.

Like any major corporate institution, I think that the banks have both the ability to see what is coming and to modify themselves to insulate against loss.  Of course, major change is at least five years off.  At the same time, if the banks were to see an end to FIAT, hopefully they will have adapted in advance and will possibly take up positions that serve the blockchain.  Without any research at all right at this moment, I will assume that the majority of the profits that banks generate for themselves does not come from the storage of money.  Any deposit account most likely costs the bank money over time or breaks even, based on the interest paid on those accounts.  Their profits should come from interest paid on loans, leveraging the funds that are being held within that bank for such loans and other investments.  Just those two tasks can easily be altered to blockchain/altcoin dynamics.

Right now, at this moment, the majority of the profits that we make off Bitcoins is generated off loans and the interest taken from those loans.

I see no reason that a little planning ahead on the part of the major banking institutions cannot save them in the event of major change.  In fact, if they do no fight it, the change from FIAT to crypto could generate a lot of extra income during the transition as they can assist local businesses, small businesses and even some mid-sized businesses to make the switch at the POS(Point of Sale).  Just a few thoughts on a possible future.

[doctor877]

i think yes...now a days bitcoins are gaining market...there is all chance that it would replace banks in near future!!....hot wallets are gaining now days....so hope for the best

I think that will not happen for the near future at least. Till now Bitcoin's wallets are used only online but people need money also offline and use banks usually for this purpose

I think yes and the reason people are used to the traditional banking system and they find it more comfortable to use it, So I think banks will always survive.

[DeDordtenaar]

i think yes...now a days bitcoins are gaining market...there is all chance that it would replace banks in near future!!....hot wallets are gaining now days....so hope for the best

lol although bitcoin market continues to grow. it will not be able to match the bank. I'll bet if bitcoin could replace a bank or make a bank disappear in the short term or a maximum of 20 years

[aso118]

i think yes...now a days bitcoins are gaining market...there is all chance that it would replace banks in near future!!....hot wallets are gaining now days....so hope for the best

I think that will not happen for the near future at least. Till now Bitcoin's wallets are used only online but people need money also offline and use banks usually for this purpose

I think yes and the reason people are used to the traditional banking system and they find it more comfortable to use it, So I think banks will always survive.

People were used to horse carriages as well.. That doesn't mean that motor cars didn't find acceptance.
At some point, the utility value will be greater than the inertia to change.

[RealPhotoshoper]

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 only way to make banks dissapear because bitcoin is "economic revolution" if world economic agree that bitcoin can replace money (i think impossible) and bitcoin become global payment and currency under IMF,and they make bitcoin bank in every countries in the world. but i think its impossible.

[nejibens]

i think yes...now a days bitcoins are gaining market...there is all chance that it would replace banks in near future!!....hot wallets are gaining now days....so hope for the best

I think that will not happen for the near future at least. Till now Bitcoin's wallets are used only online but people need money also offline and use banks usually for this purpose

I think yes and the reason people are used to the traditional banking system and they find it more comfortable to use it, So I think banks will always survive.

Banking services could survive even if bitcoin conquer the world , it's not a conflict between bitcoin and fiat, just i guess the usability of banks will be a lot less than nowadays.

[knowhow]

There isnt any other organization that lend you a huge ammount and allow you to pay over 25 years or even 50 years soo till the day some other companie being able to offer such service maybe they can disappear,knowing that the interest over the years sometimes reach 200% the initial ammount you had.Bitcoin hasnt yet any feature as that ,and wont have as no one wanna loan bitcoin for over 60 days almost ,the risk involved doesnt worth the reward.

[QuestionAuthority]

i think yes...now a days bitcoins are gaining market...there is all chance that it would replace banks in near future!!....hot wallets are gaining now days....so hope for the best

I think it would really take more time, maybe years from now or we might not see it anymore if it happens, banks are everywhere and fiat is in there, and fiat runs the economy, so if it will make banks disappear, where will we put our paper money...so I think it is far from happening at this lifetime.

Like any major corporate institution, I think that the banks have both the ability to see what is coming and to modify themselves to insulate against loss.  Of course, major change is at least five years off.  At the same time, if the banks were to see an end to FIAT, hopefully they will have adapted in advance and will possibly take up positions that serve the blockchain.  Without any research at all right at this moment, I will assume that the majority of the profits that banks generate for themselves does not come from the storage of money.  Any deposit account most likely costs the bank money over time or breaks even, based on the interest paid on those accounts.  Their profits should come from interest paid on loans, leveraging the funds that are being held within that bank for such loans and other investments.  Just those two tasks can easily be altered to blockchain/altcoin dynamics.

Right now, at this moment, the majority of the profits that we make off Bitcoins is generated off loans and the interest taken from those loans.

I see no reason that a little planning ahead on the part of the major banking institutions cannot save them in the event of major change.  In fact, if they do no fight it, the change from FIAT to crypto could generate a lot of extra income during the transition as they can assist local businesses, small businesses and even some mid-sized businesses to make the switch at the POS(Point of Sale).  Just a few thoughts on a possible future.

People say "bank" as if it's this one item that works alone like hammer, screwdriver, automobile, chainsaw, bank. The finance industry is made up of many diverse components that create a system of individual parts working in unison to create the functionality of what we know as a "bank".

