Can Bitcoin make Banks disappear?

[pereira4]

No, just no, this is just not going to happen
Like someone said on the first page, the world is ruled by bankers
Can you imagine what will happen to the stock market? To wall street?

Yup. Banks and the financial markets will no longer be able to counterfeit money. Too bad, so sad. Not.

BTW, stay away from blockchains controlled by a bank. Blockchains are distributed ledgers. If a blockchain does not have a lot of miners, it is not distributed. And the ones who control the blockchain controls the transactions. In other words, they can create a transaction that gives them a lot of money whenever they want. So don't fall for their hype.

This is why I can't no longer trust anything coming from Mike Hearn's mouth, since he went the R3 route. He is now part of the banking circles, and clearly not pro-decentralized Bitcoin, since they want centralized nodes basically.

As far as banks disappearing, I think we will see them disappearing in the classic form after some sort of war, since they will not give up easily (that assuming they don't smoothly adapt to the new paradigm).

[twister]

No, I don't think Bitcoin will make Banks disappear but it will create a separate space for itself. Too many world's finance operations are dependent on banks and therefore both of them will continue to co reside.

[BillyBobZorton]

No.bcoz There are more people using banks than bitcoin right now.
Some people are used to what they are using right now???
and This won't change over a night

Well certainty not over a night, but through the course of 10 years people's habits can change a lot, and in 20 years people's habit are insanely different, just go back in time and think how 10 years ago the internet just started going mainstream and there was still no selfie craze and instagram and twitter all that.

[shawnhcorey]

No.bcoz There are more people using banks than bitcoin right now.
Some people are used to what they are using right now???
and This won't change over a night

Well certainty not over a night, but through the course of 10 years people's habits can change a lot, and in 20 years people's habit are insanely different, just go back in time and think how 10 years ago the internet just started going mainstream and there was still no selfie craze and instagram and twitter all that.

All too true. 20 years ago, would anyone predict that people would walk around with a powerful computer in their pocket and use it mostly for viewing cats?

[Erkallys]

Let's be frank : fiat money will never disappear. As long as fiat money will exist, there will be banks. That mean that banks will ever exist, maybe in a different way than now, but not a really different one too. Maybe they will include Bitcoin as a service someday, but the will ever be less than 50% of their services.

[edoncoin]

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 that the banks will take the blockchain technology

[kheein]

it is unlikely the bank will disappear and be replaced with bitcoin . because bitcoin is not a financial institution . yah the bitcoin currency . so bitcoin with the bank are interconnected with each other . bitcoin as a currency and the bank as a place to store.

[knowhow]

Banks has the trust of the costumers,people wont change soo fast their mind.Banks for some are trusted,even knowing that anytime they may bankrupt as their costumers withdraw all funds... banks will the most stay with nothing as they lended those to others...they work with others money,if all take all money out bank is gone... look at Greece financial problem that limited otherwise they would be closed....

[shawnhcorey]

Banks has the trust of the costumers,people wont change soo fast their mind.Banks for some are trusted,even knowing that anytime they may bankrupt as their costumers withdraw all funds... banks will the most stay with nothing as they lended those to others...they work with others money,if all take all money out bank is gone... look at Greece financial problem that limited otherwise they would be closed....

I think it's a matter of convenience, not trust. When Bitcoin becomes more mainstream, banks will lose customers.

[teonoaro]

Banking system is upgrading itself automatically from time to time for the demand, security needs and vulnerabilities. All of us know about it very well. Bitcoin is a paperless currency. We do need banks for bitcoins too. Paper currency may not disappear even though bitcoin reaches moon. We would soon see dual currency operating banks.

[shawnhcorey]

Banking system is upgrading itself automatically from time to time for the demand, security needs and vulnerabilities. All of us know about it very well. Bitcoin is a paperless currency. We do need banks for bitcoins too. Paper currency may not disappear even though bitcoin reaches moon. We would soon see dual currency operating banks.

Only about 3% of currencies are paper and coins. All the rest is nothing but bits in a computer. Paper currency is already disappearing. (If it was alive, it would be on the endangered species list.)

[whizz94]

All too true. 20 years ago, would anyone predict that people would walk around with a powerful computer in their pocket and use it mostly for viewing cats?