Banks loan money, right? But banks couldn't loan money with the risk assessment system created by the major credit rating organizations like Equifax and Experian. Without these credit trackers banks would make even more bad loans than they already do. The interest rate these lenders use needs to come from somewhere. Banks can't just be allowed to make the rate what ever they want. That would be bad for the economy and hurt the borrower so the government (federal reserve) sets the interest rate. Some people need loans but have hurt their credit so mainstream banks can't lend them money. This dynamic created the subprime market of special banks willing to take a higher risk for an increased interest rate. When borrowers default on their loans and end up in real financial trouble the banks don't lock them up in the bank vault until they pay. Banks aren't set up to be capable of fixing that problem. They sell that bad account at a discount to a collection agency which is a another necessary business in the banking system. If people still can't pay they now need another branch of the government to help them organize their finances and get out of trouble without going to jail (bankruptcy).

Banks also provide safety and insurance for people's money, provide safety deposit boxes for the storage of hard physical goods like gold or paperwork, they act as payment agents between millions of other banks and businesses and provide accounts that pay interest on retirement and other savings.

So, you can see now that a bank is not a hammer or screwdriver with a single small function that can be taken over by Bitcoin. When anyone throws the word "bank" around and claims that Bitcoin can replace them they are just showing how completely clueless they really are.

[Nameless Coin]

Yes this is possible but not anytime soon because that is just to fast, on a long term its possible for sure.
I hope it will happen but the bitcoin is still on a long journey.

[jchst]

Banks system has been made to profit ,always profit thats why we pay 33% of fees when we ask a loan ,this is enougt to cover those loans defaulteds.Bitcoin is no way near to be a problem to banks ,the banks wanna the technology of blockchain to reduce the fees around them,but nothing else,maybe one day they can support bitcoin giving loans and interest the same way they work with fiat.

[tiggytomb]

I don't think banks will ever be in a place where they can no longer operate due to bitcoin.  The key thing we will see will be the adaption and adoption by the banks to incorporate the virtual currency world into their business.

We can see this already with the interest in how to use the blockchain and create their own private blockchains, outside of this they still have their fingers in many pies so I doubt we will ever be bankless.

[Mr.grin]

Yes this is possible but not anytime soon because that is just to fast, on a long term its possible for sure.
I hope it will happen but the bitcoin is still on a long journey.

nothing is impossible in this world, so maybe it could. but I also felt it would not require a fast time, because the price of bitcoin is not currently stable, so many are still hesitant in bitcoin, because they thought it would be a loss if they keep their money in the form of bitcoin but at that price bticoin be dropped

[matete]

I would not actually agree to the allusion that bitcoin will make banks disappear. What I foresee is that banks will tend to adopt the use of bitcoin and even encourage customers to bank in accounts with bitcoin wallets. Just like we have bitcoin wallets with different providers, banks will also introduce bitcoin wallets where customers can deposit their bitcoins.

[CryptoBjorn]

No I do not think this is possible if I'm very honest because the bitcoin is just to small right now maybe its possible in the future.
But the time will learn it because the bitcoin is not to predict of course.

I agree, and it is never easy to make banks disappear, in future bitcoin will be used more but there are certain percentage of people who would prefer to use banks and not bitcoins.

It will be not possible of course. Many people will use it and there are also many people that dont even know what Bitcoin is.
And that is the problem. You must make first Bitcoin more popular and than you can talk about the banks will disappear.

[GermanFoobla]

No I do not think this is possible if I'm very honest because the bitcoin is just to small right now maybe its possible in the future.
But the time will learn it because the bitcoin is not to predict of course.

I agree, and it is never easy to make banks disappear, in future bitcoin will be used more but there are certain percentage of people who would prefer to use banks and not bitcoins.

It will be not possible of course. Many people will use it and there are also many people that dont even know what Bitcoin is.
And that is the problem. You must make first Bitcoin more popular and than you can talk about the banks will disappear.

There is a possibility of course that it can happen. If Bitcoin will be very popular in the future than why not.
Of course it will reduce the banks in the future because Bitcoin is more used so that is quite good.

[Icathia]

I do not see this happen at all but we will see if this happen if course but I think its just too much for the bitcoin itself.
Maybe it can happen in the future with a bit if luck for the bitcoin.

[peta4e]

No I do not think this is possible if I'm very honest because the bitcoin is just to small right now maybe its possible in the future.
But the time will learn it because the bitcoin is not to predict of course.

I agree, and it is never easy to make banks disappear, in future bitcoin will be used more but there are certain percentage of people who would prefer to use banks and not bitcoins.

It will be not possible of course. Many people will use it and there are also many people that dont even know what Bitcoin is.
And that is the problem. You must make first Bitcoin more popular and than you can talk about the banks will disappear.

There is a possibility of course that it can happen. If Bitcoin will be very popular in the future than why not.
Of course it will reduce the banks in the future because Bitcoin is more used so that is quite good.

No, its not possible, there would be a certain percentage of population that would prefer to use banks even if the bitcoin gets on the mainstream, its really hard to visualize the world without the traditional banking system.

[maudevang]

I think its not possible at all because the banks will never let this happen, the banks are already to big.
I think the bitcoin has to change a lot to make this happen someday.

[MaxTax]

I think its not possible at all because the banks will never let this happen, the banks are already to big.
I think the bitcoin has to change a lot to make this happen someday.

I agree the banks got a big monopoly going on. There is no party or currency that can compete with them.. yet.
Maybe in 10 years bitcoin will be big enough to do so.