Actually it was 22 years ago that someone said exactly that, and outlined a whole shopping list of necessary components for improved LCD flat screen handhelds, many to do with the battery power supply such as flat quartered microfarad inductors for the MHz buck dc-dc converter.  I think what they said about cats was phrased as an 'I bet you that...' if someone puts a kitten in a pint glass, it will be simultaneously possible for one online name to send the picture of it to a few 'aaww, isn't it cute' luvvies' and another online name to send it to a few 'look at this .. its so mean to the kitten'... At the time, the Apple Newton was a nasty grey electric filofax and it was suggested that what they really wanted was more like The Hitchhikers' Guide to The Galaxy.  Wikipedia online (without the name) was suggested as more viable than carrying around the whole lot yourself but 'that's the Encyclopedia Galactica :-  full of mistakes for when the Russians read it'.

[jt byte]

This can't happen. Don't be fooled about the hype.
Bitcoin can do a lot of things, increase people's freedom in terms of money control, reduce costs while making transfers.

But no it can't make banks useless.

[davinchi]

This can't happen. Don't be fooled about the hype.
Bitcoin can do a lot of things, increase people's freedom in terms of money control, reduce costs while making transfers.

But no it can't make banks useless.

Yes, I don't think bitcoin can make banks disappear in any way. Fiat is fiat and banking system will not disappear.
But bitcoin, by it's increased users and more advantages, can surely stand a strong opposition to fiat and banking system.

[shawnhcorey]

This can't happen. Don't be fooled about the hype.
Bitcoin can do a lot of things, increase people's freedom in terms of money control, reduce costs while making transfers.

But no it can't make banks useless.

Yes, I don't think bitcoin can make banks disappear in any way. Fiat is fiat and banking system will not disappear.
But bitcoin, by it's increased users and more advantages, can surely stand a strong opposition to fiat and banking system.

I think I agree. It's the banks that will make the banks disappear. When people realize what a con job the banks have pulled on them, they only consider using a bank as a last resort.

[knowhow]

Banks has the trust of the costumers,people wont change soo fast their mind.Banks for some are trusted,even knowing that anytime they may bankrupt as their costumers withdraw all funds... banks will the most stay with nothing as they lended those to others...they work with others money,if all take all money out bank is gone... look at Greece financial problem that limited otherwise they would be closed....

I think it's a matter of convenience, not trust. When Bitcoin becomes more mainstream, banks will lose customers.

Banks could be loosing costumers,i have an investment for the next 25 years into bank that i cant do the same at bitcoin,because i dont know what may happen with bitcoin tomorrow,even with their fees they have a return option and project,that the most use and make it for long time.I could buy bitcoin over the 25 years with the same money i spent montly,but the risk the value being lower then the total i had spent to collect them is what the most people wont do any investment for the medium or long time into bitcoin.

[cointinflas]

Banks has the trust of the costumers,people wont change soo fast their mind.Banks for some are trusted,even knowing that anytime they may bankrupt as their costumers withdraw all funds... banks will the most stay with nothing as they lended those to others...they work with others money,if all take all money out bank is gone... look at Greece financial problem that limited otherwise they would be closed....

I think it's a matter of convenience, not trust. When Bitcoin becomes more mainstream, banks will lose customers.

Banks could be loosing costumers,i have an investment for the next 25 years into bank that i cant do the same at bitcoin,because i dont know what may happen with bitcoin tomorrow,even with their fees they have a return option and project,that the most use and make it for long time.I could buy bitcoin over the 25 years with the same money i spent montly,but the risk the value being lower then the total i had spent to collect them is what the most people wont do any investment for the medium or long time into bitcoin.

This is today mate, in a few years cryptos will be as reliable as banks are today.

[Cyprierer]

Banks would still exist--and so would many parts of the financial system--in a crypto-dominated economy. They might function differently and employ fewer people, but as others have mentioned, the capital allocation function is not trivial.

[LuckyYOU]

No, I don't think Bitcoin will make Banks disappear but it will create a separate space for itself. Too many world's finance operations are dependent on banks and therefore both of them will continue to co reside.

Banks don't need to fight against bitcoin. Since they can co-exist.
However bitcoin is taking away overhead of banks, and i can promise you they will try to make bitcoin dissapear.
It's their evil nature.

[shawnhcorey]

No, I don't think Bitcoin will make Banks disappear but it will create a separate space for itself. Too many world's finance operations are dependent on banks and therefore both of them will continue to co reside.

Banks don't need to fight against bitcoin. Since they can co-exist.
However bitcoin is taking away overhead of banks, and i can promise you they will try to make bitcoin dissapear.
It's their evil nature.

Bitcoins cannot be easily counterfeited. That will shut down the main revenue of banks. Of course, they'll fight it.